Upswingtrade Review: An FCA Cloned Registered Platform

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Upswingtrade Review
  • Contact and support
  • License and Registration
  • Safety of funds
  • Trading Platform
1.4

Summary

Upswingtrade claims to offer the best trading tools in the industry. However, the FCA’s warning is that the platform is a clone. Please find out more in our detailed upswingtrade.com review.

Upswingtrade claims to be a reliable trading partner with over 250 trading assets. The platform promises fair commissions and an easy-to-use online trading platform. One of their accounts comes with a maximum leverage of 1:200. Hundreds of investors signed up and are now ruing the decision. Withdrawing from Upswing Trade is near impossible. Here are the full details in our comprehensive UPSWINGTRADE REVIEW.

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A Brief Analysis of Upswingtrade

Upswingtrade Pros and Cons

The about us page has compelling information about the platform. You would expect nothing less from such a platform. Upswingtrade wants you to believe that their platform is the only best option for trading.

It all began when forex experts decided to start a trading platform. Then, as the story goes, the platform grew to today. And this means a platform with over 1,000,000 users. All this is according to the platforms about us page.

Some of the trading features include one-click trading and market analysis tools. Thanks to the disclaimer, we know that the platform belongs to another entity. The parent company is known as INVESTMENT FUNDS DIRECT LIMITED.

For naïve and newbie investors, everything seems legit at first glance. And that’s where we come in to open your eyes. But, unfortunately, the store has several red flags that we must mention. These include a lack of information regarding the platform’s actual mission and objective.

There’s no background or history of the platform. We don’t know when the platform went live. We know that the people behind it have tried their best to remain underground. There’s not a single piece of information regarding the founding and team members.

Acceptable funding methods

The platform avails several funding methods to get as many investors to sign up. These include bank and wire transfers. In addition, you can fund your account using options readily available in your area.

And this is done so to make sure no one gives an excuse as to why depositing funds is impossible. After depositing funds, your balance will reflect in your trading account within 24 hours. You can then start to trade and, hopefully, make some profit.

When the time comes to withdraw funds, that’s when all hell breaks loose. Suddenly, the platform fails to give investors any chance of withdrawing. Then, you start getting excuses as to why withdrawal is not possible.

The platform will send emails claiming your bank account refuses to accept their system. You can also get an excuse to deposit your following trading amount before a withdrawal is possible.

The platform attempts to make you lose hope and give up on withdrawing. Attempts to contact or even write to support bare no fruit. At one point, the platform will even block your login credentials.

Accounts Upswingtrade

Accounts Upswingtrade

Upswingtrade provides five account types to choose from. These include Basic, Silver, Gold, Platinum, and Diamond. Each of these tiers comes with different features. Here’s a closer look at each of the accounts;

Basic

For the basic account, you have to deposit a minimum of 250 pounds and a maximum of 10,000 pounds. The account has a maximum leverage of 1:20 and spreads starting from 3 pips. You get a self-managed account with a margin call at 100 percent.

Silver

For the silver account, the minimum acceptable deposit is 10,001 pounds and a maximum of 20,000 pounds. The leverage is 1:50, with spreads starting at two pips. In addition, you get a senior account manager and three 1-on-1 education sessions.

Gold

There’s a minimum acceptable deposit of 20,001 and a maximum of 100,000 pounds. Members get maximum leverage of 1:100 and spread starting from 1.5 pips. There’s an executive account manager available on call.

Platinum

You have to deposit 100,001 and a maximum of 200,000 pounds for this account. The maximum leverage is 1:100 with spreads starting from 0.5 pips. There’s a VIP account manager available and two monthly free withdrawals.

Diamond

It’s the most exclusive account, with investors having to invite. We believe the platform targets institutional investors with this platform. Spreads start from 0.1 pips, with members getting a BDG account manager. You also get unlimited 1-on-1 education sessions.

Account features

We have to state the obvious when it comes to the flaws of these accounts. One of them is the maximum leverage on some of these accounts. For example, regulators in the UK impose maximum leverage of 1:100.

Any platform asking for more is putting your investment and position at risk. The platform ends up benefiting from the losses you make. That’s why regulators had to step in and protect investors.

Despite the platform claiming to offer a fair trading environment, there are hidden fees. We don’t see why withdrawal charges are high. The costs are almost 10 percent of your investment. That’s another reason to doubt the platform.

Account manager

Despite claiming to offer account managers, these are call agents. So first, you start getting their calls urging you to invest in different positions. Then, to try and make it look enticing, the call agents claim it’s a limited position.

You have to get in early to make a huge ROI. Those who make the mistake of depositing with these managers lose it all. Attempts to try and reach the manager hit a wall. The platform moves quickly to replace the account manager with a new one.

Are Funds safe with Upswing Trade?

Assets and trading instruments

There are five classes of trading assets available on the platform. These include commodities, crypto, forex, indices, and stocks. In addition, you get to trade items such as gold, natural gas, oil, sugar, and wheat.

Since crypto is a volatile market, it makes sense to trade with leading coins. The platform pairs leading cryptos with major currencies. You can trade cryptos such as Bitcoin, Ethereum, Litecoin, and Ripple.

Indices allow traders to trade in the world market stage. You get to deal with indices such as FTSE, NASDAQ, NIKKEI, and S&P 500. That’s where you learn how the markets affect the prices of products globally.

Stocks also play a crucial role when it comes to trading. You get to trade stocks from leading companies from all industries. These stocks include those from the manufacturing, processing, and tech industries.

Business owner

INVESTMENT FUNDS DIRECT LIMITED is the name of the parent company. There’s no such name found on any business registry in the UK. We couldn’t find the name on the Company House registry.

You will notice that the platform fails to mention staff members working for the platform. This is because we don’t know who owns or runs the platform. And this is why we have to expose the platform. It’s an anonymous online investment platform, a risky feature.

Compliance, License and, registration Upswingtrade

A warning from FCA regarding upswingtrade.com

There’s a warning out from the Financial Conduct Authority regarding upswingtrade.com. It would be best if you stayed away from FCA-Blacklisted platforms. The regulator doesn’t want anyone investing with the platform.

Deposit Security with Upswingtrade

Safety of funds is out of the question with Upswingtrade. Your funds are far from safe with a platform that fails to offer any safety net.

Final thoughts

You need to stay away from Upswingtrade as it’s a blacklisted investment platform.

Go for leading forex trading bots that offer advanced tools for trading.

Feel free to leave a comment or email us with any queries.

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