In this UproFX review, we will be tackling the discussion of whether or not the broker’s features are on par with the rest of the competition in the Forex world. We will also try to look into their controversy surrounding multiple UproFX scam reviews on the internet. Let’s begin.
Leverage: 1:100 Licences: N/A
Min. Deposit: €250 Bonus: N/A
Spreads: from 0 pips US Clients: N/A
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UproFX is a newcomer in the world of finance. Their website domain is telling us that they have been online for no more than 9 months. Although this could arouse suspicions, please remember that every company needs to start somewhere. The broker is currently operating from Estonia, one of the most digitalized countries in Europe. It is currently a child company of the massive Yield Enterprise Currency Software corporation.
UproFX review in a nutshell
UproFX Forex broker turned out to be quite a powerhouse in terms of features for today’s standards. Although being in the EU zone, which would warrant a direct correlation with ESMA, the broker still managed to feature leverage above 1:30. Currently, UproFX offers leverage of 1:100 and spreads that could be both fixed and floating. The largest controversy surrounding the company is that it does not feature a license from a local regulator.
Although the broker has displayed all of its features without fail and seems to have a nice level of transparency, we simply can’t get the unlicensed characteristic out of the back of our heads. It’s simply too inhibiting to classify the broker as trustworthy right now.
The parent company is quite popular and large, therefore it would be suicide for them to feature a child company that would be connected to anything suspicious with the law. Therefore the massive risk in front of them would immediately disregard a potential UproFX scam. Besides, the brokerage is relatively new, so the regulation may come in due time.
Ins & Outs of UproFX
Like with all the other brokers we review on our website, we try to look not only at the features but the way the broker handles transparency. The UproFX scam rumors had us pay extra attention in this case, and we are happy to report that the company was able to tick all of our checkboxes in terms of info disclosure.
The KYC documentations were right in front of us, as well as all the other financial aspects of the platform. The registration for an account was easy enough as well. We always consider it a terrible addition when a broker is asking too much of your personal information. The best thing for a broker to ask for is your email and nothing else. The only additional thing you will need to fill in with UproFX is your phone number, which doesn’t even need to be yours as it is not crucial for the authorization.
All of this correlates to the minimum amount of your personal info being disclosed to a company, which is always a boost to security.
UproFX Leverage & Spreads
As we’ve already mentioned UproFX is able to offer 1:100 max leverage. However, many people were concerned about this as their base of operations is in Estonia, which itself is in the EU. Because of this, it was expected the company would have a restriction to only 1:30 leverage, but the good news is that they still managed to retain the feature.
In addition, the company offers some of its customers’ even higher leverage of 1:500. But the feature is restricted only the Premium account holders, which cost a bit more than the minimum deposit of EUR 250. Thankfully it is still restricted with choice, therefore it will only take effect if you allow it to. UproFX reviews also warn its customers about potential risks connected to high leverage trading.
In terms of spread,s it could be a bit confusing, however, as the term floating spread could be quite new to a customer. On most of the accounts the spread is floating, meaning that it will change in accordance with the prices of a specific asset, this could go down as well as up. But judging from the info and the demo version of their trading app, when the market is bearish, the spreads become lower, to encourage buying. A bullish market increases the spread to encourage holding.
The fixed spread is only available on the premium account.
UproFX review of trading accounts
There are 4 accounts on UproFX at the moment. All of them coming with different perks and boosts. It’s probably already obvious that the Premium account is the most expensive as well as the most useful. But this is the case with pretty much every other broker as well. For the beginners and mid-tier traders, there are special accounts called the Classic, the Silver and the Gold. The Classic features the least amount of required deposits, EUR 250, which is an industry standard at this point. However, pairing that up with the 1:100 leverage will boost the account quite rapidly.
With these accounts, you will have access to the company’s expert advisors as well as additional signals about potential developments in the market. Not only that, but the website holds a number of guides and tips connected to trading, which is a kind gesture from the broker.
UproFX Withdrawals & Deposits
WIthdrawals & Deposits are nothing, special to be honest. The company features several ways you can deposit (E.G Wire, Credit/Debit card, Skrill), and only a few for withdrawing (E.G Wire, Credit/Debit card). However, they still managed to add some value by making both of the actions occur without a cent in fees. In terms of waiting time, there is no difference from other companies for your withdrawals.
Trading on the web
Like We’ve mentioned the company is located in Estonia, one of the most digitalized countries in Europe. Therefore when we found out that the trading is done exclusively on the web we weren’t too surprised.
The software itself looks quite easy to use and may seem familiar to all of the cTrader users. For this UproFX review, we gave it a try on the demo version and found it to be quite fluid and fast. The website itself is also under good protection, which is another boost to security. What you need to know is that the Webtrader is the only way you can trade on the platform. There is no external software such as MT4 or MT5.
Is UproFX legit?
After much deliberation, we need to make a final UproFX rating. Considering the fact that the broker is unlicensed, we think it’s obvious that we can’t give them a 5/5. But the transparency and trading options they propose can’t really justify a 0/5 as well.
Therefore we will go for the middle ground, but still, warn anyone who may read this that it does not excuse the broker from not at least trying to get a license. We don’t think UproFX is recommended despite its relatively enticing trading conditions.