In this article, we would like to tell you about the Uptos broker, and more particularly the AMF’s warning on the latter, and give you our opinion on this broker. We are a team of lawyers specializing in financial fraud and more specifically in the Forex trading platforms. Thanks to our skills in the various European, French and Cypriot legislations, we want to help traders who are victims of Forex to recover their losses. Also, thanks to our articles, we keep you informed of all the threats that may exist on the trading platforms. Here is the one of Uptos!
I / Who is the broker Uptos?
Uptos LTD is registered and operates as a financial investment company. The company’s registered office is located at Suite 305, Griffith Corporate Center, Saint-Vincent-et-Grenadines, with operating number 25826BC2020.
With the multi-asset trading platform, UpTrader from Uptos, there is a great range of assets such as currencies, stocks, commodities and energies, derivatives, etc. With Uptos, you can apparently fund your account anytime through simple and secure payments. However, we do not see any information on the means of payment, which is a negative point for a broker. This is one of the most important pieces of information.
Source : https://uptos.org/company/about
As for trading accounts, there are currently 6 types. So you have:
- the Student account
- the Starter account
- the Premium account
- the Advanced account
- the Pro account
- the VIP account
They differ mainly in terms of the minimum deposit, which ranges from $ 250 to $ 100,000. We find it strange not to put the deposits in euros since the site is French, and they are supposed to be allowed to trade in the European Union.
Source : https://uptos.org/trading/accounts
On their website, we also have access to the values they stand for regarding trading functions. Here they are:
What seems alarming to us are the various faults that can be found on the website. In the screenshot above alone, you may notice mistakes like “secured payment options”, “no requotes, no slippage”. This underlines the broker’s lack of professionalism.
Source : https://uptos.com/trading/conditions
Finally, we find that there is not enough information on the Uptos website. You will find only four sections that inform you about the company, and the information is superficial, for example we do not have payment information.
II / The regulations of the Uptos broker
On the different trading platforms, we usually find the legal information at the bottom of the website. However, here we could not find any information, except for the address of the company: Griffith Corporate Center, St. Vincent & Grenadines.
Before starting to trade, it is important to check the legal regulations of the broker. For this purpose, you need to check if the broker has legal existence. However, in this case, even if a registration number is indicated on the site, everything suggests that the company remains fictitious.
Nowhere on the website is it stated that it is regulated by SVGFSA, the financial services authority of these islands. That is why our company advises you not to trust the various trading platforms that do not have a legal existence.
Source : https://uptos.org/
III / Internet users’ opinions on the Uptos broker
In order to better understand the world of Uptos, we decided to collect different reviews on TrustPilot. Here they are:
As you can see, there are many complaints about the Uptos. The process is based on the same manner as it encourages traders to invest more and more until they run out of money. Also, we note for each opinion, a lack of transparency and commercial pressure on traders.
IV / The AMF’s warning on Uptos
The AMF, or the “Autorité des Marchés Financiers”, is “an independent public authority whose mission is to ensure the protection of savings invested in financial products, investor information and the proper functioning of the markets.”
On its website, it presents, among other things, a list of warnings and / or usurpations of regulated companies by the AMF . This blacklist is intended to prevent fraud on trading platforms, among other things.
Obviously on this list is the name Uptos. You can check it by clicking here.
The broker was added to the blacklist on April 16, 2020. However, we note that the website is this one https://uptos.com. But this one no longer works. We then believe that it has been changed to https://uptos.org/. Indeed, the design of the Website is the same, the domain name is also the same.
The irrefutable proof is the fact that on the terms and conditions document found on the Uptos website, it is written “Our official website is www.Uptos.com (the“Official Website ”), and our official email address is email@example.com (the “Official Email Address”). ”
In conclusion, our lawyers are regularly engaged in the collection and dissemination of information on financial traders. Thus, we advise you to be suspicious of the Uptos broker. Indeed, the latter has no legal existence in the EU. If you have any questions regarding the trading platforms, or even a dispute, you can contact us via the contact form.