Umarkets.ai Review

1.627 · 41 REVIEWS

Was Umarkets.com

Updated: Sep 15, 2021 · 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.ai
Previously was 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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1.627 · 41 REVIEWS
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DO YOU RECOMMEND THIS COMPANY?

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Traders Reviews

Ternat, Belgium,
Sep 13, 2021,
Registered user

Scam

Service use: Live

Length of use: 6-12 Months

This company is a total scam and they are thieves! They stole my 20.000 usd investment and I traded and made 58000 and they never let me withdraw my money that I was asking for months. And afterwards they changed the account type so that I couldn’t trade small lotsizes. When they saw this is not working to make me lose my money, they made me to open trades so after the close I could only withdraw 10.000 as they promissed. But after that as they knew it will make me lose all, the account was lost.
They asked to pay insurance to recover my money and that money was also stolen.
Stay away from this company!
 
One, Serbia,
Aug 24, 2021,
Registered user

Scam alert

Length of use: Have not used

Scam alert. Brokerage company whose ebook I have unfortunately downloaded and the harassment began. For 2 months they are constantly calling me, different numbers, different countries, Viber calls.

Very, very rude support members aka account managers. In my 8 years experience, never trust a broker who is so much pushy.
 
South Bohemia, Czech Republic,
Feb 1, 2021,
Registered user

Service use: Live

I finaly recieved the funds. I change my rating to only 3 stars as I think that no reputable broker should act like this, withdrawals should be quicker and communication with clients better.

Jan 18, 2021 - 1 Star I'm waiting for almost 3 months for my 1400 USD withdrawal.

The process of withdrawing is incredibly frustrating. I click "Submit" in my user area, a confirmation appears but I don't see it in my pending withdrawals, no email confirmation etc. They have a rule that first you account manager must call you to confirm the withdrawal (they probably want to talk you out of it). And this is the problem.

The manager Christian Lee only called me once. I picked up the phone and he immediately hang off after 1 second. Then I tried to call him from my end several times, he never picks the phone. I tried to write him several emails, no answer at all. I wrote to support email and they never ever replied to me. The only way to communicate with them is live chat. I told them several times to tell mr. Lee to call me, they always confirm and claim they will do. But with no effect. I asked them to change my account manager and guess what? Yes, you are right - they totally ignore me.

More. Community discussion of this issue >>

 
Anna Lacson,
Pasig, Philippines,
Jan 22, 2021,
Guest

Review from guest

Service use: Live

Length of use: 3-6 Months

It was a good experience having trading with umarkets. It was a positive experience with there training for 2 weeks and I have learned a lot.
 
Lagos, Nigeria,
Oct 23, 2020,
Registered user

THEY CRASHED MY TRADE ON PURPOSE TO STOP ME FROM WITHDRAWING

Service use: Live

Length of use: 0-3 Months

After going through the stress of registering with their complicated process, I started trading on the ground that I would be given a slot to do copy trading since I had little experience with the whole thing. They told me I could only invest a minimum of $500. I struggled to raise the minimum deposit amount. When they saw I couldn't meet up, they allowed me to invest $450 which was what I had at the moment. I should have known something was fishy when my assigned manager, Mr. Fabian Fontas, told me never to contact the other staff who began the registration process with me - Samantha Hoffman and George Collins.

After the investment, I noticed they left me hanging. They didn't do the copy trading, neither did they guide me. Since I wasn't getting much guidance, I decided to trade myself. To their surpise, I was doing pretty well. I made close to double of my investment when I found myself in a tight financial situation and needed to withdraw some funds. I only wanted to withdraw $300 and leave the rest to continue trading. But when I requested a withdrawal, my manager didn't let me withdraw. Instead he kept pressurizing me to invest more. Thank God I didn't even have the money to invest, else I would have fallen prey to their evil tactics. After I insisted I couldn't invest anymore, he told me he would help me get more money. So he accessed my account through Anydesk and crashed my balance on purpose. I say it's on purpose they are supposed to be experts and the trades he placed were unreasonably heavy. Left my account balance negative. He just didn't want me to withdraw. I messaged him and everyone else I had spoken to from their team and got no response at all.

It was after it all happened I decided to read their reviews and I saw they had numerous negative reviews. The only positive ones were from people who hadn't yet attempted withdrawal. Don't trade with this platform. They are out to steal. You won't be able to withdraw, instead they will keep trying to make you invest more and more. They don't even use the same numbers to call, so you can't track them. I doubt they even use their real names. I would sue this platform if I could.
  1 trader has found this review helpful
London, United Kingdom,
Jul 21, 2020,
Registered user

Russian criminal Traders SCAMMERS company UMARKETS.COM!!!NO money pay-back!

Service use: Live

Length of use: 0-3 Months

RUSSIAN Forex Traders SCAMMER company UMARKETS.COM!
FACE BOOK: UmarketsRussian,
TWITTER: UmarketsForex
I invested 500 USD in this company 1,5 month ago. After 3 weeks manager, Yaroslav Arseniev Financial service manager of UMarkets starts to demand aggressively from me 5,000 USD more invest after a few weeks! When I refused, they stopped to answer my emails, skype calls and stop trading on my account! I advise everyone not to trade with them.Umarkets do not provide teaching training for beginners!I have asked my manager to teach me, but I have been told that's the best learning is to trade with him on their platform on real investments! I would like to complain about these people. Can anyone help me with a proper legal way to sue this Russian scammer company UMARKETS.COM? I demand to get my money back for a week! Company experts were ignoring me! Today finally manager asked me to download ''ANYDESK'' application, which is allowed him to see my computer screen and deal on my behalf. I demanded to transfer money back into my bank account. Manager told me the only way to do it is to transfer USD into cryptocurrency first, then return to my bank account in to rubles! I did not allow him to open a new investment! The manager Yaroslav Areniev instead of returning 1200 USD (amount with profit) to my bank account, converted it in cryptocurrency, and transfer to offshore! The money disappeared from my account on 8 July 2020 after Yaroslav Areniev assistants! He told me it is my mistake as my internet-connection went down. It was not true! I have recorded our conversation with him! Then he accused me to open a new deal on their platform, which went unsuccessful. I am a total beginner, and do not know how to open deals on the platform without a broker! I was strictly following his commands. I did not do anything wrong.The head office of the company did not want to investigate where the money gone! On the 9th of July I called back to Umarkets again.Their experts Ukrainian broker told me if I will not stop calling, I will be in a coffin soon! I am really worried about my safety now! As they have my documents and know where I live.They was very rude and insulted me a number of times in last conversation on Skype. I have recorded those dialogs with them! Its a fraud company UMarkets.com.
UMarkets organizes its activities in the Russian Federation, a company run by Russian traders! I find on the internet from a reliable source that UMarkets operates without authorisation documents of the Central Bank of the Russian Federation in Moscow, therefore they violate not only the norms of Russian Federation low but as well European laws! Umarkets.com is owned 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. According to the Umarkets website, the broker is registered with the Financial Commission under the number 24310 IBC 2017. Even though FinaCom is a well-respected organisation, it is a self-regulatory organisation that cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore cannot 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! Umarkets belong to a chain of 5 fraudulent companies: MAXIMARKETS.PRO /U-markets.org/Forex-brokers.pro/www.770-capital.com/U-traid.com. I find out from the internet that hundreds of people have been scammed by UMARKETS since 2008 year not only in Russia but in Europe as well!
Please read these reviews:
https://www.trustpilot.com/review/umarkets.com,
https://55brokers.com/umarkets-review/,
https://www.thatsucks.com/review/umarkets-suck/, https://forextradingbonus.com/brokers/umarkets/ ,
https://www.forexpeacearmy.com/forex-reviews/11864/umarkets-forex-brokers
http://www.youtube.com/UMarkets.com scammers
 
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 >>

  1 trader has found this review helpful
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.
  1 trader has found this review helpful
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
  1 trader has found this review helpful

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