Company Profile
Company Profile
Review summary
General Information & Regulation
UpForex is a CFD forex brokerage presumably from St. Vincent and the Grenadines. It provides a web-based trading platform and a generous leverage. UpForex falsely claims to be based in the UK and under the regulatory supervision of the Australian Securities and Investments Commission (ASIC). As a matter of fact the company behind the brokerage is registered offshore in Saint Vincent and the Grenadines. It goes without saying that the government of Saint Vincent and the Grenadines does not include forex trading within its regulatory framework – which means that UpForex is not subject to regulatory oversight.
Markets Instruments
Upforex offers its clients over 30 forex pairs, with a number of exotic currencies, including Singapore Dollar, Danish Krone, Mexican Peso, Norwegian Krone and Swedish Krona. Upforex offers says to be offering CFDs on indices, commodities, global equities and crypto currencies,
Minimum Deposit
There is no information about the minimum deposit requirement on the Upforex website. Have in mind that with most brokers you can open a trading account with about 250 USD and with some big players you can start trading with less than 5 USD.
Leverage
With a leverage of up to 1:100, as offered by Upforex you can score good profit with a limited investment. Still, be aware that higher leverage comes with a price – the higher the leverage, the higher the risk of loosing your funds with the slightest fluctuation of the market.
Spreads & Commissions
As tested with a demo account the benchmark EURUSD spread fluctuated about 1 pip, which is in line with what most traders would expect with a standard account. However, as we are not sure whether the conditions with the demo account mirror the Upforex Standard Account or one of the premium accounts.
Trading Platform Available
Upforex offers a web based trading platform, which lacks some basic features, standard with classic trading platforms such as the MetaTrader4.
Deposit& Withdrawal
Potential clients of the brokerage have a very poor choice of payment methods before them. They may deposit or withdraw only via VISA and MasterCard, bank/wire transfer and bitcoin. Popular options such as Skrill or Neteller are missing. There are both deposit and withdrawal fees. There are as follows: 1.5 per cent for credit cards, 2.5 per cent for bitcoin and 1 per cent for bank and wire transfers respectively.
