This broker provides 5 account types; Mini, Standard, Gold, and Platinum. More sophisticated account types come with higher deposits and include access to trading signals and a VIP manager, while the Platinum account also features one on one trading.
The Autochartist feature, which is included in all account types except for the Mini account, is a special program that informs traders about upcoming market movements.
Additionally, Umarkets provides the option of Islamic or swap-free accounts for traders who must abide by Sharia laws and therefore are not subject to interest charges.
The broker is currently offering a promotion for new traders in the form of a 30% welcome bonus on registering for a new account, but these are also subject to certain turnover requirements. They also offer some other incentives such as their Refer-a-Friend scheme.
The minimum deposit starts at $500, which is quite high considering that the industry standard Is $250. We also found the spreads to be relatively high as both fixed and variable ones stand at more than 2 pips on lower account types for basic currency pairings.
However, we were pleased to find out that there is the option of a demo account, so traders can try out the platform and practice with virtual funds before investing real money.