Uptos Review and Tutorial 2020
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|Uptos Facts & Figures|
Uptos offers multiple trading assets, payment options and the MT5 platform.
|Instruments||Forex, CFDs, indices, shares, commodities, cryptocurrencies|
|Min. Trade||0.01 lots|
|Trade CFDs with 1:400 leverage.|
Speculate on major, minor & exotic FX pairs.
Buy and sell leading cryptocurrency coins.
|Coins||BTC, ETH, XRP|
Uptos is an online broker offering multi-asset trading with fast payments and reliable customer support. This review goes into the detail of the broker’s offering, from the MT5 platform to leverage and regulation. Keep reading to find out if Uptos is safe or a scam.
Operating since 2019, Uptos Ltd is registered in Saint Vincent and the Grenadines. The broker is currently unregulated but offers financial services in over 80 countries.
Uptos offers over 250 products across currencies, commodities, indices, and shares on the award-winning MetaTrader 5 platform. The broker also offers flexible funding options and top liquidity, with 6 accounts to choose from.
MetaTrader 5 Platform
MT5 is the only trading platform offered at Uptos, but it’s a favourite among experienced traders. The platform boasts advanced automated trading functions, customisable charts, and a vast selection of indicators and drawing tools. Traders can also access rich trading history as well as an economic feed.
The platform is available as a desktop application or as a browser-based web terminal, ensuring it can be accessed easily from both Windows and Mac PCs.
Uptos offers a varied product list. Over 90 currency pairs are available, along with spot commodities and energies, including gold, silver and oil. Clients can also speculate on popular cryptocurrency coins, such as Bitcoin, Ethereum and Ripple, as well as buying and selling over 1,000 shares.
This review was disappointed with the lack of transparency around trading conditions and fees. Floating spreads are available, with gold around 0.4 pips, silver 3 pips and crude oil starting from 6 pips. Unfortunately, average spreads across forex, cryptocurrencies and shares are not provided. This is disappointing as it makes it difficult to gauge trading costs before opening an account.
Uptos offers leveraged trading rates up to 1:400. But while an excellent tool for increasing positions and returns, it does also boost potential losses. This is why the CySEC, for example, limits the leverage brokers can offer retail clients to 1:30.
The MT5 mobile app is available for smartphone users on iOS and Android operating systems. The app is ideal for on-the-go trading and offers all the necessary functionality, including a host of tools for technical and fundamental analysis, access to full trading history, plus a live economic feed. Mobile traders are also able to manage their accounts and finances from the app.
Deposits & Withdrawals
Payments can be made via Skrill, Visa, Mastercard, PayPal and wire transfer. The minimum accepted deposit is $250, which is higher than the minimum requirement at many online brokers.
It’s free to fund your Uptos account and withdraw profits. Payment timelines vary depending on the method, but deposits are processed instantly while withdrawals take 3 to 5 days.
This review was disappointed to see Uptos does not offer a demo account. This means prospective clients have no way of testing the broker’s services, tools and customer support. It also means beginners cannot refine their strategy before switching to real-money trading.
Uptos does not currently offer any welcome bonuses or ongoing promotional deals. This is not uncommon as regulators are clamping down on bonus deals with onerous terms and conditions. With that said, keep an eye on the broker’s website and social media pages for news of upcoming promos.
Uptos Ltd is registered in Saint Vincent and the Grenadines. Traders should be warned that offshore locations like this do not provide any regulatory oversight or supervision, meaning that traders are unlikely to be protected if they run into withdrawal problems.
Unfortunately the absence of a reputable license coupled with the restrictive website does raise trust concerns.
Unlike most brokers, Uptos does not provide any additional resources. Extra trading tools and educational resources are hugely important for traders of all levels and help to differentiate brokers, so the absence of any such features is disappointing.
Uptos offers 6 account types: Student, Starter, Premium, Advanced, Pro, and VIP. The main differences are the minimum deposit levels and the addition of an account manager and daily analysis with the higher levels.
The minimum deposit starts at $250 with the Student account, which climbs to $2,500 with the Starter Account, $10,000 with the Premium account, and reaches $100,000 with the VIP account. The MT5 platform and mobile app are available across all accounts, while the minimum position size with all options is 0.01.
Benefits of trading with Uptos include:
- Responsive live chat support
- Cryptocurrency trading
- MT5 desktop & mobile
We uncovered several downsides to Uptos in this review:
- Lack of transparency around spreads and fees
- No additional features or education
- No demo account
24/5 trading is available at Uptos. Trading times follow respective market operating hours, so Sunday evening through to Friday for forex. See individual contract specifications for product trading times.
Uptos does have a responsive live chat team, which is great for getting prompt support. On the downside, customer service representatives weren’t particularly knowledgable about the broker’s trading services.
Alternative customer support forums include:
- Telephone – +18559253933
- Email address – firstname.lastname@example.org
- Online enquiry form – Contact Us page
The MetaTrader 5 platform follows industry-standard encryption processes that protect client data in and out of the server. This includes using dual-factor authentication at the login stage. There is, however, limited information about the security protocols followed on the broker’s website.
This review uncovered several red flags which could indicate that Uptos is a scam, including a lack of transparency around trading fees and the absence of a regulatory license. This combined with no demo account means traders may want to consider alternatives.
Uptos accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Uptos from United States, Iran, Korea.
Does Uptos offer a demo account?
No, Uptos does not offer any demo accounts, only real-money trading is available.
What markets does Uptos offer?
Uptos offers forex pairs, cryptocurrency pairs, commodities, stocks, and indices. The 250 trading products are available across all live accounts.
Where is Uptos based?
Uptos is an offshore broker registered at the Griffith Corporate Centre, St. Vincent & Grenadines.
What leverage is offered at Uptos?
The maximum leverage offered is 1:400 across all accounts. These are high leverage rates and may aide traders with a limited bankroll.
Is Uptos a scam?
With the lack of regulation, absence of key information on the website, and a number of customer concerns on online forums, Uptos could well be operating a scam. Traders should exercise caution before registering for an account.
|Uptos offers multiple trading assets, payment options and the MT5 platform.|