Umarkets offers several forex trading account types, based on the minimum initial deposit, as well as an ECN one (there isn’t much information about it). All of them, except the ECN one, offer commission-free trading and both fixed and variable spreads, depending on the trading platform. The web-based MT4 provides fixed spreads, while the desktop version offers variable ones.
In addition, there are Islamic (swap-free) accounts that do not involve any interest/swap charges on overnight positions. Unfortunately, micro lots are not available for trade.
The minimum initial deposit required to open an account with this broker is $500, which we find too high for an offshore brokerage. Not to mention, that it provides access to pretty high spreads – both fixed and variable ones are above 2 pips for the EUR/USD pair. There are a bunch of brokers, regulated in reputable EU jurisdictions which require smaller minimum initial deposits (or none at al)l and offer spreads within the range of 1.0 – 1.5 pips. For further information, look up the real-time spreads of 15 leading brokers here.
No wonder they seem desperate for new customers and try to get the phone number of anyone who visits their website. The combination of light regulation (and consumer protection) and high cost of trading is hardly a successful one.
The Company. Security of Funds
Maxi Services (Belize) Ltd.
Umarkets offers trading in wide range of currency pairs, indices, shares and commodities CFDs on the popular MetaTrader 4 (MT4) platform.
The company behind the Umarkets brand is Maxi Services (Belize) Ltd. It was established in 2014 and is licensed by the Belize International Financial Services Commission (IFSC).
Belize is a popular offshore financial hub, where the licensing requirements are looser compared to other jurisdictions, however, its regulation regime is tighter compared to the Seychelles or Saint Vincent and the Grenadines. As of the end of 2015 and the beginning of 2016, the IFSC increased the initial minimum capital requirement for financial and commodity-based derivatives brokers from $100,000 to $500,000. Besides, the commission also increased the annual license fee from $5,000 to $25,000.
Umarkets is also a member of the Russian Banks Association (RBA) and Russian Regional Banks Association (RRBA).
Nonetheless, we generally advise traders to avoid offshore companies, including Belize-based ones, and to invest with brokers regulated by reliable authorities such as UK’s FCA, or Australia’s ASIC, for example.
Like most brokers, this one also supports MetaTrader 4 (MT4), available in all forms and shapes: desktop, web, and mobile apps.
MT4 is a reliable platform used by hundreds of brokers and preferred by most traders, as it is easy to use and offers all a trader needs: a number of technical indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to fully automate their trades.
Umarkets offers a 30% on deposit welcome bonus. In order to withdraw it, traders also have to meet certain trading volume criteria.
Methods of Payment
Umarkets offers its clients the following payment modes: credit/debit card (Visa, MasterCard), bank wire transfer, and e-wallets Neteller and CashU.
Umarkets is an offshore broker that provides online trading services in forex and various CFDs on the popular MT4 under reasonable conditions.
Umarkets Review Conclusion
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