Beware! UpperTrade.pro is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
UpperTrade.pro is a simple and tight broker that tries to fit in as many options as it can. Yet, this effort is overshadowed by the company’s ultimate goal of defrauding users. This quick turn of events was discovered in less than a minute by us, for we saw illicit brokerage elements scattered around the website of the company. For one, the website itself bears a very familiar structure to hundreds of other scammer brokers that we have reviewed in the past. Read the review to find out all there is to know about this one.
We proceeded with creating an account, a process that was incredibly easy, and were immediately presented with a very limited and simple user area. At least we got an MT4 out of it, which was by far one of the biggest surprises we got from this broker.
Unfortunately, the trading conditions were laughably bad, most notably the EUR/USD spread which was at 3 pips. There is no way that such a spread would ever be of any profit to anyone. Actually, it is lucrative for the broker only. According to the MT4, users can trade with forex currency pairs, indices, shares, commodities, and cryptocurrencies. The leverage is topped at 1:200
The website of the broker is accessible in English, German, and Russian.
UPPERTRADE.PRO REGULATION AND SAFETY OF FUNDS
The footer of the site discloses that the broker is registered in the Commonwealth of Dominica. However, this information is completely useless. First of all, the Commonwealth of Dominica does not have an FX regulator, meaning that UpperTrade.pro does not provide legal FX services there. And second, this nation has become a hive for unlicensed brokers during the last year or so.
The terms and conditions on the other hand deliver a classic clause in which it is said that the broker is not available to residents of countries where its usage is deemed illegal by the local laws. This is a cryptic way of saying that the broker is not regulated and that it’s actually the users’ responsibility to use the site according to the local laws. This is absolutely misleading.
All in all, UpperTrade.pro is completely WITHOUT A LICENSE, making it a risk to all invested capital. Moreover, any ID copies or other sensitive documents are at a risk as well.
Trading should be done only with risk-free brokers, and by that, we mean regulated brokers, for all brokers pose a certain risk. Regulated ones are those that warn users of the risks and are tightly overseen by the given overseer. Thus any lost funds result only because of the user’s poor judgement or because of the dynamic fluidity of the market.
We encourage users to trade with FCA or CySec regulated entities, or other European or US-based licensed brokers. These are very severe with their firms and demand of them a ton of requirements. Regulators strive to keep brokers in touch with the law!
Moreover, the FCA and CySEC offer financial reimbursement schemes to users of brokers under their gaze. This fund cover losses of users in times when the broker becomes insolvent.
UPPERTRADE.PRO TRADING SOFTWARE
In some unexplainable way UpperTrade.pro was able to acquire the MT4 trading software. We even accessed a live account with it, which seemed even more baffling to us.
Yet, even with the mighty MT4, UpperTrade.pro remains an unlicensed and unreliable broker. It is still a risk to all investments!
UPPERTRADE.PRO DEPOSIT/WITHDRAW METHODS AND FEES
From the user area, we learn that the minimum deposit requirement is $250, which is the industry average. The only way to invest is through a credit card or a debit one.
The only fee we could find that is charged by the broker is an inactivity fee. Otherwise, withdrawals don’t seem to be burdened by any fees. The typical processing time for withdrawal requests is around 4 to 7 days, however, the user area claims that the processing of withdrawals happens in 24 hours tops. Moreover, we find no payment methods for withdrawing anywhere in the client area- they must be the same as the depositing ones.
Last but not least, we cannot leave the Non-Deposited Funds clause unmentioned. It is the pinnacle of the unlicensed broker, through which UpperTrade.pro blocks all profit withdrawals. This clause renders all trading useless and irrelevant, as there is no initiative to deposit and trade.
This clause is just one of the many reasons why clients should not waste their money and time with UpperTrade.pro. All investments are at a risk.
How does the scam work?
The scams are very efficient and simple to follow for both the user and broker. At times, it may seem ludicrous to consider that one is in the middle of a scam! That is how effective they are!
Online ads that promise fast money, superb investment strategies, luxurious lifestyles, and beautiful sceneries, are all often a part of an investment scam. These advertisements are specifically tailored for more susceptible users. Clicking on them will redirect the person to either the website itself or an intermediary source.
It matters not where one ends up. Sooner or later the individual will be asked to provide a phone number or an email address.
Sooner or later, the unfortunate soul to have given these contact details away will start receiving emails or phone calls from the rep of the scam. The only and ultimate goal of these calls/email correspondences is to entail a preliminary deposit. This first investment is the client’s way into the scam, and after that, it will be much easier – for the user because his guard is down, and for the scammer, because he has gained the user’s trust – to bring about more deposits.
It all culminates to the point where the client wants to see results; he/she wishes to see some profit or withdraw his deposit and leave. A few things will happen. Either result will appear, completely fabricated by the fraudster, or the scammer will cut all communications with the user.
One thing is for certain. Users will not be able to withdraw! Typically, the broker will either cut all communication, quote its shady legal documents as a counter to all requests, shut down the user account, or even close the entire website!
What to do if scammed?
Immediately upon feeling suspicious file for a chargeback. Both VISA and MasterCard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
Deposits made through any sort of cryptocurrency are for sure to be lost forever. That is why it is imperative to never invest in crypto.
So users will come across these self-proclaimed recovery agents, whose alleged job is to recover money lost to investment scams. All they ask is a service fee, which they will take and leave the user without a trace!