Upcotrade review – 5 things you should know about upcotrade.com

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

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

Upcotrade is a suspicious offshore broker that does not provide the necessary assurances that we can trust it with our money. In this review, we will look in detail at why it would be wise to look for a more trustworthy financial services provider.

Upcotrade Regulation and safety of funds

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.

On the home page, we see a claim that the company behind Upcotrade is Global Media Group Llc, based in Saint Vincent and the Grenadines (SVG).

It should be noted that this information is embedded in the form of an image on the website, a technique used to prevent indexing by search engines. The Terms of Use and other documents on the Upcotrade website do not mention the name of this or any other company.

Even if this is the actual owner of Upcotrade, this does not provide any guarantee of the customer’s funds.

SVG is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not licence forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.

If you have decided to invest in financial instruments you have a choice of much more trustworthy options.

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 the 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.

Upcotrade Trading software

Upcotrade advertises that it offers a web-based trading platform. But we were unable to confirm this because account registration requires a Promo Code. Legitimate brokers allow easy Demo account registration.

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).

Upcotrade Trading instruments

Upcotrade advertises that it offers trading in currencies, stocks, commodities, indices and cryptocurrencies. But we have no good reason to believe that this shady broker offers real trading.

Upcotrade Spreads and cost of trading

On the website, we find tables with average spreads that show levels between 2.5 and 4 pips. These levels are much higher than the industry standard and are very disadvantageous for the trader.

Upcotrade Maximum leverage

All of the account types offered by Upcotrade have a maximum leverage of 1:400.

Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses. A maximum leverage of 1:30 is allowed in the European Union and the United Kingdom and 1:50 in the United States.

Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Upcotrade Deposit and withdrawal methods

Due to our inability to register an account, we were unable to ascertain what payment methods Upcotrade uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.

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 or Neteller.

Upcotrade Minimum deposit

Upcotrade requires a minimum deposit of 250 USD. For a significantly lower amount you could open a trading account with some of the industry’s leading brands.

Upcotrade Withdrawal requirements

The minimum withdrawal amount is 50 USD.

Upcotrade claims to offer bonuses but does not clarify the conditions attached to them. Scammers often use promises of generous bonuses and promotions to tie potential victims to hidden fees and extortionate withdrawal terms.