Table of contents
UpSaleFx.com's return to a classic offshore broker style is a call back to broker we reviewed almost a year or tow years ago, and we though that this style was long gone. But here we have it, that same shade of yellow and a website structure that cannot go unmissed. It's actually a template that many fraudulent brokers have used over the years.
We find two pieces of registration information that concern us here. Apart from these, nothing about the broker's legal state is revealed.
Firs tof, we start with the heavy hitter; the broker is said to be registered with the Financial Services Authority of Saint Vincent and the Grenadines. Now, this cannot be true because the FSA, as it is known, does not regulate FX brokers. The website has releases the occasional report stating this. However, that does not stop the broker from being registered in Saint Vincent and the Grenadines. This country accepts all shady brokers and grants them a registration, even though they cannot apply for an FX licensed locally. Therefore, the broker may very well be incorporated in the country even if not licensed there.
But then, we read of a contact address in the UK, which flips everything on its head. Now, we are to believe that the broker is actually regulated in the UK, meaning that we would find UpSaleFx.com's name in the FCA registry; we did not. The broker is neither regulated in the UK, nor registered there.
In conclusion, there is no reason to believe this to be a legit broker. UpSaleFx.com is not licensed and a is a clear risk to all users.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We got to interact with one of the most common scammer broker registration forms and user areas. We have seen these hundreds of times in the past, but not in the past couple of months.
From the web trader we accessed, we learn that forex currency pairs, commodities, cryptocurrencies, stocks, indices, bonds, and ETFs are the available trading assets. The EUR/USD spread is 3.4 pips, which is a cost of trade in no way favorable to anyone, considering that the most typical spread is around 1.5 pips.
The leverage cap is 1:200.
As far as unlicensed brokers go, this is one of the best web traders they are know to use.
We don't say this lightly considering that UpSaleFx.com is a not licensed. This web trader has almost everything that any novice trader would need to progress to amore advanced position. Once there however, the terminal will become obsolete. It's obviously used for turning rookie traders into investors for the benefit of the broker.
UPSALEFX.COM MINIMUM DEPOSIT
There was no way to get any payment information from the user area, because prior to any deposits or withdrawals, the user must activate her account first.
So, the website it is: there we learn that the minimum deposit is up to 1 BTC to activate Mini Account, which is almost $40 000 as of writing this. However it says up to 1 BTC denoting that users may be able to invest lower than that. Even with this, the sum in ridiculous and unrealistic, especially considering that the requirement is for the lowest account tier.
If the broker thinks in BTC, then it would be logical that its main payment systems were organized around crypto wallets.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
UPSALEFX.COM WITHDRAW TIME AND FEES
There was no available withdrawal area, nor any real payment info on the website.
No withdrawal details exists, and this we see as the last sign of the brokers complete illicit nature. We don't think clients will ever be seeing their money again!
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
What reason is there to trust UpSaleFx.com? None. This so-called broker is a fradu and will scam you out of your money any chance it gets.
UpSaleFx.com compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines