UproFX. Full and honest review
There is a different type of brokers that you can make use of. There are the forex brokers and the CFD brokers. Then, there are those brokers that are offering both forex and CFD trading. It is important to make sure that you are using the right broker for trading.
This is why it is essential to make sure that you know as much about a broker as possible. Not only to know what type of broker they are but to know if they are legit and recommended. This is everything that you need to know about UproFX brokers.
More about the brokers
UproFX is brokers that are situated in Estonia. Making them offshore brokers. They are known as forex and CFD brokers and they do offer a great number or cryptocurrencies to trade with.
It is important to make sure that brokers are publishing an official address and other company information. When looking at UproFX, you will see that they do offer an address, telephone number, and an email address. They are also giving information about the company that they are registered to. However, this isn’t the only things that you should look at when choosing a broker.
Registered and regulations information
When it comes to checking if they are registered and regulated, you need to be very careful. They are claiming to be registered, but there is something about it, that isn’t recommended. The registration company is situated in Latvia. This isn’t an international recognized registration company. Meaning that to trade internationally, they aren’t registered correctly.
And, because they aren’t registered internationally, they aren’t regulated as well. The most important thing to consider when you are choosing a broker. You never use a broker that isn’t regulated at all. There are no guarantees that such a broker is going to trade legally without changing their terms and conditions as they wish.
Account and minimum required deposit info
UproFX is offering four different accounts that you can use. Four different accounts that you can choose from in order for you to use the right one for you. The accounts they are offering are classic account, silver account, gold account, and the premium account.
When it comes to the minimum required deposit, we found a serious problem. Only the classic account has minimum required deposit information. The rest doesn’t have any other information at all. It is important to know what the deposit of each account is before you can make a decision about the account you are going to use. And, if they don’t offer such information, you won’t know if this is going to be an account to use or not.
Good things about using these brokers
There are a couple of good things about UproFX that most traders consider using them as their brokers. The first thing is the fact that they are offering a huge amount of cryptocurrency pairs that traders can use. Making the choice for trading so much better.
The other thing that is great, is their payment methods. They are making use of most e-wallet payments for paying and withdrawing funds.
A platform that they are using
It is important to know the platform that they are using and offering to their traders. MT4 is one of the best and most recommended platforms to use. However, UproFX doesn’t offer MT4 or any other reliable platform to their brokers.
The platform is important because you want to use a platform that is never going offline and that isn’t giving you incorrect info. And, this isn’t what you are going to get with using this broker.
They are offering managed accounts
This is something really important to know. UproFX is offering managed accounts. This might sound great at first, but this actually means that they aren’t forex and CFD brokers as they claim to be.
Brokers that are offering managed accounts is known as a Market Maker and not a broker. Making the risks so much higher and using them not recommended at all.
What are regulators saying about the brokers
When you are looking at what the regulators are saying about the brokers, you are getting all the information needed. Regulators are warning against using these brokers. For a large number of reasons. The first and most important reason is that they aren’t registered and regulated. And, it seems that they are a Market Maker and not a broker as they claim to be.
Regulators are also warning about using them, because of the number of complaints that there are against these brokers. Complaints that they are making it difficult to withdraw funds from the account.
At first glance, UproFX seems like a great broker that you can use for trading. However, with further investigation, it became clear that this isn’t as great as what most brokers thought. There are many irregularities about these brokers that are making it risky to use. And, because they are offshore brokers, that aren’t internationally registered or regulated, this is making it even a higher risk to use. It is recommended that you should rather look for a broker with better and more positive reviews.