Umdy Trader poses as a legitimate broker offering financial services, including trading, investment, and wealth management. According to this broker, traders can access over 180 trading instruments, including shares, indices, commodities, cryptos, and forex. Investment with this broker supposedly gives freedom in the market. However, experience has taught us that we should not take everything a broker says as absolute truth. 

Forex trading dates back to the 1800s and became more popular in the 1970s. Back then, the market was orderly and most brokers upheld rules. However, with time, a new breed of brokers has eluded the authority and is on a scamming spree. In most cases, these lawless brokers have enticing offers to convince you they are worth investing with. If you take their bait and deposit money, you lose your investment to them. 

Admittedly, as long as you invest in the digital space, you are not immune from fraudsters. However, you can arm yourself with the requisite knowledge to spot a scammer from a distance. This evaluation aims to point out specifics to which you should pay attention when seeking credible crypto brokers. This will also provide investors with information and an understanding of the platform. Here you will find information on Umdy Trader.

Umdytrade.com Review

The broker states that Umdy Trade LLC owns and operates it. The claim of being a multi-award winner is prominent on the broker’s website to create the illusion of impeccable history. Further, Umdy Trade claims to have over 5 million investors onboard. However, we quickly dismissed these as pure shams once we realized that the broker only registered its domain with the whois on 14 February this year. With only 289 days in the market, the broker is relatively new, meaning its track record is shaky to warrant such a clientele base. 

The broker promises numerous benefits, including cash-paid dividends, fast executions, enhanced tools, competitive spreads, and tax-free spread betting profits. Likewise, traders can allegedly access powerful trading tools, insights and resources, and diversified investment portfolios. Although the broker mentions two investment accounts, the relevant details, such as funds security, are missing. 

Contact Details

Every broker worth its salt needs to have excellent customer support service. This allows the broker and the investors to exchange information promptly. In addition, this enables investors to contact the brokers’ helpline for guidance.

Umdy Trade has given a corporate address indicating it is in SVG. This country is bad news for your investment ambitions. Moreover, there are telephone and email addresses to use for inquiries or customer support. Nonetheless, we advise against contacting the broker as it is untrustworthy. There is no telling what it can do with your personal contact information. 

Deposit & Withdrawal Policy

Reputable brokers offer considerate deposit methods to investors. These include digital and traditional payment channels. As a result, investors transact in a transparent environment where no identities are concealed. To err on caution, only invest with brokers you can trust. 

Umdy Trade accepts payments using PayPal, Skrill, Mastercard, VISA, and Neteller. While these methods are friendly, we noticed that the broker exempts the credit card option. This is unfortunate as traders will not have a refund filing option, a benefit that comes with credit cards. 

The minimum deposit for the broker’s accounts is unavailable, as are the withdrawal and dormant fees. Leaving out such information only suits the broker but not you. Once you deposit funds, the broker will steal it or ask you to top up for higher returns. Explore legit brokers with affordable micro-accounts. 

Umdy Trade Trading Conditions

Considering that we work in the financial investing industry, transparency is paramount. The broker’s transparency is called into question by the failure to disclose important information like the minimum investment, spreads, and applicable fees, among other things.

The broker mentions it rewards a commission of 0.08 percent. However, the broker does not clarify whether the commission is per lot or per round. Such omissions make investing risky with the broker as you are unsure what you are getting into.  

High leverage makes you susceptible to devastating losses if your predictions are wrong. It is for this reason that most financial watchdogs impose a leverage limit. Brokers under CySEC, ASIC, and FCA must comply with the 1:30 capping, while those in the US and Canada adhere to the 1:50 capping. Umdy Trader advertises a leverage of 1:500, which is prohibitively high. The level can estimate your investment in one wrong market move. 

Trading Platform

Genuine brokers give a lot of weight to the technical solutions they provide to their clients. However, we had no access to a trading platform that worked. A “strong and advanced” trading platform is mentioned on the Umdy Trade homepage, but no further information is provided. Also, the link to the broker’s demo account is dysfunctional. 

Due to its convenient features, MT4 is well-known for its analytical capabilities. The platforms empower both fundamental and technical traders. Financial news and system notifications are helpful to the first group. The software has a combination of a variety of analytical tools, technical indicators, and hedging options. There are also over 30 technical indicators, 23 analytical items, and nine timeframes to support short- and long-term strategies. MT5 employs more sophisticated technologies than MT4. First, it offers a speedier backtesting function to test pre-programmed trading methods. Second, it supports backtesting for many currencies at once. They can also use it to execute orders through various brokers and other accounts.

Umdy Trade Regulation Status

The first thing to check on a forex broker’s website is to see who is in charge legally, where they are located, and what regulatory scrutiny they are subject to. We place a lot of emphasis on using registered brokers while trading. Such brokers are constrained by industry regulations and must comply with stipulated guidelines, rules, and policies. This guarantees that both investors’ and brokers’ interests are served. 

To begin with, St. Vincent and the Grenadines financial authorities, where Umdy Trade claims to be situated, are oblivious to the FX. Indeed, St. Vincent and the Grenadines Financial Services Authority (FSA) has issued a warning to this effect, advising the public that it does not give any licenses to engage in forex trading or brokerage. Therefore, there is no regulatory oversight over UMDY TRADE LLC. Lax oversight explains why thousands of dubious brokers and outright cons register their phony companies there.

The fact that trader funds are not secure or safe is a drawback. This is because the broker offers no balance protection, and there is no evidence that funds are segregated. Additionally, unlicensed brokers do not pay into the guarantee program. This suggests that investors will immediately lose their money if the broker vanishes or fails. Since they cannot bring charges against offshore brokers, brokers will not be able to seek legal redress. 

Verdict

Given the problems we’ve brought forth, Umdy Trade is unquestionably a dishonest broker. The broker does not provide legal documents, which means we have incomplete information. Also, the fact that the broker is from SVG further discredits it as a fraud, as the country is a hotbed for dodgy brokers. You should avoid this broker at all costs.

However, not all is lost, and credible crypto brokers are still available. However, to get such requires due diligence. Pay close attention to the regulatory status, trading conditions, and reliable trading platform. If a broker is genuine, they will avail that information in detail, and you can verify its accuracy. 

 

 

 

 

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