Up Sale FX – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Up Sale FX - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://upsalefx.com
Founded: 2020
Regulations: No Regulation
Languages: English
Deposit Methods: Bitcoin (BTC)
Minimum Deposit: Not Specified
Free Demo Account: No
Number of Assets: Not Specified
Types of Assets: Cryptocurrencies
Trading Accounts and Conditions
Up Sale FX offers the following account types:
- Mini Account: The minimum deposit is up to 1 BTC. Leverage ratio is a maximum of 1:200.
- Silver Account: The minimum deposit is up to 8 BTC. Leverage ratio is a maximum of 1:200.
- Gold Account: The minimum deposit is up to 15 BTC. Leverage ratio is a maximum of 1:200.
- Diamond Account: The minimum deposit is up to 30 BTC. Leverage ratio is a maximum of 1:300.
- VIP Account: The minimum deposit is up to 45 BTC. Leverage ratio is a maximum of 1:400.
While the broker has not mentioned the spreads anywhere on their website, we were able to check their trading platform and get that information. The spread on their platform starts from 3.3 pips for the EURUSD pair.
Up Sale FX – Advantages
We could not find any advantages to write about. Up Sale FX is not a broker to be trusted.
Up Sale FX – Disadvantages
Here is the list of disadvantages we were able to identify while reviewing Up Sale FX:
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Lack of Regulation
On their Contact Us page, Up Sale FX provides a UK address and phone number. However, when you check their Compliance page, the broker provides an address in St. Vincent and the Grenadines (SVG) and states that it is regulated by that jurisdiction’s financial regulator, the Financial Services Authority. Added to that, Up Sale FX also states that it follows the rules of the European directive in another section of its Compliance section.
These claims are nothing but lies, and here’s why.
This broker is actually operating anonymously. We do not know the company that owns and operates this brokerage, since this information has not been provided by Up Sale FX. Furthermore, to be able to operate in the UK, a broker needs to be licensed by the country’s regulatory body, the FCA (Financial Conduct Authority). Similarly, to follow European directives, a broker needs to be regulated by any one of the member nations of the European Union.
We checked the online register of the FCA and we found that there was no broker by the name of Up Sale FX listed with the regulator. Which means that this broker’s UK address is actually fake. We found nothing on the European registers either.
And as for this broker’s claim of being regulated by the FSA in SVG, this is also all lies. The FSA in this country has publicly stated on numerous occasions that it does not regulate forex and crypto brokers.
All of our investigation has therefore shown us that Up Sale FX is an anonymous unregulated broker that is a scam.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Web Based Trading Platform
When we access Up Sale FX’s trading platform, we found that it was a web-based software with limited functionality. Unlike other scammers, this broker has at least provided us with a working platform, however, it can in no way compare to the platforms that most regulated brokers offer. Platforms such as the MetaTrader 4 and MetaTrader 5 offer so much more to traders that this software cannot even compare to them.
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Extremely Poor Trading Conditions
A clear sign of a scam is this broker’s trading conditions. They are really terrible. The broker does not give a minimum deposit requirement. Instead, each account type shows a minimum deposit of up to a certain number of Bitcoin. So, for the basic account, the Mini Account, the minimum deposit is up to 1 BTC. 1 BTC is currently equivalent to about $47,000. That is a ridiculous sum for a minimum deposit. The industry average is from $100 to $250 and there are some really great brokerages that allow you to open an account with them for just $5.
The spreads, which we saw on their trading platform, start from 3.3 pips, which is, once again, ridiculously high. Most brokers charge between 0.5 pips to 1.5 pips, so this spread offered by Up Sale FX is more than twice that amount.
The maximum leverage this broker offers is 1:400, which is not only too much, it is also illegal, especially considering the fact that this broker seems to be targeting customers in the UK and Europe. Both these jurisdictions have set the leverage ratio limit at 1:30 to control the risk that traders can face when taking on leverage from brokers.
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Bitcoin Only Method of Payment
The first issue we faced when we tried to find out the payment methods offered by this broker is that Up Sale FX was not willing to share this information until we verified our account and uploaded the front and back of our credit card. We were not willing to provide them with this information, so when we investigated further, we found out that the only way you can make payments to this broker is via Bitcoin.
This is clear indication that this is a scam operation. Bitcoin, like all other cryptocurrencies, is a favorite payment option with scammers. This is because crypto transactions are permanent and untraceable. So, once you have deposited money with Up Sale FX, there will be no way to trace your money (remember, they are operating anonymously) or ever get it back.
Conclusion
This broker has lied about its legal status, offers a rather basic trading platform, has ridiculously awful trading conditions and allows only BTC as a payment option. All of these red flags tell us that Up Sale FX is a scam, and if you invest with them, you will lose all your funds.
Up Sale FX
Pros
- None
Cons
- Lack of Regulation
- Web Based Trading Platform
- Extremely Poor Trading Conditions
- Bitcoin Only Method of Payment
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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