umarkets Exposed: Explore Complaints on Fund Scams, Withdrawal Denials & Fund Transfer Issues

Does umarkets ask you to pay an additional fee for withdrawal access? Is your trading experience with umarkets full of losses?Struggling to transfer funds from your forex trading account? Have you had to face manipulated fees and reduced payouts? Does the customer support team fail to address your trading queries? These trading issues have become increasingly common for traders here. In this umarkets review article, we have shared multiple complaints against the broker. Take a look!

Top Forex Trading Complaints Against umarkets

Additional Fee Paid, But No umarkets Withdrawal Process Execution

A trader reported a grave trading issue concerning the umarkets withdrawal process. The trader, as per the statement, deposited $700 as insurance. As the trader readied for withdrawals, the broker demanded $250, which had been paid by the former. However, the umarkets executive, in touch with the trader, disappeared. Another executive came, and he also did the same, resulting in a complete loss for the trader. Check out the complaint screenshot below.

Another Fund Scam Case Against umarkets

A trader highlighted that he opened a forex trading account with a humungous INR 15 lakh. However, all of his investments went into losses. Frustrated by the losses, the trader shared a bad umarkets review online.

The Alleged Fake Tax Payment Claim Upon umarkets Withdrawal

The umarkets withdrawal process is unnecessarily chaotic for traders. In one such case, a trader, who was about to withdraw funds, was allegedly called for tax payment by the broker. This made the trader realize that something is fishy. Consequently, the trader penned down this umarkets review.

A Unique umarkets Withdrawal Denial Case

A trader claims umarkets took cash deposits, added bonus funds, and later said only worthless tokens were left when seeking withdrawals. The trader alleged that the broker changed rules, increased fees, and reduced payouts once their trades became profitable, resulting in a total loss of their $2,000 deposit. Check the users umarkets review to understand the complaint better.

Prohibition of In and Out Fund Transfer for the Trader

Adding to the unique fund scam issues, a trader reported to have transferred funds to the forex trading account. However, the trader accused umarkets of denying him the account access. As a result, the trader cannot transfer funds to the account, nor can he make an outward transfer. Feeling stuck by the scam-like activity, the trader shared a negative umarkets review.

The Trade Manipulation Complaint Against umarkets

A trader recounted an incident where he opened some 30 buy positions with healthy equity and free capital. However, on the very same day, the trader found a negative balance in his trading account, making him believe that umarkets is a scammer. Check out the complaint screenshot below.

umarkets Review by WikiFX: Score & Regulatory Status Info

The WikiFX team thoroughly checked the complaints and conducted a detailed inquiry into umarkets operation. While investigating, the team found the Marshall Islands-based broker to be an unregulated entity. This somewhat vindicates the scam claims made by many traders against umarkets. Consequently, the team handed the broker a score of 1.40 out of 10.

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