UproFX Review – 5 things you should know about Uprofx.com

UproFX Review – 5 things you should know about Uprofx.com

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

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UproFX is CFD forex brokerage based in Estonia.  On it’s website we read that the minimum deposit for the most basic account comes at €250 and that the brokerage provides it’s own web-based trading platform. Furthermore, the leverage extended to traders is generous and goes up to 1:100. Such high leverage will soon be rare in the forex trading world due to newly-put regulations by the European Union.

UproFX regulation & safety of funds

The brokerage is owned and operated by the company Yield Enterprise Currency Software with a registered address in Estonia’s capital – Tallin. Even though the government of Estonia includes forex trading within its regulatory framework, we could find no mention of any regulatory oversight going through the broker’s website . This compels us to state that clients of the brokerage may be open to a number of risks while trading.

Prestigious financial regulators such as the FCA or NFA force a broker to comply with a number of strict rules that lower the possibility of fraud and give assurance for the safety of the clients funds.

One such rule is the segregation of accounts which forces the brokerage to handle the finances of the clients separately from their own and greatly lowers the risk of commingling. Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to scam traders.

UproFX deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via a wide range of payment options –  Credit/Debit card, Bank Wire Transfer, Neteller, Visa, Maestro, Mastercard, Skrill,  . On the website we did find out that the minimum deposit for wire transfers comes at the staggering €3000. We did not find any troubling fees or nasty withdrawal conditions in the broker’s terms, but we should underline a few things in regards to this. Traders must not trust, especially unregulated brokerages, and act carefully. They must first make sure not to invest more than the minimum required of them, so that they don’t lose a larger-than-necessary sum if the broker turns out to be a scam. Furthermore, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Scammers will usually have such hidden.

How does the scam work?

Besides judging the brokerage beforehand, a valuable piece of information in the trading world would be precisely how a scam would go about. Here is a description of the typical three steps:

A click-bait ad about fast money will take you to a website like Bitcoin Trader or Crypto inner Circle where registration will require you to give your address, email and phone number. Calls from broker will follow, telling you to invest with them and reap huge profits. After a few minutes on the phone with them, you decide to deposit some $200-250. Little do you know that from that initial deposit the broker on the phone takes a nice fat piece as commission.

The scam, however, continues and what follows is called the “retention”. Senior scammers will now begin addressing you on the phone and explaining all the advantages in further investing with them. After you decide to go for it, you may even win on a few trades and go up by, say, a couple thousand. Naturally, you will begin wanting to close the account and take away your profits.

Unfortunately, closing the account won’t turn out to be a walk in the park. The “recovery department” will take you and yet another representative will have some other trading opportunities to share with you. He will attempt to stall you in order not to file a chargeback with your bank right away. That possibility forever closes when six months pass after the initial deposit with the broker.

What to do if scammed?

Unfortunately, much of the forex trading world is overshadowed by the huge numbers of scammers. All a trader may do is be well-informed and, in case he is the subject of a fraud – stay calm and not panic! The chance for panic is greatly reduced if such a situation does not take you by surprise. Here are the available options for scammed traders:

You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.

If however you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should change it asap!

So-called “recovery agencies” should not be trusted! Such agencies target scammed and vulnerable traders in an attempt to further swindle them into giving away their money. They will require from you an “up-front payment” in order to get your money back, but no such thing will happen!

Rich Snippet Data
Review Date
Reviewed Broker
UproFX
Broker Rating
11stargraygraygraygray

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10 Comments

  1. UproFX has no license and is not regulated anywhere this means they can do with the money you invest whatever they want and this is usually what they do , they take the investment and show you good profits and talk you into investing more this is the classic investment scam scheme who collapses soon as you want to withdraw the FCA and ASIC warns from this broker they are quite new and are already blacklisted so better stay away !

    1. Yes , sure this brand from KayaFx scam and KontoFx scam are unregulated and have no licence for their activities in U.k or other countries. Report your complaint to ActionFraud in U.K on mail [email protected], It seems like there are some bigger actions nowadays against all those fraudulent websites connected to criminal organizations with branches in countries such as Bulgaria, Romania, Estonia, and Israel, Sometimes also Montenegro and Serbia

  2. Upro FX is a complete scam I invested around 6500€ they showed me huge profits but always had another excuse why I should not withdraw but as I needed the money for medical reasons the trouble began. The locked me out from my account and started to pressure me to invest further 5000€ if I wanted to be able to access the account again what I did not do, they still calling me and want me to add up the money I told them that I want to withdraw my funds but they started to shout and threaten me again. Now I reported them to the police and blocked there numbers!

  3. A few days ago I received a call from Upro fx from a Account manager called Greg Miller he claimed that he is now in charge for the clients from kaya fx( I lost 2500 there ) he apologized what happened there with my account but the manager from kaya was arrested last month and they are investigating and if this is true court I would revive my money back from kaya .

    Now he is working with UProFX and would ensure that this time everything would be fine, he claimed that he could make me profit easily so I would have the money back that I lost earlier in a week, but on UProFX the minimum invstment that he can work as my accountmanager are 5000€ I told him that I don’t have that money right now but he told me instead I should take up a loan within in a few weeks I could double the money.

    After my bad experience with KAYA I researched a bit about UProFX and they have already bad reviews and an FCA warning and then I found the videos about kaya on youtube the broker who called me sounded exactly like the one from the Phillip Schmid video so for me it was clear this is just another Scam broker!

    1. this company is a complete scam I lost 5000£ to them now the police is investigating

  4. They called me the other day with the same scheme but I knew this type or people they want to steal your money and privat informations but not with me !

  5. They contacted me last week after opening an account there telling now I just need to send my bank details id card and proof of address it would be normal for a financial institution,
    but before I send anything I wanted to take a close look and all the online reviews are bad so I decided not to use this broker.
    On the next day they called me and asked if I was sending the details, as I explained to them why I did not want to trade with them they got really rude and in the end they wanted me to pay a fee of 250£ for opening and closing the account and they want to take legal action against me .
    I will not pay them anything scammers!

  6. This broker is a huge SCAM do not invest any money they steal it right away!

  7. ===========================
    Translated from German
    ===========================
    UproFX iIst total scam when I did not want to invest any more money, my broker told me that he did not want to continue working for me, and he will give my account to his colleagues the next day, my account was in the minus. I have invested 5000 € and now it stands at minus 7521 € immediately the next day my broker called me and demanded that I compensate for the loss he threatened me with legal consequences.
    I have shown UProFX to the police, which is clearer, they are so outrageous and demand that you compensate for the loss!
    ===========================
    Original comment
    ===========================
    UproFX iIst totaler betrug als ich kein weiteres Geld investieren wollte hat mein Broker mir gesagt dass er nicht weiter für mich arbeiten wollte, und er mein Konto an seinen Kollegen geben wird am nächsten Tag war mein Konto im minus. Ich habe 5000€ investiert und jetzt steht es auf minus 7521€ sofort am nächsten Tag rief mich mein broker an und verlangte, dass ich den Verlust ausgleiche er drohte mir mit rechtlichen Konsequenzen.
    Ich habe UProFX bei der Polizei angezeigt das ist klarer betrug, sie sind auch noch so unverschämt und verlangen das man den Verlust ausgleicht!

  8. ================================
    Translated from German
    ================================
    Report these jokes to ActionFraud or Europol. Also, make a note about the whistleblower on EFRI.com so that you may be able to start an investigation into ownership and its criminal networks through UproFX and its other account defectors KontoFX and KayaFx. Does not cost anything to report them there. Efri has managed to get some option commentators behind bars and boom, and about 15 websites have been closed. Most connections with Eastern Europe, Bulgaria and Israel.
    ================================
    Original comment
    ================================
    Berichten Sie diese Witze an ActionFraud oder Europol. Machen Sie auch eine Benachrichtigung über den Hinweisgeber auf EFRI.com, damit Sie möglicherweise eine Untersuchung über UproFX und deren anderen Betrüger KontoFX und KayaFx über Eigentumsverhältnisse und ihre kriminellen Netzwerke starten können. Kostet nichts, um sie dort zu melden. Efri hat es geschafft, einige Options-Kommentatoren hinter Sperren und Boom zu bringen, und etwa 15 Webseiten wurden geschlossen. Die meisten Verbindungen mit Osteuropa, Bulgarien und Israel.

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