Minimum Deposit: $200
Maximum Leverage: 1:500
My Score: 4.0
UMOFX is a forex broker offering online forex trading with newly established and remarkable trading conditions. In general, the website design of newly established brokers is very amateur. It’s hard to find information about these brokers. Official websites are not sufficiently informative and they hide some negative situations.
UMOFX is a broker who left a very positive impression even though it was a newly established broker. You can see a lot of information in the official website. I did not see anything like hiding negative situations from investors.
After all this, let’s come to the topic of greatest curiosity, UMOFX scam or a reliable broker? What are the account types offered by UMOFX and its features like the minimum deposit or maximum leverage?
In this UMOFX review, you can read detailed answers and explanations of all these questions. If you have any other questions in your mind, you can write to me. I will try to answer as soon as possible.
Regulation is a big problem for many of the newly established forex brokers. Because these brokers have to meet very demanding conditions for obtaining licenses from reputable regulators. So we see that these brokers are generally unlicensed.
UMOFX is also an unlicenced and unregulated broker. But they do not hide it from investors. When you click the “Regulation” page in the official web site, you will see the following screen.
They specify that they are working for regulatory purposes and that they will soon obtain a licence.
One of the most important criteria for measuring the reliability of a broker for Forex traders is regulation. Because there is no institution that you can complain about when you have a problem with unlicensed brokers. If you do some research on the internet, you can see that there are thousands of complaints about unlicensed brokers. You can browse my list if you want to view trusted brokers.
Account Types offered by UMOFX
There are 4 different account types offered by UMOFX: Mini4, Mini5, Standard and ECN. You can see the differences in the table below.
|Account type||Min. deposit||Max. leverage||Spreads|
|Mini4 Account||$1||1:1000||2 pips, fixed|
|Mini5 Account||$1||1:1000||0,8 pips, floating|
|Standard Account||$250||1:400||0,3 pips, floating + $7/lot|
|ECN Account||$500||1:200||1,3 pips, floating|
The only difference between Mini4 and Mini5 account types is price decimal. One of these is 4 digits, the other is 5 digits. This account type is actually nano account type offered by some brokers. For example; FXTM offers such an account type under the name of Cent account.
In these types of accounts, contract size is 10.000 units and minimum trade size is 0.01 lot. So you can trade with nano lot. Nano account types are used by investors who want to learn forex without risking with very low funding. In addition, investors who want to test new trading strategies or forex robots prefer this type of account.
As a result, the minimum deposit amount of nano account types is quite low. For Mini account types offered by UMOFX, the minimum deposit is $ 1 and maximum leverage is 1:1000. This type of account will have a low amount of deposit, so leverage as 1:1000 is not too big a problem.
For the standard account type, the minimum deposit is $ 250. Spreads are floating and as low as 0.3 pips. This is well below industry averages. The maximum leverage for this account type is 1: 400.
For the ECN account type, the minimum deposit is $ 500 and the maximum leverage is 1: 200. In this account type spreads are floating and a little high for an ECN account as 1.3 pips. These spreads are not competitive. the maximum leverage for this type of account may be low for professional investors.
I can say that we are making very positive impressions if we will examine UMOFX in terms of deposit and withdrawal methods. You can use wire transfers and credit card. Of course, the fastest method is usually to deposit and withdraw money through credit card.
|Methods||Fees on Deposit||Processsing Time on Deposit||Fees on Withdrawal||Processsing Time on Withdrawal|
|VISA||3-5%||Instant||3-5%||48 business hours|
|Wire Transfer||25-30 USD||Instant||25-30 USD||48 business hours|
|Neteller||n/a||Instant||n/a||48 business hours|
|Skrill||n/a||Instant||1%||48 business hours|
|Fasapay||0.5%||Instant||0.5%||48 business hours|
|PerfectMoney||0.5%||Instant||0.5%||48 business hours|
|CashU||1-7%||Instant||1-7%||48 business hours|
A good thing about UMOFX is that the minimum withdrawal is very low as $10 via credit card method, like the minimum deposit.
In addition to these methods, you can also choose popular e-wallet systems such as Neteller, Skrill, Fasapay, PerfectMoney and CashU. However, please note that some fees will be charged. You can see these fees through the table above.