Note: UproFx's official website: https://uprofx.com/# is currently inaccessible normally.
Founded in 2018, UproFx is an unregulated forex and CFD broker registered in Estonia. It offers trading in currency pairs, CFDs on cryptocurrencies, commodities, precious metals, indices, and stocks with a minimum deposit requirement of €250 and leverage up to 1:100 (can be 1:500) via a web-based trading platform.
However, UproFX is not currently regulated in any way.
Pros and Cons
Is UproFX Legit?
UproFX is a brokerage operating in Estonia, functioning as a subsidiary of Yield Enterprise Currency Software. However, the absence of a license suggests that the broker's activities are not subject to regulatory oversight.
What Can I Trade on UproFX?
UproFX offers investors financial instruments in currency pairs and CFDs on cryptocurrencies, commodities, precious metals, indices, and stocks.
Forex pairs: nearly 50 forex pairs, with some exotic currencies like Danish Krone, Hungarian Forint, Norweigen Krone, Polish Zloty, Swedish Krone, Turkish Lira, Hong Kong Dollar, Mexican Peso, Russian Ruble, Singapore Dollar, South African Rand, Indian Rupee and Israeli Shekel.
CFDs:
- Commodities: energy and agricultural commodities like wheat, sugar, soybeans, orange juice, cotton, corn, copper, coffee, cocoa, oil and natural gas, precious metals like gold, silver, platinum and palladium.
- Cryptos: Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin, Ethereum, Ethereum Classic, Dashcoin, Ripple, IOTA, Verge, Siacoin, Cardano, NEO, Tether, Stellar and Monero.
- Indices and stocks: 20 types.
Account Type
Leverage
Leverage offered by UproFX is 1:100, and if you prefer, the leverage can be increased, with a maximum of 1:500, which is unreliable. Even the basic leverage of 1:100 is significantly higher than the leverage required by ESMA regulations, which cap it at 1:30. Such high leverage ratios pose significant risks, amplifying both profits and losses.
Spread
The official UproFX website does not show information about spreads, but after testing demo accounts, it is clear that the fixed spread for EUR/USD is 3 pips, which is far from the industry standard.
Trading Platform
UproFX offers traders a fairly simple online trading platform. This trading platform lacks some of the basic features such as charting tools and market indicators, as well as automated trading moments for options top price runs, which are features that make MT4 trading platforms well known.
Deposit and Withdrawal
UproFX supports regular credit/debit card and bank wire transfers for deposits and withdrawals. Withdrawals take several days to complete, and even the amount you can transfer to/from your account is very limited.
- The minimum deposit amount for credit/debit cards is 250 euros;
- The minimum deposit amount for wire transfer is set at 500 euros.
No fees for deposits.
