Broker Name– Umarkets
Address– St. Vincent and the Grenadines
Owned by– Market Solutions Ltd.
Regulation – Unregulated
Warnings– Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC)
Umarkets is an offshore broker which is not regulated by any reputed regulation authority in its region. The broker may operate in many countries without the regulation required by the reputed regulation authority in its country. Your funds may not be safe if you are trading with Umarkets. In the official website of Umarkets, they say that the company is regulated by IFMRRC which does not seem to be a well-known regulating authority. The website information and links keep on changing which is a big red flag. Following are the possible Umarkets scam activities
Possible scam activities of scam broker Umarkets
- The broker may have made a number of false claims through its website.
- The rules and regulations, Bonus and Withdrawal policies are not legitimate and they are made for defrauding traders.
- The Umarkets makes continuous calls to the traders and urges them to invest higher and higher amounts.
- The broker promises return which are too good to be true.
- The risk warnings may not be disclosed on their webpage or that would be hidden.
- The broker may be located in countries or small islands where there is no proper regulation and registering a company is very easy. Usually, these countries are haven for the scam brokers.
- Umarkets provides you good chances of making profits and when you decide to withdraw your money, they will state their illegitimate rules of withdrawals and ultimately you are not able to make withdrawal.
- Broker remains operational for some time and suddenly you are not able to contact the broker or the website seems down. The broker also changes name and website URL without any notice to existing traders.
Negative Umarkets Reviews and Complaints
Umarkets has got many negative reviews and traders who traded with this broker have raised many complaints against it. ReportScam has investigated a lot about this broker and based on the negative reviews, complaints and other scam features, we have listed Umarkets in the list of scam brokers 2021.
Is Umarkets scam or legit broker?
ReportScam does not recommend traders to trade with Umarkets and your funds may not be safe with this broker. Instead look for regulated and reputed brokers who can really help in growing your investments.