Umarkets – trading platform overview

I found that its features are robust enough to accommodate different styles, including volume-based trading techniques. Shortly after registration, I clicked on the “my accounts” tab, and then I clicked on “trade.” A pop-up appeared which gave me a brief tour of the platform. With UMarkets, you can trade the following:

• Shares
• Indices
• Commodities
• Forex
• Cryptocurrencies

The available instruments can cater to most of your trading needs, unless you want to push into bonds and treasuries. You will get the basic features for your online trading, with enough support for desktop and mobile devices. Even so, you get fewer charts for smart trading than you would from industry leaders.

This online broker offers a few incentives to entice traders and keep them returning. First, you can start with a demo account that exposes you to all the features available on the platform for just two weeks. It is the best approach I recommend for people trying online trading for the first time.

UMarkets also offers a 30% bonus on your first deposit to trade with, which is an excellent way to give new users extra legroom to land profits. Referring a friend also earns you a bonus on the platform. Most importantly is the 100% insurance. Deposits from $500 to $5,000 get 100% insurance when trading on the news.

Regulation

UMarkets is an online broker incorporated in the Marshall Islands which operates under the provisions of the Marshall Islands Business Corporation Act. Furthermore, the broker provides services to the global market except for people in high-risk or non-cooperative jurisdictions. The latter is as defined by:

• The Financial Action Task Force (FATF)
• The Caribbean Financial Action Task Force (CFATF)

This online broker adheres to the Data Protection Act of 2019 and the General Data Protection Regulation (GDPR). These regulations ensure optimal data safety for users. However, it is worth noting that UMarkets is not overseen by any regulatory body, which is a strike against it for traders who are more cautious when registering with brokers.

Security – How Safe are My Funds in UMarkets?

If you’ve been in the online trading business for as long as I have, you’ll know that regulations and licenses are just a part of many determinants of an online broker’s reliability. You also need to look into the security features to know how safe your funds will be once deposited.

That said, I found that UMarkets has a robust security policy for its transactions. You will get the following safety features:

• Encrypted communications between data servers and clients
• SSAE 16 certified data centers for trading
• Level 1 PCI-certified payment services for financial transactions
• SSL encryption for data transfers between the servers
• Tight-knit firewalls and SSL software for data protection during transmission

These advanced physical and software security features are in line with industry standards. You can relax your mind when trading on the platform.

Account Types for Users

Unlike most online brokers that offer single accounts to traders, you can get started with UMarkets on multiple fronts. The progressive price point allows flexibility to trade within your budget. Furthermore, each account has unique services that make them suitable for specific purposes.

You must understand what you get with these accounts before registering with UMarkets. John Maynard Keynes once said, “The market can stay irrational longer than you can stay solvent.” Hence, you want an account that gives you more leeway against the market.

• The Mini Forex account: This entry point is excellent if you want to begin with small capital. It costs $500 to open an account and start trading. Also, it is the best approach to learning about trading, the 80/20 rule, and styles.
• The standard account: Trading begins at $5,000, and you can have deals as much as $10,000. Traders with experience can opt for this account.
• The gold forex account: This type fits the bill if you want to raise the bar and profit more. You can leverage up to $50,000 in deals with a $10,000 minimum deposit.
• The platinum account: Expert traders who want to go all in can opt for this account. It costs $35,000 to register, but you can leverage up to $135,000.

Customer Support at UMarkets

Customer service is what you expect from a platform with excellent trading services. After thoroughly navigating the UMarkets’ website, I found several support channels, with a dedicated claims department for disputes. Thus, you have a more streamlined process optimized for quicker responses. UMarkets offers the following methods of contacting customer service:

• Multiple telephone lines
• Multiple emails
• Skype support
• Direct mail
• Live chat

However, I didn’t find a “Frequently Asked Questions” section, which is odd. Nevertheless, chatting with a representative in real time more than makes up for that. You can also use the telephone service if you prefer talking to typing.

It brings a few capabilities, including:

• Over 170 trading instruments
• Investment portfolio creation
• Limit orders for risk management
• Trading history
• Technical advisor Autochartist
• Duplicate and lock trades

Xcritical is the more robust trading platform, as it offers more features. You can still access it on your mobile device, but you will lack the advantage of having a bigger screen. Buttons and text may be smaller if you use the desktop site on your smartphone.

Trading with your mobile device gives you portability. You can take your smartphone anywhere, place orders, and profit from a favorable market. Furthermore, the mobile application is available for Android, iOS, and Huawei users. The application is available in their respective app stores, or you can download the installation files from the website. Here is how to download the file:

1. Open the website on your mobile phone or PC.
2. Click “Platforms” at the top of the screen.
3. Click “Mobile platforms” from the drop-down menu.
4. Scroll until you find options to download from the app stores.
5. Pick the appropriate device and click install.

UMarkets supports several payment service providers. By clicking on the “Deposit” tab, you will see payment options such as AstroPay, WebMoney, Visa, cryptocurrency, and wire transfer.

Go to the “Trader” tab on the web page, and you will find the following:

• Calculators: UMarkets has several calculators, including Fibonacci for forex, margin, pivot point, position sizing, and risk management. These tools can help shape your strategy and provide the bedrock for sound trading decisions. They may take a while to get used to, but the effort will be worth it.
• The economic calendar: Learning how to use the economic calendar can help your trades. You can filter the calendar to show what you want. It even allows the direct use of keywords to narrow the results.
• Autochartist: This tool helps traders predict market movement. It is only available to registered users on UMarkets.
• The spread table: This tool shows the spread on all the financial instruments. It will help give you an overview of potential trades before you make them. Nevertheless, you will still get the spread once you open a trade.

The tools mentioned above are decent. However, the online broker misses out on automation like MetaTrader 4, MetaTrader 5, etc. These features go a long way.

Even professional traders will take one or two things away from this section. As Marty Schwartz said, “My attitude is that I always want to be better prepared than someone I’m competing against. The way I prepare myself is by doing my work each night.”

The education center contains videos on crucial aspects, including forex trading, market analysis, strategies, stocks, etc. While you shouldn’t expect an all-in-one training facility, Umarkets will get you started. Then, you can advance your skills for better profits.

Does UMarkets support joint and institutional accounts?

Joint and institutional accounts often bring extra features and support for bulk or large-volume trades. UMarkets only supports individual accounts and has no corporate or joint ownership features.

Can I trade physical cryptocurrencies?

UMarkets does not support the trading of physical cryptocurrencies. You can only trade them as contracts for difference (CFDs).

Is Umarkets a legit company?

UMarkets is registered and adheres to the regulations as an “International Business Company.” It is important to note that this registration does not equate to regulation as a brokerage. Nevertheless, UMarkets meets all the necessary requirements mandated by the business registrar of Saint Vincent and the Grenadines, thus confirming its legitimacy as a company.

What funding methods does Umarkets accept?

Umarkets provides a variety of payment options, including debit cards, credit cards, Neteller, Skrill, and other methods. However, it’s important to note that the specific payment methods available may vary depending on the Umarkets Entity and the client’s country of residence.

Conclusion

UMarkets has a demo account and a huge library with webinars, articles, lessons, and glossaries. While that will get you started, a 30% bonus on your first deposit will boost your trades. This makes it a beginner-friendly online broker.

Thanks to its extensive customer protection policy, you can get 100% insurance on your deposit. However, being eligible for all the benefits on the platform requires a $35,000 deposit. The lower-tier $500 account has fewer benefits.