- Umarkets: What is the truth about this forex broker?
- They only have a foreign license
- Features about Umarkets
- The red flags about Umarkets that you should know
- Complaints about Umarkets
- Conclusion: What is the truth about them?
A problem that many of us are facing is to choose a forex broker that is legit and that is really going to be beneficial to you. There are some really legit brokers that comes highly recommended, and then there are the brokers that are not getting positive reviews, and that makes us scared to use them. Umarkets are one of these forex brokers. They might be a legit broker, but this doesn’t mean that they are recommended or that they are really paying out the profit that you are making. This is the truth about Umarkets.
Yes, Umarkets is a licensed and registered forex broker. However, they don’t have an international license, but just a local one in the country of origin. This can be dangerous and risky to invest in a company that isn’t known as an international, registered company.
It is also known that if a broker only has a foreign license, that they aren’t regulated by regulators. To make sure that they are legit and doing everything according to the law. Meaning that this might be a risk to invest with them.
One of the features that are making Umarkets and option is the fact that they have different account options. You can choose an account that is best for you and your budget. The problem here is that there isn’t really much information about the different accounts that you can choose. And, it depends on the deposit amount that you are making.
This forex broker is making use of the same platforms as other, legit forex brokers. They are making use of MetaTrader 4. However, one thing that is essential to know is that even if they are making use of a legit platform, this doesn’t make them a legitimate forex broker.
Another feature that Umarkets offer, that not many other forex brokers are offering is a deposit bonus of 30%. However, read your terms and conditions before you are registering with them to get the bonus.
The first red flag is the fact that they are an offshore company. Meaning that you will not really have any possibilities to get your money back if you were scammed. This is risky, and there are other brokers that are international and that are safe to use.
The deposit bonus is huge. You can’t deposit less than $500 before you can start trade with forex trading. The deposit is huge, and this is making the risk just as huge. Yes, they do offer a deposit bonus, but when you want to withdraw the money, you will realize that it isn’t going to be easy to withdraw the bonus.
The amount of negative reviews that they are getting is also a red flag. If they are legit and trustworthy, why are there so many negative publicities about them? There needs to be a reason for this. Also, they don’t offer a huge variety of payment options. The more popular e-wallet options aren’t available here.
Umarkets forex broker has lots of complaints against them. Complaints about payouts and bonuses. And, their response is that they should have read the terms and conditions or they didn’t even respond to them.
If you are comparing the different complaints versus the different positive reviews, there is a scary thing that you should know. The complaints are a lot more than the positive feedback. Meaning that you have a much higher chance of having problems with them as with other brokers.
With all this information, what is the truth? Is Umarkets a legit forex broker, or are they just one big scam? They might be a real forex broker, but they are for sure not really legit. They don’t have an international license, and they aren’t regulated. They have many complaints and as for a huge minimum deposit.
It is important to make sure that you know that Umarkets isn’t as legit as what they want you to think. Yes, they are registered, but with an offshore company. Meaning that your money isn’t safe. They don’t reply to complaints, and there are way too many complaints to see this as a legit and trustworthy company. The conclusion is that you might want to look for another forex broker that is legit, and that have an international license. This is the only way that you can know for sure that your money is going to be safe.