Uncertain about Upfxtrade.com platform? Is this broker a reliable broker to trust? Let’s read Ultimate Pinnacle reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About Ultimate Pinnacle FX
Ultimate Pinnacle FX otherwise known as Upfxtrade.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
What We Discovered about Upfxtrade.com Regulation
First of, Ultimate Pinnacle claims address in Belize and a regulation by the Financial Services Commission of Belize. As we are concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.
This broker also claims to be licensed by the National Futures Association (NFA) of the US, as well as the Australian Securities and Investments Commission (ASIC). Regrettably, this broker is not authorized by either of them.
We searched the registers of both authorities and there was no data about this firm on the ASIC’s website. The NFA page however showed some quite curious information – it clearly states that Ultimate Pinnacle is not a member.
Again, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These drawbacks are for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Does Ultimate Pinnacle Have Account Types?
Ultimate Pinnacle offers different trading account for clients. According to the account descriptions, this broker offers a leverage capped 1:1000 and a spread of 2 pips for the Golden and Ultimate accounts.
Ultimate Pinnacle deposit is indicated $100 according to the account type. But this may be a good start if only the broker is licensed.
In contrast, you should better stay with a legitimate broker that clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
Ultimate Pinnacle claims to accept a variety of payment methods including Visa, Mastercard, UnionPay, Skrill, Neteller and Tether. After we registered and tried to add funds to our account, we spot some crypto coins like Tether and Ethereum, as well as a bank wire transfer. Also, there are AllPay and OxPay payment methods.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Ultimate Pinnacle Provides What Trading Software?
Ultimate Pinnacle claims to offer MetaTrader 5 and displays several links for its download. After we registered, we still couldn’t log in to the platform.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Ultimate Pinnacle Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that Upfxtrade.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Verdict:
Ultimate Pinnacle located at Upfxtrade.com appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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