Is Umarkets a scam or legit broker?
According to our research, Umarkets is not a secure broker. Umarkets is own 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.
About Umarkets
| ?️ Registered in | St. Vincent and the Grenadines |
| ?️ Type of License | Offshore License |
| ?️ Is Umarkets safe to trade | No |
| ?️ Recommended Licenses | FCA in UK ?? & ASIC in Australia ?? |
| ? Alternative Broker | GO Markets – licensed by ASIC in Australia |
According to the Umarkets website, the broker is registered with the Financial Commission under the number 24310 IBC 2017. Even though the FinaCom is a well-respected organization, it is a self-regulatory organization which cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t 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.
According to the website, “Umarkets was established in 2008 and is a rapidly growing brokerage house that enables retail and institutional investors (banks, hedge funds, high-frequency traders, brokerage companies) to trade Indices, Commodities and Forex. Umarkets has enjoyed a huge success in the European markets and it is now focusing on the expansion into the Latin America and Asian markets.” In fact, we haven’t found any information about Umarkets being regulated in either Europe, Asia or latin America, which means the broker has been illegally offering its services.
Conclusion
We advise all investors and traders to avoid Umarkets and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers .
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