Umarkets Review
This Umarkets review is a result of months of observing and testing all of Umarkets’ offers and services. The measures taken by the review team had included the signing up for a Demo Forex account and performing trades through its simulation. The team had also paid for an actual Umarkets trading account to attempt at making actual transactions with it.
Having immersed itself with Umarkets for an extended period of time, the review renders this Umarkets review as a pointed and highly-informed assessment of all the firm’s functions and capabilities. While this is the case, please be advised that the review team is in no way connected to Umarkets.
This is not the first time that Umarkets had received attention. However, the attention that the firm has been getting of late is not entirely positive. The online trading community does not see Umarkets as a solutions provider that can be wholly trusted. It had been alleged as a scam and a fraudulent entity that aims at nothing but siphoning its client’s funds. Do note that this Umarkets review is not a defence against the negative ones found online. The review team shall not sanitize its findings and the testimonies it had gathered alongside the search.
Umarkets Offers and Services
The Umarkets forex broker sheds light on how Forex trading is like and how it actually works. The firm foregrounds in its landing page that trading Forex is a gamble; it comes with risks that not everyone might be ready to take. Umarkets aims at enticing traders to trade with the firm as it had made it easy for them.
The review team had noted that this goal is something that Umarkets does standby through its provision of a team of analysts that clients can contact conveniently through the firm’s support hotline. These analysts aid clients in making trading decisions like which assets to trade at a given point in time or when to take breaks from trading.
Everything of course, looks promising on hypertext. The solutions provider goes on to saying that they would be aiding its clients, “master money management and get familiar with profitable strategies.” But at the end of the day, the tagline would only be proven when clients are able to attest to it. So for now,
everything is just mere promise.
Nevertheless, the review team recognizes that everything still depends on the capabilities and the decisions that the trader would be making. The choice of solutions provider remains to be just preference, nothing more. What the team appreciates regarding this facet is that the firm provides Account Managers to assist clients into better trading conditions.
- Trading Platforms
What came strong among the services provided by the Umarkets forex broker are its trading platforms.
- The xCritical Trading Platform
Probably Umarkets’ piece de resistance is its trading software called xCritical. This platform has enjoyed a positive reputation across the online trading community, with client testimonies attesting to the platform being highly-reliable in that transactions executed in a speedy manner. The platform gives access to a considerable amount of trading signals, over 180 trading instruments, and the AutoChartist function, (an automatic analytical tool). These tools and instruments make for good and efficient trading conditions, thus staying true to the vision of the company for its clients. But of course, while the platform provides standout features and had indeed received good remarks from its clientele, the solutions provider is not by default as reliable as the tools it had enlisted. They are still two separate entities.
- MetaTrader 4
Seen by the review team as a wise move, Umarkets does not subscribe to a singular trading platform. Instead it had also partnered with MetaQuotes to avail its clients of the MetaTrader 4 (MT4) software. There is sound reason why MT4 is a trusted and widely-used trading platform. For one, its interface is highly-intuitive and therefore easy to navigate through. Its algorithm are ready-made and the strategies that traders are given are provided for by actual industry experts. For these reasons a lot of other reviews zero-in on the functions and capabilities of MT4. But as mentioned in the previous discussion, this is not entirely deterministic of the firm’s soundness.
Special Promos
Umarkets makes 3 noteworthy promos wholly for the benefit of its clients:
- The Refer a Friend Program
Referring friends to Umarkets shall entitle the client a cut from the referral’s initial deposit. A total of 15% is given to the client once a deposit is made ranging from $500 to $10,000. Should it be the latter, an automatic amount of $1,500 would be credited to the client’s account. To see if the scheme really works, the review team deposited $500. True enough, $75 had been credited on the account of the team member posing as the Umarkets client.
- The 30% Bonus
Umarkets makes a bonus of 30% to its clients upon their first deposit. To the opinion of the review team this is a good gesture that makes for an impression that the clients would not easily forget.
- The 100% Insurance
Clients are also in on a 100% insurance should the funds deposited range from $500 to $5000. The insurance is computed to the amount of total loss from all trades done.
These bonus methods can easily be availed of. The review team can testify that these offers are legitimate, giving the impression that Umarkets actually stand beside its promises.
Funds Security
The umbrella entity that Umarkets is under protects its clients’ funds through fortified firewalls and Secure Sockets Layer (SSL) software. This software does its job well. However, it does not necessarily mean that the client’s capital is protected from the firm itself should it prove to be fraudulent company.
It is noteworthy on the other hand that Umarkets furthers its protection through its integration in SSAE 16 certified data centers.
Umarkets Customer Reviews
As mentioned in the introduction, Umarkets customer reviews that are negative in nature are not in shortage. The lack of regulation is actually where allegations of fraudulent activity come from. And the failed attempts at trading from inexperienced users are not helping either.
In article published in 2016, Spain’s Comision Nacional del Mercado de Valores (CNMV) in 2016 had warned of a possible Umarkets scam. The write-up details possible fraudulent financial entities and one of them is Umarkets. Below is an entry from the article:
“Spain’s financial regulatory body, the Comision Nacional del Mercado de Valores (CNMV), issued earlier this week warning notices against offshore forex brokers Maxi Services Ltd., doing business as Umarkets, and Financial Markets Ltd., trading as FinMarkFX, for operating unauthorized in the country.”
A similar warning had been made from Moneysmart.gov.au. In the article, Umarkets had been tagged as fraud as it lacked a license from Australia even if its agents had boldly made unsolicited calls and emails to potential clients.
These comment had been found in the site’s comment section:
“Do not deal with this business as it is unlicensed in Australia
This business has made unsolicited calls or sent emails about investing, financial advice, credit or loans. It does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.”
Umarkets’ regulatory status is a concern that the firm itself cannot account for. With this unanswered and unresolved, many potential clients might and will be turned off by it. As an added insult to injury a number of Umarkets customer reviews published online. Quoted below are some of these:
“My advise out there to traders is for you to be wise before you invest in any binary option broker I was scammed $195,000USD by online broker but at last I found someone who helped me to recover all my lost funds back from a scam broker that stocked my capital with an unregulated broker through the aid of INTERNATIONAL RECOVERY AGENCY (IRA).”
– George Combs, 17 February 2020
“Horrendeous! Customer Service is NON-existent, NEVER replied to my emails and close the account without warning, and refuse to open/keep the demo open. I am a live account holder who needs continuous access to demo account but it keeps getting closed down. Instead of looking into my complaint, the rude chat bot-like customer ‘service’ agents keep closing down the chat.”
– Taylor Laurel, 05 February 2020
“To whom it may concern This is my experience with the fake binary options broker, I traded with 365-fx binary options. I wanted to earn some money to pay for some bills so I invested $35,000, these brokers said I will be able to withdraw about $82,270 to $91,000. The brokers calls me everyday to deposit to invest and make good profits, I told them all my funds are in the trading account and I can’t deposit more money anymore. They became so rude and stopped calling and also stopped responding to my messages and finally blocked my account. I wanted to withdraw my money and I couldn’t, they denied me my access to withdraw my money, Months went by and I still couldn’t withdraw my money. I was advised to seek a recovery company, Fortunately I found on a website of funds recovery expert Mr Aldason Ainsworth who I reached out to and explained my issue to him, God so kind he was able to get my funds back including my bonus…”
– Lucy Ann 22, January 2020
These three reviews are powerful and poignant in driving the main point home: That Umarkets is not a broker to be trusted.
Unlike the experience that our review team had experienced, the customer support had been responsive, maybe owing to the specific pint of concern mentioned above. And the team has to be honest in saying that the issues raised by the traders are not to be taken lightly. These are serious accusations and it would do Umarkets well to answer answer them.
Umarkets Scam?
It is easy to be torn about Umarkets’ legitimacy when one has no prior experience with the broker. The negative reviews online regarding the broker does not necessarily help the solutions provider’s reputation. The tag, “Umarkets scam” can be seen across various online platforms, thus plunging their trust score.
As also stated in the introduction, this review is not meant to mask the negative reviews uploaded across different online venues. As this is the case, the only aim of posting them here and juxtaposing it with the firm’s own findings is meant to give the readers of this review plenty to think about.
Must I Trade With Umarkets?
To the supposition of the review team, the pros and cons outlined through this Umarkets review is already sufficient. While the company’s services may appear to be legitimate and functioning, fact of the matter is, there are people who had experienced negative outcomes for their trades through the solutions provider and the firm’s regulatory status is still up in the air.
Hence, due diligence in finding further reviews is recommended to the trader, should his or her interest in the Umarkets forex broker remain.
