Beware! Finance Up 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.
Finance Up might seem overwhelming at first, but that is just because it really is. It is confusing to decide your next move once you enter this suspicious broker. Not only that, but Finance Up is kind of sloppy and glitchy at times, and the care put into it is at a minimal capacity. Out of all the text and subpages, very little is of actual help, and it took us a while to get the hang of it all. However, along the way one thing was certain, and that is that Finance Up is definitely not up to modern FX standards.
We are off to a very rough start. The registration page, instead of giving us a form to complete, gave us an error message, and whichever way we saw it, there was no escaping the fact that we were not going to be creating an account anytime soon. With shady brokers there is always the chance that it grants access to its user dashboard to handpicked investors, those that are willing to invest; such users are what fraudsters such as Finance Up look for.
Without an account, we must rely on the website for all trading conditions. The promoted trading assets are forex currency pairs, indices, and commodities. The average spread is 2.5 pips. This cost of trade is not profitable, and Finance Up does not seem to be aware of this, because it reveals that all of its account types have this spread value. Usually, the higher the account tier is, the lower the spread, but here this value remains the same for everyone. In fact, there is absolutely no reason as to why a user should choose a VIP account ($10 000 min. deposit) over a Standard account ($100) considering that both account variations offer the exact same trading and payment conditions. This just shows how little Finance Up actually knows of what it is trying to replicate.
The leverage for all account types is 1:500.
The website is available in English.
FINANCE UP REGULATION AND SAFETY OF FUNDS
Finance Up claims to be holding a license from the Financial Commission, but what this agency is is unknown, although this isn’t the first time that we come across the ambivalent Financial Commission. Several scammer brokers in the past have claimed it as their own regulator. Later on, we learn that the broker referred to the FCA, an egency that doe snot licnese this broker!
Later on, we find another regulatory claim, assertin that the firm is actually licensed by the Vanuatu Financial Services Commission, presenting us with a forged certificate.
The broker sneak in a Financial Services Board cerificate, deepening its lies. The Financial Services Board was the FX regulator of South Africa that fucntioned from 1990 to 2018. It has since then been repalced by the much improved Financial Sector Conduct Authority.
None of these agency regulate the broker, or ever have done so. We checked with each one of them, and all proved to have no trace of Finance Up.
Finance Up is unlicensed, and a risk to all. Nothing better defines this broker.
Perhaps the most crucial move a user can make in the process of deciding what broker best suits her needs is to ascertain that the broker is regulated, properly, by a legitmate license issuer (there is a rise in fake regulators). Make sure your broker of choice is a UK, EU, US, or Aussie-licensed entity; there are other perfectly fine jurisdictions where a firm can be authorized, it’s just that these ones are the most developed in terms of providing the best possible trader security. Moreover, some specific regulators also allow for their regulated brokers to participate in compensation schemes which add a very sturdy extra layer of defense. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
FINANCE UP TRADING SOFTWWARE
There is no evidence that the broker ever had used a trading software, and our failed registration attempt made it impossible to verify is the user area is ecquipped with a trading software.
FINANCE UP DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $100. Users are tols they can pay with credit cards and wire transfers. There isn;t much in terms of payment details other than that, although there seem to be fees related to both deposits and withdrawals. The broker has made sure to make this info ambiguous as well.
Moreover, there are no legal docuemtns form whcih to take further payment conditions, not to mention that the lack of legal dosc is another clear-cut sign that Finance Up is completelty illegal.
The payment details were taken from the website, and as such cannot be fully trusted. Unlicensed brokers will do anything to mnaipulate user, inclusing the forgery of payment details.
This broker is a scam! Do not wate your energy on it.
How Does The Scam Work
We can easily reverse-engineer the scammer process by looking at the whole thing as a series of contained events.
The first of these is falling for one of the thousands of online ads that lead to any number of fraudulent investment websites. The most obvious aspect of such ads is their ability to attract the eye gaze of users since they include glamorous content that we have all dreamed of owning.
Giving in to one of these ads will lead the user to one of two sources: either a so-called intermediary website or the scammer brokerage itself. The former works to introduce the latter, so the principle remains generally the same. The second step ensues once the user provides the crucial contact details that will be used by the firm to solicit funds. Because they are crucial to the scheming process, the broker will put a lot of input into this effort.
The third event is establishing grounds for communication, and a pivotal point for recruiting the user as a depositor. The first deposit is the hardest to sell, and that is why most scammer brokerages have dedicated internal departments whose only job is to entail a preliminary investment.
The fourth even is up to the retainers, or the expert scammers – account managers-, whose job is to keep the user invested as long as possible and to drain as much money out of her. Here is where many, unbeknownst to the user, psychological tricks are used by the scamming experts to really deplte funds from accounts.
The final step is containing the damages, or to put it in the lingo of the perps- to keep the stolen mon ey with minimal collateral damage. Here is where the scammers get cheap. Many will simply ignore the requests of withdrawals- or simply stall them-, or can shut down accounts and even entire websites for the purpose of keeping what they have stolen.
What To Do When Scammed
Fiel for a chargeback! It’s the surest way to get your money back, although not many scammer brokers allow for credit/debit card deposits. They are aware that users can file for a chargeback, and therefore condemn it by either not including cards payment gateways or by penalizing the client when she files for one. Note that, VISA and MasterCard have extended their cash-back period to 540 days.
A popular payment method is bank transfer, and here is where things get tricky. Users should contact the bank to help them out if they get scammed, but there is no real guarantee that the banking institution will be able to help them out. Moreover, change your bank account user name and password ASAP should you get defrauded.
Crypto payments are untraceable and are therefore non-refundable. For these reasons, crypto wallets are the favorite means for investing for scammers.
The last point to make concerns recovery agents whose promises will tempt many a victim. Agents or agencies promising some magical way to recover your stolen funds are separate fraudulent entities.