Read our UptrendCenter review to see if this broker is a scam or legit. Just to clear doubts, this is a uptrendcenter.com review.
With hundreds of online brokers touting their services and offering you attractive tools and features, how can you just choose one to open your trading account? It can be tempting to open multiple accounts in order to benefit from the services and conditions that some of the companies offer, but managing them can be a difficult task. You have to choose one and it should be reliable and professional. Finding the truth about a brokerage can be like looking for a needle in a haystack because they do their level best to conceal it. This UptrendCenter review shows how you can find out the truth.
There was a time when you didn’t have to make a lot of effort in finding the truth about a broker because the scam ones had some obvious indications that made it easy to figure it out. But, times have changed considerably and the criminals have gotten smarter and more sophisticated. These days, it is easier for them to present an illusion and you have to put in some more effort to uncover the reality than you did before. Of course, doing so pays off in the long run because you are able to keep yourself safe, but it does take some time.
Therefore, rather than rushing into this decision, you should prioritize researching a broker because this can help you find a dependable one. It can save you from losses and also from the hassle of looking for a new platform after every few days because you didn’t find a decent one in the first go. It also ensures that you do not have to miss any opportunities that may pop up in the market. When you come across UptrendCenter in the market, you will find it very impressive in the first glance. But, this does not mean you rely on this glance.
You need to ensure there are no red flags or any other issues with UptrendCenter and this review can help you figure out the truth:
Licensing and regulation
Always start with a broker’s licensing and regulation when you want to find out the truth about any broker and the same needs to be done with UptrendCenter as well. After all, opting for a regulated and licensed broker can give you access to professional services because they have to comply with standards and laws that have been established by regulatory authorities. Moreover, there is also accountability where such brokers is concerned, so you do not have to worry about losing everything.
But, you will be disappointed if you think that UptrendCenter is a regulated and licensed brokerage. There is absolutely no mention of any form of licensing or regulation on their entire website. This is indication enough because brokers usually post their license number as well so their clients can follow up and verify their regulatory status. The only thing that is mentioned is a company named The Uptrend Center, but there is no information about where it is based.
If you check out the ‘Contact Us’ section of the UptrendCenter’s website, you will notice that they have given phone numbers of two offices, one of which is in Canada and the other in Portugal. However, you can check with the regulatory authorities in Canada i.e. the IIROC and in Portugal as well and you will not find the broker or its company mentioned. This is all the confirmation you need that you are dealing with an unregulated and unlicensed broker.
Terms and Conditions
Signing up with an online broker without taking a look at their Terms and Conditions is never a good idea. These legal documents specify the contract you will be signing, which includes the fees you will agree to pay and the policies you will comply with. Obviously, you want to ensure everything is in your best interest, so you should check it out. When you go through the Terms and Conditions of UptrendCenter, you will come across their bonus conditions and policies.
It should be noted that offering trading bonuses has been banned in a number of regulatory jurisdictions in the world, including the European Union of which Portugal is a member-state. Therefore, as UptrendCenter claims to have an office there, it should not be offering trading bonuses at all. Instead, it does and this is already a big problem. Furthermore, these bonuses were banned because they came with strings attached that were against the interest of traders.
You can find these strings when you go through UptrendCenter’s bonus policies, which indicate that traders have to achieve a minimum trading volume before they are allowed to make a withdrawal from their account. Once your account has been credited with the bonus, you cannot make any withdrawals until you achieve the trading volume. This means that you will not be able to withdraw the profits you make from your own deposits either. It is a smart way of blocking traders from withdrawing their money.
You obviously want to know what payment methods are available to make your deposits and this is another area of concern in the case of UptrendCenter because they do not list any options. Instead, they ask you to get in touch with the Support Center for making your deposit, which does not make sense. This is usually done when the company does not offer reliable payment methods like credit cards, such as VISA and MasterCard, which come with a chargeback option. You do not want to use a method like crypto, as those payments are final and you will not be able to get a refund.
Other problems that you will discover about the UptrendCenter is that they have a web trading platform that does not even come close to the MT4 and MT5 trading platforms. Secondly, they offer excessive levels of leverage of around 1:100 that are extremely risky. Plus, they also have high inactive account fees, all of which make it an unreliable trading solution for anyone who wants to trade.