Beware! UpOptions 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.
As far as unlicensed brokers go, UpOptions is one of the most uniques ones. Now, don’t get us wrong; this broker is a rsik and all, but the way it tells a completely different story is what we find interesting. The visual aesthetic of the firm does not even feel much like it is a broker, but more like a web-based online game of a sort, or a cartoony online casino. Users will be tempted to invest here, and we cannot blame them for thinking that UpOptions offers legitimate trading opportunities. However, what we can do is to offer readers a chance to see the true nature of this broker, and see for themselves what truly consists UpOptions.
Creating an account was an incredibly glitchy process that took us out of the illusion created by the website. It was also entirely in Vietnamese, and therefore we had a very hard time registering. We nevertheless changed the language and were successful in creating an account and entering a user area.
From there, we were immediately redirected to a web trader where we learn that the available trading instruments are forex currency pairs, cryptocurrencies, stocks, commodities, and indices. The EUR/USD spread cannot be quoted because users are given only one value (either the sell or buy one). We could not find a leverage value either.
The website of the broker is available in English and Vietnamese.
UPOPTIONS REGULATION AND SAFETY OF FUNDS
According to the terms and conditions, the broker is said to be governed by the laws of Saint Vincent and the Grenadines. This info is completely useless, as it makes no sense if it is true or not. Saint Vincent and the Grenadines do not have an FX regulator, and therefore all incorporated brokers are unlicensed.
Unfortunately, this is all the information we could gather, as there seems to be nothing else worth of value here. The broker is ok with not being detectable, making it utterly anonymous.
Anonymous brokers are perhaps the most dangerous kind. They cannot be traced, and the same applies to payments made in it. Therefore it is very important not to invest in anonymous brokers.
UpOptions is not licensed and a risk to all. It is also a very well-covered scam. Do not invest here!
Whichever way you see it there is absolutely no sense in investing in brokers that are unregulated. They are a risk to all investments and also a risk to any personal information the users provide them with. We always advise users to choose brokers that have been regular. That is why it is imperative to check for a licence before creating an account. UK, EU, US, or Aussie regulated companies are the ones to look out for. All of these licensed brokers adhere to various regulatory and legal frameworks that allowed them to put the clients’ safety and security as their main priority. Not to mention that the FCA and CySEC offer client compensation schemes that remembers users if the broker cannot pay them back for insolvency reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
UPOPTIONS TRADING SOFTWARE
Now to the alleged web trader, which is anything but, no matter how good and pro it might seem. This is actually a third-party delivered chart, alongside a set of tools, that aims to create the illusion of being complex and useful.
In reality, users cannot do anything here, only speculate the assets provided by a non-important graph.
There is nothing here for users. Unfortunately, the broker does not have a trading software.
UPOPTIONS DEPOSIT/WITHDRAW METHODS AND FEES
As per the user area, we learn that clients can invest by means of a wire transfer, and no other method. Bank transfer is the only payment method! The minimum deposit allowed is $12.
The withdrawal area reveals that clients can take out money by means of, well, nothing. The withdrawal area is irresponsive, and so clients cannot bring their money back. And even if there was a way, we would be against investing in this company.
UpOptions is unregulated, a risk to all, and a scam! Do not invest here!
How does the scam work?
The most helpful that scammer brokers have in their repertoire or perhaps online advertisements which they use to attract a user base.
Every internet user has witnessed at least a couple of these fake ads are promise Investments returns and luxurious lifestyles. These ads mostly lead to investment scams or so called fraudulent brokers.
Once on this website the user will be advised to provide a phone number or an email address through which the broker can easily solicit investments.
A first deposit is the hardest to get and those users that deposit for the first time are likely to deposit for a second or third time. Personal account managers make sure to keep the user as invested as possible until he or she gets suspicious.
Once this happens the broker can easily all withdrawal requests or shut down the entire account or the website even. It’s crucial to remember that the user will never gets his or her money back easily.
However there are certain ways to get to that money back.
What to do if scammed?
The most important thing to do once you get is to file for a chargeback. Unfortunately this happens only if the user has invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days.
If the money was lost through a bank transfer then the user must contact the bank itself and try to find a solution with it. Most banks probably have a policy of retrieving stolen funds. What’s also imperative is to change the bank user name and password for your account.
Money that was lost through crypto currency investment is unfortunately lost forever. The only way to get this money back yes if the broker itself pays it’s back to you.
Last but not least do not approach recovery agents. These are scams on their own and will ask you for money in return for your lost funds. Of course such services do not really exist and these fraudsters will disappear with the money once you pay them.