Are you a FX trader? Do you want to trade on Upcapital FX? Here is what you must know about this broker upcapital.cc. See reviews to find all about it.
This post promises to share helpful review to support users/traders in making the right decision.
Upcapital FX
Upcapital FX is an offshore brokerage company with a lot of promises for traders. The broker shows no contact address on its website. It is owned and operated by Nexus LLC with a regulated address in St.Vincent and the Grenadines.
What is more, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents different account packages like Starting, Bronze, Silver, Gold, Platinum and ECN.
To clarify, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Withdrawal and Deposit
Withdrawal process:
Under withdrawal policy, Upcapital FX leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides little description on trade requirements that must be met before a withdrawal if the account has received a bonus.
Upcapital Minimum Deposit:
Upcapital minimum deposit is indicated $250. While this looks pretty fair, however, this broker lacks regulation and reliability. Good number of brokers will allow you start trading with a minimum deposit of $100 or less.
As for the payment methods, the broker does not properly state the different payment options. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
Upcapital Platform:
Upcapital FX offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious. Many scammers have trading software to fool their victims that their money is being invested.
As for the leverage, it can get up to 1:300. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
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
Why Upcapital.cc Is A Suspicious Broker
First of, Upcapital cc has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities. Many times, the Financial Services Authority of St. Vincent and the Grenadines has advised against FX regulation claims. See below.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Upcapital Licensing and Regulation
It is not far from believing that this broker 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:
Upcapital located at Upcapital.cc claims to be a trustworthy trading broker, however, that cannot be ascertained. From indications, we would advise traders to steer clear from this broker as it 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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