Read our UpSideStake review to see if this broker is a scam or legit. Just to clear doubts, this is a upsidestake.com review.
The internet is brimming with online brokers that are offering their trading services to anyone who wishes to engage in the financial markets. Whether you want to enjoy leveraged trading, or even binary options trading, there are plenty of options to find.
However, this does not mean that every brokerage can provide you services at the same level, or cater to your needs in the same way. There are some that have developed a strong reputation because of their quality, while others have been blacklisted due to their fraudulent nature. This UpSideStake review is meant to help you figure out the truth.
The real challenge for people is being able to tell the two categories of online brokers apart because looking at their website is not enough to do so. You do not need to have years of experience, knowledge, or a ton of resources to create a website today.
These days, it is extremely easy for anyone to do so, which means that even fraudulent websites can look immensely professional and reliable. Plus, these criminals will deliberately present you with offerings that can draw your attention and convince you into signing up.
Therefore, rather than relying on their website to make your decision, you should do your homework and this means verifying all they claim to offer. Just because a brokerage is telling you something does not mean that you should take their word for it and this applies to UpSideStake as well.
After all, its most prominent offerings are low commissions, best platform and tightest spreads, which is everything an online trader would want to hear. But, can the brokerage actually deliver, or is it just talk? This is what you need to find out.
How can you do so? You can accomplish this goal by checking its offerings and confirming the details. Unfortunately, when you start doing so, you will learn that UpSideStake has a lot of red flags because it is not what it pretends to be i.e. a legitimate company. What are the red flags? Some of them are highlighted below:
Confusion about its business model
First off, you should immediately be alerted when you check out UpSideStake because the brokerage appears to be confused about its own business model. It appears that it cannot make up its mind about what kind of broker it wants to be. This is because it claims to be a binary options trading broker, but leveraged trading is also available. The two do not really go together, so it is natural to be confused.
As it turns out, UpSideStake is actually offering leveraged trading, but the fact that it is lying about its business model and the services it offers should be enough to tell you that there is something wrong with the firm.
Lies about its location
If it was not enough for you to see that UpSideStake is lying about its business model, you will come to know that it is telling you another lie where its location is concerned. Is location important? Indeed, the location of an online brokerage is of the utmost importance because it determines their regulatory status.
The company is required to obtain a license wherever it is based, so you need to know its accurate location in order to verify that it has a license and is authorized to offer its services.
A look at the address that UpSideStake has posted on its website will impress anyone, but you should not let that fool you at all. According to the brokerage, its offices are located in the United States, which is recognized as one of the world’s most strictly regulated jurisdictions in the world. In order to operate there, a brokerage has to have a license from the Commodity Futures Trading Commission (CFTC) and also needs to be a member of the National Futures Association (NFA).
But, when you check the online register of both these authorities, you will not find UpSideStake listed and this shows that the brokerage is lying about its address. It cannot be based in the United States and even if it does have an office, it means it is operating illegally.
Lies about trading platform
The trading platform is an important offering of any online broker, so you need to check it out before you make any decision. You will find another problem with UpSideStake in this regard because the brokerage is not being upfront about its platform. The platform it advertises appears to be one meant for binary trading.
The actual platform that UpSideStake is a web-based basic trading platform that has nothing special to offer to the users. The trading platform plays a very important role in your trading performance, so you would want one that can meet some standards like the MT5, but the one available at UpSideStake does not even come close.
Shady trading conditions
It continues to get worse where UpSideStake is concerned because there is no shortage of red flags at all. The trading conditions come next and you will find them plenty shady. The spreads that the broker is offering are as high as 3.3 pips. These are just excessive because brokers these days offer spreads of 1 pip and so go even lower.
Next comes leverage and this is another area where UpSideStake goes too high because the ratios are 1:500. This is 10 times the leverage permitted in the United States, which further proves that the brokerage is not based there.
No refunds possible
Another red flag that you will uncover at UpSideStake is that they only support bitcoin payments. This is a problem because bitcoin deposits are not eligible for chargeback. You will not be able to get your money back after you have deposited it. Fraudulent companies deliberately offer this payment method because they do not want you to get a refund. Plus, bitcoin payments are also anonymous and this also benefits scammers.
These red flags show that UpSideStake is not a broker that can be trusted or relied upon and you should avoid it altogether.