Operating status: SCAM
On 31 July 2020, the FCA released a warning that Umarkets has not been authorised to carry out financial services and products in the UK, you may visit: https://www.fca.org.uk/news/warnings/umarkets
Umarkets claims it is regulated by the IFMRRC, but IFMRRC does not regulate any financial derivatives services. So Umarkets is actually not regulated by any regulators.
What's more, the FCA issued a warning that this firm has not been authorized to provide financial services or products. If clients invest their funds into this firm, they are unlikely to get their money back if things go wrong. In other words, investors' money in this broker is unsafe and cannot be protected by any law. Therefore, it is a scam.