The financial markets have been around for decades and forever popular for their profit-making opportunities. But, for a long time, it wasn’t that easy for everyone to jump on the trading bandwagon and enjoy the profits. It wasn’t until online trading that this world opened up and people were really able to take advantage. There is just one thing to remember; you have to find the right broker to start trading and this can be different for everyone. Every trader has different preferences and priorities and these will determine their choice. So, what should you do about UpTradeMarket? To find the answer, you have to go through an UpTradeMarket review.
It will shed some light into the offerings of the broker and you will be able to see if it is the right fit for you or not. On the surface, UpTradeMarket appears to be a strong choice as it is described to be a reliable broker that offers more than 200 instruments. According to their website, they have helped more than two hundred thousand traders from around the world make money. They offer four account options, high liquidity, favorable trading conditions, and leverage as high as 1:100, generous trading bonuses and a web based platform.
Of course, this makes it seems that UpTradeMarket is the ultimate trading solution for you, but is it?
Regulation and Licensing
You have to determine the credibility of a broker first before you look at anything else and this means checking to see whether they are regulated and licensed. As per UpTradeMarket, they are owned and operated by a company known as Green Oak LTD, which is supposedly based in Cyprus. This means that it should be regulated by the Cyprus Securities and Exchange Commission (CySEC), yet this doesn’t appear to be the case.
Moreover, there is also a lot of conflict regarding the company because they show a UK contact address. If they are operating from the United Kingdom, then they should be under the regulation of the Financial Conduct Authority (FCA). Yet, you will not find UpTradeMarket’s name in their online register either. Apart from that, the brokerage has mentioned that when you deposit your funds with them, you will see Tesler Software 442034554866 on your credit card statement. There is no explanation behind this either. In any case, it seems obvious that this is an illegal broker and not one you should trust.
Policies and Claims
Another obvious problem that you will sport when you take a close look at UpTradeMarket is that they have a bonus policy designed to trick you. Like other scam brokers, they have offered a generous bonus to their clients, but it has strings attached. They have set some minimum trade volume requirements that have to be fulfilled, but doing so is almost next to impossible. Furthermore, no legitimate broker would ever restrict you from accessing your funds and this alone tells you that the platform you are dealing with is not a genuine one.
Apart from this, UpTradeMarket also claims to help people ‘make money’. This doesn’t sound right because brokers are generally market makers, which means they win when the trader loses. So, it will be in their favor when you lose, not when you make. Hence, this claim is a false one and it even if it wasn’t, there is no way for them to guarantee profits as the financial markets are quite unpredictable.
The trading platform is also worth checking out and UpTradeMarket offers its clients a web trading platform. This is disappointing because most of the authentic traders out there offer their clients the MT4 or the MT5 trading platforms, as these are the leading platforms in the market. But, this is not what you will find here.
After you have gone through these offerings and features of UpTradeMarket, you will realize that it is certainly not the right fit for you.