Today, we’ll look into Uptos, an offshore trading business that has been on the market for over three years, despite being banned by multiple authorities. The firm resists the pressure to close, and we’ll see how and why.
Read our in-depth Uptos review. We’ll show you what to do if you lose money to this attempt of a trading intermediary.
Uptos is a brand of Uptos Ltd, registered in Saint Vincent and the Grenadines. It’s all well known that SVG has no regulator for Forex brokers. Instead, they must provide a license from a country of service.
Therefore, we’ve searched for Uptos regulation with the FCA, ASIC, BaFin, and more. As you can guess, our search yielded no results. Additionally, we discovered that the brokerage is onboarding EEA zone residents but doesn’t comply with ESMA rules. Namely, due to high volatility, the EU watchdog imposed a leverage limit on 1:30 for Forex pairs. Uptos offers up to 1:400, disregarding your fund safety.
Now that we’re all on the same page when it comes to Uptos trading scams let’s continue.
Uptos is an offshore trading brand registered in Saint Vincent and the Grenadines. The firm was banned in several countries, including Italy, France, and Belgium.
During the following month, the French regulator added uptos.com to their blacklist. They named Uptos one of the new unauthorized entities offering Forex trading and crypto assets without approval.
An independent regulator from Hong Kong, FINACOM, warned investors that they’re not protected if dealing with Uptos broker.
Finally, warnings were republished in Spain and Denmark.
Our search has shown that Uptos is widespread around the globe. The firm is targeting countries such as:
Wherever you reside, you should be quite careful. Uptos has no regulations or a compensation fund, and if something goes wrong, you won’t be able to get reimbursed.
Let’s take into consideration broker reviews by their investors. At the time of writing, we found 130 comments on Trustpilot, and the broker rated poor with 1.8/5.
There’s only one Uptos trading platform, which is proprietary. It’s called UpTrader and comes as a WebTrader, desktop, and mobile app.
You can find several statistics, a few charts, and indicators, and that’s about it. You won’t gain access to advanced features like EAs or social trading. In addition, the software is owned by the broker, meaning it’s easier to manipulate and change trade outcomes or steal customer funds.
Unlike this one, third-party software such as MT4, MT5, or cTrader is far safer. Each of these has millions of users, which in itself speaks of safety.
If you’re still interested, which shouldn’t be the case, here’s what you can trade with the broker:
Unfortunately, this broker doesn’t reveal anything about trading terms. Besides the fact that leverage is out of the regulatory levels, we have nothing else to say. And there’s no risk-free Demo where we could confirm it.
You can choose from one of the six Uptos account types:
From the Starter one, all accounts can be Islamic, swap-free. Other than that, each brings to access to more tools and analysis.
As mentioned, there’s no Uptos Demo account. If you want to test the system, you will need to pay the minimum deposit, which is $250.
Legitimate brokers often have Micro accounts starting at as low as $10 and free Demo. Using it, you can test the brokerage company and your trading skills and decide whether it’s the right time to invest.
Sadly, there are no listed options viable for Uptos withdrawal. The company didn’t tell us anything about how to get your money back or the waiting period.
They did, however, mention a 4% annual interest rate and an additional daily interest. Also, they mentioned rebates, profit shares, VATs, or tax duties. However, all this without displaying amounts or explaining what the brokerage has with your taxes charged by the IRS.
If Uptos or a similar trading brokerage scammed you, let us know. Global Fraud Protection has dedicated chargeback specialists and CipherTrace crypto experts who can assist you with this matter.
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Uptos is an unregulated offshore brokerage. If you get involved with the firm, we might be able to assist with a refund procedure.
Uptos doesn’t offer its clients a risk-free Demo account, only a Live one.
Uptos doesn’t mention any bonuses but has some hefty fees to be aware of.
Uptos is an unregulated offshore brokerage. If you get involved with the firm, we might be able to assist with a refund procedure.
Uptos doesn’t offer its clients a risk-free Demo account, only a Live one.
Uptos doesn’t mention any bonuses but has some hefty fees to be aware of.
The post Uptos Review – Offshore Broker Scam That Everyone Should Avoid appeared first on Global Fraud Protection.
