Updated on March 28, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding UproFX due to the issues we've identified.
Is UproFx a Scam or Legit Broker? ▲
Upon conducting a thorough assessment, it has become evident that UproFX does not align with the security standards set by global Forex authorities. This broker operates without a valid license, raising significant concerns over its legitimacy. The absence of a regulatory framework to govern its operations suggests a potential risk of fraudulent activities. These findings underscore the importance of trading with brokers that are under the oversight of reputable regulatory bodies to ensure the safety of your investments.
Registration and Licensing
Registered in Estonia
Lacks proper licensing
Not considered safe for trading
Recommended Regulatory Bodies
FCA in the UK
ASIC in Australia
UproFX positions itself as a forward-thinking Forex broker, leveraging cutting-edge technologies to deliver an updated and transparent trading experience. However, the broker falls short in providing essential information regarding its regulatory status. Although it claims Estonian registration, our investigation failed to verify this claim with the Estonian Financial Supervision Authority, indicating that UproFX is not authorized to offer its services within Estonia or any other EU jurisdiction. Owned and operated by Yield Enterprise Currency Software OÜ and based in Tallinn, Estonia, with operations from Riga, Latvia, UproFX has attracted attention from regulatory bodies, including a blacklist notification from the Spanish regulator CNMV for operating without authorization.
Ownership and Operation
Owned by Yield Enterprise Currency Software OÜ
Based in Tallinn, Estonia, and operates from Riga, Latvia
Languages and Target Markets
Website available in English, German, and Spanish
Targeting countries with these languages, particularly noted by regulatory warnings in Spain
Regulatory Concerns and Warnings
Blacklisted by the Spanish regulator CNMV
Not authorized for investment services or financial instruments in targeted regions
Our comprehensive review leads us to strongly advise against engaging with UproFX and similar unregulated entities. The glaring absence of regulatory information, opaque trading conditions, and lack of accessible contact details are alarming red flags. Unregulated brokers often engage in investment scams, posing significant risks to traders and investors. We recommend prioritizing safety by choosing brokers regulated in reputable jurisdictions, such as those in the UK or Australia, and considering established and trustworthy brokers.
The UproFX website has recently become inaccessible, indicating a cessation of its trading services. Despite this, we urge traders to remain vigilant and cautious, particularly if approached with trading proposals from this entity. The discontinuation of its online presence does not eliminate the potential risks associated with unregulated brokers, reinforcing the importance of thorough due diligence before engaging in any trading activities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
UproFx Review 2024
