Umarkets Forex Broker
Increased number of foreign exchange platforms made it difficult to determine which one is legitimate from fraudulent. While there are obvious signs that indicate the credibility of a financial firm, there are still traders who get easily scammed into registration. To resolve this concern, brokerage assessments are conducted. Similar to the purpose of other reviews, this Umarkets review aims to provide a comprehensive rundown of the platform’s overall functionality, As Umarkets forex broker’s legitimacy is also questionable, that only made this review all the more necessary.
Thoroughly discussed below are the platform’s specifications in terms of technicality, security, and reliability. Other attestations are also presented to help readers decide whether or not they should open an account with Umarkets.
Umarkets, a foreign exchange platform operated by Market Solutions LTD, offers Contract for Difference (CFD) as its flagship service. The brand was first introduced by Maxi Services LTD in 2008, and it was only in 2017 that the ownership was transferred to Market Solutions LTD. The platform takes pride in its connection with HSBC, Europe’s largest banking system. More so, it has registered over 1,200,000 clients from 87countries, making it one of the market-makers of the financial industry.
There are four account types that clients may open according to their preferred trading conditions. The Mini, Standard, Gold, and Platinum accounts work in a tiered structure and with varying initial deposits. These accounts may be converted into an Islamic account in compliance to the Sharia Law.
The Mini account entails a $500 deposit fee. This comes more expensive than any other starter account in the market, but this is advantageous in so far that this provides financial backups for initial losses once the account suffers from wipeouts. When it comes to the Standard account, clients are provided with premium features for only $5000, while the Gold and Platinum accounts require a minimum of $10,000 and $35,000, respectively. While the last two accounts differ in terms of deposit, both have the same features and do not bear any edge from each other.
Umarkets stands as an ideal broker since it enables complete automated trading on both MetaTrader 4 and xCritical. According to Umarkets’ figures, 8 out of 10 traders prefer xCritical since it provides much of what is missing in the MT4 platform. It also is the best option since Umarkets’ MT4 is a basic version and does not provide any upgrade nor plug-ins. xCritical, on the other hand, is equipped with AutoChartist, allowing traders to follow market movements through comprehensive and accurate charting tools. The integration of enhanced algorithmic function made xCritical a significantly superior platform compared to other systems out in the market.
Research and Education
This broker is inarguably trader-centered, and this claim is attested by its impressive research instruments. A regular feed of fundamental commentaries from experts provide important insights about financial developments’ implications to certain assets. There is also an economic calendar that authoritatively outlines earnings season, while regular news written by global experts may be utilized as additional insights.
The education section is composed of four categories. Trade related articles are a good starting point for clients wanting to know the basics of trading. Webinars are also available to give clients some backgrounders about live market trading and strategy creation. A separate section is dedicated for all trading terminologies, while clients may participate in crash courses in Trading Academy.
Umarkets provide various methods for customers in need of assistance. Its telephone line, e-mail, and web ticket are available 24/5. What came to be the most impressive is its live chat feature, giving clients real-time resolution for their queries. All of the aforementioned means of support do compensate for the absence of the Frequently-Asked-Question section.
Umarkets Customer Review
A click or two on the internet and search engines will render mixed Umarkets review. While it is only normal for a brokerage firm to be a subject of bad reviews, what’s problematic is how the bad reviews outweigh the positive ones. Below are some of the Umarkets customer reviews gathered from the web.
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. My request is not unreasonable, but I am met with pure hostility by any customer service agent. I was only able to recover some of the money lost through (Recoveryexperts0 at g m a i l) Also, their knowledge is abhorrent. It’s impossible to get a quick answer to any simple question. -Taylor Laurel (Feb. 05, 2020)
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. –Lucy Anne (Jan. 22, 2020)
Reviews provided above indicate that Umarkets operates without any financial regulator. This also brings up a more pressing concern in terms of security as financial wipeouts appear to be a recurring problem. While it would be unfair to purely rely our verdict on two reviews, this also echoes a larger sentiment collectively shared by those who experienced the same issue. More so, registration under its jurisdiction does not automatically mean that its operations are reliable. There must be a presence of financial authorities for one to be called safe and secured- something that Umarkets is not.