UpperTrade comes with a sleek website design that will appeal to any investor. However, despite catching the eyes of investors, Upper Trade remains an offshore and unregulated platform. And this is the reason why we must expose the platform for what it really is. An unregulated platform that is taking advantage of naïve investors. There have been several complaints lodged against uppertrade.pro. Please find out more in our exclusive UPPERTRADE REVIEW.
On the company page, the platform claims to be an international company. The platform further goes and suggests that they offer unmatched trading conditions. If this were true, the platform would not be facing complaints from several members.
When you look at the website design with face value, it looks professional. However, the problems will start popping up when you decide to invest with the platform. It all looks great up until you decide to withdraw funds.
Most of the complaints we have seen center on the platform’s inability to release funds. Nearly half of the new members don’t have access to their funds. Reaching out to the platform’s support is another hectic task.
If you want to look for a desirable investment platform, go for those backed by industry experts. Choose platforms that experts highly recommend. And this will help give you peace of mind when investing and trading.
Although the platform promises high standard quality services, it’s not the case. The truth is that Upper Trade is taking advantage of naïve investors. Those who fall for the design aspect end up losing their funds.
We recommend that you do due diligence before committing funds to a platform. The best way to do so is by reading reviews and finding out the experience from other members. That way, you will have prior knowledge of what to expect before committing yourself.
UpperTrade promises users they will get more than a trading account. Among the perks that come with these accounts include an account manager and risk management tools. There are four accounts to choose from on the platform.
These four accounts include Beginner, Medium, Advanced, and Professional. We do have a problem with the leverage imposed on the first three accounts. Here’s a closer look at each account;
Beginner
You have to deposit $250 to start trading with this account. Spread starts from 2.0 pip, with members getting basic educational materials. Unfortunately, the account lacks an account manager and risk management tools.
Medium
For the medium account holder, the minimum allowed deposit is $2,000. The leverage set for the beginner and medium accounts is 1:300. In addition, members get 10 free trading signals per week with guaranteed stop-loss features.
Advanced
The platform claims this is the most popular account. Members have to deposit $5,000 to start investing with the platform. You enjoy negative balance protection and premium trading signals. Members start getting a personal account manager from this account level.
Professional
There’s a $25,000 deposit amount required with the professional account. The leverage set for this account is in line with regulatory standards of 1:100. Stop out level is marked at 100 percent, with members getting VIP trading support.
Despite offering account managers to the two elite accounts, they also come with a bargain. Instead of offering members advice, these account managers try and swindle funds from investors.
You will get bombarded with calls from these account managers using private lines. First, the manager will call claiming to have a lucrative investment option. Then, to get your attention, they claim the window is closing quickly.
You have to deposit more funds and wait as the manager invests in the high yield program. Unfortunately, those who made the mistake of depositing funds are now facing a hard time recovering them.
The account manager suddenly goes missing, and the calls stop coming in. When you contact the team, they assign a new account manager. The platform claims your previous account manager is on leave.
You won’t get to recover your funds or hear from the previous account manager. Instead, the manager you have will take you in circles and later block access to your phone. And then there’s no way of contacting any of the account managers.
Tetris Group Ltd is the name listed as the sole owner of the platform. The company is synonymous with an offshore-based platform. To this day, no one knows who the CEO or CFO of this company is.
Despite posting company registration details, the numbers don’t match. The entity is using random numbers as their license detail. Again, we are dealing with an anonymous and offshore platform.
Both of these combinations scream an unfair trading environment. Please make sure the platform you invest in is transparent as to who owns and runs it. There’s no telling who is held responsible for the funds users deposit.
On their contact page, instead of leaving direct communication channels, they offer a message board. Imagine depositing $25,000 only to get no phone number to contact support. We believe uppertrade.pro wants to control the communication channel.
It makes it easier for them to reach you and not so for members. Invest in a platform that offers live chat support. Once you send a withdrawal request from Upper Trade, it might take days to get a response.
A risky feature that we must mention is their custom-built trading terminal. The problem with such trading platforms is they lack any approval from regulators. There’s not enough testing from experts to give it the green light.
We recommend using reliable trading platforms such as MT4, MT5, and SIRIX. Unfortunately, these custom-built platforms often come with slow execution. As a result, you end up delaying to list your buy or sell sad time.
Funding your account is only via bank and wire transfer. You don’t fund accounts with crypto wallets which is a big deal in today’s era. Once you fund your account, the balance will reflect in your account within one business day.
Withdrawing funds from the platform remains the biggest problem facing investors. But, unfortunately, none of them have been withdrawing funds for the past few weeks. And this makes UpperTrade.pro a worthless trading platform.
The platform is offshore and unregulated, two hazardous features to have. UpperTrade fails to show any compliance with industry regulators. And this means they are free to impose any trading conditions they deem worthy.
When looking for the best trading platform, you need to sign up with regulated platforms. First, check whether the platform in question is regulated by ASIC, CySEC, or the FCA. Other reputable regulators include BaFIN, CNMV, CONSOB, FMA, FSA, NFA, and the SEC.
The above regulators ensure all parties adhere to set trading regulations. Without any regulatory framework, platforms will go overboard. And this is the case with Upper Trade as they offer the high leverage.
There’s no safety of funds with a platform that fails to offer investors a conducive investment environment. The platform does not offer any safety net to deposits made. There’s no depository insurance for all deposits made on the platform.
We won’t advocate for a platform that fails to offer investors fair trading conditions. So here are our reasons not to sign up with the platform.
Now you know the reasons that make Upper Trade a high-risk investment platform.
Get the best out of trading by investing with reliable investment platforms. Make an informed decision and sign up with leading investment platforms.
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I read your article about the UPPERTRADE broker, and I just confirm, for the sake of others, that it is a scam. Applying for a withdrawal starts the agony, which still lasts / they ask about 10k USD, and 5k usd bonuses (which I’m not interested in)
Everything you wrote is absolutely true / just to inform people to avoid them.
Thanks, Milan, we have to expose such platforms and protect naive investors. Invest in proven platforms that won’t ask for a dime when withdrawing.