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.

About Umarkets
🗺️ Registered inSt. Vincent and the Grenadines
🗺️ Type of LicenseOffshore License
🛡️ Is Umarkets safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerGO Markets - licensed by ASIC in Australia

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. 

umarkets review

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.

RankingUMarketsAvaTradeFP Markets
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading EnvironmentEducation

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: 

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

No news available.

17 responses to “Umarkets”

  1. I am also scammed by them a huge amount. All of the above comments are same with me too. And several times crashed out too due to their settings in the app. Several times the app will not work and the website too, they say it’s updating, but after that our account will be in danger. As the good time to close and profit the deals will loose. I had trade in Umarkets October 2021 to April 2022 where I lost lot of money and after that I could not deposit due to block by Visa to Umarkets and once again December 2022 to February 2023. I don’t know if there is a way to get back the money, at least partial. Pls help

  2. Dealing with this company was nothing but stressful. they told me to keep depositing without not wanting to grant my withdrawals. for months, they ignored me . I filed a r3port with wealth watchs and was lucky enough to have my investment out.

  3. This is a scam. I opened account with small deposit and account manager very sweet talker ask me to deposit more money. That ring alarm bell. To be safe and not access to my account, I close my account so that no more money can go out.

    I have lost and said good bye my small deposit as I would never see it again.

    Please be aware. They after your hard earned money.

  4. Hi Anyone can suggest what i should do.
    I trade with UMarket, and just realized they are scam. They convinces you to put more and more deposit but when I ask for withdraw. Always have all possible reason that i cannot withdraw. Their mistake write withdraw 350KUSD rather than 35KUSD, but put on me to put deposit and promise me can reach that target in a month. But by the time I almost reach other accident come. That ruin all my port and i cannot withdraw. Now my account is locked if i did not put deposit.

    Fabian Fontas make me fall into trap, all evidence he gave is fake, even the company trading certificated with IFMRRC (webiste he gave is not regulated). His contact phone is not reachable only allow to call via skype as no evidence. When almost reach withdraw date, he is disappear and cannot contact and another broker called me and told me that he will handle my account as Fabian had accident. A new broker ruin my account from more than 250KUSD to 25KUSD with in a day. After all my deal automatically closed due to less equtiy. Then next day, Fabain back from Accident and told me why i let his colleague give me advise! that is real mafia.

    He claimed with his help he try to reopen my deals (by contacting international bank) but i need to put deposit 20 KUSD in to reactive my account. I also ask him what is national bank he refer to, he avoid to give me information.

    Now my account is locked and cannot withdraw any of my money.

  5. They are a totally Scam company. I invested 25000 euro and they Stole all my money.
    They never let me withdraw any amount of my money. Only bullshit talk and promises. even I grew my account 58000 euro by trading, they did not let me withdraw money.

    Be careful, some people come to tell you that they have been scammed by UMARKETS too and a refund company helped them to recover their money. They are working with the same company.

    you don’t need to pay any fee in advance, but they ask you to give them 30% of recovered funds.
    But for that reason, they ask you to open an numbered account which is not possible to open, and suddenly one guy shows up in the group and pretends he knows someone and by referring you can open an account. For that account they say you have to deposit 5000 euro in the account. Luckily I didn’t fall for this trap. They said the bank is in Sweden, As I knew few things in swedish, the guy who was supposed to work for swedbank, he couldn’t answer my question in swedish and he vanished. So be careful.
    NOBODY can recover your money from these thieves. as they are not regulated, you can not get anything back.

    Try by VISA if you have deposited by VISA. maybe their insurance can help you recover some of your money.
    They scammed me because I deposited by Western Union.

    SO BEWARE OF THIS COMPANY. DON’T INVEST EVEN A PENNY.

  6. Russian SCAMMER company UMARKETS.COM!!!
    Face book: UmarketsRussian,
    Twitter: UmarketsForex.
    I invested 500 USD in this company 1,5 month ago. After 3 weeks manager, financial service manager Yaroslav Arseniev start aggressively to demand from me 5,000USD more to invest! When I refused, they stopped to answer my emails, skype calls and stop trading on my account! I advise everyone not to trade with them. I would like to complain about these people. Can anyone help me with a proper legal way to sue this company? Is this a way to remove the broker license from the Russian trade manager of Umarkets.com Yaroslav Arsenyev? He has a bad attitude towards me as a customer. I have been demanded for the past week’s my money back from UMarket! Only today 8 July 2020 manager respond to me and advised me to download”ANYDESK” application, which is allowed him to see my computer screen and deal on my behalf. I ask Yaroslav Arseniev to help me to transfer money back to my account! He told me the only way to do it is to transfer funds into cryptocurrency and then transfer to my bank account! I dId not want to do it. I did not allow him to open new investments! However, he insisted on currency conversion. The 1200USD (amount with profit) disappeared from my account after Arsenyev assistance! He was leading the deal. After he has done the transaction,he asked me where is the money gone? I have recorded a conversation with him. He accused me that my internet went down!It was not true! The company refused to deal with it and trace where the money went! Today 9th of July 2020, I have contact office again and was verbally abused by UMarkets expert. He told me I will be in a coffin soon if I will not stop calling.I am concerned now about my safety as they have my passport copy!
    UMarkets organizes its activities in the Russian Federation, mostly it’s run by Russian traders! I find on the internet that UMarkets operates without authorization documents of the Central Bank of the Russian Federation in Moscow, therefore they violate the norms of the law of the Russian Federation! UMarkets have offices in Greece, Moscow, and Germany and representative in England. I need advice please on how to get my money back from these scammers?! It must be a way to pin them down. It’s plenty of reports in Trustpilot.com from the number of clients, who have been scammed by Umarkets.com company.
    Umarkets.com is own by Market Solutions Ltd. which is an offshore company registered in St. Vincent and the Grenadines.
    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.
    According to 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!
    Eugenia

  7. I don’t have an analytical mindset, but the broker’s training materials helped me develop it. I started to trade better, I think it’s thanks to their quality training, which is also free. The broker provides good analytics, but SMS signals are not to everyone’s taste, it’s better to check them.

  8. In my opinion, umarkets is a good broker. I’ve been trading with them for a year and a half now. I know it’s not very long, but my experience in financial markets, in general, is 4+ years, so I can see signs of good brokers. They have competitive spreads, fast order execution, and a wide range of trading instruments. I opened an account at umarkets just to test their capabilities, but now I think I’m going to stay with them for a long time.

    • 100% Umarkets are scammers stay away from them or you will not see what you have deposited with them.

      They scammed me 17000$ and 3800€ as insurance. They account manager disappeared and he took all my money 💰 in my account. These Umarkets are also scammed two of my colleagues.

  9. Im a victim of umarkets scam i invested on2019.Can i still recoverd all my funds invested in umarkets?

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