Uptrademarket review – 5 things you should know about uptrademarket.com!

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Beware! Uptrademarket is an offshore broker! Your investment may be at risk.

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Uptrademarket is yet another shady offshore broker that is not worth your money or time. Here is why:

Uptrademarket regulation and safety of funds

Uptrademarket is completely unregulated – the broker does not hold a license with any regulatory body. As for where it operates from – it would have you believe that to be England, as you can see below:

However, to operate there, the broker would need a license from the Financial Conduct Authority – the financial regulator in the country, hereafter referred to as the FCA. The FCA demands all brokers licensed with it abide by incredibly strict rules – for example keeping client accounts segregated and reporting back on a daily basis on open and closed trades to prevent any kind of fraud from taking place. It also maintains a very up to date online register where one can see if a company holds an FCA license – we did just that for Uptrademarket:

Using the registration number the company provided showed no results, of course – therefore, Uptrademarket cannot have an office in England.

Uptrademarket trading software

Uptrademarket provides access to a very bareboned trading platform – here is what it looks like:

As you can see, it does not hold up well when compared to industry standard Metatrader 5 – it lacks any sort of automated trading and much more.

The spreads on it are decent – moving within 1 pip for the major Forex pairs like EURUSD is acceptable. However, the broker offers a leverage of 1:100 – higher than what most regulatory bodies would deem appropriate for retail traders. Unlicensed brokers do that quite often to appear more lucrative – so if you see a high leverage in the wild, odds are you are dealing with an unlicensed broker.

Uptrademarket deposit and withdrawal methods and fees

Uptrademarket accepts deposits through credit cards alone – which is beneficial, as it allows you to file a chargeback. The minimum deposit is way too much, however – $250, when there are brokers out there that can open you a micro account for about $10 – it is just not competitive.

As for withdrawals, they are practically impossible – check out what Uptrademarket states in its Bonus policy:

Once your account has been granted a bonus, you would need to execute a turnover of at least 25 times your bonus and deposit amount to be able to withdraw from it. Such restrictive bonus policies are quite commonplace and scam brokers use them all the time – so several key regulators have banned the provision of bonuses. Scammers are why we can’t have nice things.

How does the scam work?

The only conclusion that we can come to after reviewing Uptrademarket in such detail is that the broker is running a scam. We know what kind of scheme it runs as well – we have seen it hundreds of times. It depends on the future victim leaving their contact information on Uptrademarket’s website. How they get there is usually through an ad promising incredible profits. Once the scammers have a phone number to use, they do not hesitate to do so – the victims receive a barrage of phone calls demanding deposits from them – and should they cave in, further deposits are needed. The scammers can never have enough – only when you realize you are being conned will they relent – if you demand a withdrawal of stop depositing, they will disappear forever.

What to do when scammed?

If you have suffered losses from this scam, there are some steps you need to take to ensure these losses do not continue. First off, you need to delete all sort of desktop-sharing software the scammers had you install on your PC – they often use programs like TeamViewer to snoop on there without your knowledge or permission. What’s more, you need to immediately change all sorts of credit cards and forms of ID the scammers had access to.

Then, it is time to think about refunding your deposit – the ability to do so will depend on the payment method you used – and you are best off consulting your bank when it comes to this. Contact it and explain your predicament. Whatever you do, however, do not trust so-called recovery agencies! If they demand upfront payment for their services you can be certain they are scammers as well.

Finally do not hesitate to share your experience below – only though a greater general awareness of the scam can we hope to stop it!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-20

Reviewed Broker

Uptrademarket

Broker Rating

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