The offshore company UPROFX provides brokerage services along with the CFDs on several assets. The assets provide by this broker are from indexes, shares, metals, other commodities to cryptos. If you want to trade with this broker don’t forget to read this review completely.
The UPROFX provides about fifty foreign currency pairs and all major cryptocurrency-based CFDs. It also provides CFDs on over 15 commodities, 20 indexes and stocks. The four accounts offered by this broker are namely Classic, Silver, Gold, and Premium account. The first two offers leverage of 1:100 and the other two offer leverage of 1:200.
The European Securities and Markets Authority has fixed the leverage of 1:30 for the forex trade brokers operating in the EU. The minimum deposit required for the Classic account is $ or € 250. These are comparatively in line with other unregulated brokers. But genuine brokers offer their services by the deposition of merely $ or € 5. All the major payment channels associated with UPROFX are Visa, MasterCard, Neteller, and Skrill. But this broker refuses the payments with cryptocurrency.
The major source of reliability and credibility in the forex market is a licensed and regulated nature of the broker. The UPROFX is allegedly owned by Yield Enterprise Currency Software OU, the firm situated in Estonia. Also, the broker has provided its official address in Latvia. Considering this, the firm and its owner must be registered at local Financial Authorities in either country. Unfortunately, we are unable to trace any presence of these entities. Also, the above companies are missing from the register of all the other authorities in EU countries. Another worrisome fact about UPROFX is, it offers Auto Trading Account and Managed Accounts operating on the web-based platform, which is equipped with the profit-making mechanism only for the broker. This broker sacrifices the trusted MetaTrader platform to make a profit for itself. Hence all legitimate brokers provide the MetaTrader platform. On opening the demo account the fixed spread of three pips on EUR/USD appeared. It was higher than the anticipated regulated market average.
The most shocking fact about UPROFX is that it does not allow withdrawal by any automated means. The only way to avail withdrawal service is to send the withdrawal request in writing via email to the mentioned email addresses. All the withdrawal requests are manually handled and require many never-ending verification processes.
Is UPROFX scam or legit?
According to our research, the UPROFX unarguably falls under the potential scam broker category. The unregulated and unlicensed character, more than allowed leverages, high spreads, self profit-making mechanism, unusual withdrawal method are enough to call this broker as the potential scam broker. Secure your funds and escape this potential scam called UPROFX.
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