Full and true review about UpForex brokers
Brokers are really important to traders. Especially if the traders are trading online. The problem is that just because there are a huge number of brokers, it doesn’t mean that they are all equally great to use. Some are not recommended, while others might even be blacklisted. This is why it is important to make sure that you are using the right brokers.
One of the brokers that are available online is the forex brokers. Something that you do need to know is if they are legit and recommended. This is why this full and true review about UpForex are so important.
UpForex brokers are situated in St. Vincent & the Grenadines. It is connected to a company, but this isn’t the recommended registering company that is known internationally.
UpForex is forex and CFD brokers and have a few cryptocurrencies available. Looking into the company, we did find a valid address, email and telephone number. But this doesn’t mean that they are legit and recommended.
Are they registered and regulated?
The first thing that we are looking at, is if the brokers are registered and regulated. And, when it comes to UpForex, it is clear that they aren’t registered or regulated. This means that it is risky to make use of them for trading.
Regulators are making sure that brokers are doing business correct and that they are above board. And, because UpForex isn’t regulated, we can’t say that they are going to do things correctly and legitimately. Putting your money at risk.
Info about the accounts that they are offering
This is one of the good things about UpForex. They are offering three different accounts that you can choose from. They are the premium account, Pro account, and the VIP account. However, this is all that we found out about the accounts.
There isn’t much information about the accounts that we know about. You need to get all the necessary information in order for you to know if you can trust them or not. And, with the lack of info about their account options, this is the first red flag.
Lack of information about Minimum required a deposit
With every broker, there are some regulations about the deposit that you need to pay. And normally for each account option, there is a minimum required a deposit. Only the demo accounts are free to use.
With UpForex, you will see that there isn’t any info about the deposit that you need to pay. Meaning that you might get a nasty surprise after you registered for making use of their services. You can’t just use any broker and hope that their minimum required a deposit is payable.
The platform that they are using
If you are an experienced trader, you will know that the platform that the broker is offering is really important. You can’t just use any platform. Some aren’t as reliable as what other platforms might be.
With UpForex, the thing that you need to know is that they don’t make use of MT4. This is one of the best platforms on the market. And, this is why you should make double sure that you understand and able to work with the platform that they are offering. For us, by not offering MT4 as a platform, we don’t recommend using these brokers at all.
Only a few payment methods available
The question that we are asking is why do they just offer a couple of payment methods? They want to get as many traders as possible. If they don’t offer the most popular and trustworthy platforms, there should be asked why they don’t offer these.
Some payment offers money back if you aren’t satisfied with the service you got. And, this is why they don’t make use of these payment options.
Complaints from traders
You need to know that there are many complaints from traders. They don’t like to use UpForex for trading because of different reasons. Most of them find it a problem not to know what the minimum required deposit is.
And, when it comes to withdrawing, they are also finding it a problem to withdraw from the limited payment options that they are offering.
Regulators are warning against using UpForex
Regulators are warning traders against using UpForex. This is because they aren’t registered and not regulated at all. They don’t give all the necessary information to the traders so that the traders can make a great decision.
There are many things about the brokers that aren’t recommended. Regulators are warning traders about them and there are even some regulators that have blacklisted them from being used.
UpForex. Brokers that aren’t as trustworthy and legit as what you might hope for. There are many things that you should make sure about before you can start trading. And, with UpForex, you don’t get all the necessary information. It is a much better idea to rather start looking for a trader that is safe to use.