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Up4Profit Review: Read Before You Trade With This Broker
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Up4Profit Review, What we have here is a dangerous and fraudulent provider that will undoubtedly embezzle your funds as soon as they reach its malevolent grasp. Thus, we decided to prevent this scheme from succeeding by writing the Up4Profit Review and exposing the lies behind the phony broker. Without further ado, let’s start digging up the dirt.
|Leverage||Up to 1:500|
|Regulation||Unregulated Offshore Broker|
|Headquarters||Saint Vincent and the Grenadines|
Regulation of Up4Profit and Funds Security
The illicit broker known as Up4Profit has adopted a clever and cunning disguise when it comes to appear legitimate. Namely, the fraudster stated that it was being operated by PROFITS PTY LTD, regulated by the Australian Securities and Investments Commission (ASIC).
Indeed, that company is registered with ASIC, but we failed to find any connection between it and Up4Profit. The Australian regulator requires brokers to have a minimum operating capital of AUD 1,000,000 as well as a compensation scheme for clients, among other things.
Anybody could’ve posted a valid entity’s registration number and claimed to be part of it. To keep bashing the fraud, we found an irregularity in the T&C section, i. e. a dead giveaway.
Hence, we tend to believe that Up4Profit is actually an offshore scammer based in SVG, a notorious scam sanctuary. As such, the local regulator (FSA) does not issue Forex licenses. Therefore, we conclude that the whole ASIC jurisdiction is fake and that the offshore-type operation is a fact.
Up4Profit Trading Software Overview
Up4Profit did a great job promoting the platform that’s not worth promoting at all. It’s WebTrader, for cry’s sake – a browser-based platform devoid of advanced tools and functions that made other renowned software such as Meta Trader 4 & 5 great. The elementary platform lacks neat features such as customizable automated trading and branch optimization.
To make matters worse, this platform is susceptible to manipulation since the broker is obviously unlicensed. Hence, anything you trade on it is probably just a hoax, an illusion. The funds you deposit are going straight into the scammer’s pocket.
What Account Types Does Up4Profit Offer?
The unauthorized phony broker claims to offer clients six different account types:
- Starter – $250, spreads 0.4 pips, leverage up to 1:80, 10% welcoming bonus & 20% refer a friend bonus;
- Premium – $2,500, spreads 0.5 pips, leverage up to 1:100, 15% welcoming bonus & 22% refer a friend bonus;
- Premium Plus – $25,000, spreads 0.7 pips, leverage up to 1:120, 18% welcoming bonus & 22% refer a friend bonus;
- Business – $50,000, spreads 0.4 pips, leverage up to 1:200, 20% welcoming bonus & 22% refer a friend bonus;
- Luxury – $75,000, spreads 1.3 pips, leverage up to 1:300, 22% welcoming bonus & 24% refer a friend bonus;
- Black Pearl – $100,000, spreads 1.5 pips, leverage up to 1:500, 24% welcoming bonus & 26% refer a friend bonus.
First of all, discerning the logic behind these account perks is difficult. Why do the spreads start out as favorable and competitive (0.4 pips for starters) and then keep getting higher, i. e. too wide? As for leverage, this is clear proof that we’re dealing with a con artist. If the broker were really regulated by ASIC, the leverage couldn’t have been higher than 1:30.
Only offshore brokers, who operate under bogus jurisdiction, can offer leverage significantly higher than what Tier 1 regulators such as ASIC, FCA and BaFin have set as legal. Furthermore, this particular fraudster offers bonuses but more on that later. The minimum deposit amounts are also too much for such a shady entity.
What Can Be Traded on Up4Profit Market?
According to Up4Profit’s website, the broker allegedly offers the following assets:
- Forex – EUR/USD, AUD/CAD, GBP/JPY…
- Stocks – Tesla, Amazon, Verizon…
- Commodities – gold, silver, crude oil…
- Crypto – Bitcoin, Tether, Cardano…
- Indices – S&P 500, NIKKEI 225, DOW 30…
Quite an impressive portfolio, if it’s true. However, due to the fraudster’s unlicensed status, we highly recommend you don’t trust these assets. Nobody guarantees that you’ll actually get to trade all this.
Up4Profit Offers Bonuses and Promotions
Remember how we mentioned that these bonuses were a terrible thing? Well, let’s talk a bit more about that. Up4Profit did include a seemingly enticing offer to draw you deeper into the scheme. Also, the cyber fraudster strives to make you invite friends. This way, they can be defrauded too.
As for the bonuses, we bet there was a tricky clause somewhere in the legal documentation that goes along with these fake ‘incentives’ that would prevent you from withdrawing money. Turns out, we were right. Technically, you aren’t prohibited from withdrawing, it’s just that achieving a trading volume of 30 times the deposit + bonus is pretty difficult, borderline impossible.
Deposit and Withdrawal Process
The shady broker claims to accept the following payment methods:
- Credit/debit cards (MasterCard, Visa, Maestro);
- Wire transfers;
Nothing strange here except that there aren’t any e-wallets such as Skrill or Neteller. Legitimate brokers always include them. Next, we have the fees, which aren’t favorable at all considering the broker’s illicit status and dubious background. Thus, it’d be best if you don’t invest.
How Do I Receive A Refund If I Was Scammed by Up4Profit?
Depositing funds via credit/debit cards or wire transfer means you can request a chargeback or a recall at the issuing bank. The former needs to be requested within 540 days. The latter will fail if the transaction is complete.
As for crypto transactions, these are really hard to trace. However, it can be done. Once they are traced to a wallet within a crypto exchange, a refund can be requested. We can assist you with this. Keep your head up, there’s no reason to be ashamed.
- Up4Profit is a deceitful offshore provider probably based in SVG;
- The broker shamelessly lied about operating under the jurisdiction of ASIC;
- The trading platform that’s available is WebTrader;
- Trading conditions are not legitimate at all.
FAQs About Up4Profit Broker
Is Up4Profit A Reputable Broker?
Up4Profit is anything but a good and reputable broker. It’s a scammer that’s unregulated and dangerous.
What are Up4Profit Funding Options?
Up4Profit claims to accept credit/debit cards, wire transfers and payments in Bitcoin.
Does Up4Profit Provide Trial Accounts?
Up4Profit does not offer a trial account anywhere on its official website.