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UproFX Review - is it scam or safe?

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

RATING: 1.1 / 0 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

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