Brief Look at Umarkets
Umarkets, the brokerage company, has a consistently negative reputation. The precise year of its establishment remains unclear, as the website indicates 2008, while the earliest mentions online date back to 2017. Initially, Belize was specified as the registrar, then St. Vincent and the Grenadines, and currently, it is registered in the Marshall Islands under registration number 103490. Umarkets is not licensed. The company claims to have its own liquidity providers, but TU experts have suspicions regarding the veracity of this information due to the extremely high spreads and the absence of order execution data.
According to client reviews, the broker's promises starkly contrast with reality. Numerous complaints surface about high trading fees, suspicious functioning of the xCritical platform, and issues with fund withdrawals. There are consistent reports of the broker intervening in traders' activities and altering quotations significantly from market averages. The company attracts clients by promising comfortable Forex trading conditions but subsequently closes accounts without returning invested funds.
We constantly monitor the Internet for the emergence of new fraudulent schemes to deceive traders. We have been collecting data about scam brokers for more than 10 years and we think we know every dishonest company in the market. Below we have collected for you the information about the scammers from the List of SCAM Brokers.
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