Umarkets Scam Review – 4 Things to Look Out For

February 23, 2020 – Umarkets Scam Owners EXPOSED! (Check below)

What actions do scammers take in order to make their forex broker scam profitable? The main one is letting people think that the scam is a respectable company to be in business with. This is achieved by several steps. For instance – making the scam well-branded and promising a high trading outcome. Also, the creation of a website that seems thoroughly vetted, a mark of a legit company. However, there is an abundance of forex broker scams. So, it should take more than just these characteristics to convince you to hand off your hard-earned money. 

In this forex broker review, we’ve taken a deep dive into the operations of one profitable company that runs as described above – Umarkets. We’re convinced to call bluff on the company and all its alleged positive reviews. 

Allow us to break down the Umarkets scam for you in the succeeding sections.

Umarkets scam review - four things to look out for

Before We Start – A Brief About Umarkets

Umarkets claims to be an offshore brokerage that is a part of a larger corporation called Market Solutions Ltd. It operates in multiple trading platforms that include MetaTrader 4, Xcritical online platform, and on mobile. In addition, it seems to have an overall favorable trading environment with assets that include Forex, CFDs, Commodities, and Indices.

Breaking Down Umarkets Forex Broker Scam

True enough, there are a handful of rather compelling reasons to open an account with Umarkets. But all these are, of course, moot if you can’t reap any returns from your investment. There is a scam at play here, and here are the red flags that have us convinced that this is a company to look out for. 

Lack of Regulations

If you’re in the lookout for a forex scammer broker, one very important criterion to look out for: licensure and regulation. 

Umarkets.com website announces that it is registered in St. Vincent and the Grenadines. From this information alone, we are prepared to bang the gavel and call out this Umarkets scam. After all, offshore companies are notoriously known for running dubious businesses because of the lack of regulatory environment. Without proper regulation, you will have a hard time tracking down your investments in the case of misappropriation. 

Clearly well-versed in the machinations of running a scam, Umarkets has affiliated itself with the Financial Commission under the number 24310 IBC 2017. 

Sure, the Financial Commission is a reputable firm, but let’s not forget one thing: it is still self-regulatory. So despite being registered under this authority, Umarkets will still be free to conduct its fraudulent activities offshore.

Bonus Offers

Believe the phrase “if it’s too good to be true, then it probably is,” especially when you’re in the trading arena.

Right at the get-go, we’ve been advised that bonuses and offers are scammers’ tactics to lure you into opening an account with them. Of course, the Umarkets company operates in the same vein as well.

But getting the 30% bonus upon sign-up is not the issue here. The problem is in the bonus policy that keeps you from withdrawing your bonus if you haven’t reached a minimum amount. To top it all off, this neatly packaged incentive is time-limited, and if you want to enjoy other offers, you’d have to refer your friends.

High Initial Deposit Requirement

At $500, the initial deposit requirement for Umarkets is unreasonably high compared to your other options. That’s a $500 risk that we’re not willing to take, and we strongly advise that you sit this one out too. Of course, they’ve added the setup bonus we’ve discussed earlier, but you already know better than to take the bait.

Low Users Ratings

An initial tour around the web will probably lead you to believe that there is a collectively positive Umarkets review. Of course, it takes more than just a few pages of poorly written reviews to throw us off. Obviously, most of these are just paid reviews, and so we set about digging deeper to find the honest ones.  

What’s more disheartening is that most of the complaints are about payouts, and Umarkets’ response is often caged around a variation of, “you should have read the terms and conditions first.”

Summing Up The Umarkets Scam

We’re not mincing words here because it’s important for interested parties to know the truth: Umarkets is a cleverly packaged scam. The conditions and its platform might entice you to open an account, but you’re better off investing your funds elsewhere. 

  • They may claim to have secure registration, but upon closer inspection, you’ll soon learn that the regulatory body overseeing this company gives way too much freedom to their members. Your money still won’t be safe. 
  • They also impose an impossibly high deposit requirement, but somehow soften the blow by offering a 30% bonus upon signup. 
  • And, of course, let’s not forget the complaints by actual users buried under all the paid reviews. 

If you’re not vigilant with your research, there are plenty of brokerages that will gladly take advantage of you in the trading industry. Case in point, the Umarkets firm. 

But don’t just take our word for it, take a look at what these users have to say about Umarkets.

User complaints of the Umarkets scam

The Owner of Umarkets

We were eager to find out who owns this company. Actually, we were surprised how easy it was.

First, while making an initial search, we found that some guy mentioned Umarkets on reddit.com. He wrote that Umarkets has a call center in Makati, Philippines, which is operated by Colewell Marketing Philippines Inc company.

Second, we made a quick search on Google combining the words “Umarkets.com company” with “founder”, “head of”, “owner”, “president” – Oh. Boom! The phrase “Umkarkets.com company president” gave us the answer.

As shown above, it says that Mr. Yakov Livshits (also: Jakov Livshits, Iakov Livshits) is the president of Umarkets scam. In addition, Inside the link, it says that Umarkets is a part of Maxi Services (Belize) Ltd company which is located in Belize. Guess what? Google also reveals that Mr. Livshits is the CEO of MaxiServices:

We decided not to stop here and found out that Mr. Livshits is an Israeli. Accordingly, we contacted an Israeli private investigator, who checked, among the rest, for lawsuits regarding Mr. Livshits. Fortunately, he found one that Mr. Livshits was on the defendants’ side. The other defendants were Mr. Shaltiel Madmoni, Mr. Michael Peres, Maxi FX Service Ltd, and Tendo Marketing Ltd.

We immediately noticed that ‘Maxi FX Service’ looks similar to ‘Maxi Services’. Thus, we continued by investigating these ‘Maxi’ companies. As a result, we later discovered through another lawsuit that Mr. Peres is the CEO of Maxi FX Service Ltd.

In conclusion, it seems that all the above-mentioned companies and people own and operate Umarkets scam.


Umarkets Scam – Cut The Crap

Related Companies

NameAddress
UmarketsNo Information
Maxi Services (Belize) Ltd5 Cork Street, Belize City, Belize
Maxi FX Service Ltd20 Lincoln, Tel Aviv, Israel
Maxi Services LtdSuite 305 Griffith Corporate Center, PO Box 1510, Beachmont, Kingstown, St. Vincent and Grenadines
Colewell Marketing Philippines IncMakati, Philippines
Tendo Marketing Ltd9 HaMasger or 20 Lincoln, Tel Aviv, Israel
Apachewell Ltd13 The Sycamores Clonslaugh Woods, Clonslaugh, Dublin, 13, Republic of Ireland 
Quant ROI Ltd116, Gladstonos, m. Kyprianou Tower, 3rd-4th floors – 3032 Limassol
Market Solutions LtdSuite 305 Griffith Corporate Center, PO Box 1510, Beachmont, Kingstown, St. Vincent and Grenadines
M G GLOBAL CONSULTING LTDSofia 1463, Triaditsa Region, 42 Shandor Petyofi Str., App.off. 
4
FAIRIPRISES LIMITED15 The Sycamores Clonslaugh Woods, Clonslaugh, Dublin, 13, Republic of Ireland
Platinum Consulting Ltd6 Andrey Nikolov, 245, Sofia, Bulgaria
Swissone Group LtdSuite 305 Griffith Corporate Center, PO Box 1510, Beachmont, Kingstown, St. Vincent and Grenadines
TLM LimitedSuite 305 Griffith Corporate Center, PO Box 1510, Beachmont, Kingstown, St. Vincent and Grenadines
22 Gresham St, London, United Kingdom
Day Dream Investments LtdTrust Company Complex, AjeltakeRd, Majuro, Marshall Islands
UP Services LTD4 Yako Katsarov, Complex Stoyan Zaimov, Block 69, Entrance B, Sliven 8800, Bulgaria
Odem House OÜMustamäe tee 163-38, Harju maakond, Mustamäe linnaosa, Tallinn, 12913 Estonia
Marlay Corp LTD4 Hanifa Alasgarov, Baku, Azerbaijan
Inter Media LtdSuite 305 Griffith Corporate Center, PO Box 1510, Beachmont, Kingstown, St. Vincent and Grenadines

Related People

NameJobBirthdate
Yakov LivshitsPresident at Umarkets
CEO at Maxi Services
Shaltiel MadmoniUnknown
Michael PeresCEO at Maxi FX Service Ltd

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Got Scammed? How To Get Your Money Back?

We know the frustration you feel after being scammed. At a certain point, you feel lost, and you have no idea what to do next. It’s a traumatic experience. What you’re feeling is valid and understandable. However, you don’t have to dwell in that dark place for a long time.

All hope is not lost as there are various ways to get your stolen money back. Yes, you read that right. If you have been scammed, you can apply these tips to increase your chances to retrieve your money from those shameless scammers.

If you paid using a credit card, you can use chargeback to request a refund from your bank card provider. In addition, you can also use chargeback if you paid using a debit card. A word of caution, though, there are requirements before this applies, so know them first.

You can also file a complaint about the PSP (Payment service provider) and demand for reimbursement. If you’ve been scammed and the banks involved are not doing what they are supposed to do, you should be refunded after the fraud happens.

But if nothing still works at your advantage, and you need further assistance, you can contact us through our email, [email protected]. We will help you in any way we can. Don’t worry. We’ve got you covered!

2 Replies to “Umarkets Scam Review – 4 Things to Look Out For”

  1. I had an experience with this same company they took money from me and when i tried withdrawing kept acting weird and trying to make me pay more. dimitru(at) ivtcysec-recovery,tech. pls report experiences and wrong fraudulent trading companies. if someone had warned me or i read of this somewhere i would have stayed off.

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