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If you talk to any experienced trader, they would tell you that choosing the right brokerage for your trading needs is of the utmost importance in order to make the most of the market opportunities. Yes, it is true that the financial markets can be very lucrative, but you can only tap into the opportunities when you have a good and dependable broker to assist you. Unfortunately, not all the brokers you will find fall into this category. Some of them are fake and fraudulent and only present themselves as legitimate in order to take advantage of you. This Upswingtrade review can show you how you shouldn’t let any such brokers mislead you.
The main challenge that people need to overcome is to not let any of these platforms in pulling the wool over your eyes. How do they do that? These brokerages add features and services that are very attractive and quite similar to legitimate platforms, making it difficult to tell them apart. You will find yourself in the same situation when you come across Upswingtrade because this brokerage offers you more than 250 trading instruments spread across different markets, five comprehensive account options, plenty of educational resources and advanced trading tools.
This sounds like the ultimate trading package and can be very hard to resist for a trader who is all set and ready to start trading. But, this is exactly how fraudulent brokerages mislead people and end up scamming them and Upswingtrade is doing the same. All you have to do is take a closer look and you can discover that it is all a front and the broker is not reliable or legal for that matter. Check out some of its shortcomings below:
It is a clone website
It is always advised that you should check the background of a broker before you sign up with them to ensure their authenticity. Knowing where they are based and details about their parenting company can also help you verify their licensing and regulation. As it turns out, Upswingtrade is actually using a very popular tactic used by scammers to fool people. They are a clone firm, which means they are using the information of an authentic company to present themselves as legitimate as well.
When you check out the Upswingtrade website, you will find that they claim to be operated by an investment firm known as Funds Direct Limited and boast an address in London, United Kingdom. Of course, this means that they have to have a license from the Financial Conduct Authority (FCA), which is the regulatory body in the UK. You will find that Funds Direct Limited is indeed licensed by the FCA, but as a wealth management firm.
Moreover, it will also become apparent that they have absolutely nothing to do with Upswingtrade and this broker is only using the information of a licensed company as a cover to mislead people. This has prompted the FCA to issue a warning against the broker and this is all you need to convince you that you are dealing with nothing but a scam. A warning by one of the world’s most renowned regulatory authorities does not inspire any confidence in the broker.
Excessive leverage ratios
When you go through the offers of Upswingtrade, you can easily find more proof of why it cannot be considered a legitimate broker and is definitely not licensed by the FCA. The leverage ratios that the broker is promising is another indication that it is not genuine. You will find that leverage can go as high as 1:200, which is something that an authentic broker cannot offer.
There is no doubt that leverage gives you more room for trading, but it also comes with high risks. Therefore, this has prompted many regulatory authorities in the world to impose a cap on the amount of leverage that brokers can offer to their clients. This is also applicable to all brokers operating in the UK and they are not permitted to offer leverage beyond 1:30. So, how can Upswingtrade promise you such high levels? They can do so because they are operating illegally and are not a platform to be trusted.
Availability of trading bonuses
There is another policy of the FCA that Upswingtrade has breached, adding more proof that it is not a licensed and authorized broker. If you check their website, you will find that they are offering trading bonuses to their clients. These bonuses have also been forbidden in many regulated jurisdictions because they come with strings attached and are manipulative.
Despite this ban, it appears Upswingtrade is still offering these bonuses and their bonus policy is an excellent example of why they have been banned in the first place. As per the policy, traders are required to meet minimum trading volume requirements before they can make a withdrawal from their account. Essentially, it means that the broker will hold your funds hostage until you meet their set requirements, which are deliberately chosen to ensure they cannot be achieved. Hence, it is just a tactic to prevent people from withdrawing their funds.
Unreliable trading platform
One of the most important offerings of any online broker is their trading platform because you need their services for this software. Without it, you cannot connect to the financial markets, or execute your trades. Subsequently, you need to ensure it is up to the mark and can get the job done. A look at Upswingtrade will show you that they are promising the MT4 trading platform and this is quite impressive. After all, the MT4 is one of the top trading solutions in the market and is well-recognized for its features and tools.
Unfortunately, you will find that Upswingtrade does not really offer the MT4. Instead, they have a rudimentary web-based trading platform that does not have any sophisticated features and actually looks fake.
Taking these many problems into account, you should not let Upswingtrade mislead you into opening a trading account with them.