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UPFX

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Operating status: SCAM

Website: https://upfxtrade.com/

Broker violations and abnormal records
  • 2021-12-02 BrokersView has reviewed that UPFX is an unregulated forex broker

    UPFX tries to mislead investors into thinking it is a legitimate brokerage. Viewing its homepage, the broker claims to be a limited liability company established in Belize as an operating subsidiary within the Lepanto Group of companies (collectively "Ultimate Pinnacle") under registration number 173474 and having its registered address in Belize City, but we can't find any results in the registers of Belize's International Financial Services Commission (IFSC). 

    Besides offering misleading information, the fraud also has some untrue claims to regulation, claiming to be licensed in some of global regulators. More specifically, UPFX is supposedly a multi-regulated broker with licenses issued by the IFSC(the Belize) with registration number 173474, CySEC (Cyprus), ASIC (Australia) with ACN number 072 424 830, and NFA (America) with registration number 0537666. However, these "claimed" licenses issued by the three regulators cannot be found or not registered actually. Searching with these license numbers on regulators respectively, no valid or convinced results can be found. Therefore, UPFX is definitely a scam broker.

    UPFX tries to mislead investors into thinking it is a legitimate brokerage. Viewing its homepage, the broker claims to be a limited liability company established in Belize as an operating subsidiary within the Lepanto Group of companies (collectively "Ultimate Pinnacle") under registration number 173474 and having its registered address in Belize City, but we can't find any results in the registers of Belize's International Financial Services Commission (IFSC). Besides offering misleading information, the fraud also has some untrue claims to regulation, claiming to be licensed in some of global regulators. More specifically, UPFX is supposedly a multi-regulated broker with licenses issued by the IFSC(the Belize) with registration number 173474, CySEC (Cyprus), ASIC (Australia) with ACN number 072 424 830, and NFA (America) with registration number 0537666. However, these "claimed" licenses issued by the three regulators cannot be found or not registered actually. Searching with these license numbers on regulators respectively, no valid or convinced results can be found. Therefore, UPFX is definitely a scam broker.

Related Complaints

Q&A Complaints

I heard about some bad news about this broker, is it not quite safe for trading?

Disappointed trader
Finland
2021-12-27
ANSWER UPFX is an unlicensed broker and should be avoided at all events. UPFX tries to mislead investors into thinking it is a legitimate brokerage. This broker claims to a limited liability company established in Belize as an operating subsidiary within the Lepanto Group of companies (collectively "Ultimate Pinnacle") under registration No.173474, but we didn't find any results in the registers of Belize's International Financial Services Commission (IFSC). Except for offering misleading information, the fraud also makes some untrue claims to regulation, claiming to be licensed in some of global regulators. More specifically, UPFX is supposedly a multi-regulated broker with licenses issued by the IFSC(the Belize) with registration number 173474, CySEC (Cyprus), ASIC (Australia) with ACN number 072 424 830, and NFA (America) with registration number 0537666. However, none of these "claimed" licenses could be found from relevant watchdogs. So UPFX is actually not overseen by any financial regulator. As per the evidences above, our final conclusion is that UPFX is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders to stay away from unregulated brokers and trade with licensed brokers.
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