UmoFX Review

MIN. DEPOSIT $1
Up to 1,000:1
Up to 100% BONUS
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UmoFX
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Overview

Company Information UmoFX is an online broker from New Zealand found in 2010. It’s owned by UmoFX Co. Ltd. and regulated locally. Since its first appearance on the global financial… more

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Details

BrokerUmoFX
Website URLhttp://www.umofx.com/
Founded2010
HeadquartersAuckland, New Zealand
Support Number+64 9889 3388
Support Emailsupport@umofx.com
Support TypesPhone, Live Chat, E-mail, Call Back
LanguagesEnglish, Malay, Indonesian, Chinese, Vietnamese
Minimum 1st Deposit$1
Minimum Trade Amount0.01 lots
Maximum Trade Amount100 lots
BonusUp to 100%
PayoutUp to 1,000:1
Free Demo AccountYes
Regulated Yes
Account TypesMini4, Mini5, Standard, ECN, VIP
Deposit MethodsVisa, MasterCard, Skrill, Neteller, Bank Wire, FasaPay, Perfect Money, cashU, Liberty Reserve
Withdrawal MethodsVisa, MasterCard, Skrill, Neteller, Bank Wire, FasaPay, Perfect Money, cashU, Liberty Reserve
Types of AssetsForex, Metals, Indices, Energies
Account CurrencyUSD, GBP, EUR
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

UmoFX is an online broker from New Zealand found in 2010. It’s owned by UmoFX Co. Ltd. and regulated locally. Since its first appearance on the global financial stage, the company had great success by delivering its innovative and dedicated services to its clients. UmoFX operates mainly in Asia and Australia, and its headquarters are located at Level 10, 17 Albert St., Auckland Central, Auckland, 1010, New Zealand. The company is registered and licensed by the local financial authority with a registration number of 3916418. UmoFX is an extremely friendly to new traders who are starting their journey in the world of financial trading. The online broker provides a detailed guidance about Forex, as well as various educational materials on technical and fundamental analysis. There is also a huge glossary with all the needed terms and explanations about the industry. Apart from these useful resources, UmoFX is well recognized in Asia and received various awards from traditional media. In 2012, the online broker rewarded three different prizes from Global Banking & Finance Review. The company won “Best Forex Order Execution System Asia 2012”, “Best Forex Management System Asia 2012”, and “Best Forex Reward Program Asia 2012”.

Trading Information

UmoFX offers a limited number of financial instruments with the main focus on Forex. Apart from the significant currency count, the New Zealandian broker provides access to commodities and indices. Spreads are fixed and start from 2 pips on FX pairs. Leverage employs a limit of 1:1000, which is unnecessarily high. The other trading products, such as indices and metals also have extremely low spreads. Indices can be traded from 2 pips, Gold and Silver are available with spreads of 50 and three pips respectively. Metals have a limited leverage of 1:100 regardless of the account type. In fact, UmoFX offers five different kinds of profiles for its clients. Mini4 and Mini5 are the smallest account types with the standard trading conditions in play. Mini5 has only one difference – it employs floating spreads rather than fixed ones. The online broker provides Standard account with lower spreads and some extra benefits. There is also an ECN profile for traders who prefer to trade via this business model. High rollers can also benefit from the exclusive VIP account with the best trading conditions. All trading strategies are allowed with UmoFX.

Trading Platforms

The brokerage company undoubtedly uses the most modern solution of all when it comes to trading platforms. UmoFX employs MetaTrader 4 – the excellent piece of software made by MetaQuotes Corp. It’s favored by numerous traders around the world for its practical tools, indicators, and features. MT4 also has its programming language that can be used for various custom solutions, such as expert advisors (EAs), indicators and more. Apart from its vast capabilities, the popular trading software is extremely well adapted for mobile devices. It can be easily installed on iPhone/iPad, Android, and Windows. Professional traders will be happy to learn that UmoFX supports the MultiTerminal version of MT4, which allows account managers to operated more than one profile at a time. Unfortunately, the online broker does not offer any web-based solutions for trading. The traders who prefer to place an order right from their browsers will be disappointed.

Security and Customer Services

UmoFX is not the best example of a secure and responsible broker. The company is poorly regulated only on a local level and do not follow all of the best practices in the industry. However, some of them are employed. The New Zealandian financial service provider segregates the funds of the clients and keeps them separately from the company’s accounts. The website’s login area is also protected by a strong SSL encryption provided by Comodo CA Ltd.

Talking about security, we can’t miss the customer service. Clients can contact the broker in three different ways – by phone, by writing on the available email addresses or get in touch via the live chatting system. There are also physical representative offices in Indonesia and Malaysia. UmoFX’s website supports five languages, and most of the are Asian. There is also extensive FAQ section that covers lots of information.

Deposits and Withdraws

UmoFX gives access to its well-designed Web-based system that handles deposit and withdraws requests. Clients can easily fund their accounts by a few methods. The most popular Asian e-wallet systems and prepaid cards are available, as well as local bank wire transfers and debit/credit cards. Deposits also have minimums depending on the chosen account type. Mini profiles can be funded with just $1. Standard account type needs at least $250, ECN – $500 and VIP traders should deposit no less than $5 000. The online broker also performs various checks including ID card and bill/statement verifications.

Withdraws are usually through the same options as the deposits. However, the client should have a “Verified” status, which means that all the identity documents must be in order. There are no extra processing fees from the broker’s side, but customers should be aware of any third party taxes.

Deposit Bonus and Loyalty Programs

UmoFX has an excellent deposit bonus that equals 100% of the initial funding. The minimum requirement for the promotion is $100. There is a limit of $10 000, which means that deposits that exceed the stated amount will not receive the bonus.

In addition to the lucrative reward for new clients, there are also “Lucky Draw” content hosted on a regular basis. Three lucky traders can win a laptop, smartphone, and tablet for 1st, 2nd, and 3rd place respectively. Clients are not required to submit any information and will automatically participate in the contest. However, a deposit of minimum $100 is required to enter the “Lucky Draw.”
UmoFX offers exclusive promotions for their partners as well. IBs can win free travel to China if they show exceptional results during the month of the partners’ contest.

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