If you’ve come across Uptrend Center, you may think it’s a good broker. After all, their web presentation looks quite appealing. Shout out to their web designers and the team behind them.
However, there’s more to it than just a slick design. Should you trust this brokerage firm? Read our Uptrend Center review to learn.
If you’ve come across Uptrend Center, you may think it’s a good broker. After all, their web presentation looks quite appealing. Shout out to their web designers and the team behind them.
However, there’s more to it than just a slick design. Should you trust this brokerage firm? Read our Uptrend Center review to learn.
Uptrend Center is owned by The Uptrend Center, “a worldwide brand committed to your trading experience.” However, this worldwide brand does not have an official address. At least it’s not disclosed to a broad audience.
According to their T&C, the company operates according to the laws of Saint Vincent and the Grenadines. We’re not even remotely surprised, as this is one of the rare countries without Forex market supervision. The Financial Services Authority allows brokers to register in the country if they’ve already obtained a license in the country of service.
Upon researching the targeted areas, we looked at the Uptrend Center regulation with the Canadian IIROC, Portuguese CMVM, US CFTC, and more. And yet, we found nothing.
In addition, this firm offers leverage of up to 1:400, while most Tier 1-regulated areas have a limit of 1:30 or 1:50 for retail traders. Being quite suspicious, we continued our investigation. This is what we found.
According to a traffic report analysis, Uptrend Center mainly advertises in the following countries:
Most of these have strict regulators who don’t allow unlicensed scammers to solicit their citizens. This is clearly visible through Canadian warnings. We’re urging regulators to react and investors to be careful and not trade with unregulated brokers. If something goes wrong, you have nowhere to file a complaint.
Once we reviewed the Uptrend Center trading platform, we were disappointed once again. The company offers the most basic WebTrader we’ve encountered thousands of times before with similar scammers, such as Capital Pro Trade.
You can find a list of tradable assets on the left, a chart on the right, review trading history, and deposit funds. That’s about it. Nothing remotely close to what you’d get with third-party software such as MT4, MT5, or cTrader.
Namely, each of these has millions of users and a large range of trading features. You can participate in the social trading and copy trades of more experienced investors or let bots do the job for you. Additionally, you will have all the tools you need for in-depth market analysis.
Finally, MT has a dedicated mobile app for Android and iOS, which you won’t find with Uptrend Center WebTrader.
The range of tradable instruments is nothing special. The broker offers to invest in five asset classes through CFDs. These are:
The starting spread for EUR/USD pairs is 3 pips, which is double the industry average. In addition, the company is charging overnight, withdrawal, and clearing fees, but they also claim to levy taxes and legal expenses, which is highly illegal. Finally, they charge $49 for each 60 days of account inactivity.
If you’re still interested in this broker offer, here’s an overview of Uptrend Center account types:
As you can tell, there’s a massive jump between a minimum deposit of $250 and the following account, requiring $10,000. Each higher account brings lower spreads and higher leverage while also introducing dedicated account managers, education, and live trading webinars.
There’s no access to an Uptrend Center Demo account. You can review the WebTrader without registration, but if you want to place trades, you ought to have a balance.
This is nothing but a tactic to pressure you to invest before doing due diligence. You’d see two things if you had time to think and test the system. First and foremost, you’d find all the regulatory warnings and negative reviews. And, of course, you’d see that the browser-based platform you’re given is useless.
Since this broker cannot afford you to learn all this, their employees are well-versed in pressuring retail traders such as yourself to deposit immediately.
As we already explained, Uptrend Center added to its T&C a clause stating that they have the authorization to charge for legal expenses and taxes. In reality, there’s no such thing. Each country has its own IRS in charge of taxes on gains, while legal costs are covered by the parties involved in the process.
In addition, negative reviews indicate that there are severe delays in withdrawals and a lot of excuses from the broker side. One such is a bonus clause that will prevent you from submitting a withdrawal request unless you reach the bonus amount 20,000 times.
Finally, the only way to withdraw your profit is via a crypto wallet, with a minimum of $50. However, they claim it takes 7-10 business days to receive the money, while crypto transactions are usually completed within 24 hours.
All this leads us to believe that Uptrend Center withdrawal is not an option.
If you lose your money trading with Uptrend Center or cannot get a withdrawal, let us know. Global Fraud Protection has specialized chargeback departments as well as CipherTrace crypto analysts with vast experience in the field of recovery.
Book a free consultation today, and we’ll do our best to help you with the process. Don’t hesitate to share your story today!
Uptrend Center is not a legit broker but a bogus scam. If you have already deposited your cash, let us know immediately, so we may be able to help you.
No, Uptrend Center doesn’t offer its customers a risk-free Demo account.
The minimum deposit with Uptrend Center broker is $250.
Uptrend Center is not a legit broker but a bogus scam. If you have already deposited your cash, let us know immediately, so we may be able to help you.
No, Uptrend Center doesn’t offer its customers a risk-free Demo account.
The minimum deposit with Uptrend Center broker is $250.
The post All Reasons to Avoid Uptrend Center In One Review appeared first on Global Fraud Protection.
