Umarkets is a forex broker that offers online trading services to clients of all expertise levels. They give traders access to trade on multiple trading instruments across different asset classes, such as forex, commodities, shares, indices, metals, and energies. The broker provides clients with the MetaTrader and xCritical trading platform, as well as a good range of educational materials.
Umarkets Review Introduction
In this Umarkets review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support and broker regulation.
You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare forex brokers including Umarkets.
Umarkets Platforms & Tools
Umarkets provides clients with a choice of two trading platforms: the MetaTrader 4 platform and the xCritical platform. The MT4 platform has an intuitive and fully customizable interface, and it is available as a desktop application for Windows and Mac computers, a web version that runs on most modern web browsers, and mobile trading apps for iOS and Android devices. The mobile trading platform can be downloaded from relevant app stores and are useful for trading on the move.
The broker also provides the xCritical trading platform. It is a trading tool that is chosen by 8/10 of the broker’s clientele. The xCritical trading platform’s features include:
- More than 170 trading instruments
- The ability to form your own investment portfolio
- Competent Risk Management with limit orders
- History of previous deals for analysis of strategies
- Built-in Technical Advisors — Autochartist
- The ability to lock and duplicate positions
- Built-in online support chat
The xCritical platform is available as a desktop application, a mobile trading app, and a web terminal that runs directly Chrome and other modern web browsers. Umarkets provides their clients with additional useful trading tools, such as a range of Trading Calculators, Earning Season, Spread Table, and Autochartist, which informs traders about market movements across a selection of trading instruments.
Umarkets Research & Education
Umarkets provides traders of all experience levels with educational resources to improve their trading skills and knowledge. They include Economic News, Forex Articles and Lessons, Education Center, and Trading Glossary.
Umarkets Trading Accounts
The broker offers a selection of four commission-free forex trading account types that aim at accommodating the different needs of traders by considering their preferences and start-up trading capital. The account types include:
- Mini Forex Account: This requires a minimum deposit of $500. The minimum trade size is 1 lot, whereas the spread starts from 2.5 pips. No commission is charged on trades.
- Standard Forex Account: The required least deposit is $5000. It has minimum trade size of 1lots and spreads from 2 pips.
- Gold Forex Account: This has a required minimum deposit of $10,000 and a minimum trade size of 5 lots. The spreads are from 1.7 pips.
- Platinum Forex Account: The minimum deposit required to operate this account is $35,000, while the minimum trade size is 5 lots. Spreads start from 1 pip.
All account types, except the Mini Forex Account, give traders access to all platform features including Autochartist. Any of the broker’s accounts can be an Islamic account, which complies with the sharia law. Demo accounts are also available for traders to practice their trading strategies risk-free on the various trading platforms.
Umarkets Account Funding
The broker accepts the following payment methods for depositing and withdrawing funds from your trading account: bank wire, credit/debit cards, and online payment systems, such as Neteller and Skrill. However, the transaction limits, fees, and the processing time can vary with the payment method used.
Umarkets Customer Service
The broker offers a customer support team that is available 24/5 to answer all traders’ general, technical, and account-based questions. They can be reached via telephone, Skype, email, online chat, or by filling the form on the broker’s website.
Umarkets is a company that is registered in Saint Vincent and the Grenadines but they are not regulated by any authority.
Umarkets Review Summary
Umarkets is an online broker that offers a decent online trading service with a good range of tradable products, intuitive platforms, trading tools, and educational materials to assist traders.
It is worth mentioning that some of the trading products and services in this Umarkets review may differ or not be available to traders in some countries due to regulations. As brokers terms can change over time, please verify all information is up to date directly from the Umarkets broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.