UM Capitals Forex Broker

Note: UM Capitals's official website: https://umcapitals.com/ is currently inaccessible normally.UM Capitals Review SummaryFounded/Registered Country/RegionUnited KingdomRegulationNot regulatedMarket InstrumentsForex, cryptocurrencies, metals, stocks, and indicesDemo Account❌LeverageUp to 1:500SpreadFrom 5 pipsTrading PlatformWeb-based platformMin Deposit$250Customer Support24/5 supportPhysical address: 1 Canada Square Canary Wharf, London E14 5AB, UKPhone: +44 1225417015Email: support@umcapitals.com UM Capitals is an offshore broker registered in the United Kingdom. It charges a high minimum deposit of $250 and offers leverage up to 1:500. Additionally, since its website is currently inaccessible, details regarding its types of trading tools and trading fees cannot be obtained. Most importantly, this broker operates without any legal regulation.Pros and ConsPros Cons Multiple trading typesNo Legal regulationLimited info on tradingUnavailable websiteNo demo accountsHigh minimum depositIs UM Capitals Legit? UM capitals lacks a legal regulatory license from any financial institution. It has provided a false UK contact address, yet upon careful reading of the terms, we discover that UMcapitals is actually governed by the laws of the Marshall Islands. This offshore location is a favored haven for scammers, because the Marshall Islands do not have financial regulatory agencies, meaning the activities of these brokers are not subject to regulation. Moreover, if UMcapitals were truly a UK-based broker, it would be licensed by the Financial Conduct Authority (FCA) in the UK. However, there is no information about UMcapitals on the FCA's regulatory registry.What Can I Trade on UM Capitals? UM capitals claims to offer 250+ financial assets across forex, cryptocurrencies, metals, stocks, and indices. However, it lacks legal regulation, and trading with it poses a high risk of losing all your money.Tradable Instruments Supported Forex ✔Metals✔Indices✔Cryptocurrencies✔Stocks✔Bonds❌Funds❌Account Type/Spread UM Capitals offers four account types: Starter, Advanced, Expert, and Fusion. The minimum deposit amount for the Starter account is $250, while there is no specified amount for the other accounts. Spreads range from 0-2 pips, and leverage range from 1:100 to 1:500.Account TypeMin DepositSpreadStarter$2501.6 pipsAdvancedPersonalized2 pipsExpertPersonalized0 pipsFusionPersonalized0 pipsLeverage UM Capitals offers leverage up to 1:500, which is not granted in most countries as it can lead to high losses in the short term. Please be careful!Trading Platform UM Capitals claims to support trading on MT4, an advanced and professional trading platform. However, upon creating an account, it was discovered that UMCapitals only offers a basic online platform and does not support MT4. Therefore, you'd better choose a broker that has truly obtained permission from legitimate platforms such as MT4/5 for investment.Trading PlatformSupported Available Devices MT4✔ComputerMT5❌/cTrader❌/Deposit and Withdrawal UM Capitals offers three methods for funding and withdrawing assets, including the online platform NeoBanQ, bank transfers, and credit card. However, given that UMCapitals has been identified as a fraudulent broker, you should not consider depositing any funds.