UproFX is a relatively new Forex brokerage that is currently operating from Estonia. The company is currently regarded as a child of the much larger Yield Enterprise Currency Software. Although UproFX is operating within the EU framework, it is not currently being restricted by the ESMA regulations, and therefore is able to offer leverages above 1:30 and even had some deposit bonus promotions in the past. In this UproFX review, we will dive deep into the ins and outs of the company and try to determine whether they are a scam or not.
Before we begin, we need to mention how astonishing it was for us to find out that the company is able to offer high leverage despite the fact that they are located within the EU. UproFX Forex broker currently offers its customers a hefty size of 1:100 leverage which is also able to increase if the trader wants to, reaching a maximum of 1:500. The minimum deposit of the company is not something special, however. It is in correlation with all the other brokerages within the EU, sitting at about EUR 250 currently. Because of the fact that this company is able to offer these features, many cases were seen condemning the UproFX scam. Let’s find out whether or not those rumors are true.
UproFX reviews of Transparency & Info disclosure
In terms of transparency, we were quite happy with the broker. The moment we entered the website all of the information that we required was laid bare right in front of us. However, we couldn’t find anything regarding the regulation. But the company is rather new so we didn’t pay too much attention as there is undoubtedly some procedures still going through. The reason why we didn’t immediately deduce a UproFX fraud is that of the massive parent company. The info about the company is public, therefore everybody will know who to suspect if something shady were to happen, therefore the lack of regulation, in this case, can be overlooked.
In terms of transparency, we enjoyed the full disclosure of the company’s terms & conditions, their KYC documentation as well as their different price variants on their accounts. What we liked most was the step-by-step guide on how to get started on the platform which is easily accessible. Thankfully not too much personal info is required to access the platform. Only your phone number and the country you live in.
UproFX Leverage & Spreads
UproFX Forex broker surprised us quite a lot when we found out that they featured leverage of 1:100 and above. By no means, they should be able to do this under ESMA’s new regulations, but through a miracle, they are able to deliver it. The testing went fine and they do indeed offer the leverage which works as it is supposed to. Thankfully you have the choice of whether or not you actually want to utilize it, even reduce it or increase it to a maximum of 1:500 depending on the account you choose while registering.
The UproFX scam was getting more and more unrealistic as we dove into the company’s spreads. It was quite refreshing to see 2 variations instead of 1. And god forbid we were happy to see that there were no commissions. With UproFX you can utilize fixed or floating spreads depending on your account of choice. The fixed one only appears on the Premium account, meaning that all of the people trading with massive funds will have their profits guaranteed.
Account types on UproFX
The company currently offers 4 types of accounts. Despite the fact that other brokerages usually opt for less variation in this particular feature, it was nice to see that there was some kind of choice involved with UproFX. These accounts offer different features in terms of spreads, leverage, deposits and of course the additional perks of professional assistance.
For example, we mentioned that the leverage is 1:100 and it can be increased. This can be done with the Gold and Premium accounts of the UproFX Forex broker’s platform. This also comes with fixed spreads on the Premium account alongside professional assistance, state of the art signals as well as multiple trading strategies. The amount of tools you have at your disposal is quite staggering as well.
For beginners, it is recommended that you take the Classic or Silver accounts, which come with a restriction on 1:100 leverage and floating spreads. Although it may seem quite unfair that the beginners don’t get special perks in education, the FX brokerage has you covered with their multiple guides you can read on their website for free. The deposit on these accounts is the least it can be, sitting at EUR 250.
UproFX review of withdrawals
Withdrawals, however, didn’t seem too outrageous or revolutionary. The company keeps the status quo, by offering the industry normal Wire and Credit/Debit card withdrawals. Therefore you will not have to learn any new tech Mombo-jumbo, it’s the good old ways of cashing out your profits. According to the information we found on the website, the withdrawals and deposits both occur without any fees, which is a definite plus.
UproFX trading platform
The company has its own tailor-made software which it uses on the website. The trading is done completely online, which could be a minor inconvenience for people more familiar with the traditional platforms like MetaTrader4 or 5. However, with just 1 simple glance you’ll see that the platform is as simplified as possible, making it very beginner-friendly and also easy to learn for trading veterans. At this point, this UproFX review has touched pretty much all of the subjects of the company, but one more important feature is that the website is completely secure according to cutestat.com, which gives a positive reassurance that your assets are safe, even if the trading is done online.
Can UproFX be trusted?
After much deliberation and discussion, I think it is time we decided what we truly think about this company. The way they can offer such high leverage while still being in the EU is remarkable and truly deserves some praise. The fact that they are lacking regulation can easily be disregarded thanks to the massive parent company and their relative youth. The UproFX Forex broker is quite a solid company in our calculations and deserves all of the praise it gets. Hopefully, this review will help you see the company in a different light compared to other scam reviews.