Read our Umarketz review to see why we do NOT recommend this broker for trading. Just to clear doubts, this is a umarketz.com review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So Umarketz is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
| Regulatory Body | Status |
|---|---|
| FCA (UK) | No record of authorization |
| ASIC (AU) | No record |
| CySEC (EU) | No record |
| SEC / CFTC (US) | No record |
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about Umarketz in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section. Also, when these people change their website they tend to call the old clients, so if they call you from a new website please write it down on the comment or let us know it by contacting us. That would be really appreciated by us and families all over world. Also if you get phone calls from other companies please put the name of these companies also in the comment or send it to us. We will expose them too.
Umarketz Review Conclusions
Making the Umarketz review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our Umarketz review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
I like many others was sucked into there sales ability and positivity and opened as trade account of £250 after seeing Simon Cowell talking on FB, I never thought to look at reviews first sadly, I was contacted by Michael Clarke who certainly talks the talk, he does a couple of trades and says hes made me £100 so i thought i will teste the system and withdraw the £250 to see if it happens, it does happen and then he constantly talking about 5 grand, I wasn’t happy with 5k but i did do 1k again it showed a profit but when ever i tried to withdraw nothing happened, i tried 5 times and was ignored , when i finally got hold of Michael and complained he said i had to wait, he then done 2000 worth of terrible trades and lost all money,
No dount these people are scammers and i honestly dont know how they sleep at night, Karma will come
I also had a number of attempts to get me to open an account as described above. Be aware of the
dangers and fully investigate before parting with money.
I just got scammed by Ina and james and nina umarketz They are gangsters slimy to the coreWont be long before they will pay . I know they are not going to send my money back . . It would be a million dollars cheaper for them if they do . I sent 325 canadian . Almost right away james did not want to train me .Set up an account and it wasn,t even opened and they were showing me trade results . 7 dollars profit in two weeks . That ok nothing went down . I was more interested in training than i can do my own trading don,t need those other bums .
I saw a post of a picture Andrew Forrest with a compere from The Project allegedly reporting how this very rich man was making money from a Bitcoin Robot. I clicked on the link which took me to School4Traders. After a phone call from them and providing them my identification and 250 Euros, I received a call from UMarketz offering a broker service which I was not wanting. He said there is a basic robot and sent me screenleaps of % profits for past year on that robot and suggested I increase my investment to $1200 dollars and they would match it and I could use the better robot with higher % returns. The phone numbers were faked to look local. I became suspicious and requested to cancel and be refunded. I had several annoying and angry calls from them trying to get to stay. Now they are not responding to emails and no refund in sight. This is now obvious to me and that I was SCAMMED. AVOID!!!!