Pseudo-broker UMO-Finance: review and feedback on cooperation with the company
Umo-Finance is a company that calls itself a reliable broker, but in reality does not live up to this status. Many clients note the lack of connection to stock exchange activities. At first glance, it is evident that this is a Ponzi scheme-based scam project. In this review, we will examine why “Umo-Finance” cannot be considered a standard CFD broker and how deception is carried out on umo-finance.com.
Review of Umo-Finance Company Information
Umo-Finance on its official website indicates extensive experience since 2009, a large number of clients, and attractive cooperation conditions. However, in practice, the company is oriented towards newcomers who may blindly believe the provided information.
According to the legend, “Umo-Finance” was founded by Nicholas Larsen. Despite the company’s claims of high profits, its representatives strive to attract additional funds. The goal of such action is clear: umo-finance.com is created with the sole purpose of deceiving trusting traders.
The managing company is represented by the organization UMO FINANCE LIMITED, whose details are reflected in the Companies House register under number 12312764. However, this does not guarantee an honest approach from the company. The lack of a financial activity license indicates illegal deposit acceptance.
Interestingly, UMO FINANCE LIMITED was founded only on November 13, 2019, which refutes the statement of the broker operating for over 10 years. Inconsistencies have also been found, for example, regarding the company’s address. The official website states the address as United Arab Emirates, Ajman, Corniche Tower, while the address listed on the umo-finance.com website is 1 Rigby St, Liverpool, England, L3 9RY. Thus, the fake broker conceals information and provides false data.
Detailed Review of umo-finance.com
The umo-finance.com website is multilingual, but there is no Russian version, which complicates interaction with investors from CIS countries. Translators have to be used to understand all the conditions.
The umo-finance.com domain was registered on September 24, 2019. UMO-Finance servers, judging by the IP, are located in the UK. However, the website states that the company’s headquarters is in the UAE. This is another contradiction made by the company’s representatives.
How to Register on umo-finance.com?
The registration process on umo-finance.com is not difficult, as noted by the company’s clients. The CFD broker has simplified the procedure, allowing you to create an account and deposit funds in just a few minutes. The registration steps are as follows:
- Click on the Sign up button,
- Fill out the form, providing an email address, password, and login,
- Confirm the email by following the link.
After that, you can start investing, although it is recommended to refrain from this step.
Detailed Review of Cooperation Terms with Umo-Finance
In the company “Umo-Finance,” it is claimed that everyone can earn a stable income through cooperation with experienced traders using the best strategies. Deposits are accepted in cryptocurrency or US dollars, with an initial deposit of 50 USD.
Clients have access to not deposit accounts but investment plans, depending on the selected asset:
- Forex. Entry threshold – 50 dollars, interest rate – 1.4% for 16 working days,
- Commodities. Entry threshold – 750 dollars, interest rate – 1.6% for 24 working days,
- Bonds. Entry threshold – 3,500 dollars, interest rate – 1.8% for 30 working days,
- Index. Entry threshold – 12,500 dollars, interest rate – 2% for 36 working days,
- Futures. Entry threshold – 50,000 dollars, interest rate – 2.4% for 42 working days,
- Stock markets. Entry threshold – 250,000 dollars, interest rate – 2.8% for 46 working days.
Investors are not provided with the opportunity to control the trading process, promising a stable income. However, clients complain about the unprofitable payment discipline of the company “Umo-Finance.”
Review of Deposit/Withdrawal Methods
Clients of the company “Umo-Finance” are offered a limited choice of deposit and withdrawal methods:
- Payeer,
- PerfectMoney.
You can deposit funds and withdraw profits in cryptocurrency (Ethereum, Litecoin, Bitcoin). According to reviews, clients most often complain about non-payments. Scammers simply deceive, and even if they sometimes pay, it is negligible.
Affiliate Program: Conditions Overview
To attract clients, the CFD broker has launched an affiliate program. According to client feedback, the reward for invitees is quite generous, ranging from 8-37% depending on the investments of the invited individuals.
The bonus program is multi-level, and upon reaching a certain level, investors can expect additional bonuses and financial rewards. There are no reviews regarding the profitability of the affiliate program.
What Former Clients Say in Reviews?
Reviews about “Umo-Finance” point to the company’s fraud. There are few negative reviews, instead, receipts with small payouts are presented. In negative reviews, clients note:
Conclusions about the company “Umo-Finance” are based on facts and indicate deception aimed at inexperienced investors.
Review Summary
Umo-Finance is a scam project unrelated to brokerage activities. The company promises high returns but actually does not pay deposits and dividends. It is recommended to refrain from cooperating with umo-finance.com if you value your capital.
Author: Anastasiia Chabaniuk