What can you tell about Umarkets? I’m interested whether it’s worth starting trading with this broker?
Umarkets is fine in general. There are four accounts with $500 (mini), $5,000 (standard), $10,000 (gold), $35,000 (platinum) minimum deposits. There’re both fixed and floating spreads, they’re bearable in general. I’m fine with this.
The broker does funds withdrawal quickly and has many assets for trading. There are also interesting bonuses, for example trading on news insurance. I haven’t tried them yet, but I’m going to.
And you know this how?
Is it just me or does something smell?
Let’s sum it up.
They are a Market Maker, “regulated” in Belize.
They are giving you a welcome “bonus” (just to make sure you can’t leave any time soon, allegedly).
Verifications are fast and they have cryptos.
But nobody here has ever tried to withdraw from them.
…
Make your own conclusions.
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I know the umarkets broker very well. I’ve been trading there for quite a long time and I’m generally satisfied with it. Recommended to all !
I don’t understand why limit the minimum deposit amount to 500 bucks? There’re a lot of brokers around there with 10 dollars minimum requirements. Is the administration not aware of the market situation?
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One lot purchase requires 100.000 base currency units. If talking about the USD/JPY minimum order, with standard 1:100 leverage you need $1,000 for purchase. If the broker requires an order’s amount of less than $1,000, this means that the order won’t be placed in the market. Of course, the broker can collect his clients’ orders, summing them up, and bringing them to the market then. But usually this does not happen. Orders are made on the broker’s servers. In this case, clients trade against each other, actually. One’s profit is other’s loss. Such brokers are called dealing centers. You can make some money there, but not a lot. Draw conclusions.
Nowadays a lot of people have forgotten the principles on which the market operates. How many tempting offers at every turn! It’s hard to compete with them. I think Umarkets has to make great efforts to attract customers.
As it was said before, this broker has Belize license.
Belize is a popular offshore destination, where the licensing requirements are not that strict compared to other more serious jurisdictions (such as UK’s FCA or ASIC in Australia)
You probably mean bonuses, don’t you? Serious traders are not interested in bonuses. This is beginners stuff.
BogdanK
Can you recommend your broker?
I agree. Bonuses are for beginners, but I meant something else – Umarkets has a large number of financial assets. Providing real quotes costs a lot. It’s not necessarily right that someone is interested in trading with Arab countries shares. But they are presented, and not only here.
Could you tell me, please, why spreads are so big here?
I hope you are not comparing with dealing centers, are you? Their spreads can be zero, because you won’t see profit there in any case. I partially agree, actually. Umarkets has quite too big cryptocurrency spread in comparison with exchanges, of course. But if you count all related commissions when buying cryptocurrencies for dollars and vise verse, conducting transactions, let’s say, on the exchange, the spreads won’t seem large anymore. Actually, it’s better to check spreads during working hours. At night spreads will terrify anyone)
What kind of spreads are we talking about and what are we comparing with? Figures are needed to understand the issue. If we compare crypt spreads, they are indeed smaller on exchanges and exchanges will also outdid any broker by the number of assets. That’s where the advantages end and the problems begin. It would seem that narrow spreads increase profits, especially with active trading. But you won’t be able to trade actively on the exchanges, as actively as it’s possible with brokers, in any case. Moreover, profit is extremely scanty without leverage. I think this explains the difference in spreads.
Iе’s clear about the leverage, but you can get a price better than the market one on the exchanges thanks to depth of market.
True, but the most profitable orders are intercepted by bots, while only manual trading without any automation is available for ordinary traders.
If it’s so bad there, then why are there so many traders on the exchanges? I’ve checked there’re thousands of brokers there.
You can’t make a lot on crypto nowadays, that’s why there aren’t a lot of investors. Only miners (mostly the those who used to trade, since mining doesn’t really justify the costs nowadays) who are trying to earn a few dollars from short-term fluctuations.
A constant bearish trend brings a couple of dollars? I strongly doubt it. I think people can profit pretty well there, too, as well as we do from drops.
It is difficult to make money on the stock exchange during recession periods. I can explain. If you come to the exchange as an investor and know that bitcoin will fall, you will sell it. Right? You’ll sell it for dollars and might expect a good time to enter for the entire possible period of the fall. But if this period doesn’t pass, it’d turn out that you’ve always waited in the cache, because the exchanges don’t pay interest for the balance left on you deposit. Where will you get the profit from? No, shortening crypto on the stock exchange is a waste of time.