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Contract reading

What umarkets legally published, but does not want you to read

Every clause below is published by umarkets itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: TS Software Ltd

sole discretionwithdrawalsprofit voidingbonus lockhidden feeunilateral amendmentaccount closurecounterpartydeposit forfeiturekyc freeze

Umarkets does not name the company you are contracting with. The Terms leave the name and address blank, and so does the website footer. A bonus locks your own deposit until your trades total 10,000 times the bonus. Umarkets can refuse any withdrawal for any reason, and no document gives it a deadline to pay you.

Back to umarkets

Contract risk

Payout refusable
9.0/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
8
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
24
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
11
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

How the 24 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical8
Warning15
Notice1

section 20 of 22is where the deepest clause sits, 91% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical10000Bonus requirement. Jump to the clause this comes from.Bonus locks your deposit behind 10,000 times turnoverCritical5%Fee on an unused account. Jump to the clause this comes from.Quiet account loses 5% of its balance every monthCritical10000In the contract. Jump to the clause this comes from.Earn without fear of losses, paid as a locked bonus5%Fee you were not shown. Jump to the clause this comes from.Withdrawing after fewer than 5 trades costs 5%

What the documents say

24 clauses worth knowing about, worst first, each quoted from umarkets's own files

01

Take a bonus from Umarkets and you cannot withdraw your own deposit either. Your trades must total 10,000 times the bonus first. Withdraw before that and Umarkets clears the bonus and every profit you made since it was credited.

Why this matters

A $1,500 bonus means $15,000,000 of trading before your money is yours to take. If you give up and withdraw early, you leave with your deposit only, and the bonus page says Umarkets closes the account.

Exhibit 1CriticalRarely seen10000

10,000,000$ volume of trade for each bonus 1,000$ for the total bonus of up to 10000$;
Quoted in terms and conditions, p.15
Read from the broker's site on Open the reference

Buried at section 15 of 22 in the terms and conditions, 68% of the way through.

What it costsA $5,000 first deposit earns the 30% bonus of $1,500. Your trades must total $15,000,000 before you can take any money out.

Our readingTurnover conditions on a bonus are ordinary. The size of this multiplier is not, and neither is locking your own deposit rather than only the bonus. Umarkets does count leverage toward the total, which makes the target easier to reach than the raw figure suggests.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Bonus creditedUmarkets credits the bonus once your identity documents are accepted.
Before the targetYou cannot withdraw the bonus or any trading income until the volume is reached.
Withdraw earlyUmarkets closes your open positions and deducts the bonus plus all income earned since it was activated.
3 months idleWith no activity for more than three months, Umarkets can take the bonus and all income without telling you.
  • Worse together with Exhibit 23Trades under three minutes do not count toward the turnover target and Umarkets can cancel them, so the fastest route to the target is closed.
  • Worse together with Exhibit 8The deposit insurance pays out as a bonus, so accepting protection against a loss applies this same lock to your account.
02

Umarkets publishes a document called Safety of funds that talks about firewalls, encryption and certified data centres. It never mentions your money. The Terms say your deposits may sit in the same accounts as company money.

Why this matters

If Umarkets runs out of money, funds mixed with its own are much harder to trace and recover. The contract also lets Umarkets spend your deposit however it likes until you withdraw it.

Exhibit 2CriticalHarder than usual

The funds credited to your account will be deposited into the Company bank accounts and credit organizations on the territory of European and Asian countries (not in offshore zones) and may not be segregated from other funds, including our own funds or the funds of other users of the Service.
Quoted in terms and conditions, p.12
Read from the broker's site on Open the reference
Our own capture of umarkets.net, taken on Aug 30, 2026The claim, on Opening line of the document Umarkets publishes under the title Safety of fundsVisit this page on the broker's siteDownload the full size image file
Our own capture of umarkets.net, taken on Aug 30, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Where it sits: section 12 of 22 in the terms and conditions, 55% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus), ASIC (Australia)

Firms licensed by the FCA, CySEC and ASIC must hold retail client money in accounts kept separate from the firm's own funds, and must not use it for their own business. The Umarkets Terms say the opposite: funds may not be segregated, and Umarkets may use them in any manner.

umarkets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 4Your money sits in company accounts, and a suspicion Umarkets forms on its own is enough for it to keep the whole balance.
03

Umarkets can turn down your withdrawal request, or freeze part of your balance, for any reason it chooses. Two separate documents say so. Neither one gives Umarkets a deadline to pay you.

Why this matters

You have no stated grounds to argue against, because the clause names none. Nothing in the contract says how long Umarkets may hold your money before it has to send it.

Exhibit 3CriticalHarder than usual

We may, in our sole discretion, refuse to process a Withdrawal request or place a payment hold on any part of all of your funds in your Account for any reason, including if we have a reasonable suspicion that you have breached this Agreement.
Quoted in terms and conditions, p.13
Read from the broker's site on Open the reference

Where it sits: section 13 of 22 in the terms and conditions, 59% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must pay a retail client's money promptly on request and can withhold it only on specific, stated grounds. The Umarkets clause requires no grounds at all and sets no time limit.

umarkets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Only applies after Exhibit 16A withdrawal request is also the moment Umarkets can demand more documents, and it will not process the request until they arrive.
04

If Umarkets believes you broke the agreement, it can keep everything in your account. That includes the money you paid in, not only your profit. Umarkets decides on its own whether you broke a rule.

Why this matters

One of the rules you can breach is using the service in a way Umarkets has not approved, which it never defines. Your deposit and your profit go together, and the contract gives you no appeal.

Exhibit 4CriticalHarder than usual

If we determine or form a reasonable belief that you have been using the Service in breach of this Agreement (including in breach of the Use Restrictions), we may, in our sole discretion, terminate the Grant and withhold all funds that have accrued to your Account including funds that you have deposited and any profits, bonuses or other amounts accrued as a result of Transactions.
Quoted in terms and conditions, p.14
Read from the broker's site on Open the reference

Buried at section 14 of 22 in the terms and conditions, 64% of the way through.

  • Worse together with Exhibit 3Umarkets can hold the money on a suspicion and refuse the withdrawal without giving a reason, so the two clauses close the exit from both sides.
05

Umarkets advertises specialists who help you get the maximum profit, and its Terms set up account managers who open and close trades for you by phone. The same Terms say Umarkets never advises you and takes no responsibility for those trades.

Why this matters

If a manager talks you into a losing trade, the contract records it as your own decision. You gave the consent on a recorded call, and Umarkets keeps the recording as the evidence.

Exhibit 5CriticalHarder than usual

We do not and will not manage your Transactions, nor will we advise you on your Transactions.
Quoted in terms and conditions, p.6
Read from the broker's site on Open the reference
Our own capture of umarkets.net, taken on Aug 30, 2026The claim, on About us page, opening paragraphVisit this page on the broker's siteDownload the full size image file
Our own capture of umarkets.net, taken on Aug 30, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

Where it sits: section 6 of 22 in the terms and conditions, 27% of the way through.

06

Umarkets asks you to agree to a contract that never says which company you are agreeing with. The Terms leave the name and address blank. The website footer leaves the operator name blank too.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

You cannot check the company, and you cannot easily name a defendant if you need to sue. Umarkets picks the courts of St. Vincent and the Grenadines, while the only address ever printed in this contract was in the Marshall Islands.

Exhibit 6CriticalRarely seen

This Terms of Service Agreement (this “Agreement”) states the terms and conditions upon which
Quoted in terms and conditions, p.1
Read from the broker's site on Open the reference

Where it sits: section 1 of 22 in the terms and conditions, near the start.

Our readingLeaving the counterparty blank is not a drafting style, it is a missing party. A contract normally identifies both sides in its opening line, and this one has an empty space where the company should be, in English and in Spanish, on the web page and in the PDF.

  • Worse together with Exhibit 21You cannot tell which company you contracted with, and you cannot tell which of two published agreements you contracted under.

The pages that promise safety say nothing the contract agrees with

Umarkets publishes a document called Safety of funds that covers firewalls and encryption, while its Terms say client money may not be kept separate from company money. Its About us page offers specialists who help you get the maximum profit, and the same Terms say Umarkets never advises you. Its risk page reports that 26% of trading deals can be unprofitable.

Promise and contract2 clauses flagged

Umarkets offers 100% deposit insurance on news days and tells you to earn without fear of losses. The payout is a bonus, not a refund. It locks your deposit until your trades total 10,000 times the amount paid.

Why this matters

Accepting protection against a loss is what freezes your money. The Spanish version of the same offer adds that Umarkets closes your account if you withdraw before hitting the target.

Exhibit 8CriticalRarely seen10000

The withdrawal of the bonus and the income from trading activities is not allowed until the volume of trade is reached.
Quoted in terms and conditions, p.16
Read from the broker's site on Open the reference
Our own capture of umarkets.net, taken on Aug 30, 2026The claim, on Headline of the 100% Insurance promotion pageVisit this page on the broker's siteDownload the full size image file
Our own capture of umarkets.net, taken on Aug 30, 2026What the contract says, clause Promotions and bonusesVisit this page on the broker's siteDownload the full size image file
Our own capture of umarkets.net, taken on Aug 30, 2026The claim, on Headline of the Spanish language 100% Seguro promotion pageVisit this page on the broker's siteDownload the full size image file
Our own capture of umarkets.net, taken on Aug 30, 2026What the contract says, clause Promotions and bonusesVisit this page on the broker's siteDownload the full size image file

What it costsA $1,000 insured loss is repaid as a $1,000 bonus. Your trades must then total $10,000,000 before you can withdraw.

Our readingInsurance normally restores you to where you were. Here the compensation arrives as promotional credit, so the act of being made whole is what triggers a turnover condition on money you already owned.

The Umarkets risk disclaimer warns that CFDs carry a high risk of losing money rapidly. The very next sentence says 26% of trading deals can be unprofitable, which reads as though most trades win.

Why this matters

Regulated brokers publish the share of client accounts that lose money, and it is usually most of them. This figure counts deals rather than accounts, and Umarkets does not say where it came from.

Exhibit 20WarningRarely seen26%

CFD’s are complex instruments and come with a high risk of losing money rapidly due to leverage. 26% of trading deals can be unprofitable..
Quoted in risk disclaimer
Read from the broker's site on Open the reference
Set against a regulated standard: ESMA (EU), FCA (UK)

Firms licensed under ESMA and FCA rules must state the percentage of retail investor accounts that lose money with that firm, next to any CFD promotion. The Umarkets sentence reports a percentage of deals instead, with no account level figure anywhere.

umarkets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingThe sentence follows the shape of the standard regulated risk warning but swaps the measure. A firm specific loss rate for client accounts becomes an unprofitable rate for individual deals, which turns a warning into an encouraging statistic.

A quiet account loses 5% of its balance every month

Umarkets can charge 5% of your account balance for each calendar month once trading stops for 90 days. The charge repeats until you trade again, and no clause caps it or sets a floor. An account left with no funds for more than one calendar month can then be terminated.

In plain words

Dormancy means an account left unused.

Dormancy1 clause flagged

Stop trading for 90 days and Umarkets can charge 5% of your whole balance for every calendar month that follows. The charge repeats until you trade again. No clause caps it or stops it at a floor.

Why this matters

This is a percentage of everything you hold, not a flat monthly fee, so a larger balance loses more. Once the fee has emptied the account, a separate clause lets Umarkets end your service for having no funds.

Exhibit 7CriticalHarder than usual5%

In case if there is no trading activity in your account for a period of 90 consecutive calendar days, starting from the 91st day, the Company reserves the right to charge an account maintenance fee of 5% of the account balance for each calendar month.
Quoted in terms and conditions, p.13
Read from the broker's site on Open the reference

Where it sits: section 13 of 22 in the terms and conditions, 59% of the way through.

What it costsA $10,000 balance left untouched loses $500 in the first month and $475 in the second.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 90Ninety consecutive calendar days pass with no trading on the account.
Day 91Umarkets can start charging 5% of the account balance for each calendar month.
Every month afterThe charge repeats until you resume trading on that account.
Over 1 calendar month with no fundsUmarkets can end your right to use the service because the account has no money in it.

The fees can change tomorrow and the dividend rule runs one way

Umarkets charges 5% of your withdrawal when you have made fewer than 5 trades, on top of a $50 minimum. It can change its entire fee structure at its sole discretion, without notice and with immediate effect. On share CFDs a buy position must be open 2 days before the ex date to earn a dividend, while a sell position is charged one whenever it was opened.

Cost disclosure3 clauses flagged

Umarkets charges you 5% of the amount you take out if you made fewer than 5 independent trades. Deposit money, change your mind, and getting it back costs you a twentieth of it.

Why this matters

The clients who pay this are the ones who deposited and decided not to trade. Umarkets also sets a $50 floor, so a small balance can be hard to move at all.

Exhibit 9WarningHarder than usual5%

In the case of less than 5 independent trades were made, the Account will be charged for an additional fee of 5% of the withdrawal amount.
Quoted in terms and conditions, p.13
Read from the broker's site on Open the reference

Where it sits: section 13 of 22 in the terms and conditions, 59% of the way through.

What it costsYou deposit $1,000, trade twice and ask for it back. The fee takes $50 and $950 is returned.

You agree to pay brokerage fees, spreads, rolling commissions and handling commissions set by an Umarkets fee structure. Umarkets can change that structure whenever it likes, with no notice, taking effect immediately.

Why this matters

The prices you compared before depositing are not fixed by the contract. A cost can rise between the trade you planned and the trade you place.

Exhibit 14WarningHarder than usual

The Client agrees and acknowledges that he would pay brokerage fees, spreads, rolling commissions, handling commissions and/or other fees or charges according to the Company fee structure. We reserve the right to change the fee structure in our sole discretion and without additional notice with immediate effect.
Quoted in terms and conditions, p.14
Read from the broker's site on Open the reference

Buried at section 14 of 22 in the terms and conditions, 64% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose costs and charges to a retail client before they trade, and must give notice of changes that affect them. The Umarkets clause reserves the right to change fees with no notice and immediate effect.

umarkets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

To receive a dividend on a share CFD with Umarkets, you must have opened a buy position at least 2 calendar days before the ex date. To be charged one on a sell position, the timing of opening does not matter at all.

Why this matters

A sell position opened the day before the ex date earns you no protection but still costs you the dividend. The same two days that gate your payment do not gate your charge.

Exhibit 18WarningHarder than usual2 days

When the Customer opens BUY transactions in share CFDs at least 2 calendar days prior to the Ex-date, the Company shall pay dividend income to the Customer on the Ex-date in an amount equal to declared earnings per share multiplied by the Customer’s transaction volume.
Quoted in terms and conditions, p.8
Read from the broker's site on Open the reference

Where it sits: section 8 of 22 in the terms and conditions, 36% of the way through.

A suspicion is enough for Umarkets to keep your deposit

Umarkets can withhold everything in your account, including the money you paid in, if it believes you breached the agreement. It decides that question alone, and one of the rules you can breach is using the service in a way it has not approved. Swap free account holders and former staff face outright confiscation.

Forfeiture2 clauses flagged

Umarkets offers swap free accounts for Muslim clients. If it decides one has been abused, it can close all your accounts, cancel every trade and take all the profit. Umarkets does not have to explain the decision.

Why this matters

You lose the whole trading history, not just the swap charges Umarkets says it wants back. The clause covers arbitrage and abuse without defining either.

Exhibit 11WarningHarder than usual

with immediate effect, to close all trading accounts of such client with us, nullify all trades carried out in such client’s trading accounts with us and cancel all profits garnered in such client’s trading account with us
Quoted in terms and conditions, p.4
Read from the broker's site on Open the reference

Where it sits: section 4 of 22 in the terms and conditions, near the start.

Nobody who has ever worked for Umarkets or a related company may open an account with any of its brands without written approval. If Umarkets finds one, it closes the account and confiscates every penny in it.

Why this matters

The bar continues after the person has left, with no end date given. The clause takes the deposit as well as the profit, and it reaches accounts held through a third party.

Exhibit 22WarningRarely seen

In such an event, the employee and/or former employee’s trading account(s) and all open positions shall be closed immediately and any funds held within the account shall be confiscated.
Quoted in terms and conditions, p.10
Read from the broker's site on Open the reference

Where it sits: section 10 of 22 in the terms and conditions, 45% of the way through.

Our readingMost agreements bar staff from trading and simply close the account. Confiscating the entire balance, with no time limit after employment ends, turns a conflict rule into a forfeiture rule.

A bonus turns your own deposit into money you cannot take out

Umarkets sets its bonus turnover target at 10,000 times the bonus, and the lock covers your deposit as well as the credit. Withdrawing early clears the bonus and every profit made since it was activated. Copy trading earnings count as bonuses too, so the same lock lands on money you worked for.

Bonus lock1 clause flagged

If other Umarkets clients copy your account, the performance fee you earn from them is treated as a bonus. That puts your earnings under the same turnover lock as promotional credit.

Why this matters

You earned that money by trading well, and the contract still stops you withdrawing it until the volume target is met. Copying someone also happens without any consultation or approval step.

Exhibit 19WarningRarely seen

The provider of the copied account will get the profit from those users who copy his account. This profit is considered to be a bonus (please see the ‘Promotions and bonuses’ section).
Quoted in terms and conditions, p.8
Read from the broker's site on Open the reference

Where it sits: section 8 of 22 in the terms and conditions, 36% of the way through.

Our readingA performance fee is payment for a service the client provided. Reclassifying it as promotional credit applies a turnover condition designed for money the broker gave away to money the client actually earned.

  • Only applies after Exhibit 1The lock only bites because bonuses carry the 10,000 times turnover target set out in the promotions section.

Umarkets sets the rules of your account and can change them in 10 days

Umarkets closes web platform positions after 21 days and can cancel any trade you held for less than 3 minutes. The web platform stop out sits at 0%, so nothing closes your positions until the account is empty. Amended terms bind you 10 days after posting, and using the site counts as agreement.

Platform limits4 clauses flagged

On the Umarkets web platform, the stop out level is 0%. Your losing positions stay open until the account has nothing left. The same accounts on the terminal are protected at 50% or 80%.

Why this matters

A stop out is meant to close positions before your money runs out. At zero it closes them when your money already has, so the web platform can take an account to nothing.

Exhibit 10WarningHarder than usual0%

The default stop-out level on the web-platform is equal to 0%
Quoted in terms and conditions, p.5
Read from the broker's site on Open the reference

Where it sits: section 5 of 22 in the terms and conditions, near the start.

Set against a regulated standard: ESMA (EU), FCA (UK)

Under the retail CFD rules applied by ESMA and the FCA, a firm must close a retail client's positions once account equity falls to 50% of the required margin. The Umarkets web platform sets that trigger at 0%.

umarkets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 15Umarkets sets the prices that decide when you hit zero, and it can move the stop out level without telling you.

Umarkets can rewrite the agreement by posting the new version on its website. The change binds you 10 days later, or the next time you use the service, whichever comes first. Umarkets says it may tell you nothing about privacy changes.

Why this matters

You agree to terms you have not read by logging in. The contract says this holds regardless of whether you actually read them.

Exhibit 13WarningHarder than usual10 days

All amended terms shall be effective 10 days after their initial posting on the Web site, or as of the first time that you use our services after such amendments were made, whichever is sooner.
Quoted in terms and conditions, p.11
Read from the broker's site on Open the reference

Where it sits: section 11 of 22 in the terms and conditions, 50% of the way through.

Umarkets can close any position you hold on the web platform for more than 21 days. It does this whether or not you want the trade closed. The professional platform has no such limit.

Why this matters

A long term view is not possible on the platform most new clients are given. Your trade ends on day 21 at whatever price is there.

Exhibit 17WarningHarder than usual21 days

We reserve a right to close your transactions with open positions outstanding for more than 21 days. If order opened on the contract with the specific expiration date, such order will be closed after 21 day or on contract’s expiration date (one of the events that occur earlier).
Quoted in terms and conditions, p.5
Read from the broker's site on Open the reference

Where it sits: section 5 of 22 in the terms and conditions, near the start.

Umarkets can cancel any trade you open and close within three minutes on the web platform. Those same short trades also do not count toward a bonus turnover target.

Why this matters

A quick winning trade can be undone after you have taken the profit. If you hold a bonus, the trades that would build volume fastest are the ones Umarkets excludes.

Exhibit 23WarningHarder than usual

on a web platform, it’s 3 minutes. We reserve the right to cancel transactions in cases where the time between opening a transaction and closing it was less than 3 minutes.
Quoted in terms and conditions, p.5
Read from the broker's site on Open the reference

Where it sits: section 5 of 22 in the terms and conditions, near the start.

Your complaint starts with the person you are complaining about

An Umarkets complaint must go in writing to the account manager assigned to the account in question. It then escalates inside the company through repeated 7 business day stages, and past 28 days Umarkets explains the delay. No ombudsman, scheme or regulator is named anywhere in the documents.

Complaint route1 clause flagged

Umarkets requires your written complaint to go to the account manager assigned to the account in question. It then moves through internal stages of 7 business days each. No outside body is named anywhere.

Why this matters

If your complaint is about the manager who called you, that manager gets the first look at it. Umarkets names no ombudsman and no regulator, so its own answer is the last one you get.

Exhibit 12WarningHarder than usual7 working days

The complaints should be communicated in writing to the account manager, assigned to the account subject to the complaint.
Quoted in terms and conditions, p.19
Read from the broker's site on Open the reference

Buried at section 19 of 22 in the terms and conditions, 86% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must tell a retail client how to take an unresolved complaint to an independent scheme, such as an ombudsman, at no cost. The Umarkets procedure ends inside the company.

umarkets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Complaint sentYou write to the account manager assigned to the account you are complaining about.
7 business daysIf the manager has not resolved it, the complaint goes to the Compliance Officer.
7 business daysThe Compliance Officer sends an acknowledgement letter naming who will handle it.
7 business daysThe Compliance Officer tries to resolve it, then takes a further 7 business days if needed.
Over 28 daysUmarkets explains the reasons for the delay.

The contract does not say which company you are dealing with

The Umarkets Terms of Service leave the company name and address blank, in English and in Spanish, and the website footer does the same. Umarkets also publishes two current agreements that differ from each other, without saying which one governs. The law chosen is that of St. Vincent and the Grenadines.

Counterparty1 clause flagged

Umarkets publishes a terms and conditions document and a terms of use document at the same time. They differ. Neither says which one governs your account.

Why this matters

One version lets Umarkets keep your web platform position open indefinitely on the professional platform, the other does not. Only one of them covers copy trading and share dividends at all.

Exhibit 21WarningRarely seen

Maximum period for keeping an open position on the web-platform is 21 days,
Quoted in terms and conditions, p.5
Read from the broker's site on Open the reference

Our readingBrokers commonly publish several documents that cover different subjects. Publishing two documents that both call themselves the Terms of Service Agreement, that overlap heavily and that differ in substance, leaves no way to tell which set of obligations applies.

  • Same clause as Exhibit 6Both documents open with the same blank where the contracting company should be named.

No withdrawal until Umarkets has two IDs and photos of your cards

Umarkets blocks withdrawals until you send two identity documents, proof of address dated within 90 days, and photographs of both sides of every card you deposited with. Those images go by email to two addresses on domains other than the one you registered on. Umarkets also states that funds in any account linked to fraudulent activity will be forfeited.

Document demands1 clause flagged

Umarkets will not process any withdrawal until you send two identity documents, proof of address, and photographs of both sides of every card you deposited with. They go by email to addresses on two domains other than the one you registered on.

Why this matters

Card images and passport scans travel by ordinary email, which nobody can recall once sent. Your money stays where it is until Umarkets accepts the whole set.

Exhibit 16WarningHarder than usual

Without completing our KYC procedures, your trading activity will be limited, and you will not be able to withdraw funds from your account.
Quoted in kyc policy
Read from the broker's site on Open the reference

Umarkets prices your trades itself and adds a spread in its own favour

The Umarkets Terms say the values used to open and close your trades are determined by the company at its sole discretion. The same clause admits a spread in its favour, and that the result may differ substantially from prices on primary markets. Umarkets is also entitled to execute a trade when it is not beneficial to you.

Who sets the price1 clause flagged

The prices used to open and close your trades are worked out by Umarkets at its sole discretion. The contract says those calculations include a spread in its favour, and that the result may differ substantially from real market prices.

Why this matters

Your profit is measured against a number Umarkets produced, with no outside benchmark named. The contract also lets Umarkets execute a trade it knows is not good for you.

Exhibit 15WarningHarder than usual

These values are based on complex arithmetic calculations as determined by us in our sole discretion. These calculations include a spread in favor of us, which means that the values involved may differ substantially from prices available on primary markets where similar transactions are conducted.
Quoted in terms and conditions, p.7
Read from the broker's site on Open the reference

Where it sits: section 7 of 22 in the terms and conditions, 32% of the way through.

No financial regulator is named in any Umarkets document

Across the Umarkets document set, no financial regulator, licence number or compensation scheme appears. The privacy notice tells you that you may complain to the regulative authorities without naming one. The chosen law is that of St. Vincent and the Grenadines, while the only address this contract ever printed was in the Marshall Islands.

Who supervises this1 clause flagged

Across every Umarkets document we read, no financial regulator, licence number or compensation scheme appears. The privacy notice tells you that you may complain to the regulative authorities without saying which ones.

Why this matters

If Umarkets keeps your money, there is no supervisor named in the contract to take it to. No scheme is named that would repay you if the company failed.

Exhibit 24NoticeStandard wording

This Agreement shall be governed by the law of St. Vincent and the Grenadines and the parties hereby consent to the exclusive jurisdiction of the courts of St. Vincent and the Grenadines.
Quoted in terms and conditions, p.20
Read from the broker's site on Open the reference

Buried at section 20 of 22 in the terms and conditions, 91% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus), ASIC (Australia)

Firms licensed by the FCA, CySEC or ASIC must name their regulator and licence number in client documents, and must tell retail clients which compensation scheme covers them. The Umarkets document set names neither.

umarkets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The page titled Safety of funds covers encryption and data centres, while the Terms say your deposit may sit in the same account as company money.

Said in public, in English

umarkets.net is intent on providing the safest and most secure trading environment.

Opening line of the document Umarkets publishes under the title Safety of funds

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of umarkets.net

In the contract

The funds credited to your account will be deposited into the Company bank accounts and credit organizations on the territory of European and Asian countries (not in offshore zones) and may not be segregated from other funds, including our own funds or the funds of other users of the Service.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of umarkets.net

02

Umarkets promises earning without fear of losses, and pays the compensation as a bonus that blocks withdrawals until the turnover target is met.

Said in public, in English

Apply for 100% deposit insurance trading on the news. Earn without fear of losses.

Headline of the 100% Insurance promotion page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of umarkets.net

In the contract · clause Promotions and bonuses

The withdrawal of the bonus and the income from trading activities is not allowed until the volume of trade is reached.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of umarkets.net

03

The Spanish page promises earning without fear of losses, while the English contract lets Umarkets take the bonus and all income from it without warning or consent.

Said in public, in Spanish

Solicite el seguro de depósito 100% cuando opere basándose en la publicación de noticias. Gane sin temor a las pérdidas.

Word for word in English: Apply for the 100% deposit insurance when you trade based on the publication of news. Earn without fear of losses.

Headline of the Spanish language 100% Seguro promotion page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of umarkets.net

In the contract · clause Promotions and bonuses

the Company has the right to debit bonus funds, as well as all income received on the Client’s account with bonus funds without warning and without receiving any consent from the Client

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of umarkets.net

04

Umarkets advertises specialists who help you maximise profit, and the contract says it never manages or advises on your trades.

Said in public, in English

Umarkets employs financial industry specialists to help you get the maximum profit from your trading.

About us page, opening paragraph

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of umarkets.net

In the contract

We do not and will not manage your Transactions, nor will we advise you on your Transactions.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of umarkets.net

What changed quietly

This is our first reading of Umarkets, so there is nothing yet to compare it against.

  • REMOVEDClause

    The company name and registered address that ran along the foot of every page in the 2022 agreement no longer appear anywhere in the current one.

  • REWRITTENClause

    The company that takes your card payment changed from Up Services Ltd. to Fairiprises Ltd.

    Credit card payments are provided by: Fairiprises Ltd., and also performed by OrangePay.

The documents this reading is based on

11 files, all published by umarkets. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording umarkets publishes.

How this reading was done

Every clause above was read out of a document umarkets publishes itself

This reading was published on .

Documents
6 of 11downloaded from the broker's site, and 6 read in full
Pages opened
55pages walked to find those documents, footer links included
Older copies
3earlier versions downloaded, 1 identical to the copy we hold by fingerprint
Marketing pages
11public pages set against what the contract says
Languages
EN vs ESthe language it advertises in, against the language it contracts in
Position measured
20clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

TS Software Ltd

The Terms of Service Agreement leaves the company name and address blank, so the documents do not say who you contract with. A 2022 copy of the same agreement carried Prometheus Ltd. of Majuro, Marshall Islands, in the footer of every page. The name TS Software Ltd appears only in the web address of the AML policy, a file we could not open. Umarkets chooses the law of St. Vincent and the Grenadines, which matches neither of those addresses. The website footer leaves the operator name blank as well.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Umarkets publishes every legal document twice, as a web page and as a PDF, so you can read the contract on a phone without downloading anything. The risk disclaimer is detailed and treats crypto CFDs, futures and options separately, which many offshore brokers skip. The complaint procedure is written down with named stages and time limits, and it names a Compliance Officer. Two clauses genuinely protect you: Umarkets accepts that it stays liable to repay your funds after the relationship ends, and it sets no time limit for reaching a bonus turnover target, so the money is not lost on a deadline. The share CFD dividend rule is spelled out with a formula rather than left silent.

The umarkets.vc address on our record did not respond, so we read everything on umarkets.net. We could not open the AML policy, so we did not read it at all. We also did not read the glossary, the GDPR notice or the cookie policy. We read the refund policy, the KYC policy, the risk disclaimer, the safety of funds page and the privacy policy on Umarkets' own web versions of those documents, and every quotation credited to those five comes from there. The terms of use file was cut short, so we read about two thirds of it, and we report no depth position for anything quoted from it. The 2022 Spanish copy of the terms was cut short in the same way. The certificate of incorporation is published as a picture with no text in it, so we could not read a company name from it. The AML policy is byte for byte the same file as its 2023 copy, checked by fingerprint. We could not tell whether the glossary changed, because we read neither copy.

How to check any of this yourself

Every quote above links to the umarkets file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document umarkets publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge umarkets on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Aug 30, 2026.

If you represent umarkets and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on umarkets. Whether its licence is real and current is a separate check on the broker profile.

Back to the umarkets profile