Umarkets Review (2023)
Is Umarkets a scam or legit broker?
According to our research, Umarkets is not a secure broker. Umarkets is own by Market Solutions Ltd. which is an offshore company registered in St. Vincent and the Grenadines.
St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as Millennium FX, Brokerz and more.
About Umarkets
| 🗺️ Registered in | St. Vincent and the Grenadines |
| 🗺️ Type of License | Offshore License |
| 🛡️ Is Umarkets safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | GO Markets - licensed by ASIC in Australia |
According to the Umarkets website, the broker is registered with the Financial Commission under the number 24310 IBC 2017. Even though the FinaCom is a well-respected organization, it is a self-regulatory organization which cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.
From our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.
According to the website, “Umarkets was established in 2008 and is a rapidly growing brokerage house that enables retail and institutional investors (banks, hedge funds, high-frequency traders, brokerage companies) to trade Indices, Commodities and Forex. Umarkets has enjoyed a huge success in the European markets and it is now focusing on the expansion into the Latin America and Asian markets.” In fact, we haven’t found any information about Umarkets being regulated in either Europe, Asia or latin America, which means the broker has been illegally offering its services.
Conclusion
We advise all investors and traders to avoid Umarkets and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBull Markets, GT Global, FBS (Check out FBS trader).
Reviews
In my opinion, umarkets is a good broker. I’ve been trading with them for a year and a half now. I know it’s not very long, but my experience in financial markets, in general, is 4+ years, so I can see signs of good brokers. They have competitive spreads, fast order execution, and a wide range of trading instruments. I opened an account at umarkets just to test their capabilities, but now I think I’m going to stay with them for a long time.
100% Umarkets are scammers stay away from them or you will not see what you have deposited with them.
They scammed me 17000$ and 3800€ as insurance. They account manager disappeared and he took all my money 💰 in my account. These Umarkets are also scammed two of my colleagues.
They are a totally Scam company. I invested 25000 euro and they Stole all my money.
They never let me withdraw any amount of my money. Only bullshit talk and promises. even I grew my account 58000 euro by trading, they did not let me withdraw money.
Be careful, some people come to tell you that they have been scammed by UMARKETS too and a refund company helped them to recover their money. They are working with the same company.
you don’t need to pay any fee in advance, but they ask you to give them 30% of recovered funds.
But for that reason, they ask you to open an numbered account which is not possible to open, and suddenly one guy shows up in the group and pretends he knows someone and by referring you can open an account. For that account they say you have to deposit 5000 euro in the account. Luckily I didn’t fall for this trap. They said the bank is in Sweden, As I knew few things in swedish, the guy who was supposed to work for swedbank, he couldn’t answer my question in swedish and he vanished. So be careful.
NOBODY can recover your money from these thieves. as they are not regulated, you can not get anything back.
Try by VISA if you have deposited by VISA. maybe their insurance can help you recover some of your money.
They scammed me because I deposited by Western Union.
SO BEWARE OF THIS COMPANY. DON’T INVEST EVEN A PENNY.
Dear Payman Ahmadi, can you send me screenshots of evidence confirming the amount of material damage?
May I know I am also trapped can you help my email
How to get money from this investment scam umarkets?