Is U Markets a scam broker?
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U Markets brand is owned by Maxi Services (Belize) Ltd., it was established in 2014 and is licensed by Belize International Financial Services Commission (IFSC). Belize’s licensing requirements are looser or light compared to other jurisdiction but the regulatory regime is tighter compared to Saint Vincent and Seychelles. However, Belize is a popular financial hub. U Market is a member of Russian Banks Association (RBA) and Russian Regional Banks Association (RRBA).
Account types on offer are Mini (minimum first deposit $ 500), Standard ($ 5000), Gold ($ 10000), and Platinum ($ 35000). There is also an Islamic account or swap and an interest-free account which is according to Sharia law. Account types with higher deposits gets more sophisticated features like access to trading signals and a personal manager.
An Autochartist feature is available with all account types except Mini account. It is a special program which informs traders and investors about upcoming market movements.
For a limited period (till 30 June 2018) U Market is offering a bonus of 30 percent as a special offer.
U Market uses MetaTrader4 trading platform which is one of the most popular platforms among forex and CFD’s traders. It has both web-based and mobile-based app whereby the trade can trade from anywhere during trading hours. The platform is suitable for the newbie as well as the experienced trader as it combines sophisticated tools along with easy navigation. Tools like detailed charts and several technical indicators are there. Apart from this U Markets also offer fixed spreads through their own proprietary WebTrader platform.
Assets offered by U Markets are commodities (gold, silver, copper, oil, and natural gas), forex pairs (major currencies USD, GBP, EUR, CAD, JPY, and AUD), crypto (Bitcoin, Etherium, Litecoin, and Ripple etc.), shares (multinational American and European companies) and indices (NAS100, SPX500, USA30, EUR50 etc.).
Website language is English, Arabic, and Spanish. And support is available 24×7 through different means via phone, live chat, filling out online form.
U Market is a scam broker even after having an affiliation with RBA and RRBA as it does not have any regulation from known financial regulators like CySEC, FCA, CFTC, ASIC etc. even after so many years of operations.
The payments are made by registered payment provider Up Services, a firm that is registered in Bulgaria. Bulgarian firms have a reputation of being involved in a lot of unethical operations and online fraud.
Whether you want it or not they give you the bonus. The bonus terms are such that it becomes highly impossible to withdraw your money. They intentionally give you the bonus so that they can stop you indirectly from withdrawing money.
In reviews, one can see that have a withdrawal problem and there are lots of complaints regarding their withdrawal processes.
Most of the online scam or fraud companies are not regulated or are regulated in such a country where the rules are very light or not too strict.
If you are a fraud victim of U Market fraud you can contact MyChargeBack to retrieve your money. Because illicit businesses, in particular, take a tough stand on chargeback and often hire outside companies to defend them as they are flushed with a lot of money. MyChargeBack is dedicated to protect and recover money from scams, cheats, and liars and U market is a scam broker who has swindled investors and traders of their hard earned money.