How did I first hear about UproFX?
I was reading an economical news article about ESMA leverage caps when there was a mention of UproFX since they are fairly new to the industry yet they are not being restricted by such leverage caps, despite operating within the EU so I was curious to see what they can offer.
What was my first impression of them as a broker?
I did not have much to go by as they are a brand-new broker to the industry, however knowing they are offering attractive leverage held my interest, and the fact they offer their own tailor-made platform did make me slightly dubious about how they operate but I was interested nonetheless since fewer brokers are offering decent leverage these days as a result of ESMA.
How easy is it to navigate the broker website?
Their website is very appealing and simplistically laid out, allowing you to locate information efficiently and with great ease. You are not shrouded by intrusive banners encouraging you to deposit a particular amount to gain a bonus, nor is your first look of the website blasting out how they’re the most awarded broker with the best platform. This is a breath of fresh air, as the website gives a calm aura and puts no pressure on the client to sign up right away.
Do they offer a good variety of tradable assets?
What I really do like about UproFX is that they display their platform on the website, without you needing to register and install the platform first. This way, you can see all 200+ tradable instruments available: Forex currencies, Stocks, commodities, Indices, and a small variety of cryptocurrencies. I do not feel their variety of cryptocurrencies is that extensive as what could be offered but since they are not yet a well-established broker, I can only imagine and hope they will look to add more instruments at a later date.
Do they have different account types and what are the benefits?
This is where doubts were starting to set in- UproFX offer 4 accounts to choose from: Classic, Silver, Gold and Premium. All are entitled to all trading platforms, have 0 deposit fees, an account manager, minimum trade size of 0.01, leverage or 1:100 (Gold and Premium can have up to 1:500 on Forex assets). In addition to this, all accounts may receive live news updates, economical calendar access and educational tools. All accounts on the surface, appear to be attractive, but the fact that minimum deposit is not mentioned for each raised doubt once more. However, I did check out the FAQ page which was vague also in regards to this but did state that although the minimum deposit varies from account to account, the minimum deposit requirement is 250 EUR/GBP. I do not know what the variations are because the website does not show this basic information, and their customer support do not answer any questions until you have registered as a client.
I would like to note here, that as a result of their customer support being unavailable via live chat, email and telephone- surprising since they are operating from the EU and I was on a European time zone at the time I tried to contact them- I was not able to ask if the mention of Expert Advisors (available for all accounts) is a reference to UproFX selling their own to their clients, or whether this is a reference to allowed use of EAs on their platform. I can only assume form their silence that they sell their own software, specially crafted to focus on ensuring the client loses out.
How competitive are their spreads?
You can see the spreads on the website UproFX offer both variable spreads on all accounts other than the Premium account, which gives you fixed spreads, meaning that should you deposit large amounts of money, profits can be guaranteed on winning positions. Likewise, fixed spreads can work against the trader and the fact that the larger amount of money you invest on the Premium account, you are locked in with such an element is a great way for the broker to make you lose money with great ease.
Overall, the spreads on the small variety of tradeable assets they offer are competitive, in particular on their forex pairs, but one must ask the question: where are they pulling their prices from and how heavily manipulated are their prices? Considering they offer their own tailor-made software; this is not out of the question. For their cryptocurrencies however, their spreads are far from competitive and by far amongst the highest I have come across. Again, another great way to profit off client losses, given now is a time where crypto hype has surged once more, so more clients are likely to be dabbling in crypto trading, unawares of the detrimental effect high spreads can have on one’s account.
What is their commission charge?
For all account types, UproFX do not charge trade commissions, or, as they phrase is, ‘zero depositing fees’ which can be confused with fees incurred form particular account funding methods. The fact this broker does not charge trade commissions, and offer their own platform to trade rather than the status quo, MT4, really did not sit well with me- this broker is clearly in housing their trades and making serious profit in brow raising manner.
What is the maximum leverage they offer?
You will probably be asking yourself how this broker has managed to steer clear of the ESMA leverage caps, and still manage to offer attractive leverage despite operating from within the EU. It is quite astonishing that they still able to offer 1:100 on all 4 of their accounts, with the ability to decrease if you wish, and increase up to 1:500 on the Gold and Premium account. This leverage is more than amicable, across the board for all accounts.
Note that the ‘account manager’ that you can be granted should you be one of the higher value clients, is no more than a tool to encourage you to continuously deposit funds. They will call you once you have registered and give you market news followed by their personal input used to assist you in your trade decisions. I even spoke with an ex client on a forex forum online, who told me that they received a call from UproFX advising them to deposit 5,000 GBP in order to make specific profit on an upcoming trade opportunity. The ex-client told them they did not have this amount of money to give, to which the UproFX rep advised them to take a loan to be able to make such a deposit and not miss out on this trade opportunity. This type of ‘’account manager’’ reminds me very much of a binary options operation whereby clients are not in total control of their own funds and their own trades.
What do I need to open a verified account?
Wouldn’t we all like to know! I have found it impossible to find out these basic answers from their client support team as a non-client, as they do not answer questions unless you have registered. The fact they do not openly display such basic information tells me that they do not stick to their word. For example, even in the case of account verification and approval, they do not want to tell you a timescale out of fear it will not be kept. Similarly, they do not like to tell you the important trade conditions that you are signing up for, before registering, so that you are trapped once you have deposited. The fact that I have had to scout around forex forums to speak to past clients to get the answers their website should tell me, says enough and put me off registering for a live account with this broker.
How long does it take to open a live account?
I would like to state here that I do not know the answer to this as I did not feel comfortable signing up with this broker as a result of them not responding to my pre-registration questions. Such timescales are not stated on the FAQ page, nor could I get a response via a rep on live chat, telephone or email. In fact, when I called up and managed to get through to someone, they refused to answer me unless I was an existing customer, and then proceeded to hang up on me.
Are desktop/mobile/web trader versions all available?
From what I gather on the website, UproFX do not offer MT4, but instead offer their own tailor-made software, namely ‘Online FX Trader’. It appears they only offer the desktop version as well as the mobile version according to what their website mentions.
Do they have a minimum/maximum deposit requirement?
Their website states the minimum deposit requirement is 250 (EUR/GBP) and is clearly a larger amount for the Gold and Premium account, however you will not know what that is until you actually register for the account. Nonetheless, note that you will need to have at least 250 Euro/GBP in order to hold any of the four accounts with UproFX.
What deposit and withdrawal methods are available?
Their FAQ page states that you may fund your account via debit/credit Card (visa/mastercard), maestro and Wire transfer. Since it does not state anything regarding withdrawal methods, I can only assume they are the same as the deposit methods. I do like their simplicity but I feel for the majority of traders, especially the experienced ones, these two options are very limited. Most brokers offer a handful as some people prefer to use alternatives such as e-wallets, which are typically more convenient and a lot faster than the classic card or wire options., which in some cases, can leave clients waiting around for up to several working days for their funds to land in their bank accounts.
An extra note here is that you are only able to make deposits in EUR or GBP. This is incredibly limiting which is why e wallets would be a convenient way in which one could fund their account as you can simply fund via a cryptocurrency, which would then be converted to fiat currency.
What countries are restricted from trading with this broker?
The only information relevant to this question that I could find on their website is under their ‘AML’ wording which states that ‘’UproFX will, therefore, screen against United Nations, European Union, Estonian Treasury and US Office of Foreign Assets Control (the “OFAC”) sanctions lists in all jurisdictions in which we operate, except if such screening conflicts with local legislation.’’
Do they offer a deposit bonus scheme?
I could not find any deposit bonus mentions on the website, nor did I ever receive a response from my email to the support department about this. However, from what I have researched into this broker, it would not surprise me if they offer one once you register an account with them, as this is another ploy whereby they can hoodwink their clients into depositing sums of money, and then being given ‘trade advice’ tailored in a way that the client’s only result would be a loss and thus, a meaty profit for the broker.
Do they sell additional products/services/managed accounts?
One would assume they do sell their own EAs and signals from looking at their account comparison table where there is a mention across the board that they all have access to such tools, but does not clarify if this is internal or third-party EA compatibility.
UproFX do offer Managed accounts. In fact, they very much encourage this type of account management as this would mean the client has an ‘’account manager’’ who essentially calls up and encourages you to deposit funds, and make you revolving profit based on the amount you deposit- the higher the deposit, the more profit they will accumulate for you, hassle free. Sounds great, if only it were true.
What is more than disturbing is that I have communicated with a number of ex clients of this broker on forex forums who have ALL told me the same story: once you have a ‘managed account’ you will deposit money and never see it again. I would like to highlight the fact that this broker does not allow you to withdraw your funds unless you deposit more money, and even then, they will make up some excuse along the lines of that you would be mad to not deposit further funds as to not miss out on an upcoming trade opportunity. This way in which UproFX treats their clients is absolutely unacceptable, as the client feels they have little or no control over not only their trade account, but also their own funds.
Below you can see a handful amongst many online comments from ex clients who all say the same thing- they never managed to get their funds back from UproFX.
If assistance is required, how can you get in touch?
Supposedly, the customer support team can be contacted via email, live chat, and telephone, although I was unable to get hold of them easily. It is unknown on what hours they operate as this is not something, I was given an answer to without being a client (why is this kept as secret?) nor is it stated on the website.
What is the quality of customer service?
What customer service? Firstly, my email was never responded to, and my numerous live chats never got a response directly on the live chat. Instead I received an email response requesting an account number that I did not have yet. The telephone agent I spoke to was incredibly rude with me and refused to answer any questions until I gave him an account number, to which I told him I had questions regarding the trade conditions before I sign up. Whoever I spoke with was consistently ill-mannered, pushy, and unresponsive, refusing to give me even the most basic of information, and then proceeded to cut the call.
I have never ever come across customer support in a Forex broker that is so shockingly poor in quality and rude. I am a firm believer that customer support is a very good platform in which one can help gauge the ‘cleanliness’ of a broker’s operation and how they regard their clients. In this case, with UproFX lack of response, defensiveness, and lack of empathy on any level, really helped concrete my doubts that this broker is nothing but a market maker
Below you can see evidence of the lack of response on their live chat, and their lack of will to assist on the most basic of questions that any sensible potential client would ask before registering and investing hard earned money with any forex broker.
Do they offer an affiliate programme?
There is nothing on the website regarding affiliate partnerships so I would assume they do not offer affiliation, but after reviewing them myself, I would not even want to be a client of theirs, let alone earn commission whilst assisting them with gaining more clients whom they can commit daylight robbery with.
What is my overall opinion of UproFX?
Two words: Stay away.
I was initially impressed with the fact that despite being a broker operating from within the EU, they are still being able to offer such high leverage, however as I began unravelling the usual series of questions any potential client may have before registering with a forex broker, I soon realised they are nothing more than a market maker. Their Managed Accounts including ‘auto trading accounts’’ are nothing but a tool used to make profit in instances the client loses. In addition, they offer their own platform rather than the trusted MT4 which is another way in which they are able to manipulate all sorts of elements such as prices, and cause trades to stop out, by no fault of the client.
I feel this broker reflects all the unclean traits of a binary options broker whereby they have no interest in keeping their clients happy, but merely in the industry for a short period of time, to essentially, rob wealth of innocent people, encourage them to deposit more funds, and then refuse to allow clients to withdraw their own money.
I do not know how the operators of this broker sleep easy at night.