Umarkets - umarkets.com

[Christof]

I have never had any problems with funds withdrawal. It's done quickly and efficiently. I withdraw different amounts from time to time. Both $50 and $5,000 are withdrawn at the same time.

 

[KariPlov]

Sounds good. I just can't understand what makes this broker so special? Is it reasonable to place an initial deposit of 500 usd?

 

[Christof]

If we speak about cryptocurrencies, then it'll be appropriate to give an example from the same sphere. I was wondering whether it's profitable to deal with cryptocurrencies and I discovered something. For example, cryptocurrencies do not depend on traditional sources of volatility, but they are subjects to the general appetite to the risk. It means that the key economic events have a similar effect, i.e. cryptocurrency trends are similar to the trends of the developing countries' currencies. The fluctuations range is very wide, it means the potential profit is higher than traditional currency pairs. I only have to figure out which currencies are more suitable for my strategy. Umarkets has more cryptocurrencies than any other broker, so the choice of the broker is logical.

 

[KariPlov]

So big deposit is caused by trading assets? Come on, any cryptocurrency exchange can easily compete with this broker, and the minimal deposit on the exchanges is 0,001 bitcoin, i.e. 6 bucks according to the current exchange rate. Almost 100 times lower than the deposit on Umarkets.

 

[Christof]

Yes, the minimum depo is higher. But can you actually make a lot with a deposit of 6 dollars? For a serious broker 500 dollars isn't a problem. Trading conditions that let you make money are way more important.

 

[Halt]

I agree regarding the trading conditions, but it's not all so good as it seems. You forgot about the fee for cryptocurrency transactions. Due to the fact that the broker uses the trader's money on the crypro exchange, and the trader's deposit is in dollars, every broker needs to convert dollars into crypto. It costs 100 bucks per lot. A lot, I must say.

 

[KariPlov]

Seriously? Turns out that a cryptocurrency exchange is more profitable then. You pay about 0,2% for a transaction there, and that's it, no other hidden fees.

 

[katesi]

Well, let's do the math then. The range of bitcoin's fluctuations is about 500-1000 dollars per day or 2500-5000 given the 1:5 leverage. The fee of 100 dollars pays for itself, even if you cover the 10th part of the movement. In fact, I cited these figures as an example. Bitcoin is not the most convinient cryptocurrency. There are more convinient ones with smaller spreads, e.g. Monero.

 

[Christof]

The volume is calculated at the rate of one lot. Such profitability is unattainable for the minimum deposit.

 

[akujutawan83]

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