Warning! Universal Markets is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Universal Markets (umarketspro.com) might create some confusion as to its real nature and purpose especially for more novice traders. We here have written the definitive review for this broker. Read on to learn all about it.
The footer of the website is the only place that indicates the broker’s alleged regulation. Nowhere else is there any disclosed info on a license, not even the legal documents.
The footer claims that the broker is operating form St. Vincent and the Grenadines. Readers should be aware that the small island nation does not regulate the forex market. The company may be registered there but that is of little interest to us, since a broker with a registration but without a regulation is considered a risk for all those who invest in it. Thus Universal Markets is in fact UNLICENSED and therefore a risk to all that invest in it.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We were unable to register for some reason, so any trading conditions will not be taken from the client dashboard but from the website. These are never 100% accurate because unregulated brokers can do pretty much whatever they want, including making up false trading terms.
Nevertheless, the broker has not mentioned the leverage. The EUR/USD spread is said to be 2.6 pips for the bronze account, which we assume is the standard account. The spread goes down the more privileged the account gets, but even so, a 2.6 cost of trade is way too high for a standard account type.
The assets are said to be forex pairs, commodities, indices, crypto, and stocks.
The two languages are Polish and English.
UNIVERSAL MARKETS LOGIN
The broker promises on delivering the Sirix platform, yet without a registration we cannot confirm that Universal Markets has actually included it. Nevertheless, the Sirix platform promises on delivering the industry standard functionalities that are a staple with each and every platform: live quotes, live market updates, pending orders, set limits etc..
UNIVERSAL MARKETS MINIMUM DEPOSIT
There are no concrete depositing methods. The only details are scattered throughout the legal documents; these are hints that reveal that users can deposit via wire transfer and credit card. As for a minimum deposit, the broker has not revealed the sum.
Users should know that deposits via wire transfer can be charged of up to €50 per transfer. The same applies for withdrawals.
This broker is clearly not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
UNIVERSAL MARKETS WITHDRAWAL TIME AND FEES
There are no fees when withdrawing via credit card. The total waiting time for withdrawals is 7 days. There is no other withdrawal info disclosed. This is concerning, but not surprising. Brokers that lack a license usually are picky with withdrawal information.
ADDITIONAL FEES AND TAXES
Users who have deposited by using a bonus should know that prior to withdrawing they must complete a turnover of 1 lot per every $5 bonus granted, a trading sum that can amount to huge numbers.
Always be on your guard when dealing with unregulated brokers. They can easily launch incoming fees without warning. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
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.
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. Do not expect anything of the king from this broker; it will only bring you financial anxiety.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
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.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
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!
Universal Markets is nothing more than a scam a a long line of other like it. Its only purpose is to steal money from unsuspecting traders. Do not invest here!