Upcapital review – 5 things you should know about upcapital.cc

Upcapital review – 5 things you should know about upcapital.cc

Rating: 1

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



Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


Upcapital presents itself as an international brokerage house providing top quality financial and investment services all over the world. But careful inspection casts a considerable shadow of doubt on these claims. Upcapital is run by an offshore company linked to other fake brokers we have reviewed. At the time of writing this review, Upcapital does not even offer basic functionality such as new account registration. There is no good reason to trust your money to Upcapital.


Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

No company name or address is given on the homepage of the website. The only contact method is email.

The text of the Terms and Conditions states that this forex broker is operated by the company Nexus LLC, based in Saint Vincent and the Grenadines (SVG).

The same company is listed as the owner of other shady brokers we have come across, such as Mononvest.

However, we cannot be sure that this legal entity actually exists. There is no company with exactly this name among those registered in SVG.

But even if the owner of Upcapital is indeed based in SVG, that gives us no guarantees. While this country has a financial regulator, unlike other offshore areas, it does not regulate the activities of forex and CFD brokers. Тhe local Financial Services Authority has repeatedly issued warnings on this issue, with the latest such warning dated February 3, 2022.

If you have decided to invest in financial instruments, and especially if you are a novice trader, you should use the services of a licensed broker based in a jurisdiction with strong regulations.

Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.


Upcapital claims to offer its customers a web-based trading platform. But we have not been able to establish whether this is true. At the time of writing this review, it was not possible to register a new account or log into an existing one.

It should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use trading platforms to fool their victims that their money is actually being invested. However, this trading is entirely fictitious and the money goes directly into the scammers’ pockets.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.


Upcapital promises “amazing trading conditions” but does not provide information on exactly what these conditions are. The descriptions of the various trading accounts specify only a minimum deposit of 250 USD and do not mention basic parameters such as spread, commissions and order execution method.

It would be wiser, safer and even cheaper to open a beginner account with a legitimate broker. Many of them allow you to start trading with amounts of 100, 50 USD or even less.

The only other information on trading conditions that can be found on the Upcapital website is a mention of leverage of 1:300. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders.

In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.

Upcapital also states that it offers unspecified bonuses, another practice prohibited to regulated financial service providers.


The Upcapital website and documentation does not provide details of available payment methods and deposit and withdrawal fees.

It goes without saying, but genuine brokers provide clear information on how funding a trading account works.Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill, Neteller or QIWI.

In the Terms and Conditions we can see a vague description of minimum traded volume requirements that must be met before a withdrawal if the account has received a bonus. Fraudsters often use such confusing wording to block any withdrawal requests.


Many people are looking for ways to make money passively, but do not have the necessary knowledge to invest in the financial markets themselves. This makes them a target for the many online scammers posing as brokers. If you come across some of them and give them your contacts, you will be contacted by skilled scam artists who will assure you that they can take on the incomprehensible aspects of investing for you. You will only be required to invest and take profits.

But when you try to collect even just a fraction of your money, it will turn out to be impossible. Your supposed profits will suddenly evaporate, or you’ll find that you have to meet impossible traded volume requirements first. Fraudsters often insert huge withdrawal fees into client agreements amounting to 10%, 20% or even more. You won’t be able to hold scammers accountable because they hide behind fake names and shell-companies offshore. Scammers also typically use non-refundable payment methods.


First of all, you should be very careful not to fall straight into the clutches of other scammers. Another common scam is to promise money recoveries from fake brokers for an upfront fee.

If you used a credit or debit card for the transactions, you can charge a chargeback. Visa and MasterCard have a long period in which they allow such requests – 540 days. But keep in mind that fraudsters can dispute if you have provided them with a copy of your ID and proof of address. It would also be helpful if you alerted the authorities in your country and other people online to the activities of the scammers.

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Cyprus, SVG4.8/5$100 Click for a special offerWebsite

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