Why UProFX Should Not be Your Top Priority as an Online Broker
Are you on the verge of starting your trading career? Do you want to start trading because you think it is one of the best investment methods available to the people around the world? Do you think being able to trade in the financial markets from around the world from your home is something great? Of course, you can now trade just about any asset you want in any financial market of the world from your bedroom using a trading platform. Yes, you have to join a trading platform to trade and to join the trading platform, you have to sign up with an online broker.
There are many online brokers to choose from. These brokers differ from each other on the basic of what trading conditions they give you and the type of trading platform they make available for you to use. UProFX is among the many broker options you have available as a trader. However, if you are considering many online brokers, you are highly recommended to not consider this broker as your top priority. You have to be careful before you choose this broker and take the decision of joining it after proper consideration and thinking. Let’s see what makes this broker not the best one out there.
UProFX Is Not Regulated
The first red flag for any online broker is when it is not regulated. If you are trying to get a certificate in a particular course from an online institute, you would want the institute to be registered with the international body. You would want your credentials to be acceptable around the world. But what if the certificate from the institution is not accepted anywhere? In a similar way, you have online brokers that can provide you with the peace of mind with their regulation. When these are serious brokers who care about their traders, they get themselves regulated by third parties. These third parties are none other than the regulating authorities in the countries where these brokers are registered.
When you look at the website of this broker, you don’t find any information about regulation. You can’t say that the broker is regulated but it might have forgotten to put that information on the website. This is one of the biggest things for any online broker. If a broker is regulated, it will put the information everywhere on the website. When a broker does not talk about regulation, there are higher chances that the broker is not regulated. Now, you have a broker that’s not located in your country. What if something wrong happens with the money you deposit in your account? Will you be able to get that money back? If yes, you have to ask yourself how.
UProFX Is Deceptive with Important Information
There is something deceptive about the way this broker puts information on the website. Imagine you are buying furniture for your house. You want the best and the most gorgeous looking furniture for your drawing room. Now, when you go to the furniture showroom to see the items you want to buy, the owner shows the furniture to you in a dark room. The room is so dark you can’t even see the furniture. What will you say to the owner? That’s the kind of thing you will notice happening on UProFX website. The footer of the website is the weirdest place to put the information about registration and anything else.
In most cases, you have the broker websites putting their regulation information in the footer. While it is not necessary to put that information there, but it has become a norm of the industry in the recent years. At the same time, this is where websites talk about their registration. It is interesting how UProFX has chosen the weirdest colors for its font and background in the footer. The background of the footer is completely white. On top of this white color, you have the text written in light grey or silver color. In short, you will not be able to read anything here unless you use your mouse to highlight the text.
When you highlight this section with your mouse, you find out that the company is talking about how trading is extremely risky. The broker is telling you that the way you trade on its website can be extremely risky for you. You can end up losing all your money that you have deposited in the account. You have to understand this risk before you start using the website and join the trading platform with the broker. But why did the broker have to put this information so secretly? Is the broker trying to hide this warning from the traders? Is the broker trying to hide the fact that it is not regulated?
Account Information Is Not Clear
The way the broker has created a table to put the account information on the website is not the best. Even though it is a big table with a lot of information, it fails to offer any useful information to the traders before they join the platform. One more disappointment is waiting for those who are advanced traders and want to join the platform using an advanced account. Most of the features that you have with the basic accounts are there in the advanced accounts as well. However, only a few things are available to those with advanced accounts that are not available to those with the basic accounts.
If you join the most basic account type, which is called the classic account, you will be able to enjoy a leverage of 1:100 on your trades. However, you can still enjoy the same leverage if you go with the most advanced account type called the premium account. In short, those with the premium account don’t feel special like they should. Personal account manager is there included with every account type. The minimum trade size is the same for everyone as well. The only thing that the advanced account holders see differently is the spreads. When you join the platform with the advanced account, you will have fixed spreads. With any other account type, you will have to deal with floating spreads.
Hedging is allowed to everyone regardless of the account type they pick. Expert advisors are also there included in every account type. In short, you will find it hard to justify the advanced account because there is not much different in this account from what those with the basic accounts will enjoy.
The broker says that you can call the company to get bigger leverages as well. It is weird that this additional leverage information is not included in the account types. The broker says that you will have to open a different type of account if you want to get a leverage of up to 1:500. How do you know which account you are going to pick? In fact, the broker is going to tell you some different type of account on the phone when you call. You can’t really ask much on the phone before opening an account and that’s not the best thing for any trader.
The Trading Platform
When you sign up with UProFX, you get access to the online FX trader. The broker does not tell you that you are going to be on the MetaTrader 4 trading platform in any case or not. When you look at the account information, it says that you will be able to access all the trading platforms. However, when you explore the website of the broker, it seems that there is only one type of trading platform available for you. What other trading platforms is the broker talking about? Is the online trader the only trading platform you can join? If yes, then this is the platform you will be using on all the devices and operating systems. It means that there is no different trading application available for you to use on your smartphones.
Deposit Methods Are Not So Clear
Once again, you are not made fully clear about the information that is extremely important. The broker does not tell you all the methods that you can use to deposit funds in your account. When you go on the deposit section on the website, you only get to know about bank transfers and credit cards. It means that there is no third way available for you to deposit funds in your account. Internet payments and crypto wallets are the options that many brokers have now added to their systems for traders to make deposits. It is surprising that this broker only accepts bank wire transfers and credit cards right now.
Ask any online expert or someone near you and they will tell you that the first thing to check in any online broker is regulation. UProFX is not regulated and that’s not a good thing. There is no third party holding this broker accountable for its financial activities. That’s not a good sign for traders joining the platform from foreign countries. You should not hesitate from joining another broker if you can find one with regulation and better reputation.