UMarketz – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
UMarketz - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL:https://umarketz.com
Founded:2020
Regulations: Unregulated
Languages: English
Deposit Methods:Bank Transfer, Credit Cards
Minimum Deposit:€250
Free Demo Account:No
Number of Assets:N/A
Types of Assets:Currency Pairs, Crypto Coins, Stocks, Commodities, Indices
Trading Accounts and Conditions
UMarketz offers its customers the following accounts for trading:
- Beginner: The minimum deposit requirement for this account is €250.
- Intermediate: The minimum deposit requirement is €5,000.
- Expert: You can start an account with a deposit of at least €20,000.
There are no trading conditions mentioned anywhere on this broker’s website, and since we were unable to access their trading platform, we could not check for ourselves what these conditions might be.
UMarketz– Advantages
It would not be a good idea to trade with this broker – there are no advantages to doing business with UMarketz.
UMarketz – Disadvantages
Here are the reasons why it would be a bad idea to invest with UMarketz:
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Anonymous, Unregulated, Offshore Broker
UMarketz claims to be based in Belgrade, Serbia. However, the address that this broker has provided is actually a post office box address. Therefore, we cannot be sure whether this broker is actually located there at all.
Furthermore, there is no mention of the company that owns and operates this brokerage. Thus, with few contact details, and a suspicious address, we can say that this broker is operating anonymously. This is a huge red flag.
Now, to be able to operate legally out of Serbia, a broker needs to be regulated by the Serbian SEC (Securities and Exchange Commission). So, we checked whether UMarketz was listed on the regulator’s online database of regulated companies. It wasn’t.
Added to this, there is a vague mention in UMarketz’s terms and conditions that the broker is governed by the laws of the Marshall Islands (which would mean that you would actually be dealing with an offshore broker).
All in all, the lack of clarity on its location, the anonymity of its parent company and the lack of regulation leads us to the conclusion that we are dealing with a scammer.
Doing business with an unregulated, anonymous broker like UMarketz is the best way to lose money. Such scammers make it their business to target novice traders. And since they are anonymous, there is no way to initiate legal action against them either.
This is why it is imperative that traders take the time to do their due diligence before investing in a new broker. It takes only a little while to check the online registers of your country’s regulator to check if the broker you wish to deal with is regulated or not.
When you deal with a regulated broker, you get protection against scams and fraud. Which means that your money is safe with the broker and you can carry out trades without the fear of being cheated.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Trading Bonuses Offered
Another indication that UMarketz is just another unscrupulous scammer is the fact that this broker offers its clients trading bonuses. Trading bonuses have been banned in most strongly regulated countries because they have very unfair conditions attached to them.
And so, we were not surprised to find that UMarketz also has some rather nasty conditions for the withdrawal of funds in case a trader accepts their trading bonuses. This broker states that you need to meet a minimum trading volume target (which it hasn’t specified), and that if you do not meet that target and if you attempt to withdraw your funds in the first year, then you will lose not just the bonus, but also the profits you have made trading on that amount.
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No Trading Conditions
UMarketz has omitted to provide its customers with key information – its trading conditions. It is necessary for a trader to know the trading conditions – the spreads and the leverage offered, the lot size and so on, because this is what will tell you what your trading cost will be. So, without such conditions being clearly stated, you would not know what you will be charged to trade on a broker’s platform until you have actually carried out your trade.
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Cannot Access Trading Platform
UMarketz claims that is offers its clients the MetaTrader 4 platform. If this were true, then it would have been a huge plus for the broker. The MT4 platform is one of the best in the world, with tons of tools to make trading smoother, more convenient and easier – even for beginners.
However, we could not find a single download link (or any link for that matter) that would allow us to access this platform.
Therefore, we can only conclude that this is also yet another lie.
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Limited Payment Options
On its website, UMarketz claims to offer its customers the following payment options: Credit Cards, Bank Wire, MoneyNet, and UpayCard. However, when we read the terms and conditions, we found out that the only ways in which you could make withdrawals was either by bank transfer or by credit card.
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Strange Withdrawal Conditions
According to the Terms and Conditions, you can only carry out a wire transfer withdrawal if you made the initial deposit more than 120 days before. If you have not met this condition, then the only way that you can withdraw your money is via credit card. And what’s more, it will take as much as 5 to 7 days for your withdrawal request to be processed.
Conclusion
UMarketz is not a broker you wish to do business with. It is a scammer – it is unregulated, anonymous, and most probably an offshore broker. This means that your funds will be at risk if you contract with UMarketz. It would be best to avoid this broker and look for another company that is regulated and reputed.
UMarketz
Pros
- None
Cons
- Anonymous, Unregulated, Offshore Broker
- Trading Bonuses Offered
- No Trading Conditions
- Cannot Access Trading Platform
- Limited Payment Options
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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