Umarkets Forex Broker

General Information & Regulation Umarkets is a CFD broker owned by Market Solutions LTD; since October 2017, it has been registered in Saint Vincent and the Grenadines. The brokerage has been operational since 2008, using the same brand name with a registration out of Belize under the name Maxi Services LTD. Ownership of this brokerage changed numerous times. Market Solutions LTD is registered as an International Business Company in Saint Vincent and the Grenadines, under company number 24310 IBC 2017. It is important to note that Umarkets has not been accused of any wrongdoing since it reorganized under its current operational model. Markets Instruments With 70 currency pairs provided, pure Forex traders have an excellent selection. A welcome addition is the availability of 16 cryptocurrency pairs. The commodity choice is limited to nine CFDs. Cross-asset diversification exists through 141 equity and 17 index CFDs. Minimum Deposit The Mini account requires a deposit of $500, which is a higher minimum than most other brokerages. Traders need to deposit $5,000 to gain access to the Standard account, where all features are available. The Gold and Platinum accounts require deposits of $10,000 and $35,000, respectively, without contributing any significant advantages. Leverage The maximum trading leverage offered by Umarkets is up to 1:200. Spreads & Commissions Forex and metals CFDs are commission-free, while energy, cryptocurrencies, equity, and index CFDs carry a fee. The pricing structure lists EUR/USD spread listed at 2.5 pips in the Mini account. The spread is reduced to 1.0 pips in the Platinum account. Commissions for all assets, except cryptocurrencies, range between $3 to $7 per side, and for the exceptions, between $10 and $20. Inactivity Fees After 90 days of inactivity, a monthly maintenance fee of 5% applies. Trading Platform Available 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. Deposit& Withdrawal Umarkets neither provides a list of accepted deposit and withdrawal methods nor does it maintain a dedicated section on its website, which is highly unusual. Nevertheless, they do provide a list of logos indicating what systems they use, including credit/debit cards, Skrill, Neteller, OrangePay, and MNP. A $50 minimum withdrawal applies, according to one reference found on the website. The minimum deposit is presumed to be $500, the requirement to open the Mini account. More transparency in this essential process is required. Customer Support The Umarkets customer Support is available 24/5, and traders may either call directly, send an e-mail, or use the webform.