UPPERTRADE Spreads, leverage, minimum deposit Revealed

WikiFX | 2024-11-26 17:30

Abstract：UPPERTRADE is a brokerage firm registered in Dominica in 2023. It provides trading opportunities in a diverse range of assets, including currency pairs, shares, indices, commodities, and cryptocurrencies. You are required to make a minimum deposit of $250 and can enjoy leverage up to 1:200 through its web-based platform and MT5 (inaccessible).

　　Note: UPPERTRADE's official website: https://uppertrade.world/ is currently inaccessible normally.

UPPERTRADE Review Summary
Founded	2023
Registered Country/Region	Dominica
Regulation	Unregulated
Market Instruments	Forex pairs, shares, indices, commodities and cryptocurrencies
Demo Account	✅
Leverage	1:200
EUR/USD Spread	0.1 pips
Trading Platform	Web, MT5
Min Deposit	$250
Customer Support	Email: support@uppertrade.world
Customer Support	Physical address: 8 Copthall, Roseau Valley, 00152, The Commonwealth of Dominica

　　UPPERTRADE is a brokerage firm registered in Dominica in 2023. It provides trading opportunities in a diverse range of assets, including currency pairs, shares, indices, commodities, and cryptocurrencies. You are required to make a minimum deposit of $250 and can enjoy leverage up to 1:200 through its web-based platform and MT5 (inaccessible).

　　However, UPPERTRADE does not currently fall under the legal oversight of any regulatory body.

Pros and Cons

Pros	Cons
Various trading choices	Inaccessible website
MT5 support	No regulation
	No info on fees
	Run by Dominican scammers
	High minimum deposit
	Limited contact channel

Is UPPERTRADE Legit?

　　UPPERTRADE, whose parent company is the notorious scammer Tetris Group LTD located in the Dominican Republic. It's important to note that forex brokers in the Dominican Republic are not subject to any authoritative regulation, meaning UPPERTRADE lacks a valid license and legal supervision. In addition, the Italian regulatory agency CONSOB has issued a warning against Tetris Group LTD, advising investors to avoid UPPERTRADE due to its association with fraudulent activities.

What Can I Trade on UPPERTRADE?

　　Despite UPPERTRADE offering a wide variety of trading choices, such as forex pairs, shares, indices, commodities, and cryptocurrencies, you are still advised to steer clear of this broker due to its unregulated status.

Tradable Instruments	Supported
Forex	✔
Commodities	✔
Indices	✔
Shares	✔
Cryptocurrencies	✔
Bonds	❌
Options	❌
ETFs	❌

Leverage

　　UPPERTRADE provides leverage up to 1:200, which is unusually high for retail customers, as most regulatory bodies now prohibit such high leverage levels. In addition, UPPERTRADE lacks regulatory oversight, resulting in higher risks in trading at such a high leverage ratio.

Spread

　　In terms of spreads, on one of UPPERTRADE 's platforms, the EUR/USD pair has a spread of 0.1 pips, while on another platform, it's 3 pips. A legitimate and regulated broker would never make such a fundamental mistake. So, please stay away from it!

Trading Platform

　　UPPERTRADE claims to offer Metatrader 5. However, the installation file is quite suspicious, and even PC defense systems warn against opening it.

　　In addition, the web-based platform it provides pales in comparison to the industry-standard Metatrader 5, as it lacks the ability for automated trading and the depth of analysis that MT5 offers.

Trading Platform	Supported	Available Devices	Suitable for
Web trader	✔	Web	/
MT5	✔	Web	Experienced traders
MT4	❌	/	Beginners

Deposit and Withdrawal

　　UPPERTRADE accepts deposits through credit cards and various cryptocurrency assets. As we always emphasize, if the broker is not legitimate, using cryptocurrency for payments may result in difficulties with withdrawals.

　　Its website also states that all deposit or withdrawal requests are processed within 24 hours and that there are no deposit or withdrawal fees. However, there are additional fees, which are not clearly specified. Illegal brokers like UPPERTRADE may charge hidden fees, so it is advisable not to deposit funds on its platform.