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UproFX Review - is it scam or safe?

UproFX review - Is uprofx.com scam or good forex broker?

RATING: 1.1 / 17 REVIEWS UproFX
UproFX is an offshore broker. Your money is not safe.

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UproFX is a forex and CFD broker, offering quite a variety of currency pairs, crypto CFDs and other assets, ranging form commodities and precious metals to indices and stocks. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Classic Account 250 EUR 1:100 3 pips, fixed
Silver Account n/a 1:100 n/a
Gold Account n/a 1:200 n/a
Premium Account n/a 1:200 n/a

 

UproFX Advantages:

 

Good selection of forex pairs and CFDs

 

UproFX offers nearly 50 forex pairs, with some exotic currencies like Danish Krone, Hungarian Forint, Norweigen Krone,  Polish Zloty, Swedish Krone, Turkish Lira, Hong Kong Dollar, Mexican Peso, Russian Ruble, Singapore Dollar, South African Rand, Indian Rupee and Israeli Shekel. The broker also offers an array of crypto CFDs with coins, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin, Ethereum, Ethereum Classic, Dashcoin, Ripple, IOTA, Verge, Siacoin, Cardano, NEO, Tether, Stellar and Monero, CFDs on energy and agricultural commodities like wheat, sugar, soybeans, orange juice, cotton, corn, copper, coffee, cocoa, oil and natural gas, precious metals like gold, silver, platinum and palladium, as well as some 20 indices and stocks. As crypto assets are getting more and more popular, here you may check our list of broker also offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:200

 

With its premium accounts UproFX  offers leverage of up to 1:200, while with its Classic and Silver accounts leverage is caped at 1:100. Keep in mind that while higher leverage may help you score good profit with a relatively small deposit, it is also associated with a significant risk of loosing your funds much faster. We should also note that since the beginning of August the the European Securities and Markets Authority (ESMA) has capped the leverage, allowed with forex trade in the European Union, at 1:30. 

 

Acceptable minimum deposit requirement

 

You can start trading at UproFX with just 250 EUR, which is more or less in line with what traders would expect. Still with some big, well established brokers like FBS and IG you can open a trading account with as little as 5 USD.

 

Popular e-wallets accepted as payment methods

 

UproFX accepts payments with major credit or debit cards like VISA and MasterCard, bank wire and popular e-wallets like Neteller and Skrill. Still the broker does not accept payments with crypto coins, so here you may check our list of brokers, where you can pay with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

UproFX Disadvantages:

 

UproFX is not regulated

 

We should note that this is a major setback. Regulation is the single most important factor for the safety any investment and UproFX appears not to have a license to provide financial services. 

 

UproFX is owned and operated by Yield Enterprise Currency Software OU, a company based in Estonia and because all companies, providing financial services in the country, should be registered with the local Financial Supervision Authority – the Finantsinspektsioon or a similar financial watchdog in another EU country, we decided to check the registers of the institution. Unfortunately we were not able to find neither UproFX nor Yield Enterprise Currency Software OU there.

 

So UproFX does not hold a license and that means any funds invested with the broker will not be protected by the strict financial and ethical rules, enforced by well respected financial authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

Among the rules, all properly licensed brokers are obliged to follow, we should point out the requirement to keep all traders money in a segregated, protected form creditors account, to maintain a certain minimum operational capital and in some cases even to insure traders money.

 

In case their broker is insolvent, all traders with FCA brokers, for example, can have up to 50 000 GBP of their capital back. A similar CySEC compensation scheme guarantees traders up to 20 000 EUR of their investment. So here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

UproFX offers managed accounts

 

Along its four main trading accounts, UproFX says to be offering managed accounts including “auto trading accounts”. Here our concern is that UproFX is actually a Market Maker - they make profit, when their clients loose and offering a managed account is in clear conflict of interest. That is why most legit brokers avoid offering managed accounts. And besides, with a good trading platform such as the MetaTrader4 you can always run automated trading sessions.

 

UproFX does not support MetaTrader4

 

Speaking about trading platforms here we have another setback. UproFX offers its clients a rather simplified web based trading platform, which until recently we have seen with a lot of binary options brokers.

 

 

The platform lack basic features like charting tools and market indicators, as well the option top run automated trading sessions – something for which MetaTrader4 got famous in the first place. So here you may check our list of brokers, offering the MetaTrader4:

 

>>MT4 Brokers<<

 

Uncompetitive spreads

 

As tested with a demo account the benchmark EURUSD spread was fixed at 3 pips, which is at least twice higher tahn the levels traders would usually expect with a standard account. So here you may check our list of brokers, offering tighter spreads as well:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

UproFX is a unregulated broker with very limited credibility. Apart form obvious issues like the lousy trading platform and the uncompetitive spreads, our main concern remains the brokers regulatory status. We have already discussed the importance of regulation, so here we shall only note that unfortunately most unregulated brokers are involved in scam.

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Traders` reviews for UproFX

Spread

Pros

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Slippage

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Requotes

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Price feed

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Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

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Summary

Pros

Cons

 

 

Be awere

Do not trade with them. They keep profit hight till you request money back. The worst company !!! If you want to avoid problems, do not trade with them.

Ann 04/16/2019

Scam by UPROFX

Two days after my transfer of EUR 250, I told UproFX to return the money to me. I was consoled for 6 weeks, that it was not possible because of a "routine" ... and I get it then. I never touched my account nor traded! Now I get a call, I would have lost everything with my actions, if I would like to close it! Danger!!!! UproFX are cheaters and paid or perhaps won money you will never get back !!!!

Walter Haefeli 04/12/2019

UproFX / Twiggy Forrest fake

Today I decided to try bitcoin trading & followed a link with a tv presentation with Twiggy Forrest.

I filled my details online & subsequently received a phone call, during the discussion I was asked for credit card details to start the account.
I offered a Bendigo bank MasterCard & put on hold while Steven Williams checked the euro exchange to AU $.

Steven came back saying that this Debit/credit card was not allowed, he then spoke to my partner assuring him of the safety in us giving him a credit visa, which we did.

On hold again, he returns to say that the visa wasn’t accepted either & he needed proof of identity & utility notices to be photographed & attached to a blank email that he sent through.

I had trouble attaching the photos & tried phoning the no 02 61450445 to discuss further the need for the photos, only to be advised that the no. Above was no longer in service.

BELLS STARTED RINGING

I sent him an email regarding the phone no. & he tried phoning again, I didn’t answer, tried phoning back & this second no. Was not in service either.

I am now concerned about the security of my two credit cards.
Thank you for your information

Regards
Cynthia Lynch

Cynthia Lynch 04/09/2019

UproFX next big SCAM

I have a tip, which might lead to something. why not register at Efri.io. KontoFx and their other website UproFX and KayaFx are the same fraud.They can, with sufficient notification, start a class action against it with regulated and legal law firms. They currently operate about 15 cases against various fraud Binary option companies. At least one can make a notification on their whistleblower side and warn other traders for those scams.

Janne 03/31/2019

Keep away from UPROFX and OBSBIT

Yes stay away. I try to get back my money (EUR 250) for mor than 2 months without any result. They are bandits! You will never get back your money! I have the same experience with OBSBIT!

Walter Haefeli 03/30/2019

Complete scam

Stay away. Have tried to get my money refunded for more than 14 days
Without any result. They are refusing to getting back and returning the amount.

Stay away it is fraud

Mads Leth Christiansen 03/27/2019

Keep away from UPROFX

To bad a company. Have invested 500 Euro in the company, and lost confidence to them. Now I want my money back - there is +500 euro in the account, but nothing happens.

The broker Jonathan claims that I am not responding to him or his collegueas.

My advice is to stay away - You will never get your money back.

Mads L Christiansen 03/22/2019

Uprofx is a very dodgy company

I invested the basic 250 Euro's they did some minor trading, today it stands at 332.18 Euro's OK a profit but as soon as i said i wanted to cancel the account and with draw my money, they just keep calling asking why why why and putting up excuses not to, will i ever get my money back!!!!! I will keep you informed.

John Dales 03/20/2019

UproFX same as KontoFX

UproFx is not regulated nowhere, and they publish fake Reviews on the social media , Don`t fall for this scam, and deposit amounts will never be withdrawn.

John 03/09/2019

UproFX = KontoFX

They are a mean scam do not trust these broker they stole my money and locked me out from my account.

Later I found out they are the same as KontoFX just a new name

will 02/26/2019

UproFX Betrug!!!

UproFX iIst totaler betrug als ich kein weiteres Geld investieren wollte hat mein Broker mir gesagt dass er nicht weiter für mich arbeiten wollte, und er mein Konto an seinen Kollegen geben wird am nächsten Tag war mein Konto im minus. Ich habe 5000€ investiert und jetzt steht es auf minus 7521€ sofort am nächsten Tag rief mich mein broker an und verlangte, dass ich den Verlust ausgleiche er drohte mir mit rechtlichen Konsequenzen.
Ich habe UProFX bei der Polizei angezeigt das ist klarer betrug, sie sind auch noch so unverschämt und verlangen das man den Verlust ausgleicht!

Translated by Google:

UproFX iIst total scam when I did not want to invest any more money, my broker told me that he did not want to continue working for me, and he will give my account to his colleagues the next day, my account was in the minus. I have invested 5000 € and now it stands at minus 7521 € immediately the next day my broker called me and demanded that I compensate for the loss he threatened me with legal consequences.
I have shown UProFX to the police, which is clearer, they are so outrageous and demand that you compensate for the loss!

Jenny 02/26/2019

another scam broker

A few days ago I received a call from Upro fx from a Account manager called Greg Miller he claimed that he is now in charge for the clients from kaya fx( I lost 2500 there ) he apologized what happened there with my account but the manager from kaya was arrested last month and they are investigating and if this is true court I would revive my money back from kaya .

Now he is working with UProFX and would ensure that this time everything would be fine, he claimed that he could make me profit easily so I would have the money back that I lost earlier in a week, but on UProFX the minimum investment that he can work as my account manager are 5000€ I told him that I don't have that money right now but he told me instead I should take up a loan within in a few weeks I could double the money.what is not possible in this way he told me I researched online and on Facebook and there are way to many bad reviews for a new broker plus the FCA warning also my account manager sounded like the one from the KAYA FX Phillip Schmidt videos on youtube

William 02/22/2019

Do not use UProFX

UproFX has no license and is not regulated anywhere this means they can do with the money you invest whatever they want and this is usually what they do , they take the investment and show you good profits and talk you into investing more this is the classic investment scam scheme who collapses soon as you want to withdraw the FCA and ASIC warns from this broker they are quite new and are already blacklisted so better stay away !

UproFX no tiene licencia y no está regulado en ninguna parte, lo que significa que puede hacerlo con el dinero que invierte en lo que quiera y esto suele ser lo que hacen, se llevan la inversión, le muestran buenas ganancias y lo convencen para que inviertan más. Esta es la inversión clásica. El esquema de estafa que se derrumba pronto cuando se quiere retirar la FCA y ASIC advierte de este corredor que son bastante nuevos y que ya están en la lista negra, ¡así que mejor aléjate!

Tim 02/21/2019

FCA blacklisted

this company is not regulated or licensed so they can't trade for clients legaly, the FCA and ASIC warns from them it is another investment scam scheme like the others where they will always want you to invest more, you will never be able to withdraw or gain any real money from this company they are quite new and already blacklisted this is a broker you should avoid !

Dieses Unternehmen ist nicht reguliert oder lizenziert, so dass es nicht legal für Kunden handeln kann. FCA und ASIC warnen davor, dass es sich um eine Betrugs Masche handelt, bei denen Sie immer wollen, dass Sie mehr investieren sie verdienen KEIN echtes Geld mit dieser Firma. UProFX sind ziemlich neu und bereits auf der schwarzen Liste. Dies ist ein Broker, den Sie meiden sollten!

esta empresa no está regulada ni tiene licencia, por lo que no pueden intercambiar legalmente por clientes, la FCA y la ASIC advierten de que se trata de otro esquema de estafa de inversión como los otros, donde siempre querrán que usted invierta más, nunca podrá retirarse. o gane dinero real de esta compañía ya que son bastante nuevos y ya están en la lista negra, ¡este es un agente que debe evitar!

manu 02/21/2019

They stole my money

Upro FX is a complete scam I invested around 6500€ they showed me huge profits but always had another excuse why I should not withdraw but as I needed the money for medical reasons the trouble began. The locked me out from my account and started to pressure me to invest further 5000€ if I wanted to be able to access the account again what I did not do, they still calling me and want me to add up the money I told them that I want to withdraw my funds but they started to shout and threaten me again. Now I reported them to the police and blocked there numbers!

Phillip 02/21/2019

Do not use UProFX

this is another unregulated and unlicensed scam broker they all use the same pyramid scheme where you always have to add up money to keep it going soon as you want to withdraw your account gets crashed. But anyway they dont have a license so they cant really trade what you see on there website is just fake anyway!

paul 02/19/2019

Timo o Estafa

A priori, lo que creo que es este corredor es UNA ESTAFA, ya que es muy facil hacer los ingresos, y luego no hay asesoria ninguna sobre la inversión.

Yo ando intentando recuperar la inversión después de 8 dias, y la referencia del cobro esta en Ghana...
¿Timo? o algo parecido..??



Translated by Google:

A priori, what I think this broker is A SCAM, since it is very easy to make the income, and then there is no advice about the investment.

I am trying to recover the investment after 8 days, and the reference of the charge is in Ghana ...
Thymus? or something similar..??

andres 02/18/2019
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