On-line since: About the company: Umo FX suggests customers trade in currency pairs, gold, and silver through the MT4 platform. The broker is headquartered in New Zealand. UMOFX states that it provides reliable and professional services to customers in the market of futures, currencies, and commodities. The professional team has considerable experience in investment management. We did not find any information about the broker's regulation, although there is a similar section on the site. And we did not find any evidence that the broker is licensed by a supervisory authority. All the customer capital is kept on segregated accounts with a bank. This separation ensures that clients funds are not used for covering the company's expenses. The withdrawal of funds is carried out only from the verified accounts. UMOFX has been awarded several times. Trading platform MetaTrader4 is the most popular trading platform in the world. The platform allows trading various instruments: currency, indices, futures, CFDs. It provides the necessary tools and resources to analyze the dynamics of prices of financial instruments and the execution of trading operations. The terminal is an all-in-one concept. In addition to a large number of technical indicators and instruments, the platform has its own programming language for trading strategies, MetaQuotes Language 4. The language allows a user to create mechanical trading systems including advisors (experts), custom indicators, and scripts. Advisors can analyze the market situation in the online mode, make decisions, dispatch orders, and open positions without a trader's participation. Custom and technical indicators can analyze the market and generate different warnings. Trading terms Trades are executed based on the STP/ECN technology. Choose among several accounts: Mini4, Mini5, Standard, and ECN. Trading with a minimum deposit of $1 is available for customers. This is the lowest proposal in the industry. The base currency for conducting operations is USD. In general, trading terms for accounts offer similar conditions: hedging, scalping, advisors, Stop out – 30%, Margin call – 50%, and a minimum trade volume – 0.01. The difference lies in the proposed level of leverage: on the Mini4 and Mini5 accounts it reaches 1:1,000, on Standard ones – up to 1:400, and on ECN – up to 1:200. This is a relatively high proposal in the industry, however, traders should not forget that a high level of leverage can result not only in great returns, but also in heavy losses. The proposed spreads start with 0.3 pip on the Standard account, but a commission of $7 per lot is charged. As for the remaining accounts, there are no additional fees. Typical spreads on the EUR/USD pair amount to 2 pips. Bonuses The broker suggests the 100% Mega bonus for all UMOFX customers who have paid the deposit of at least $100 and have chosen the Mega bonus type. The company pays a bonus of up to $20,000. Additional services In addition, UMOFX offers different instruments such as Forex calculator, as well as training material (forex glossary), fundamental and technical analysis. Support services Customer service is available by phone, email, and a feedback form. Payment options A commission of 3-5% of the payment amount is charged for transfers by credit/debit cards. A commission of $25-30 is charged for depositing or withdrawing funds with a help of bank wire. You can get acquainted with all fees of payments by digital wallets on the website. Furthermore, UMOFX offers internal transfers from one account to another, which are provided without commissions. Advantages:
Disadvantages:
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I have the worst trading experience on the UMOFX platform. Which always delays opening or closing a trade and the chart is different from the current market. It can be frozen without any notifications. UMOFX broker can't able to provide good service. While they don't support any major or popular payment gateway. I had closed my account immediately by withdrawing all of my investments via Bank transfer.
I say that UMOFX is a professional broker in the market, As all of my orders, are executed within a moment, and all of my deals are automatically by the EA with their fixed spread. As a scalper, UMOFX’s trading platform is my first choice, As I can easily make a profitable deal. Which makes me proud to be a trader with InstaForex Broker.
This broker really disappoints me. I have been trading with them for 6 months and gained a profit. I put my profit and earn more, so I wanted to withdraw it once. Last month, I sent a withdrawal request, but they didn't process it yet. Also, useless client support ignores my emails now. I have called them, and they said my document was not qualified to make a withdrawal and found suspicious activity from my trading platform. Until now, I don't get anything yet, not even notifications. All I gained in these 6 months is gone, and I have to let it. I will never back to this broker. Be careful for all traders. Stay away from this broker. They are fraud.
I traded with many forex brokers, but now, I trading with UMOFX. This broker is a fairly superior broker. I am using their STP account, since my strategy is not day trading strategy and it is save my money. STP has not any commissions even spreads are very low. They also let me use my custom EA and technical indicators in MT4 terminal. I started my STP account with $470 and then trade with this almost 2 months and I made $436. End of the last month I withdraw my partial profit of $300 using Skrill and they processed my withdraw within one hour. I did not meet any obstacles during the whole path. Thanks
The only reason I opened an account at UMOFX was the low initial deposit requirement. I just gave it a try and thought that it would be a chance to practice trading as well. To be fair, their platform is decent and I was able to make some trading activities. However, their customer support team is unresponsive. They were fine when I was opening my account but ever since depositing, it became hard to reach them. I'm trying to withdraw my funds as well as I wanted to close my account already but I still don't know if they will process it any time soon.
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