As St. Vincent and Grenadines-based company, Uptos LTD is another suspicious offshore entity. According to Uptos broker advertisements, they are the leading FX and CFD trading broker.
However, some discovered facts would confirm the complete opposite. First and foremost, St. Vincent and Grenadines as a country don’t provide any kind of regulations. Secondly, they provide quite uncompetitive trading conditions and platforms. Let’s learn more in our detailed Uptos review.
What is more, we strongly advise you not to invest in Fxbfi, Bitky and 365trading fraudulent brokers.
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | Uptos.com |
| Blacklisted as a Scam by: | CONSOB, FSMA |
| Owned by: | Uptos Ltd |
| Headquarters Country: | St. Vincent and Grenadines |
| Foundation year: | N/A |
| Supported Platforms: | UpTrader ( Web-trader ) |
| Minimum Deposit: | $250 |
| Cryptocurrencies: | Yes – BTC, ETH, XRP |
| Types of Assets: | Forex, Commodities, Indices, Shares, Cryptocurrencies |
| Maximum Leverage: | 1:400 |
| Free Demo Account: | No |
| Accepts US clients: | No |
Is Uptos an Unregulated Scam Broker?
As can be seen in the register of Tier 1 regulators, Uptos Ltd doesn’t have any licenses. For instance, we checked FCA, BaFin and ASIC registers. Instead, they got warnings from financial regulators.
Therefore, it is a confirmed scam. Looks like they were scamming traders from the United States, Australia, France, Germany and Venezuela. Hence, it’s not surprising that Uptos broker is exposed this fast.
For a broker without a license and warnings from the regulators, there is nothing much more to say. All these are obvious signs that Uptos broker is a swindler.
Why Is Trading On a Licensed Broker’s Platform Preferable?
The main reason to look for a licensed broker is security. They provide transparent trading conditions and safety for traders’ funds. Moreover, if you have any issues, you have someone to contact. What you can find as another clue that Uptos trading company is a scam is its leverage. ESMA rules and all EU regulations have forbidden leverage higher than 1:30. Whereas Uptos broker has 1:400.
Financial Watchdogs’ Red Flags and Warnings
As mentioned earlier, Uptos earned already warnings from regulators. It is discovered through the research for their license.
In the official documents of FSMA (Belgium) and CONSOB (Italy), we found those warnings against this broker. It’s just a matter of time before they get more. If they don’t vanish before that.
Uptos Available Online Trading Platform
Unlike some licensed trading companies, Uptos provides only proprietary web trader. It is called UpTrader and according to the broker, it is the most advanced platform. Apparently provides more than 500 assets, without slippage and requotes. However, they don’t provide anything like social or copy trading, advanced TA tools or algo-trading.
Apps For Androids and IOS
On the positive side, UpTrader is available for download on any device. From Windows and Mac, to Android and iOS.
Although this might be true, this platform is not trusted as MetaTrader or cTrader. It is questionable if this platform is even reliable. The reason for that is many negative reviews about this broker.
Uptos Reviews by Traders
What is even more disappointing than their platform are Uptos reviews. More than 80% out of 132 comments are 1-star rated.
At the moment of writing, we can conclude that most traders come from the countries mentioned earlier. Therefore, you should reconsider investing with this broker.
Uptos’s Trading Assets and Instruments
At least one thing we can give them credit for. They provide a quite solid range of instruments. Divided into 5 different classes, some of those are:
- Forex AUD/CAD, USD/JPY, EUR/CHF
- Commodities natural gas, gold, platinum
- Indices DJI, DAX30, AU200
- Shares IBM, Cisco, Alibaba
- Cryptocurrencies BTC, ADA, LTC
Even though, these instruments with high leverage and non-trusted trading platform can be dangerous.
Uptos Service Countries
As an offshore broker without regulation, they don’t have any limitations. With that in mind, wherever you are coming from, be careful with this broker. Based on analysis they are scamming traders from:
- Australia
- United States
- Germany
- Venezuela
- France
Check your country’s jurisdiction first before you invest any money with this broker.
What Are The Different Uptos Account Types?
There are so many red flags already. But if you are still considering depositing with Uptos broker, here are options:
- Student $250
- Starter $2.500
- Premium $10.000
- Advanced $25.000
- Pro $50.000
- VIP $100.000
Ultimately, none of the accounts brings you any specific benefits. As that being said, it is obvious that their goal is just to extract as much as possible from their clients.
Free Demo Account
Another key point is the unavailability of a demo account. Nobody wants to deposit money with an unknown broker. Since they are unclear about what they offer, traders would like to test it. However, with Uptos broker, you need to play on luck.
What Methods Of Deposit And Withdrawal Does Uptos Accept?
Apparently, clients’ funds are in safe segregated accounts. Of course, that is mandatory for regulated brokers. Since Uptos is not, we hardly believe that this is true.
What is even more suspicious is their withdrawal policy. They state clearly that they will impose additional fees. Of course, amounts are unknown and subject to the personal preference of this scam broker.
Payment Methods Available
Like many other trading companies, they offer basic depositing options:
- Cards
- Bank transfers
- E-payments
Since you are dealing with swindlers, always a good option is to use cards. The only reason is that you can get a chargeback. If you used a crypto wallet, the situation is more complicated.
Uptos Promotions – How Does The Program Work?
Another key point is bonuses. They are not allowed by any EU regulator. However, Uptos broker uses those as luring tactic to make clients deposit more money. Have in mind that you need to make a rollover at least 25 times to be able to withdraw it!
Uptos Terms & Conditions – What You Need to Know
Another shameless thing about this broker is something like an inactivity fee. Practically, they state in the T&Cs that you can get a fee for not trading enough. It’s complete nonsense and no regulated broker would offer that. The goal is to extort as much money based on trading results.
Leverage, Spreads and Fees
After all, leverage up to 1:400 is a perfect choice for these scammers. It is a perfect recipe for scamming non-experienced traders. Unknown spreads and fees are other points that must be remembered. Nothing about this broker attracts experienced traders to make a deposit.
What Should I Do If I Have Uptos Problem?
Don’t be ashamed if you were scammed. Share your story with us. Even more importantly, contact our fund recovery team to assist you with a chargeback. Book your free consultation now!
What Is Uptos?
As an FX and CFD broker, they are another in the line of an offshore non-licensed trading company.
Is Uptos a Scam Broker?
Yes. Multiple warnings are confirming those statements, besides all the obvious signs presented in this Uptos review.
Is Uptos Available in the United States or the UK?
For any of mentioned countries, they should have a specific license. Anyway, the lack of it doesn’t stop them to trade with clients coming from the UK and the US.
Does Uptos Offer a Demo Account?
No. Besides live trading accounts and depositing, clients can’t check what this broker offers. Unless they check Uptos reviews.
