Archives: Brokers

Is Umarkets Scam or Legit Broker?

According to our research, Umarkets is not a secure broker. Umarkets is owned by Market Solutions Ltd. which is an offshore company registered in St. Vincent and the Grenadines, also has moved to Marshall Islands since 2022. 

St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Millennium FX, Brokerz and more.

What is Umarket? 

As we found on the Umarkets website, the broker is registered with the Financial Commission under the number 24310 IBC 2017. Even though FinaCom is a well-respected organization, it is a self-regulatory organization that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.

From our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

• According to the website, "Umarkets was established in 2008 and is a rapidly growing brokerage house that enables retail and institutional investors (banks, hedge funds, high-frequency traders, brokerage companies) to trade Indices, Commodities and Forex. Umarkets has enjoyed a huge success in the European markets and it is now focusing on the expansion into the Latin America and Asian markets."
• In fact, we haven't found any information about Umarkets being regulated in either Europe, Asia or Latin America, which means the broker has been illegally offering its services. 

Overall UMarkets Ranking 

With our finds and issues with regulations and safety of UMarkets, we do not rank positively UMarkets, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• UMarket Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

UMarkets Alternative Brokers

Due to our finds and issues with the safety of UMarkets here are much better Alternatives to UMarkets Broker with good regulations and excellent conditions. We select Good Brokers and trustworty options for your comparison below: 

• AvaTrade – Good for Currency trading
• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners

UMarkets Deposits and Withdrawals

Broker offers various deposit and withdrawal options - Bank Transfer, Credit/Debit Card and e-wallets such as Skrill, Neteller, Webmoney. However, due to its unregulated nature there is no strict guarantees on payment procedures. 

How to withdraw money from Umarkets?

Since UMarkets is not a regulated broker there is no guarantee, unfortunately, your withdrawal request will be successful. You can try to submit money withdrawal through the trading account area, in regulated environments requests should be processed within 1-2 business days. But with unregulated Broker, there is no any regulation about that. 

Trading Platform and Apps

Based on our findning UMarkets offers various trading platforms including:

• MetaTrader4 MT4
• xCritical online platform
• Mobile trading Apps

Platforms are user-friendly, MT4 is still a good choice among the majority of traders worldwide with good market analysis. For the Apps, they are suitable for Apple and Android.

For the Trading Instrument Broker offer Forex, Cryptocurrencies, Indices, Shares and Commodities, however is unclear if you trade CFDs and truly getting access to the markets. 

UMarkets Review Conclusion  

We advise all investors and traders to avoid Umarkets and other brokers from St. Vincent and the Grenadines. Despite looking like an attractive proposal in terms of platforms and instruments range, it is much more safe, reliable and convenient to trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets, FXGT, FBS (Check out FBS trader).

• Overall ranking and experience for UMarkets is Negative