UM Capital

UM Capital posseses the vision and the looks of a solid brokerage firm. However, by now we are used to looking beyond the aesthetics, to focus on what truly matters. Read on to find out what UM Capital actually is.

United Markets Capital is the trading name of PM INVEST CONSULT ltd. This is a company registered in Bulgaria. What concerns us here is a genuine license from a proper issuer. In Bulgaria, the license issuer is the Financial Supervision Commission (FSC). The agency is not the most renowned, and Bulgaria is known to host some shady firms, yet there is an upside to it. There is a compensation scheme that covers 90% of the clients funds in the event the brokers becomes insolvent. The reimbursed sum cannot surpass €20 450. This is a clear sign that things legit brokers do operate in the country. However, UM Capital is NOT one of them, because it does not hold a license from the FSC, hence we deem it UNREGULATED.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

We opened a live account is seconds, which lead us to a familiar platform (more on that later) that gave us a leverage maxed out at 1:400. While on the topic, the EUR/USD spread that we read was on average 5 pips… yes we triple checked, and we would not afford to make such a flavorless joke here (snap in the Login section).

The trading assets that are given at the platform are Forex Pairs, Commodities, Indices, Stocks, and Crypto.

The website cannot be changed from it original English version. The trader, aside from English, has Dutch in its repertoire.

UM CAPITAL LOGIN

More and more we are seeing this trading platform, always in the wrong places. No legitimate broker has ever utilized this trading console. We have reviewed broker before all proven to be scams, all of which used the exact same trader. An example would be Infinitrade. We’ll be quick: this trading terminal may seem competent to the naked eye, but all previous reviews have led us to belive that it’s there just to fill in the blank spaces and create the illusion that it’s owned by a legit broker.

The spread has nearly doubled since last we checked, reaching the impossible 9.3 pips for the EUR/USD pair, which is unheard of and is an absolute improbability. This is definitely the biggest tell of how technically inadequate everything about UM Capital is.

At least the leverage stays the same. It’s 1:400 max.

The Terms and Conditions mention that certain CFDs are commissioned, but fail to deliver on a specific price.

This terminal has always been a web trader exclusively.

UM CAPITAL MINIMUM DEPOSIT

The Accounts sub-page claims that the minimum deposit, in order to activate the Basic Account, is €250. The account minimum for certain variations go beyond €25 000. However, on the Funding page we could not (try to) deposit anything under $300.

As you can see from the picture above, the only way to fund an account is through BridgerPay. And the “CHANGE” button gave us no other options.

Due to the broker’s lack of an authoritative regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

UM CAPITAL WITHDRAWAL TIME AND FEES

There is no indication of a minimum withdrawal amount anywhere on the website.

The Terms and Conditions claim that once the broker receives a withdrawal request, it will take up to 7 days for the money to reach a user’s account.

There are no specific fees to the process of withdrawing, but there are some hefty additional fees that must be taken in consideration.

ADDITIONAL FEES AND TAXES

The first one is a handling fee of 70% if the client withdrawals without having traded 30 days after the first deposit.

The second is the sleeper account fee of $50 per month, activated after 60 days of inactivity.

Next is a trading volume requirement clause. The bonus shall not be available to be withdrawn the volume is met. The required trading volume is the total bonus amount plus the deposit, all divided by 4.

If the client proceeds to withdraw without meeting these requirements, then all the bonus and profits will be detained by the broker. It’s sounds confusing, and we are aware of that. However, the company reassures us that the initial deposit will be able to be withdrawn.

The last one basically give the company the right to refuse a client’s request to take out money, if it (the company) terminates the Agreement. Furthermore, the broker get to keep the funds. This means that at any time the broker can terminate the Agreement, which leaves every active user’s funds locked out.

The broker will probably refuse to return your money by constantly postponing your withdrawal. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The only way to recover is by filling for a charge back, and hoping it’s not too late.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Everything about UM Capital is crooked. The abysmal terminal, the laughter inducing spread, and the hefty fees are top examples. Anyone who invest here is sure to loose everything they put out. Stay way back!