Umarkets.com Review

1.702 · 36 REVIEWS
Updated: Jun 25, 2020 · Visit site  · Is this your company?

Umarkets is a forex broker. Umarkets offers MT4 and Mobile top forex trading platform. Umarkets.com offers over 70 currency pairs, cfds, commodities, shares, indices, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

Umarkets.com
Related sites include MTrading.com

Broker Details

Minimum Trade Size: 0.1
Maximum Leverage: 200:1
Minimum to Open Live: $500
Established: 2008
Address: Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent And Grenadines
Contact: Unknown
Regional offices:
Regulators:
Prohibited countries: Unknown
Trading platforms: MT4, XCritical
Web Trading: Yes
Mobile Trading: Yes
Currencies: (70+)
Cryptocurrencies: (15+) Bitcoin, Litecoin, Ethereum
CFD: (15+) Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods:
Withdrawal Methods:

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1.702 · 36 REVIEWS
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Traders Reviews

PH, Philippines,
Jun 8, 2020,
Registered user

AVOID THEM SINCE THEY ARE SCAM

Service use: Live

Length of use: over 1 Year

I started with UMARKETS last Sept. 8, 2018 when someone called me on behalf of them an expert to be engaged and open an account with promising 100% ROI and with a bonus ranging from 100% TO 300%. Since I been trading already by that time I was catch and call up my attention with their bonuses. At first, before I do make my first deposit they enroll me for a Demo Real account and teach me how the UMARKETS work platform can be accessed through web. Thus, making my trades on position and earned some profit.
I make my first deposit on Sept. 10, 2018, around 5,000 USD and send away my profile as to my legalities as a true individual and a citizen of such a country. By the time it’s very interesting that my trades are having a huge profit to 1,500 USD. Furthermore, another call was made by my expert offering another opportunity to upgrade my account to the GOLD account which you need to have deposited up to 10,000 USD and participate in the U.S Crude Oil stocks. Since I have the resources I made the deposit of 11,500 USD in total using my debit visa/mastercard. Thus, this opportunity will allow my account to make it double which is my case around 23,000 USD.
I made my first withdrawal for a try of 3,000 USD since its already earning but when I process it on their platform it will say I need to contact my expert regarding this matter. So I did and he added that I need to get a 1,000 lots trade for me to allow to withdraw. From that I was curious why should I can’t make my withdrawal since I have sufficient free margin which I whom and compare to any broker whom I participated with whatever available I can withdraw it anytime.
I made different speculation that maybe this is their kind of process. And without hesitation I pursue it and in order to cope with this required lots which my expert doesn’t explain on this prior, I make my decision I deposited again on Nov. 2018 for 16,250 USD to boost my account and exposed to a lot of trade positions. By then, they allow me 5,000 USD withdraw on Dec. 2018 which credited on my card right away.
Next, since I want to withdraw my full earnings my expert called me again and said in order to fast track my bonuses workout that will generate a profit of 300% I need to participate to their offerings such as NETFLIX and FERRARI stocks and will require me to have an account of 50,000 USD running balances. Moreover, I made myself to participate in their offerings, and maybe after this, I can fully withdraw my earnings. From then on, I deposited another 27,500 USD.
On the other hand, since I have difficulties and fear to expose a lot on trading I seek helped to my expert to handle my account and help me to make open trades. Accordingly, in order to have that I need to upgrade my account to VIP and will require me another deposit of 10,000 USD. Due to excitement to finish my required lots exposed I made a deposit of 10,000 USD on FEB. 2018. From the agreement I signed with them that they will be the one to hold my account and place trades without my knowledge.
One moment on Feb. 26, 2018 my expert email me that my account is at risk due to LOCK and BLOCK. At first, I ask him why is that so and he replied due to his placement of GBP/JPY that shoot up to great losses. I was astonished and can’t be replied to him and wondering why it happens since my account is on VIP and the one placing it. In my thought, are they called “expert” or professional? Or maybe this is the kind of strategy that they make to a client to made more deposits. From that on, I never pick up their called or replied to their email but when such time that their head manager call and spoke to me and promises to recover everything that has lost and in order to do that I made another deposit to participate on a different stock like SAMSUNG, DISNEY and etc. To do this, I deposited 60,000 USD on March 4 – 29, 2019 and that money comes from my loan to bank, borrowed from my friends, and selling my property whose stagnant and not earning. From all the possible means I made and I collected such a huge amount and do whatever they instruct me.
Time has passed and looking that my account is going to recover what is lost and make my account to 500,000 USD. By looking at my balances now I need to withdraw and my withdrawal will serve my payment to whatever debt I have during that time and becomes due. I was surprised just like the last time, that before my account to withdraw I need to ask my expert permission. So and so I do that but when I said to him that I need to withdraw, he answered me that my required lots is not finished. I was wondering why is that so? So I made my own understanding and looked upon the total trades and make manual computation and based on my expert told me that 100,0000 units are equal to 1 lot. Upon seeing my account on the platform, I made 120M units which I believe equal to 1,200 lots. I confronted him and scolded my expert make arguments with him to resolve and make my withdrawal approved.
From situation, my expert is no were to be found and never have communication with him until in May 2019 upon login my account on their platform I found out that my account is negative or wipe out. I was then nervous and said to myself I was scam by UMARKETS. I searched on the web about UMARKETS and then I found out a lot of negative reviews about this broker and only a few positive comments which I whom I can linger on my fingers.
Until such time, my expert email me and said my account is LOCK and BLOCKED again why I can no longer place any trades and see a huge negative, and in order to make it work again I need to deposit another 100,000 USD. I contact him and ask for help to please have my account back and he said please do the deposit and I will take your account back. I think it more often and set aside for a while to look more to fund my account since I don’t have a choice but to fund it or else everything will be wiped out. I experience severe depression and frustration for what happens until such time way back August 2019 I need to make the decision to sell what I have left to look for funds at any cost. But when I tried I only resource fund around 51,400 USD and that’s all I can make up to Jan. 2020. From the current situation, since I have a lot of summoned from different creditor’s I keep myself discreet and let me leave on my relatives since I don’t home to shelter now and to call my own.
Lastly, last April 2020 since we had a pandemic I do request for a withdrawal and allow only as usual 5,000 USD for that it’s better to have it than sorry so I grab it until this day I made it to my mind that this UMARKETS is a full scam to clickbait your money for no reasons.
For the record, in total, I have deposited 181,500 USD and only 10,000 USD has been withdrawn and said to myself I need to seek and ask help for the authorities or any bodies of an agency to recover my funds at all costs. So please, you don't have a life so miserable like me AVOID THEM.

More. Community discussion of this issue >>

 
Davao City, Philippines,
Jun 8, 2020,
Registered user

UMARKET FOREX BROKER IS REAL SCAMMER PROMISE.

Service use: Live

This forex broker is practicing a dirty game they encourage you to deposit they promise you to coach but in time when u done deposit the personal expert is not exactly coaching you they said they busy but the truth is they make you bored and so that you trade on your own and drain your capital thats my experience to them.I hope it help to the investors.umarket is scammer i loss $500 . You are no match with Binance and iq option they are not scammer i suggest to the investor to trade on binance bitcoin .promise umarket is scammer.
 
M.,
Pécs, Hungary,
Apr 10, 2020,
Guest

Avoid them since they are nasty and rude

Service use: Demo

Length of use: 0-3 Months

I wanted to download a book which they were advertising - cheap marketing trick, and the book turned out to be a superficial garbage. For that they demand you to enter your name, email and phone number which leads to automatic registering on their website, and there is no way to deactivate your account.
As soon as they see you register they will harass you multiple times per day by any means and try to persuade you to register as they get their bonus per each registration. Avoid them!!!
They keep on calling you every day. They try to pull you in and press you to give your personal data and top up your account over the phone.
They do not take "no" for an answer. The chase you on everyday basis and talk to you in a rude manner once you start telling them you are not interested. Very poor customer service.
 
Unknown,
London, United Kingdom,
Mar 4, 2020,
Guest

Terrible unethical SCAM

Service use: Other

Length of use: Have not used

Do not invest your money into the low life losers. They harass me daily by calling me it has been 5 months since I requested a phone call for information about their company now my phone number is registered they are harassing me daily even though I have told them multiple times not to call anymore. Can’t block because they use an app that generates new numbers for each phone call. Trust me on this one you need to avoid these scammer weirdos. Let’s get them shut down!!! The phone calls are becoming creepy
 
Barcelona, Spain,
Mar 3, 2020,
Registered user

UMarkets is a Scam

Service use: Live

Length of use: 0-3 Months

My contact with this company was through a book they were giving for free about trading. As I was interested I gave my contact number and my e-mail in order to get the free book. Instead they told me they were offering a "free trading online course". They showed me a few steps on how I could earn money and seemed to be simple. Then they help you to aplly all the documentation to start trading. They show you how to trade. With my first inversion, 500 dollars I earned almost 460 dollars more in 2 days. That was great for me, I was enthusiastic. My personal expert, Fabian Fontas called me and told me to do some inversions to arrive to 1000 dollars soy I followed his instructions. On the next day he called me telling me that my account "didn´t support my operation" so he told me to put more money with them and I was so angry casue he made me lost all my money with his instructions. Reading other reviews I had seen that they use to do these kind of operations till they take all the money from their clients asking them to keep and keep putting money on their website. Finally they lost all of their money. I hope this review helps other to dont put money on this company.
  1 trader has found this review helpful
Rico San Antonio,
Bulacan, Philippines,
Jan 30, 2020,
Guest

uMartkets is bad.

Service use: Live

Length of use: 0-3 Months

I NEED HELP. I've lost >20k from Dec'19 to date.

uMarkets keeps on calling me late last year trying convince me to invest. Unfortunately they got me to invest little at first $450 via credit card. My trades are quite ok and they convinced me to invest bigger $10k to get 100% bonus and 50% profit guaranteed. The new transaction they asked me to use ABRA so that according to them is easy to move and no limits for transaction. So I will take my money from the bank, deposit to ABRA and then transfer to them. I did it 3x.

Eventually my trades get in trouble and they asked me to send more money to keep the account afloat and will not close trade. They used block/unblock and wait for my money to re-open the account. That is another $5k for block/unblock. Before that, i sent $5k to fund a second account that they assign to me earlier... So the total then was $20,450.00. Just on Friday (Jan.24), i was forced to send the $5k required to unblock the 1st account because the market is going to move according to me expert. When we managed re-open, the expert gave me instructions to close the lock deal and open a new trade (BUY)... He told me to hold other trades, which initially i suggested to close to be safe. Since they are the expert, i followed. Everything went downhill and that night (Friday and continued til market open on Monday), i am loosing big time and i cannot recover. I just watched my equity to shrink until there is no more to make a lock. My 2nd account closed deals automatically (-$5 equity) and the 1st went to almost zero ($~300). i was forced to close everything. My expert don't even want to look at my account. I sent texts to support and they pass my texts to my expert. When everything is done, his solution is for me to send additional funds, which i don't have. These guys only want your money and they are scumbags.. I sent several emails to uMarkets and they are just ignoring me. VERY BAD PEOPLE !!!

I have sent several emails to them asking my money back because they did not do what they have promised, that i will be successful, to take care on my account with my personal expert, give me the right signals, do trade for me to ensure positive results. i signed agreement to allow my experts to trade for me, use my account.. obviously i am a newbie and i need their expertise.

They did not explain several things at beginning, 1) there is 200 million lots i need to make before i need to do before i am released from the bonus scheme. 2) the deals have expiration... this is critical if i want to wait for rebound, 3) the spread is too big... most of the deals are difficult to get to positive PL. mostly will be negative.. and what i noticed, it is slow to get to positive and so fast to have negative PL. It seems they manipulate it. I really doubt their program. It is pro-uMarkets. I think they want you to loose to invest more MONEY and IF NOT, so that they NO NEED TO pay in case you withdraw. Because no more money to withdraw.

Please note of these people, Dan Lopez, the guy that always calls me for recruitment. After recruitment, they assigned me to "Philip Morgan", after he was able to get me to invest $10k giving me guarantees and promises, then suddenly "Jeffrey O'Brien" comes it... Then that is the start on the inevitable. I lost everything.
Wanted me to invest more.

Lastly, I pray uMarkets to become successful so that in case they have heart, they will return my money. Remember i prayed for them to get better not to get bankrupt.
  1 trader has found this review helpful
Abel,
Philippines, Philippines,
Jan 27, 2020,
Guest

VERY BAD/POOR CUSTOMER SERVICE

Service use: Live

Length of use: over 1 Year

I raised up a request for my personal expert to call me up since I have a question regarding my account/trade since Jan 9, 2020 but the agent just keep on saying that he/she will inform my personal expert asap. But until today, no one has called me up.
  1 trader has found this review helpful
Alajuela, Costa Rica,
Jan 23, 2020,
Registered user

They burned my 10000 dolars account

Service use: Live

Length of use: 0-3 Months

This is a company where they only are for you to ask money. When you have doubts or any problem, nobody gets the phone. My advisor Rodolfo Von Trolle, made me set an operation to blow my account in less than 15 minutes and never gets the phone nor answered any message.
Be careful, do not accept any call from this broker, you will loose your money
  1 trader has found this review helpful
Liz,
Philippines, Philippines,
Oct 17, 2019,
Guest

I hate it

Service use: Other

Will you please help me i invest in umarkets my broker my mentor not calling me i dont know what to do to widraw my money please help me i want my money back or email me to help me please
 
Evgeniy,
Kazan', Russian Federation,
Aug 5, 2019,
Guest

I'm pleased in general

Service use: Live

Length of use: over 1 Year

Trading on Umarkets is not my main source of income, but I increase my budget more and more with each month and that cannot but please me. I have no difficulties with trading with this broker and I'm fine with its spreads. I sometimes use the leverage. You can choose different ones, and it sometimes helps a lot. All trading conditions are agreed in advance and aren't changed during trading. The speed of order execution is high. I'm pleased in general, but sometimes I get stressed because it's impossible to find the right tab on the website right away. Of course this is not the worst thing, you just need to get used to it.
 

Frequently Asked Questions

What is the minimum deposit for Umarkets?

The minimum first deposit for Umarkets depends on the account types.

  • Mini account is 500
  • Standard account is 5,000
  • Gold account is 10,000
  • Platinum account is 35,000

Is Umarkets legit in forex?

Umarkets is not regulated by any government or non government body, but that doesn't mean it is not legit, it means there is no designated government or non-government body to supervise the activities of Umarkets or to resolve complaints when it comes down to it.

To answer whether Umarkets is legit or not, the best way is to read the unbiased traders reviews on ForexPeaceArmy. https://www.forexpeacearmy.com/forex-reviews/11864/umarkets-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent Umarkets community discussions: https://www.forexpeacearmy.com/community/tags/umarkets/

What is Umarkets?

Umarkets is an online forex broker. Umarkets offers following assets to be traded on MetaTrader 4 and xCritical platforms.

  • Forex
  • Shares
  • Indices
  • Crypto
  • Commodities
  • Metals