Umarkets CFD Broker Review

Launched in 2014, as online Forex/CFD brokerages go, Umarkets is a relative newcomer. Its Forex Peace Army page living testimony, it is already struggling with reputation issues too. On top of everything, Umarkets’ regulatory status is less than ideal as well.

Overview

The company behind the Umarkets brand name is Maxi Services Belize Ltd. Founded in 2008, Maxi Services is authorized to peddle financial services, by the Belize International Financial Services Commission (IFSC). Such a license would not normally allow for the peddling of the said services within the EEA, nor does it insure MiFID-compliance in any shape or form. Still, the Umarkets website claims that the operation has already seen great success in Europe.

Umarkets’ IFSC license number is 60/338/TS/16. In addition to being regulated by the IFSC, Umarkets is also registered with ARB (Association of Russian Banks). Its ARB certificate number is 1800.

With the above in mind, it is easy to see why the regulatory status of the operation may not be to everyone’s liking. It is specifically stated on the Umarkets website that traders not covered by the above detailed regulatory umbrella, cannot trade with the broker. The US is certainly among these “unqualified” jurisdictions, and by the looks of things, so is the EEA, in its entirety.

Umarkets have adopted a policy of complete transparency towards their traders: they have made all the legal documentation required for the operation of the brokerage, readily available at their site. This includes their certificate of incorporation, as well as information on the safety of trader funds.

Account Types

The broker offers 4 account options to its clients: Mini, Standard, Gold and Platinum accounts.

The Mini Account is obviously the most basic one, aimed at beginners. Its minimum deposit requirement is the smallest at $500. In exchange for that money though, users do not gain access to all platform features.

For that, they need to open a Standard Account, which ups the stakes significantly in regard to the minimum deposit. This requirement is set to $5,000. In addition to gaining access to all platform features, those using this account also get more information on Autochartist.

The next step up the account-tier ladder is the Gold Account, the minimum required deposit of which is $10,000. For that money, this account covers everything the Standard one does, plus it offers a VIP manager, SMS signals, as well as access to special promotions.

The top-tier account is the Platinum one, which covers every perk the broker has to offer. The minimum deposit for this one is $35,000. In addition to everything covered by the Gold Account, the Platinum one features one-on-one trading, as well as personal stock market reports.

Trading Platform/Software

The first line of Umarkets’ platform offer is the Web Trader, which can be accessed at a few clicks and which does not require downloading. Despite its browser-based nature, the WebTrader is surprisingly powerful, offering traders access to no fewer than 170 tradable assets, as well as an impressive number of technical indicators.

The MT4 Web Terminal is a no-download solution too, which brings the power of MT4 to browser-based trading. The proper, desktop-based version of MT4 is an option as well. Downloadable directly from the Umarkets website, for free, MT4 delivers its well-known and loved selection of features, including scores of technical indicators as well as EAs (Expert Advisors), which automate the trading process. MT4 users can code their own technical indicators and EAs and they can purchase and install additional ones from 3rd party providers.

The mobile solution offered by Umarkets is a MT4-based one as well. The mobile trading apps provide access to real-time quotes, graphs, as well as live trading.   

Deposit Options

The deposit/withdrawal options supported by Umarkets are the usual ones: credit cards (VISA and MasterCard) and eWallets, such as Neteller and Skrill. Orangepay is also accepted.

Markets

The more than 170 tradable assets featured by the broker, cover indices/shares, commodities, Forex and Cryptocurrencies.

The indices/shares section provides access to scores of assets, with spreads as low as 1.2 pips (on the Gold account).

The commodities category covers gold, silver, oil as well as natural gas and a couple of others.

The Forex section is home to a staggering array of currency pairs, with maximum available leverages spanning the 1:200 to 1:400 range. 

The Crypto section is the most interesting/innovative one. It covers no fewer than 15 cryptos, going well above the usual BTC/ETH offer.

Customer Support

Umarkets’ support is excellent by every measure. Available 24/7, support can be requested through email, phone, Skype and live chat.

Safety

The safety of customer funds at Umarkets is satisfactory.

Final Thoughts

Umarkets looks like a decent brokerage, with a less-than-stellar reputation and some regulatory concerns.

Umarkets Overview
Regulation: IFSC