Introduction to UproFx Review:
CFDs have become a common target for scammers due to the large inflow of customers in the market. Have you come across a seemingly kind broker offering you a high leverage deal with guaranteed profits? Careful! It is most probably a scam. Scam brokers in the industry have degraded the financial market quite a lot of times. One question that reappears in the minds of the traders and the people interested in trading is that – Is the financial market safe? The answer to this question is yes. The financial market is safe and one of the convenient ways to earn profit with the right knowledge. In this UproFx review, we will be covering all the red flags that we found. If you have been scammed by UproFx, read the full UproFx review to know what can be done to claim your money back.
In this section of the UproFx review, we will be discussing all the problematic aspects of UproFx review.
NOT REGULATED BY ANY AUTHORITY
Despite claiming a lot of things on their homepage about how they have the best deals one can ever get, UproFx does not mention anything about their regulation. As you all might know by now, the regulation is one of the most important parameters that everyone should look for if they are interested or are participating in the financial market. A little investigation on the regulation of UproFx gave us the results we were already expecting. UproFx is UNREGULATED. Unregulated brokers do more harm than good. As these brokerage firms do not come under the supervision of any of the regulatory authorities, they are free to do what they desire. One must only trade with brokerage firms that are regulated by top-tier regulations.
OFFERING HIGH LEVERAGES
Another red flag that we found against the UproFx scam is that the company offers high leverages to lure in more customers. Due to the inverse relationship between the leverage offered and the risk induced on the customer, various countries have put a limit on the leverage that can be offered by the brokerage firms at 1:30 and 1:50. However, the leverage offered by UproFx is 1:100. This is clearly very high leverage and UproFx is knowingly putting their “beloved” customers at risk.
HUGE MINIMUM DEPOSIT DEMANDED
Yet another red flag revealed in this UproFx review is the huge minimum deposit that is demanded by UproFx. UproFx demands a deposit of $250 from their customers. To avail of other accounts, the deposit is even more. Readers must note that legitimate brokerage firms only ask for a minimum amount as their deposit and if any brokerage firm demands a huge amount, be careful as it is a potential scam.
Conclusion: Is UproFx really a scam?
To sum up, all that has been listed above, and keeping in consideration all the red flags pointed out, we leave it upon you to decide whether UproFx is a scam or not. Whatever your decision might be, we warn you to proceed with utmost caution as UproFx is a potential scam. If you have been scammed by the UproFx scam, just file a complaint with us by filling the form and we will help you in fund recovery.
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