UproFX is a Forex broker currently operating from Estonia. The company is relatively new and has already found itself tangled in a bunch of controversies. This UproFX review serves as a means to shed light on the company and display its true intentions and reasons for mustering such accusations of a UproFX scam.
Min. Deposit: €250 Demo: Yes
Platform: WebTrader Bonus: No
Regulation: N/A US Clients: No
UproFX is a child company of Yield Enterprise Currency Software, one of the largest companies operating in Estonia at the moment. The brokerage offers its customers the luxury of a 1:100 leverage, floating spreads and of course a low minimum deposit of EUR 250. The registration and usage of the company’s services are extremely streamlined and easy to learn.
Is UproFX a scam?
The controversy surrounding the potential UproFX scam is easy to understand. The company currently holds no license for regulation in Estonia, however, when looking deep into the details, the reason soon becomes obvious. The company is relatively new, therefore the process of acquiring a license may still be well on its way, therefore it is way too easy to call it an UproFX fraud. Furthermore, the firm is backed by a large corporation, which has a reputation to keep intact. Having a company which is connected to anything resembling a scam would damage their credibility immensely, which is obviously a terrible event for the business.
These two arguments are enough to put the UproFX scam situation on hold for now, but let’s look into their features and try to find out whether or not the rumors correlate with the reality.
UproFX review of the company
Gathering information about the company proved to be a lot easier than expected. With all the rumors running around you’d expect them to hide their most delicate documentations. However, with UproFX this is not the case, they happily disclose all of their most sensitive documents for you to see and read. The KYC documentation is deserving some extra attention as well. The simple guide called “getting started” is also a great way to see what the company requires from a customer. In this case, you won’t have to disclose too much of your personal details, only your location and phone number will be required to register, which is always a plus to security. But what about the most important things like the leverage and spreads?
UproFX Leverage & Spreads
The spreads were a bit confusing, to be honest as the term floating spreads is not something you see every day. In most cases, they are fixed. But the fixed version is restricted to the most expensive account on UproFX’s platform. However, there is no need to alarm as having lower spreads during the bear market is always better and easier to utilize.
Alongside those low spreads, you can use the massive leverage of 1:100. Pairing those two up will definitely help you boost your profits immensely, however, heed the warnings on the website, that high leverage trading comes with not only profits but also risks. In addition to the 1:100 leverage you can also receive a massive boost of 1:500 if you go for the more expensive Gold and Premium account types. But as already mentioned, there’s a lot of risks connected to it.
In terms of value, you may think that 1:100 leverage is nothing compared to other companies in the industry. The reason they are so good is that they are operating within the EU, where the leverage is restricted to 1:30. Thankfully they are legally able to offer the 1:100 leverage, which should be like a magnet for every European trader looking for a new broker.
The trading tools offered on the website are more than enough. UproFX Forex broker offers quite a lot of helpful guides as well as a sneak peek into the latest and most important news for the market. The accounts themselves come with additional perks and benefits in terms of expert opinions and superior trade signals.
The trading software, however, is a little bit limited. In most cases, we would see a bit more variety in terms of the software. Most brokers opt for cTrader or Metatrader 4 or 5. UproFX WebTrader is the only option for a customer at this point. Don’t misinterpret, however, the software itself is rather good, it is streamlined and easy to understand, but some variety would have been even better.
Withdrawing and Depositing
The good news in this department is that there are no fees whatsoever to speak of. However, we do indeed have some restrictions in terms of withdrawing. UproFX withdrawals are only done with Wire transfer and Credit/Debit cards. Wire transfer also brings in a little hindrance of a minimum EUR 500 withdrawal, which although restricting, is understandable. In terms of deposits, you have way more variety, Wire, credit/debit cards, Skrill and etc. As already mentioned, these withdrawals and deposits happen without a cent in commissions or fees.
UproFX reviews summary
So, can UproFX be trusted? Are they a scam or are they legit?
After reviewing all of the broker’s features it is easy to say that they are not a scam. The misunderstanding of them being a scam can easily be understood, for not having a regulation. In our case as well, have we not known that they are backed by the large corporation, we would have branded them a scam immediately as well. However, you can rest easy when trading with UproFX.
The services they offer are getting more and rarer these days, especially in the EU thanks to ESMAs regulations. But as always, no matter how good the broker is, keep your guard up and don’t take too many risks.