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UPROFX SCAM BROKER REVIEW
UproFX is a CFD/ broker which is run by Yield Enterprise Currency Software OU located in Estonia. UproFX offers a variety of assets which includes commodities, Crypto CFDs, indices, stocks, precious metals etc. This broker is not a licensed broker so your funds deposited with the broker will not be safe.
UproFX offers a number of currency pairs for trading which is around 50 in number. It also offers crypto CFDs, CFDs on agricultural commodities, precious metals, natural gas, 20 indices and stocks. Thus, the selection of assets is great and traders have the options to choose the asset they want.
The leverage offered is 1:200 in premium accounts while 1:100 in classic and silver accounts. There is a recent capping in the allowed leverage by European Securities and Markets Authority. Now the allowed leverage in FX trade by the European union is 1:30.
The minimum amount required for initial deposit is 250 Euros. The payments are accepted through all major credit or debit cards, bank wire, online services like Skrill and Neteller.
UproFX offers four types of trading accounts and a managed account option. The managed account plan is usually not recommended since there can be clear conflict of interests.
UproFX does not have MetraTrader as a trading platform which is not recommended until the platform offered is robust. The platform currently offered by UproFX is simple web based trading platform. It lacks a number of features like market indicators, charting tools etc.
The spread offered is quite high which is 3 pips. One cannot expect such higher spread from a Forex or CFD broker. This spread is not a competitive one.
Is UproFX a scam or legit broker?
UproFX is not regulated by any well-known regulating authority in its region and therefore the chances of it being involved in scam are good. In the history we can see that most of the unregulated brokers were involved in scams. Moreover, there are certain more issues which builds up the possibility of UproFX being involved in scams like a simple trading platform, uncompetitive spreads and others. We do not recommend to trader with this broker as trading with an unregulated broker is a risky affair. Any funds invested with these brokers are not protected by strict financial rules imposed by well-respected financial authorities in the broker’s area. Better invest with the brokers which are regulated by financial authorities FCA in the UK, ASIC in Australia or CySEC.