Is Uptos a scam or a legit broker?
Uptos is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.
What is Uptos?
Uptos claims to be a leading foreign exchange broker with competitive trading conditions (See the Best Regulated Forex Brokers). This multi-asset trading platform offers over 250+ products across multi-asset classes such as currencies, stocks, commodities and energies, derivatives, and many more. The broker also provides MetaTrader 5 platform (Check out MT5 brokers’ list) and leverages up to 400:1.
|🗺️ Registered in
||St. Vincent and the Grenadines
|🗺️ Type of License
|🛡️ Is Uptos safe to trade
|🗺️ Recommended Licenses
||FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
|🖥 Alternative Broker
||GO Markets - licensed by ASIC in Australia
Licenses & Regulation
Is Uptos regulated?
It is not safe to trade with Uptos as it is an offshore broker. Uptos LTD is registered and operates as a financial investment company under the laws of St. Vincent and the Grenadines.
However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders. Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. Read more about St. Vincent and the Grenadines regulation by the link.
Is Uptos a scam?
Moreover, Uptos has been blacklisted by the Italian regulator CONSOB:
“CONSOB availed itself of the powers deriving from the “growth decree” regarding the blackout of the sites (including Uptos LTD (website www.uptos.net) of abusive financial intermediaries, as well as the new power introduced by Law no. 8 of 28 February 2020, regarding the blackout of the site through which the abusive bid is made.”
The pages and official sources of the international regulators’ list alert shared with the authority directly or by other countries’ supervisory bodies or transmitted centrally. Those tools and general purpose of the regulatory bodies operate in order to enable stability of the market offerings, protect clients from potential and numerous frauds, enable reliability rules to financial service entities and more. As Uptos got no license to operate within the EU and other regulated jurisdictions, the broker was blacklisted and alerted by the EU authority.
Uptos in India
Uptos allows Indian traders to open accounts and trade. However, Uptos has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.
Uptos in the USA
The United States is one of the countries that is not accepted by Uptos. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Uptos, you are only permitted to trade with the U.S regulated platforms.
Deposits & Withdrawals
The minimum deposit is $250. Traders can deposit with Credit/Debit Cards, American Express, PayPal, Skrill and Wire Transfer. The broker does not charge any deposit fees.
The broker offers an UpTrader platform. The platform offers advanced financial trading functions, as well as superior tools for technical and fundamental analysis. UpTrader can also trade automatically by using trading robots and trading signals. In addition to the desktop and mobile versions, the platform is available on the web and can be accessed from any device. UpTrader is available on Windows, Android and Apple.
Uptos does not offer a demo account.
Even though the trading offering might seem attractive, in our opinion, you may find something more interesting among the regulated brokers. But an offshore status of the company does not guarantee the provision of services at the necessary level of client and funds protection. For that reason, we would advise choosing the broker more carefully and check on at the first step the broker’s regulation status. The reputable firms that hold FCA, FINMA or other licenses are established in accordance to the international standards, protecting clients at every step and even compensating the trader in case if the things go wrong with the company.
So of course, we always advise only regulated firms to trade with, as the market trading business with its decentralized nature, unfortunately, attracts many scammers, and the trader should carefully check where to invest money and trade.
Yet, it is always great to hear your personal opinion about Uptos. So you may share your experience or thoughts or discuss them below or ask us for additional information.