Up4Profit Review – Is This a Good Broker?

Up4Profit Review

Finding a good online broker is one of the key ingredients that can have a big impact in your trading outcome. Your success in the financial markets does not just depend on your skill and knowledge, but the platform you use, the kind of conditions you have and the tools you can access.

These are all provided by the brokerage you open an account with, so it is a must that you choose a good one. The problem is that every company will advertise itself as such, even if it is not so, as you will learn when you go through this Up4Profit review.

Hence, you have to proceed with caution and ensure that you do not fall for their claims and promises and choose a company that is genuinely good.

Most importantly, you need to be able to avoid the scammers and fraudsters that are active in the market and may disguise themselves as brokerages to earn your trust and get their hands on your money.

People usually fall in their trap because they either become blinded by their offerings, or just don’t do their homework and not see the flaws.

You should bear in mind that if something sounds too good to be true, then it usually is. As long as you are prepared to do your homework and look into the offerings of a brokerage closely, you will be able to determine if they are truly good, or just pretending to be.

The same is the case with Up4Profit that has been advertised as a well-reputed and international trading company that is operating from Australia and has a license to offer its services. The fact that they are offering a wide range of forex pairs, indices, stocks, digital currencies and precious metals in one place can be very attractive.

Then you take in the bonus that Up4Profit is offering, the powerful web trader and round the clock customer support and it seems like the perfect fit. But, a little homework pays off because there are some things you need to learn. Let’s get started:

Licensing and regulation

The first claim that you should always verify about an online broker is regarding their licensing and regulation. There can be no greater proof of the authenticity and reliability of a brokerage than the license it has for offering its services.

Its regulatory status assures you that you are dealing with an entity that will maintain high standards of service, remain fair and transparent, offer you safety of funds and will not disappear with your money. After all, scam brokers will never have a license, or be regulated.

But, it is one thing to claim to be licensed and regulated and an entirely different thing to actually have it. Which category does Up4Profit fall into? Apparently, it belongs to the latter category because it certainly does not have a license.

According to the brokerage, it is owned and operated by a company called PROFITS PTY. LTD and is authorized by the Australian Securities and Investment Commission (ASIC).

The ASIC is one of the top regulatory bodies in the world and a license from it is considered extremely valuable. But, when you check its online register for Up4Profit, or its parent company, you will not find either of them listed. The license number that is mentioned on the website is a fake.

Moreover, it seems that Up4Profit is completely anonymous because you will not find a corporate address, or any other corporate background on its website. In fact, it does not even have a phone number available, which is not something a licensed company would ever have missing.

The trading platform

One of the key features that online brokers provide to traders is the trading platform, which refers to the software used for keeping up with the financial markets in real time and executing transactions.

The platform is also equipped with trading tools and functionalities that help traders in conducting analysis, doing automated trading and accessing other data that can help in their decision making. Every trader wants access to the best trading platform in the market, but Up4Profit cannot meet this criteria.

When you check out the trading platform that Up4Profit offers, you will discover a web trading platform that is uninspiring and oversimplified.

It is not a professional or proven trading platform like the MT4, or the MT5 that have become quite well-known in the market for their sophisticated technology and innovative tools. Such web traders are very common amongst scam brokers because they just need a software to authenticate their ruse.

The trading conditions

Another essential element of a brokerage that helps you determine what kind of company you are dealing with are their trading conditions.

These are closely linked to the profits you make via trading at the end of the day, so they should always be taken into account. After all, you want a competitive brokerage that allows you to maximize your profits and keep costs low.

You will come to know that Up4Profit is offering you leverage as high as 1:500. While some traders might be impressed with such ratios because it means greater flexibility, you should take note that leverage is a double-edged sword.

It can increase profits, but it works the same way for losses. Therefore, high leverage is not always a good sign.

Furthermore, the ASIC has limited the amount of leverage that can be given to retail traders, which stands at 1:30. A number of regulatory authorities have done so due to the risk involved.

Given that Up4Profit claims to be regulated by the ASIC, it should not be offering the high ratios it does. It only proves that the company is outright lying about its license because it is not following any regulatory framework and is only trying to fool people.

Final Thoughts

After you have gone through the claims and promises that Up4Profit makes, you can see that the broker cannot be considered good because it is lying about almost everything.