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• Our Review Method

• Is UMOFX Scam or Legit Broker?

• What is UMOFX?

• Conclusion

Our Review Method ▲

In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding UMOFX due to the issues we've identified.

Is UMOFX Scam or Legit Broker? ▲

The credibility of UMOFX as a Forex broker is highly questionable, given that it lacks authorization from any globally recognized Forex regulatory authority. This absence of a valid license signals a potential risk of fraudulent activities, as the broker has not undergone essential compliance checks prior to its establishment. It also isn't subject to ongoing supervision, which means it could potentially operate in any manner it chooses without oversight. Consequently, engaging in trading with UMOFX poses a considerable risk, despite the enticing offers it might present.

• Licensing Status

• Registered in: No Registration

• Type of License: No License

• Is UMOFX safe to trade: No

• Recommended Licenses: FCA in UK & ASIC in Australia

• Risks Involved

Engaging in trades with UMOFX carries a high level of risk due to its unregulated status. Without the assurance of a license from reputable authorities like the FCA in the UK or ASIC in Australia, the safety of your investments is not guaranteed.

What is UMOFX? ▲

UMOFX, operating out of Auckland, New Zealand, is a brokerage firm offering Forex and CFD trading services under the ownership of UMOFX CO. LIMITED. Despite listing a Company Registration Number on its website, implying authorization in New Zealand, UMOFX lacks the necessary license to provide financial services within the country. The absence of regulation exposes investors to significant risks, as unregulated brokers are frequently associated with scamming activities.

• Company Profile

• Location: Auckland, New Zealand

• Ownership: UMOFX CO. LIMITED

• Regulatory Status: No License

• Investment Risk

Investing with UMOFX carries a substantial risk due to its unregulated nature. Unregulated entities often engage in questionable practices, putting your funds at risk.

Conclusion ▲

Our thorough assessment strongly advises against trading with UMOFX. We suggest partnering with brokers regulated by reputable authorities, such as the FCA in the UK or FMA in New Zealand. These regulatory bodies require a substantial capital reserve, separate from client deposits, to obtain a license, ensuring a higher level of security for traders. The FCA, for instance, mandates a capital of EUR 125,000 for an STP license and offers protection to customers when authorized financial services firms fail. Opting for a regulated broker significantly enhances the safety of your investments.

• Recommendation

For a secure trading environment, we recommend choosing brokers licensed by stringent regulatory authorities like the FCA in the UK or ASIC in Australia. These entities ensure a level of oversight that unregulated brokers like UMOFX cannot provide.

• UMOFX Update

Recent checks reveal that the UMOFX website is currently inactive and unreachable, indicating that the broker may have ceased operations. Nonetheless, it remains imperative to exercise caution and remain vigilant against any potential offers that may emerge from this or similar unregulated entities.