Umarkets is a CFD broker owned by Market Solutions LTD; since October 2017, it has been registered in Saint Vincent and the Grenadines. The brokerage has been operational since 2008, using the same brand name with a registration out of Belize under the name Maxi Services LTD. Ownership of this brokerage changed numerous times, but throughout, the company has maintained a strong relationship with HSBC, Europe’s largest bank. Umarkets claims that over the past decade, it has served over 1,200,000 clients from 87 countries. The broker also claims that 8 out of 10 traders prefer its XCritical Online Platform to the basic MT4 it also offers. Catering to retail traders and institutional investors alike, this broker has captured ample markets share in Europe, and is now focusing on expansion across Latin America and Asia.
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Regulation and Security
Market Solutions LTD is registered as an International Business Company in Saint Vincent and the Grenadines, under company number 24310 IBC 2017. According to the terms and conditions, Umarkets may not segregate client deposits from company funds. It further states that it will use them at its discretion. We were impressed during our Umarkets review to see that the company tab features a dedicated section for dispute resolution.
It is important to note that Umarkets has not been accused of any wrongdoing since it reorganized under its current operational model. The benefits for a trader of using an unregulated broker are usually related to higher leverage and better bonuses than regulated brokers can provide. That being said, every trader should decide for himself if he wants to use an unregulated broker.
Umarkets company registration
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Forex and metals CFDs are commission-free, while energy, cryptocurrencies, equity, and index CFDs carry a fee. The pricing structure lists EUR/USD spread listed at 2.5 pips in the Mini account. The spread is reduced to 1.0 pips in the Platinum account. Commissions for all assets, except cryptocurrencies, range between $3 to $7 per side, and for the exceptions, between $10 and $20.
Swap rates on leveraged overnight positions apply. Only negative charges are mentioned, and it is unclear how positive ones are processed. The costs mentioned are between 0.005% and 0.015% of the transaction size. After 90 days of inactivity, a monthly maintenance fee of 5% applies. Traders also will incur a 5% fee if a withdrawal is requested before they have executed five trades. To their credit, Umarkets does provide respectable transparency when it comes to fees.
MT4/MT5 traders can easily access swap rates from their platform by following these steps:
1. Right-click on the desired symbol in the Market Watch window and select Symbols.
2. Select the desired currency and then click on Properties located on the right side.
3. Scroll down until you see Swap Long and Swap Short.
The published spread table reveals the broker's full environment.
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What Can I Trade
The asset selection at Umarkets is more than suitable for most traders. With 70 currency pairs provided, pure Forex traders have an excellent selection. A welcome addition is the availability of 16 cryptocurrency pairs. The commodity choice is limited to nine CFDs. Cross-asset diversification exists through 141 equity and 17 index CFDs. A total of 253 assets across five sectors allows retail traders to manage a diversified portfolio with plenty of trading opportunities.
The asset presentation at Umarkets is excellent; it includes basic facts, which is ideal for new traders.
Aside from currency pairs, other assets include an analysis tab, adding value to the description of available assets.
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The Mini account requires a deposit of $500, which is a higher minimum than most other brokerages, but may not be a bad thing – with a very low minimum deposit, traders are likely to wipe out their accounts quickly without having the funds to cover initial losses. The Mini account does not grant traders access to all account features. Traders need to deposit $5,000 to gain access to the Standard account, where all features are available. The Gold and Platinum accounts require deposits of $10,000 and $35,000, respectively, without contributing any significant advantages. Islamic accounts are available on request.
Umarkets lists four account types, but initial deposits at every level remain elevated and out of reach for a significant number of traders, especially in its noted target markets.
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Umarkets provides traders with the basic version of the MT4 trading platform, available as a desktop and mobile version, as well as a webtrader. It remains the most popular choice due to its full support for automated trading strategies. Umarkets does note that eight out of ten of its traders prefer the XCritical platform, a relatively new platform and a genuine alternative to MT4.
With XCritical fulfilling a dominant role at Umarkets, it is understandable that the MT4 platform is not enhanced. The Autochartist upgrade, a tool that scans markets for chart patterns and trading opportunities fully autonomously, is integrated with XCritical. Traders without the existing trading solutions developed on the MT4 infrastructure will enjoy a significantly superior trading environment with XCritical.
The MT4 trading platform is available as a basic version only, without necessary upgrades.
XCritical, a novel trading platform, offers traders a superior alternative.
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Some traders are equipped with Autochartist, a tool that assists manual traders in locating trading opportunities. It would be helpful if Umarkets could provide more information on its capability without requiring that a trader sign in to their account. It should be noted that Autochartist is integrated with the XCritical platform exclusively, and that a minimum deposit of $5,000 is required; in other words, Autochartist is not available to traders in the Mini account. While Autochartist is a valuable tool, traders can achieve a similar or superior service with MT4 and appropriate third-party add-ons.
Account sign-in is required to access more information on the Autochartist tool.
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Research and Education
Three analysts publish numerous short fundamental commentaries on a daily basis. They provide a brief overview of ongoing developments, which can impact various assets. A company earnings calendar grants an overview of upcoming earnings, relevant to equity and index CFD traders. Completing the fundamental research tools is the inclusion of an economic calendar. The three analysts do not provide trading recommendations, but rather assist traders in developing their own which can be extremely helpful for traders looking for a long-term trading career. A compilation of primary technical signals is included in the instrument category under the analysis tab.
Brief fundamental notes are published on a daily basis.
A company earnings calendar lists upcoming releases.
The economic calendar features an overview of essential reports.
Four categories create an educational division. Umarkets provides an outstanding collection of well-written content, with the articles and lessons section an ideal starting point. The 30 articles will allow new traders to build a sound knowledge foundation before venturing into the Education Center. It is populated with numerous video lessons, further enhancing the educational value provided. Some of the content is free for all, while the remainder is exclusively available for clients.
This broker also hosts webinars, which include live market trading. A comprehensive glossary rounds up the excellent educational sector. The Fibonacci Calculator for Forex, the Margin Calculator, the Pivot Point Calculator, and the Position Sizing and Risk Management explanation add profound educational value. They will assist new traders in building their strategy and implementing proper risk management protocols. Overall, the in-depth courses represent the most valuable asset at Umarkets.
The articles and lessons section marks the ideal entry to trading for new traders.
The Education Center adds tremendous value for new traders.
Webinars include live trading, which provide new traders with excellent examples of discussed strategies.
A comprehensive glossary assists new traders with terminology.
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Support is available 24/5, and traders may either call directly, send an e-mail, or use the webform. The live chat feature is undoubtedly the most efficient form of communication. Umarkets maintains a dedicated e-mail address for complaints. Usually, customer support is the least utilized service of any brokerage, and most traders never require it. Since a dedicated FAQ section or help center is not available, customer support presents the primary source of assistance.
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Bonuses and Promotions
Umarkets features four bonuses and promotions to entice traders to make more deposits or promote the brokerage. Refer-a-friend is a primary affiliate offer, compensating traders with 15% of the referred deposit. It is one of the most expansive promotions across the brokerage industry. The Demo-Real offer is a rather interesting concept. New traders receive a two-week demo account which will convert to a live trading account at the conclusion of the two week period; all profits earned during the two-week demo period will be returned to the trader.
The 100% Insurance promotion covers losses on trades opened on the day the promotion is valid, likely on select major economic news releases. It is important to note that funds recovered are treated as a bonus and not as deposited capital. Finally, a 30% first-time deposit bonus is available. It is essential to remember that all bonuses and promotions have strict terms and conditions.
Bonuses impact the availability to withdraw profits. Interested traders need to consider this before accepting them. A high degree of confusion is created with promotions as new traders believe they equate to “free money.” It is, therefore, of paramount importance to be fully aware of the terms and conditions that will apply once a bonus is accepted. Some traders will benefit from them, while others will find the stipulations burdensome. Umarkets is fully transparent about the rules, allowing traders to make an informed decision.
The refer-a-friend promotion is one of the most widely used offers across the industry.
Through the Demo-Real offer, new traders will earn bonuses for their live trading account.
The 100% insurance campaign encourages news trading.
A 30% first-time deposit bonus is also available.
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Opening an Account
A swift online application processes new accounts. Umarkets asks for the full name, location, phone number, e-mail address, and password creation. It will grant access to the back office, where verification is required. Per AML/KYC requirements, a copy of the trader’s ID and one proof of residency documents need to be forwarded. The process is in line with the industry standard.
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Deposits and Withdrawals
Umarkets neither provides a list of accepted deposit and withdrawal methods nor does it maintain a dedicated section on its website, which is highly unusual. Nevertheless, they do provide a list of logos indicating what systems they use, including credit/debit cards, Skrill, Neteller, OrangePay, and MNP. A $50 minimum withdrawal applies, according to one reference found on the website. The minimum deposit is presumed to be $500, the requirement to open the Mini account. More transparency in this essential process is required.
Umarkets needs to provide more clarity on the deposit and withdrawal process.
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- Broker's Name : Umarkets
- Headquarter : Belize
- Regulation : IFSC
- Type of Broker : ECN/STP
- U.S. Clients Allowed :
- Minimum Deposit : None
- Maximum Leverage : 1:200
- Commissions / Spreads : Spreads
- Account 1 : Standard
- Demo Account :
- Islamic Account :
- Segregated Account :
- Managed Accounts :
- Institutional Accounts :
- Deposit Options :
- Withdrawal Options :
- ETFs :
- CFDs :
- Commodities :
- Metals :
- Stocks :
- Oil :
- Gold :
- Binary Options :
- Indices :
- Type of Platform : MetaTrader 4, Web-based
- Platform Languages :
- OS Compatibility :
- Trading Signals :
- Charting Package :
- Market Analysis :
- Chart Trading :
- Automated Trading :
- Scalping :
- Hedging :
- Mobile Alerts :
- E-mail Alerts :
- Trailing Stops :
- Guaranteed Stop Loss :
- Guaranteed Limit Orders :
- Guaranteed Execution :
- One-click Execution :
- OCO Orders :
- Interest on Margin :
- Web-based Trading :
- Mobile Trading :
- Website Languages :
- Support Hours : 24/7
- E-mail Support :
- SMS Support :
- Chat :
Pros and Cons
- Demo and Islamic Accounts
- Selection of Bonuses
- Little Educational Material
- Only One Standard Account
Is Umarkets regulated?
Though Market Solutions LTD, the owner of Umarkets, is registered as an International Business Company in Saint Vincent and the Grenadines, Umarkets remains an unregulated brokerage entity.
What trading platforms does Umarkets offer?
Besides the MT4 trading platform, the genuine competitor XCritical is available.
What account types does Umarkets offer?
Four account types are available, plus an Islamic account which is available on request.
What is the minimum deposit at Umarkets?
The entry-level account requires a $500 initial deposit, but full account features are only granted from the Standard account for a minimum deposit of $5,000.
Is Umarkets a legit company?
It remains registered and compliant as an “International Business Company,” however, that should not be confused with regulation as a brokerage. Umarkets satisfies all requirements as stipulated by the business registrar of Saint Vincent and the Grenadines and, therefore, is a legit company.Back to Top
Umarkets is an online broker operating out of Saint Vincent and the Grenadines as an International Business Company. It relocated there from Belize under a new corporate ownership or at least a name change. Per its own account, it serves over 1,200,000 traders from 87 countries and maintains a strong relationship with HSBC, Europe’s largest bank. No details are provided on it, but this broker denotes tremendous success in Europe with expansion plans for Latin America and Asia.
The asset selection is adequate for most traders, but the pricing environment remains excessive. Traders are also faced with above-average deposit requirements which, given the aforementioned expansion plans, appear out of reach for the target markets. On the positive side is the availability of the XCritical trading platform, a genuine competitor to MT4, which is provided only as the sub-standard basic version. Education is where Umarkets delivers an excellent product with tremendous value. New traders have access to a range of well-presented written content and video tutorials. Four distinct bonuses and promotions are available.
Excellent bonuses are available due to the broker's lack of regulation, and traders should weigh the advantages and disadvantages to decide if Umarkets is the right broker for them.Back to Top
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