Is Umarkets a scam or legit broker?

No, it is not safe to trade with Umarkets. Umarkets 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 the FinaCom is a well-respected organization, it is a self-regulatory organization which 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. 

We advise all investors and traders to avoid Umarkets and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and Plus500.

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6 responses to “Umarkets”

  1. 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.

  2. 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.

  3. 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

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