In this Umarkets review, we strip away the layers of false prestige surrounding a broker that shamelessly touts itself as an industry pioneer. Behind the veil of grandeur lies a web of deceit that is nothing but a smoke and mirrors act.
This fraudster claims to be the first to introduce a demo account with real income, a welcome deposit bonus, and 100% profit insurance. Regulators say otherwise, and not just a few of them have labeled this wannabe brokerage as pure scam.
| Regulated by: | Unregulated Broker |
| Is This Company Safe? | No, authorities have warned about this company being scam on multiple occasions! |
| Known Websites: | umarkets.net umarkets.com umarkets.org umarkets.id |
| Have Warnings from: | CONSOB, FCA, CNMV, CMVM, MFSA, FSMA, FSC, FI |
| Registered in: | Marshall Islands |
| Operating since: | 2021 |
| Trading Platforms: | XCritic Software |
| Maximum Leverage: | 1:200 |
| Minimum Deposit: | $500 |
| Deposit Bonus: | 30% |
| Trading Assets: | Forex, Cryptocurrencies, Stocks, Commodities, Indices |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Contact our chargeback experts for help with asset recovery. |
Red Flags All Over
The scheme is run by an offshore conduct – TS Software Ltd, registered in Marshall Islands. The legal incorporation means little when the business they’re running isn’t subject to any regulatory oversight.
Despite the disclaimers, the firm seems to offer their services to EEA citizens, which has prompted more than a few warnings from FCA, CONSOB, MFSA, CNMV, CMVM (reposted by FSMA), FSC and FI.
Sadly, the point in establishing a successful brokerage business is not in the number of collected blacklists. Success lies in offering security of funds, negative balance protection, compensation scheme, and an overall genuine, transparent and lucrative trading experience.
Another firm that miserably fails to reach the regulatory standards of professionalism and quality is ViaChains, so make sure you avoid them as well.
Misleading Domain Age
The fraudsters running this circle have deliberately chosen domains that existed for a long time, with umarkets.net dating back to 2017. None of the actual fraudulent websites, however, were active until at least 2021.
Majority of the people who reported the fraud were from these nations:
- India
- United States
- France
- Argentina
- Italy
These fraudulent platforms, including Trades Universal, are known for using boiler room agents to get new clients. These agents constantly pester their marks by phone, often multiple times each day, in an attempt to persuade them into investing.
Any interaction with these people is ill-advised. All of the invested money gets stolen in the process, and recovering it becomes a job for a professional.
Community Alerts
We took a moment to see what the trading community had to say about the Umarkets scam. To no surprise, the comment pages on TrustPilot and SiteJabber only contain 1-star ratings.
The complaints are pretty indicative of a scam operation: users are talking about phone harassment, denied withdrawals, and the company not responding to support tickets.
Confusing Cost Structure
Trading costs featured for the cheapest account version are pretty high – starting spreads on the EUR/USD are 2.5 pips, which is a lot higher than the industry average.
If you choose to burn cash fruitlessly, you can seemingly unlock lower spreads of 1 pips for the most expensive package. The homepage states different values and starting spreads of 1.6 pips are advertised.
In the same manner is the leverage marketed, with the maximum ratio being 1:200. The credibility of this data remains unconfirmed.
Welcome Bonus 30%
As a part of promotional campaigns, false online trading portals often offer cash rewards. This one grants a 30% bonus on the initial deposit amount. Withdrawal conditions for these are shockingly ruthless.
If the bonus is up to $10.000, the minimum volume required is calculated by the formula: (bonus amount) x 10.000.
Unclear and Useless Features
There’s absolutely nothing impressive about the scarce and poorly marketed tools and instruments available on this site. The attempt that the cons have made to leave an impression on the site visitors failed miserably, as we could quickly determine that there’s nothing of value offered here. Lets peel some layers of lies and deceit one by one.
Rudimentary Web Trader
The XCritical Online Platform was advertised as a revolutionary technological solution for retail traders to succeed in a variety of online markets.
Instead of the promised clean interface with real-time market data, and technical analysis tools, we could only find a crumpled layout with inaccurate market movements and fabricated price information. That’s all that Umarkets platform represents – failure and frustration.
Mobile Software Availability
The same app – XCritical is also available for download for iOS and Android users on Google Play and App Store. This is not any proprietary developed application, however. It comes from an independent software development company.
Diverse Asset Selection
The trading instruments selection is pretty much what you’d expect from a brokerage.
Here’s what’s offered in the trading app:
- Forex – EUR/USD, AUD/NZD, EUR/GBP, USD/JPY
- Cryptocurrencies – BTC, ETH, XRP, ADA, DOGE
- Stocks – Chevron, Adobe, FedEx, Siemens
- Commodities – Coffee, Gold, Brent
- Indices – Dow Jones, DAX, Nikkei, S&P
Bad Presentation of Account Types
No useful information is given about these bundles. In addition, we discovered that the Umarkets minimum deposit requirement is higher than the industry standard. Besides the account prices, nothing else is known:
- Forex Mini Account – $500
- Standard Account – $5,000
- Gold Forex Account – $50,000
Connection To Criminal Organizations
The main payment channel for both the Umarkets withdrawal and deposit is cryptocurrency transfer. The swindlers are really trying to push this method, claiming that it would incur less commission. At the same time, they go back on their word and say that the method incurs a larger fee, so what’s the difference?
The real problem is that the company lists some dubious service providers for bank wires. One of these is Baltikums Bank, a Latvian banking institution attached to a series of money laundering scandals.
Avoid dealing with these suspicious entities. If you need help recovering money from these con artists, contact our legal team via the live chat.
Can’t Contact the Help Staff
The main customer support option is called Umarkets Assistant. It is a chatbot, and it would really like to help you with the deposit every time you enter or refresh the site. If you actually respond to this prompt, and seek actual help it bugs out and stops working. That about completely sums up the Umarkets customer support experience.
Don’t Despair – Get Your Money Back!
Multiple times blacklisted and having regulatory bodies breathing down their neck, this foul brokerage deal can only expect to be shut down and brought to justice for their crimes.
If you too have been subject to the financial exploitation and money extortion these swindlers are capable of, please let our legal advisors know. Book your free consultation and learn how to get your stolen investment back!
FAQ Section
What is Umarkets?
The firm is an offshore, unregulated business that tries to sell brokerage services for exorbitant prices.
Is Umarkets Regulated?
No, the scheme is an illicit entity that falls under no regulation and has been blacklisted on numerous occasions.
How to Get Money Back From a Trading Scam?
For the most efficient service, we recommend you to contact our chargeback experts that can educate you and support you on your journey of restoring your lost deposit.
