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Upforex

Saint Vincent and the Grenadines|5-10 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://upforex.com/

Website

Rating Index

Influence

Influence

D

Influence index NO.1

Botswana 2.61

Surpassed 61.76% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

(784)456-2970
info@upforex.com
https://upforex.com/
Suite 305, Griffith Corporate Centre Kingstown St. Vincent & the Grenadines

Licenses

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

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Contact number

English

(784)456-2970

Broker Information

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Company Name

Capital Trade LTD

Company Abbreviation

Upforex

Platform registered country and region

Saint Vincent and the Grenadines

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-03-29
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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Upforex · Company 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.

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Sara.
more than one year
A V O I D!!!!!! DO NOT INVEST ANY MONEY IN THIS ****. They do not explain what is the free margin or margin level so they make you invest more to lose more. Telling you to bid a high amount and lose!
2023-03-07 18:33
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