Beware! Up Invest Finance 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.
We are going to review Up Invest Finance in this post, which is arguably the shadiest scam broker we’ve ever come across. We say so because they even refused to disclose their headquarter address and contact numbers, let alone some information about the company standing behind the broker. Also, we faced way too many issues with the website, but this is not the biggest problem at all. Find out why we call it a scam broker in the full Up Invest Finance review.
Up Invest Finance REGULATION AND SAFETY OF FUNDS
However, things are even worse for Up Invest Finance because the Italian financial authority CONSOB blacklisted this broker, exposing it as a scam scheme. The warnings issued by regulators serve as a confirmation that certain entities are fraudulent, so traders and investors should stay away from the blacklisted ones. Your funds are in danger if you put money in Up Invest Finance.
Avoid them and check the high-rated EU brokers and British brokers on both lists by following the links provided. Those are covered by the European deposit insurance funds laid down to protect customers in case of insolvency or fraud, which is why we strongly recommend them. For example, CySEC brokers’ traders can claim 20 000 EUR in compensation, while the British guarantees are even up to 85 000 GBP per person. Europe is financially secure, so you can safely open an account with any FX company that’s genuinely regulated there.
Up Invest Finance TRADING SOFTWARE
We couldn’t access any functional trading software whatsoever. There weren’t any links on the website, and it was impossible to sign-up due to some errors we know nothing about. So, we can’t discuss real-time spreads and Up Invest Finance doesn’t even mention anything about it. Still, the spread is the Buy/Sell difference, which forms some of the trading costs for the clients. Naturally, lower rates benefit traders by enhancing the profit potential and it’s not challenging to find tight-spread brokers in the highly competitive Forex market.
To do so, see the high-rated MetaTrader4 brokers and MetaTrader5 brokers on these lists, which are delivering high-class software to their clients. MetaTrader is a leading platform featuring sophisticated trading tools such as Expert Advisors, Algo Trading, as well as many complex indicators and charting tools. It also provides a marketplace where you can find more than 10 000 apps and third-party developed solutions you can successfully fit into your strategy.
The actual leverage is unknown, but Up Invest Finance claims the maximum possible is 1:500, which is a level that’s overly risky for retail traders. If not carefully deployed, 1:500 can inflict instant-quick losses that are very difficult to recover.
In fact, leverage is so risky that various financial authorities even decreed regulations to restrict its usage. As a result, EU, British and Australian brokers limit their clients to 1:30, while the Canadian brokers and the US brokers can’t deliver higher than 1:50. However, risk-tolerant traders may as well have a look at the Swiss brokers, which are reputable but not leverage restricted.
Up Invest Finance DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Up Invest Finance is $100, which is in line with the regulated industry standards. However, we couldn’t find what the funding methods are because the Deposit/Withdraw section of the website was broken, as well. Still, Up Invest Finance is a confirmed scam, so the absence of information doesn’t change the story much.
Speaking of account funding, see the lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated companies on the lists are appropriately regulated, and you can safely open an account with them.
As you already know, Up Invest Finance doesn’t present any legal documentation, so we have nothing about withdrawal requirements, fees, inactive accounts procedures, refund policy, bonuses etc.
Overall, Up Invest Finance is an exposed scam, so make sure to keep your funds in safety and avoid this fraudulent business.
HOW DOES THE SCAM WORK
New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets but very similar from country to country.
Nowadays, scammers search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record, and they promise high returns, seamless trading and guaranteed profits. The scammers deliberately make people believe that the Forex market isn’t a risky place, but actually, the opposite is true.
What usually happens is that scammers just pocket traders and investors money. Sooner or later, clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or even ask for additional deposits. Either way, traders are likely to lose some or all of the capital invested. The end is always the same. When fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!