Choosing a good Forex broker is probably one of the most taxing activities for the mind. The number of details that you need to look into is just overwhelming. Therefore in order to help you avoid this type of unpleasant experience, we have compiled the most important features in our UproFX review. Here you will not only find out about the broker itself but also how to rate and review everyone else.
UproFX is a Forex broker based in Estonia. It is relatively new to the finance scene, but it came in with a bang. The Forex broker currently features some of the best services to be found all over the EU. Especially their leverage, spreads and the minimum deposit is the ones most deserving of attention. The firm is able to offer its users a hefty 1:100 leverage, alongside floating spreads and a minimum of EUR 250 as deposits.
However, the issue is that all of these offers are on CFD assets in the European Union. Those who have some experience trading CFDs in the EU should already be aware of the ESMA restrictions. How is this broker able to offer these services then? Well, it does not have a license from a legitimate regulator.
That is the beginning of the UproFX scam controversy that we will try to discuss in this review.
UproFX Leverage & Spreads
Like any other review you may find, the most important thing to look into is the leverage. By seeing the features they offer we can deduce whether or not the UproFX scam is a possibility. Seeing that the company has a high, but still restricted leverage of 1:100 is already a great sign. However, many are baffled at how they managed to do it as the ESMA regulations are clearly restricting it, and Estonia is definitely in the EU. But no matter the restrictions, the company offers you 1:100 on currency pairs, as well as a possibility to increase it to 1:500 on more expensive accounts. All of this at a cost of not holding a license, which is a topic for serious concern.
In terms of spreads, it could be a bit confusing at the start. 3 out of the 4 available accounts have a floating spread type, meaning that the spread changes according to the market swings. For the most expensive account, you will have the luxury of having a fixed spread, which can be quite minimal. UproFX Forex broker is one of the first firms we’ve seen offer this type of service, and hopefully, they are not the last.
How much info is there?
When we are judging a Forex broker we always try to rate their website as well. The main aspects are the way they disclose information. Is it hard to access info on their website? Or is it one click away? So, how well does UproFX do it? Is UproFX a scam?
No, judging solely from the website we can easily say that UproFX has nothing to do with a scam. The transparency displayed here is one of the best we’ve seen. Every bit of information about the company is just 1 click away from the homepage and they hide absolutely nothing.
The KYC documentations attracted our attention the most. Most brokers don’t disclose it completely, they just say they have it. With UproFX you can read through the documents unhindered. In addition, this UproFX review helped us to see that the company has one of the most streamlined registering experiences. In this case streamlining is the best strategy as it takes away the tediousness of making an account. All you will need to do is provide your residence info and phone number, that’s it.
In terms of withdrawals, we couldn’t find anything too special about the broker. The services connected to UproFX withdrawals are pretty much the industry standard, nothing extraordinary. The deposits and withdrawals happen either through the Wire transfer, Credit/Debit card systems or Skrill. The only difference is that if you use Wire transfer then your minimum deposit and withdrawal will increase to EUR 500. What’s good news, however, is the fact that there are no fees connected whatsoever.
Estonia is a very tech-driven country. They’re especially well known for digitalizing most of their features. Therefore it wasn’t too much of a surprise when we found out that UproFX Forex broker featured only WebTrader as their flagship trading software. Although the platform is very streamlined and easy to learn, a little bit more diversity in this field would have been amazing. However, the software available now is still viable, as its easy to learn for beginners and easy to adapt for veterans.
Is UproFX a scam?
Although we have counted down so many of the broker’s features there is always this question looming on our shoulders. Can UproFX be trusted? No matter how good the reviewing experience is you must always keep this question close to heart as it is the ultimate one you’re trying to answer.
According to the information we’ve gathered on UproFX we can’t really say that this broker is trustworthy. Despite the fact that the offerings of higher leverage, low spreads and a user-friendly minimum deposit, the lack of license is just too heavy on our decision.
In the end, our UproFX rating remains in the “not recommended” range for now.[RICH_REVIEWS_SNIPPET category=”page”] [RICH_REVIEWS_SHOW category=”page”] [RICH_REVIEWS_FORM]