Umarkets Review 2020

Umarkets is an unregulated offshore trading broker that offers traders around the globe a range of assets for trading online via flexible platforms inlcuding the ever popular MetaTrader 4 (MT4). The broker has a high minimum deposit requirement whilst the spreads are not the lowest when compared to many other trading brokers. They also have a limited choice of account funding options and do not offer any social trading platforms, PAMMs or MetaTrader 5.

Umarkets Review 2020, Pros & Cons
  • Autochartist
  • xCritical trading platform
  • MetaTrader platform
  • Education Center
  • Unregulated broker
  • Located offshore
  • High spreads
  • Minimum $500 deposit
  • No USA clients
  • No cryptocurrency trading

In this detailed Umarkets review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.

Umarkets is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Umarkets.

Umarkets Review: Summary

Umarkets is a forex broker that offers forex trading to clients of all expertise levels from 87 countries around the world. The broker has a team of market experts that provide analytics, market forecasts, and trading strategies. They implement trading technology for efficient trading conditions such as the xCritical platform and the patented Autochartist analysis tool. Spreads are high when compared to some other brokers, starting from 1.6 pips on the EURUSD whilst leverage is capped at 1:200.

Umarkets Review: Broker Features

Umarkets Review: Broker Features

Umarkets Review: Regulation

Umarkets is a company that is registered in St Vincent and the Grenadines but they are not regulated by any authority. This is a huge red flag for most experts and professionals who would not trade with an unregulated broker. With so many regulated brokers to choose from, you may wish to consider viewing our best online brokers for alternative options.

Umarkets Review: Countries

Umarkets welcome traders from all over the globe excluding some countries where there are strict rules and regulations in place that prevent them from doing so. They cannot accept clients located in the Unites States of America. Some Umarkets broker features and products mentioned within this Umarkets review may not be available to traders from specific countries due to legal restrictions.

Umarkets Review: Trading Platforms

Umarkets traders can choose between the industry standard forex trading platform MetaTrader 4 (MT4) and the xCritical platform. Both platforms are available for desktop, as mobile trading applications and a web terminal that runs directly in most modern web browsers without the need to download or install any additional software.

MetaTrader 4 Platform

Umarkets Review: MetaTrader 4 Platform

Umarkets Review: MetaTrader 4 Platform

The MetaTrader 4 (MT4) platform is notable for its wide functionality and is a popular choice not only among beginners, but also amongst experienced traders. Modern technologies and a user-friendly interface allow users to trade efficiently and perform in-depth technical and fundamental market analysis. With the help of the built-in programming language, you can use ready-made trading strategies and create your own indicators, scripts and automated trading systems, commonly known as expert advisors (EAs). There is a built-in strategy tester where you can back test EAs over historical data although it does have its limitations.

In addition, Umarkets gives clients the opportunity to use MT4 directly on the broker’s website via the online version of the platform which is compatible with most Internet browsers and provides a comfortable and secure trading environment. The web platform runs in most modern web browsers without needing to download or install any additional software. It should be noted that the web trader version of MT4 does not have all of the same features as the desktop platform although it can be useful for those who need to trade whilst on the go. Some of the key MT4 features include:

  • Intuitive and fully customisable user interface
  • Price quotes in real-time via the market watch window
  • Account control and transaction management
  • Different chart styles across different time periods
  • A vast range of technical indicators and tools
  • The ability to install your own indicators and trading robots (EAs)
  • MQL community to share ideas and trading tools
  • Price alert notifications via email, SMS and platform pop-ups
  • Available on desktop, web and mobile devices (iOS & Android)

MetaTrader 4 Mobile Trading Application

Umarkets Review: MetaTrader 4 Mobile App

Umarkets Review: MetaTrader 4 Mobile App

For many years, the MetaTrader 4 platform has allowed online traders to access the financial markets. It is valued for its ease of use, a large selection of assets, and the ability to trade from any device. Some advantages of the MT4 mobile platform include:

  • Multilanguage
  • Built-in chat support
  • Simple and intuitive interface
  • High-speed orders execution
  • Tracking trade history ability

xCritical Trading Platform

Umarkets Review: xCritical Trading Platform

Umarkets Review: xCritical Trading Platform

The xCritical trading platform is a trading tool that is chosen by 8/10 of the brokers clientele. The software includes the Autochartist auto analysis tool, trading signals and strategies. It allows trading online of over 170 financial instruments with instant execution of orders. xCritical (Quant ROI Ltd) is the official partner of reputable financial organizations: The Financial Markets Association “Council for Professional Qualifications Development” and the National Council of Financial Market. The xCritical platforms 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 strategy
  • Built-in technical advisor Autochartist
  • The ability to lock and duplicate positions
  • Built-in online support chat

xCritical Mobile Trading Application

Umarkets Review: xCritical Mobile Trading App

Umarkets Review: xCritical Mobile Trading App

xCritical offers its clients a modern mobile terminal. The mobile app provides access to a wide range of trading instruments and allows you to manage trading accounts from your mobile devices whilst on the move from anywhere in the world with an internet connection. The app is available for installation on iOS and Android devices. Wherever you are, you can get information, analyse and trade in the forex markets with the mobile platform. The xCritical mobile trading application features include:

  • Access to real-time quotes
  • The ability to analyse the market based on charts
  • Trading in real-time mode
  • Placement and control over pending orders
  • Account control

Umarkets Review: Trading Tools

Economic Calendar

Umarkets Review: Economic Calendar

Umarkets Review: Economic Calendar

Keep track of important events that affect the currency value with the brokers economic calendar. See the time/date of the latest news releases along with the forecasted impact they may have on various markets across the globe.

Earnings Season

Umarkets Review: Company Earnings Calendar

Umarkets Review: Company Earnings Calendar

Learn about the ups and downs in stock prices of various companies with the company earnings calendar.

Spread Table

Familiarize yourself with the brokers trading terms on some of the most popular currency pairs.

Trading Calculators

Perform preliminary calculations and evaluate the statistics of transactions. A Forex trading calculator assists traders with their trading strategies that better fit their personality and goals. Using good Forex trading calculators can help you trade with more efficiency.

  • Fibonacci Calculator: Powerful technical analysis: breakouts and bounces.
  • Margin Calculator: Calculation of the required deposit amount.
  • Pivot Point Calculator: Analysis of pivot points to determine the range of quotes movement.
  • Position Size Calculator: Calculation of position in units and lots.
  • Pip Value Calculator: The value per pip in the account base currency and determination of the risk level per transaction.

Autochartist

The broker provides the powerful automated market analysis tools, Autochartist. Autochartist is a program that can inform you about market movements across a selection of trading instruments. This is often used to help inspire potential trading opportunities and to manage existing positions.

Umarkets Review: Education

Economic News

There is a section on the brokers website that has some frequently updated short articles on analysis of some of the latest market news.

Forex Articles & Lessons

Umarkets provide some articles that cover some of the online trading basics that can help a beginner to improve their knowledge of forex trading online. They cover a range of different topics including an introduction to the forex market, trading strategies, market analysis and more.

Education Center

Umarkets Review: Education Center

Umarkets Review: Education Center

Umarkets have an education center with a generous selection of informative trading videos that cover a variety of different trading topics such as forex trading, market analysis, trading psychology and trading strategies.

Trading Glossary

On the brokers website you will also find a trading glossary that lists some of the most commonly used trading terminologies along with a definition of what each means.

Umarkets Review: Trading Instruments

Umarkets provide a variety of different asset classes for you to choose from including:

Forex Trading

Forex trading is one of the most popular ways of online trading. The Forex market operates around the clock, five days a week.

Cryptocurrencies Trading

The cryptocurrency market continues to strengthen its position, gradually earning a place in the global economy.

Shares Trading

Trade online global shares of some well-known companies.

Indices Trading

Trade baskets of multiple stocks simultaneously.

Commodities Trading

Commodities include assets such as energy (oil, gas), mineral raw materials, precious metals, and agricultural products.

Umarkets Review: Trading Accounts & Fees

To accommodate the different needs of traders by considering their preferences and start-up trading capital, Umarkets features four different forex trading accounts. They have the Mini Forex Account, Standard Forex Account, Gold Forex Account, and the Platinum Forex Account. Each of these accounts has respective investment requirements and corresponding services available for account users. Forex investors need to get a good understanding of the differences between these trading account types to figure out which account type suits them best.

Mini Forex Account

  • $500 minimum deposit
  • 1 minimum lots
  • Spreads from 2.5
  • No commission
  • Online chat

Standard Forex Account

  • $5,000 minimum deposit
  • 1 minimum lots
  • Spreads from 2
  • No commission
  • Online chat
  • Access to all platform features (trade on indexes)
  • Autochartist

Gold Forex Account

  • $10,000 minimum deposit
  • 5 minimum lots
  • Spreads from 1.7
  • No commission
  • Online chat
  • Access to all platform features (trade on indexes)
  • Autochartist
  • SMS – signals
  • VIP manager
  • Individual direct telephone line

Platinum Forex Account

  • $35,000 minimum deposit
  • 5 minimum lots
  • Spreads from 1
  • No commission
  • Online chat
  • Access to all platform features (trade on indexes)
  • Autochartist
  • SMS – signals
  • VIP manager
  • Individual direct telephone line
  • One-on-one trading

Islamic Account

Any of the Umarkets accounts can be Islamic accounts that are managed according to Sharia Law. This ensures that Umarkets is a Muslim friendly brokerage firm.

Demo Account

You can open a demo account to practice your trading strategies risk free on the different trading platforms that come preloaded with virtual funds. Many experts would suggest demo trading until you are consistently profitable and feel ready to trade on a real account. It should be noted that demo trading does not always take into account traders’ emotions such as fear, anger and greed. All of which can have an impact when trading in a live trading environment.

Umarkets Review: Customer Service

The Umarkets support specialists are available 24/5 to answer all your questions and to instruct you on how to make the most out of the brokers trading platform. If you have any questions or suggestions, you can contact them via phone, Skype, email, chat online or fill out the form on the brokers website.

Umarkets Review: Deposit & Withdrawal

Umarkets have a limited selection of methods for depositing and withdrawing funds from your trading account. This includes bank wire, credit/debit card and online payment systems such as Neteller and Skrill. Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal.

Some fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.

Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. Umarkets strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your Umarkets trading account.

Umarkets Review: Account Funding Options

Umarkets Review: Account Funding Options

As broker fees can vary and change, there may be additional fees that are not listed in this Umarkets review. It is imperative to ensure that you check and understand all of the latest information before you open a Umarkets broker account for online trading.

Umarkets Review: Account Opening

To open a trading account with Umarkets you will need to complete a short online registration form. They will ask for some personal details and documents to verify your account. This can be in the form of a passport, driver’s license and utility bill no older than 3 months. After your account has been verified by the brokers accounts team, you will be able to fund it an commence trading online when you feel ready to do so. It is of the upmost importance that you read and clearly understand all of the brokers terms and conditions before proceeding.

Umarkets Review: Conclusion

Umarkets has a decent online trading service with a reasonable product range including a choice of intuitive trading platforms, tools and educational materials to assist traders. Despite this, there is no social trading platform integrated whilst the minimum deposit of $500 and spreads are quite high when compared to other brokerages. The trading brokers review team would also not choose to trade online with an unregulated broker. You may view our best forex brokers for alternative options that are regulated.

Trading complex instruments can come with a high risk. You should consider whether you understand how investments and trading work and whether you can afford to take the high risk of losing all of your money.

Min $500 Deposit

Umarkets is an unregulated offshore trading broker that offers traders around the globe a range of assets for trading online via flexible platforms. The broker has a high minimum deposit requirement & spreads are not the lowest.