Table of contents
Upswingtrade.com has one single thing that it does slightly good, and that is its visual design. But when combining this with the other inadequate elements of the broker, you get a huge scheme.
The main thing that we can work with here in determining the legitimacy of the broker is a contact address in the UK. A contact address, especially in a heavily regulated environment such as the UK, suggests a local regulation. However, the FCA does not have Upswingtrade.com in its registry of licensed entities.
The terms and conditions reveal nothing of importance. At one point they say that the user must comply with his or her local laws in order to access the website, which is the most common nonsense that shady brokers say in order to seem legitimate in the eyes of novice users.
The following part is crucial for grasping the true identity of Upswingtrade.com.
The firm the broker claims to be working for (its holding company) – Investment Funds Direct Limited – is actually the name of a completely different and legitimate tech and financial advice services company. In other words, Upswingtrade.com claims to be operated by a company that in reality has nothing to do with the broker.
Moreover, there is a warning issued by the FCA that goes as far as calling Upswingtrade.com a clone firm of Investment Funds Direct Limited's website.
No further information is needed to define the broker. Upswingtrade.com turns out to be a clone firm, which immediately renders it a scam and unregulated, not to mention a risk to all!
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).
There was no way for us to register, because of the account creation process itself. The user leaves contact details and waits for the broker to contact them for a potential registration. This way the broker gets to talk with the user head-on and will find out how easy it would be to scam him or her. This is one of the most popular ways to kick off the investment scheme!
The leverage cap is 1:200, but it's 1:20 for the basic account. The same account reveals that the average spread is 3 pips which is actually not at favorable to users. It has been revealed that forex currency pairs, stocks, cryptocurrencies, commodities, and indices are the tradeable financial instruments. However, the trading conditions are all taken from the website of a complete fraud so there is no reason to trust them!
An account is necessary in order to access a trading software, although there is no guarantee of anything.
On the website, there is a web trader that the broker promotes as the MT4 WebTrader, but it turns out to be a completely different software with no prior ties to the MT4.
We opened it without a registration, therefore we cannot trust any of the info on it. For example, we do not know what account type is represented? Nor do we know if it actually shows any of the trading traffic offered by Upswingtrade.com.
For now, we trust our gue that says there is no trading software here.
UPSWINGTRADE.COM MINIMUM DEPOSIT
All investments are at a huge risk of being lost!
The minimum deposit is £250.
The terms and conditions claim that clients can deposit with credit cards, bank transfers, and debit cards.
There are no more depositing details.
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.
UPSWINGTRADE.COM WITHDRAW METHODS AND FEES
Withdrawals will be close to impossible with this scammer broker! You have been warned!
According to the terms and conditions, withdrawals take up to 2 days to process.
There are apparently no fees, although nothing is set in stone with this broker.
No other info on withdrawals exists.
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!
Upswingtrade.com is a risk to all deposits, while withdrawals will be unavailable. Do not invest here! It's as simple as that!
Upswingtrade.com compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines