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UpperTrade

Dominica|2-5 years|
Suspicious Scope of Business|High potential risk|

https://uppertrade.pro

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support@uppertrade.pro
https://uppertrade.pro

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No valid regulatory information, please be aware of the risk!

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Company Name

Tetris Group LTD

Abbreviation

UpperTrade

Platform registered country and region

Dominica

Company website

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Warning: Low score, please stay away! 2
Previous Detection : 2024-07-18
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

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UpperTrade · WikiFX Survey

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UpperTrade · Company Summary

UpperTrade Basic Information
Company Name UpperTrade
Founded 2021
Headquarters Dominica
Regulations Unlicensed
Tradable Assets Forex currency pairs, shares, cryptocurrencies, commodities, indices
Account Types Beginner, Medium, Advanced, Professional
Minimum Deposit $1
Maximum Leverage 1:200
Spreads From 0 pips
Commission Not specified
Deposit Methods Crypto wallet
Trading Platforms Custom-built trading terminal
Customer Support Message board
Education Resources Not specified
Bonus Offerings Not specified

Overview of UpperTrade

UpperTrade is an unlicensed trading platform that offers a variety of tradable assets, including forex, shares, cryptocurrencies, commodities, and indices. It provides multiple account types to cater to different trading needs and has a low minimum deposit requirement of $1. The platform operates with a maximum leverage of 1:200 and offers competitive spreads. Deposits can be made using a crypto wallet, and UpperTrade utilizes a custom-built trading terminal.

However, it is important to note that UpperTrade operates without regulatory oversight as an unlicensed platform. This lack of regulation raises concerns about the safety and security of funds. The platform also lacks transparency in areas such as commissions, education resources, and bonus offerings. Additionally, customer support options are limited, with only a message board provided for communication.

Traders should exercise caution and carefully consider the risks associated with trading on an unlicensed platform like UpperTrade. It is recommended to prioritize platforms with regulatory oversight and transparent operations to ensure the protection of funds and a better trading experience.

basic-info

Is UpperTrade Legit?

UpperTrade is an unlicensed broker, and it is risky trading with it. Caution is advised when considering trading with UpperTrade, as this broker operates without a license. Trading with an unlicensed broker carries inherent risks and raises concerns regarding the safety and security of funds. Regulatory authorities play a crucial role in overseeing and regulating the operations of brokers, ensuring compliance with industry standards and protecting the interests of traders.

Choosing to trade with an unlicensed broker such as UpperTrade means there is a lack of regulatory oversight and accountability. This absence of oversight can result in potential issues such as inadequate client fund protection, unfair trading practices, and limited avenues for dispute resolution. In the event of any disputes or financial issues, traders may face challenges in seeking recourse or recovering their funds.

Pros and Cons

UpperTrade offers a variety of tradable assets, including forex currency pairs, shares, cryptocurrencies, commodities, and indices, providing traders with a diverse range of options for their portfolios. The platform also offers multiple account types to accommodate different trading needs and a low minimum deposit requirement of $1, making it accessible to traders with various budgets. Additionally, UpperTrade utilizes a custom-built trading terminal, providing a unique trading experience. However, it is important to note that UpperTrade is an unlicensed platform, operating without regulatory oversight. This lack of regulation raises concerns about the safety and security of funds. The platform also lacks transparency in areas such as commissions, education resources, and bonus offerings, and has limitations in terms of customer support options. Traders should exercise caution and carefully consider these pros and cons before engaging in trading activities on UpperTrade.

Pros Cons
Offers a variety of tradable assets Unlicensed platform, lacking regulatory oversight
Multiple account types to accommodate different trading needs Lack of transparency in commissions, education resources, and bonus offerings
Low minimum deposit requirement Limited customer support options
Custom-built trading terminal

Trading Instruments

UpperTrade offers a variety of trading instruments, including forex currency pairs, shares, cryptocurrencies, commodities, and indices. Traders have the opportunity to engage in forex trading, where they can speculate on the exchange rates of different currencies. They can also trade shares of publicly traded companies, participate in the cryptocurrency market, and trade commodities such as gold and oil. Additionally, UpperTrade provides access to trading indices, allowing traders to track and trade the performance of specific market indexes. With this range of trading instruments, traders have the flexibility to diversify their portfolios and choose assets based on their preferences and trading strategies.

Here is a comparison table of trading instruments offered by different brokers:

Broker Forex CFDs Crypto Stocks Commodities ETFs Options Indices
UpperTrade Yes No Yes Yes Yes No No Yes
Capital Bear Yes Yes Yes Yes Yes Yes Yes No
Quadcode Markets Yes Yes Yes Yes Yes Yes No Yes
Deriv Yes Yes Yes Yes Yes Yes Yes Yes

Account Types

UpperTrade offers multiple account types to cater to the needs and preferences of different traders. Let's take a brief look at each account type:

1. Beginner Account:

The Beginner account is the entry-level account offered by UpperTrade. To start trading with this account, a minimum deposit of $250 is required. The account provides basic educational materials to help beginners understand the fundamentals of trading. However, it lacks an account manager and risk management tools. The spread starts from 2.0 pips, and the leverage for both Beginner and Medium accounts is set at 1:300.

2. Medium Account:

The Medium account is designed for traders who are willing to deposit a minimum of $2,000. With the Medium account, traders receive 10 free trading signals per week, which can help them make informed trading decisions. The account also includes guaranteed stop-loss features, providing an added layer of risk management.

3. Advanced Account:

The Advanced account is considered the most popular account type offered by UpperTrade. To open an Advanced account, traders need to deposit a minimum of $5,000. This account comes with additional benefits such as negative balance protection, which ensures that traders do not lose more than their account balance. Traders at this level also receive premium trading signals, which can assist them in identifying potential trading opportunities. Furthermore, an important feature of the Advanced account is the inclusion of a personal account manager who can provide personalized guidance and support.

4. Professional Account:

The Professional account is tailored for experienced traders and requires a higher minimum deposit of $25,000. The leverage for this account is set in accordance with regulatory standards at 1:100. The Professional account offers a stop out level of 100 percent, meaning that positions will be automatically closed if the account reaches a zero or negative balance. Traders with a Professional account receive VIP trading support, which includes priority access to customer service and additional benefits to enhance their trading experience.

Each account type provides different features and benefits, allowing traders to choose the account that aligns with their trading goals, experience level, and financial capacity.

account-types

Leverage

UpperTrade offers a maximum leverage of 1:200 to its traders. Leverage is a tool that allows traders to control larger positions in the market with a smaller amount of capital. With a leverage ratio of 1:200, traders can amplify their trading positions by up to 200 times the amount of their initial investment.

However, it is important to note that while leverage can increase potential gains, it also magnifies potential losses. Higher leverage means that even small market fluctuations can result in significant losses. Traders should exercise caution and have a thorough understanding of the risks involved when trading with leverage.

Here is a comparison table of maximum leverage offered by different brokers:

UpperTrade Capital Bear Quadcode Markets Deriv
Maximum Leverage 1:200 1:5 1:30 1:1000

Spreads and Commissions (Trading Fees)

Regarding spreads and commissions, there are some concerns and lack of clarity surrounding UpperTrade. While they advertise a 0 pip spread on EUR/USD trades, there have been indications of undisclosed commissions mentioned in the legal documentation. This suggests that the 0 pip spread may not be the final cost of the trade. Unfortunately, the specific details about these commissions have not been provided, leaving traders unsure about the actual costs they may incur.

This lack of transparency regarding commissions can be problematic as it makes it difficult for traders to accurately assess and calculate their trading expenses. It is important for traders to have a clear understanding of the costs associated with trading, including spreads and commissions, to make informed decisions and manage their trading strategies effectively.

Deposit & Withdraw Methods

UpperTrade offers flexible deposit options, as there is no minimum deposit requirement. This allows users to invest as low as $1, accommodating a wide range of investors. However, it is important to note that this flexibility may also expose users to potential risks, including the possibility of falling victim to scam activities.

One concerning aspect is that UpperTrade only provides a crypto wallet as the payment method. This can raise suspicions, as crypto payments are often associated with anonymity and lack of traceability. This may make it difficult to track and recover funds in case of any issues or disputes.

Regarding withdrawals, UpperTrade claims that all withdrawal requests are processed within 24 hours. This indicates a relatively quick processing time, which can be beneficial for traders who want timely access to their funds.

While UpperTrade states that there are no deposit or withdrawal fees, it is worth noting that there may be additional fees that have not been specified or discussed. This lack of transparency regarding potential fees can create uncertainty for clients, as unexpected charges may arise without prior knowledge.

Overall, it is important for users to exercise caution when considering depositing funds with UpperTrade. The lack of transparency regarding fees and the sole reliance on a crypto wallet for payments may raise concerns. Traders should carefully assess the risks associated with these factors before deciding to invest with UpperTrade.

deposit-withdrawal

Trading Platforms

UpperTrade provides a custom-built trading terminal as one of their trading platforms. However, it's worth noting that custom platforms like this may not have regulatory approval or extensive testing from industry experts.

In contrast, widely recognized platforms such as MT4, MT5, and SIRIX are recommended for their reliability. It is important to consider that custom platforms may have slower execution speeds, potentially causing delays in order execution. Traders may prefer established platforms like MT4, MT5, and SIRIX, which are known for their efficiency and have gained regulatory approval.

trading-platform

Customer Support

The customer support provided by UpperTrade has limitations and room for improvement. Instead of providing direct communication channels like a phone number or live chat, they offer a message board on their contact page. This approach suggests that UpperTrade wants to control the communication channel and may make it difficult for members to reach them. Traders who have deposited a significant amount, like $25,000, may find it frustrating to not have convenient ways to contact support. Additionally, there are concerns about the response time for withdrawal requests, as it may take days to receive a response. UpperTrade should consider offering more direct and responsive communication channels to enhance their customer support services and provide a better trading experience for their members.

Conclusion

UpperTrade is an unlicensed trading platform that offers a range of tradable assets and multiple account types. It has advantages such as a diverse range of tradable assets, low minimum deposit requirement, and a custom-built trading terminal. However, there are significant disadvantages to consider. The platform operates without regulatory oversight, raising concerns about the safety of funds. It lacks transparency in areas such as commissions, education resources, and bonus offerings. Additionally, customer support options are limited to a message board. Traders should exercise caution and prioritize platforms with regulatory oversight and transparent operations.

FAQs

Q: Is UpperTrade a licensed broker?

A: No, UpperTrade is an unlicensed trading platform, which means it operates without regulatory oversight.

Q: What tradable assets does UpperTrade offer?

A: UpperTrade offers forex currency pairs, shares, cryptocurrencies, commodities, and indices as tradable assets.

Q: What is the minimum deposit requirement for UpperTrade?

A: The minimum deposit requirement for UpperTrade is $1.

Q: Are there any fees for deposits and withdrawals on UpperTrade?

A: UpperTrade states that there are no deposit or withdrawal fees, but it is worth noting that there may be additional fees that have not been specified.

Q: What is the maximum leverage offered by UpperTrade?

A: UpperTrade offers a maximum leverage of 1:200, allowing traders to control larger positions in the market with a smaller amount of capital.

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FX1341143041
more than one year
I’ve shortly traded with UpperTrade one year ago and let me share my trading experience here: I traded with its beginner account, and when I was making profits, it intentionally lowered my trading leverage, and manipulated the price. I guess you can guess the ending: I lost much…
2023-03-13 13:33
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