Umarkets Forex Broker: Features Review
Umarkets is not a very good platform to trade on: it doesn’t have very good customer support, the staff isn’t too pleasant and, most of all, there are major issues with funds withdrawing. There is evidence that these flaws may be intentionally implemented by the broker.
However, if you still want or have to use Umarkets, you will need to be extra careful. Regardless, there are some good features, so that’s why you’d want to trade on this platform, even though there are plenty more fish in the city.
Let’s go through some very interesting features this broker has, and then understand how not to get scammed while trading here.
What’s to trade here?
Umarkets support different types of accounts, which differ by the amount of money you need to initially deposit to be able to trade on them, as well as small bonuses.
The types include:
- Mini – $500
- Standard – $5000
- Gold – $10000
- Platinum – $50000
The bonuses are minor however, and most assets are available for trading right away. These include:
- Foreign Currency
- Crypto Currency
- Commodities
- Indices (unavailable on Mini)
- Shares
So, it’s essentially an alright deal, because some other exchanges may ask more or the similar amount of money from you, all the while denying you certain necessary aspects of trading (including less popular types of assets). Here, you get everything you need to trade with the lowest level. So, all you need is $500 of deposits.
You’re actually not recommended to sign up for higher types of accounts, as you’ll see further.
The helpful solutions
The good thing about Umarkets is that some very useful parts of it are available without deposits or sometimes even without signing up at all (like with their articles). It is a good thing precisely because their learning and some other sections are extraordinarily good.
First, there is a learning section that consists, as they do, of the regular webinars, articles, as well as different video courses about all the essential parts of trading (Forex trading, CFDs, MT4 and more).
Even if you aren’t their customer yet, you can view articles and 3-4 videos from each course just as a member. If you go there, you can make sure that all content is surprisingly high-quality, the articles especially – they are deep, interesting and noticeably written by a professional.
There are also very good analytical solutions. The Economic Calendar is a detailed instrument that allows you to keep track of all the local events in different countries that may affect the market. It’s similar to the Autochartist, which requires an active account to provide you with the upcoming movements on the market.
Lastly, there is the Earnings Calendar – an instrument that gives you an insight into the economic situation of different companies. It’ll give you a bit of an edge if you try to invest into any of these.
So, there are lots of very helpful features and instruments. You can use Umarkets simply as a place to learn and analyze, if not to trade directly. But you have to take certain precautions first.
The precautions you’ll have to take
The necessary precautions are tied with the environment Umarkets cultivate. They aren’t exactly honest, and there have been multiple accounts of fraudulent acts committed by them. These mostly include the ‘confiscation’ of funds and other money-related schemes.
Because they mostly target the users with lots of funds on balance, you need to take these precautions above all else:
- Only sign up for a Mini account, you won’t need the bigger ones, because they don’t give you anything out-of-ordinary
- If you want to trade, avoid depositing large sums of money, as well as earning and withdrawing large sums as well. If you accumulate a noticeably large amount, they’ll likely not let it leave their platform
- If asked by their agents, claim you’ll be depositing large amounts ‘soon’, and you need to test their software first
If all you want from them is their learning material (which is understandable), you don’t even need to pay them. All you need to do is create an account and get to learning as fast as you can.
The problem is that they will ask you to deposit something over and over again, because they aren’t going to give you your money back, might as well strike big.
They will likely write to you or call you repeatedly to get more money out of you. To prevent them from doing so, and from harming your actual credit card, you’re highly advised to give them false information.
False or non-existent (if possible) numbers will do, and you’ll also need to give them your secondary email. In the end, an electronic debit card without any money on it will be a perfect option. So, you should get one of these.
They will likely ban you after a while, because they really want your money. So, keep learning and analyzing while you can.
In conclusion
Umarkets are extremely good when it comes to different ways of improving your actual trading experience, and not as much in actually providing a good trading experience. There is plenty of really good learning material, but trading here is notoriously dangerous.
Regardless, all of it is only relevant if you really-really want to trade with Umarkets for some reason. But you shouldn’t. If your goal here is to understand if Umarkets is a viable candidate for a broker, then it’s hopefully fulfilled. It’s not a good broker, and there is a good chance they’ll rob you.
Choose other brokers. There are lots of honest and transparent exchanges that will offer you a good experience, as well as means to improve it.