UproFx Review (2023)

Is UproFx a scam or legit broker?

UproFX 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.

No, it is not safe to trade with UproFx. According to the website, UproFx is owned by Yield Enterprise Currency Software OÜ (company number: 14484668), Tallinn, Estonia and operated from Riga, Latvia.

UproFX claims to utilize the latest trends in the world of Forex, offering its clients a transparent and accurate representation of the most up-to-date trading technologies. The broker doesn’t provide any information about its regulation or license and it actually seems it doesn’t have any. As it claims to be registered in Estonia, it was supposed to be regulated by the local regulator Estonian Financial Supervision Authority. We didn’t find the mentioned above registration number in the FSA’s register, which means UproFX is not regulated to provide its financial services in Estonia as well as other EU countries.

The company’s website supports English, German and Spanish languages, probably the countries it has been targeting.

In fact, the broker has been blacklisted by Spanish regulator CNMV earlier this month:

“UPROFX is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or to provide auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions.”

Conclusion

We advise all investors and traders to avoid UproFX and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BDSwiss. Also see our review about Xtrade Global and read about InstaForex Minimum Deposit.

UproFX website is no longer active.