Uptos is an online trading platform focusing on currency trading (Forex Trading), derivatives and spot metals. The provider’s website is available in an English version and can be accessed at https://uptos.com/.
Did you have any difficulties with an investment on Uptos? Or would you like to find out more about this broker or about online trading in general? Then a lawyer is available for your concerns.
The law firm Herfurtner Rechtsanwälte advises investors from all European countries on investor protection. The additional areas of expertise of the law firm, which is based in Frankfurt am Main, Hamburg and Munich, include commercial law, real estate law and capital market law.
Would you like to exchange views with one of our lawyers? Then you can go directly to the contact area here.
If you are considering investing your money on an online trading platform, you should find out about the provider in advance. It is helpful in this context to have access to Uptos experience reports.
If you search for Uptos in a search engine, some hits will be displayed. Often these lead to blogs or forums where Uptos experiences are exchanged or where you can find Uptos feedback. But the comments about this company are not without restriction positive.
Basically, it is difficult to weigh up the truthfulness of published experiences with Uptos. After all, the reports found on the net are not always written from a neutral perspective.
The French Financial Markets Authority has issued a warning in connection with Uptos. It states that the “AMF” placed the company on a list of companies and websites in the financial sector on 16th April 2020. Providers represented on this list were not authorised and offered Forex trading, binary options or crypto-currency derivatives for trading.
Place of Business, Authorisation of Uptos
It is true that the company’s own website is also used to give investors a positive impression. However, the interested investor will also find valuable information on the company’s registered office and its regulatory status.
There is no imprint on the Uptos website that provides information on the company’s registered office, legal form and management. An address in St. Vincent and the Grenadines is provided in the contact section of the website and in the footer. Contact can be made using a form, by e-mail or by telephone. There is also a live chat function.
There are no references to the approval and supervision of a state supervisory authority such as the British FCA (Financial Conduct Authority) or the Cyprus Securities and Exchange Commission (CySec). Whether the company Uptos is licensed to operate in the European Economic Area can therefore not be answered without reservations.
Uptos Internet Presence
The company Uptos describes itself as a leading foreign exchange broker offering competitive trading conditions. Accordingly, the services offered are comprehensive, the support provided by the staff is competent. In addition, customers have access to secure and easy-to-use trading software.
Uptos lists the advantages of its own offer on the basis of six arguments:
- buy and sell safely online in the world’s largest financial market,
- one account for trading with different assets,
- more than 250 financial instruments from various asset classes,
- leverage of 400:1 for major currency pairs,
- possibility for mobile trading,
- secure methods for deposits and withdrawals.
Among the products tradable via the supplier Uptos were
- spot commodities such as silver or gold,
- crypto currencies like Bitcoin or Ethereum,
- spot energies such as gas or oil,
- forex trading with various major and minor currency pairs,
- spot indices for all market segments,
- spot shares of more than 1,000 leading companies.
Registration and offered Accounts on Uptos
If you want to start trading on the Uptos online trading platform, you must first register as a customer. Once you have created your account, Uptos offers a choice of six live trading accounts to choose from:
- Student: Minimum deposit of 250 US Dollar
- Starter: Minimum deposit of 2.500 US Dollar
- Premium: Minimum deposit of 10.000 US Dollar
- Advanced: Minimum deposit of 25.000 US Dollar
- Pro: Minimum deposit of 50.000 US Dollar
- VIP: Minimum deposit of 100.000 US Dollar
The provider does not provide any information about the available methods for deposits and withdrawals on Uptos in this part of the website. Nevertheless, you can see the logos of some credit card providers such as Mastercard, Visa or American Express on the website.
Technology used at Uptos
For trading activities with an online trading provider, the provider provides trading software, the use of which is usually free of charge for the investor. Uptos enables investors to access the software Metatrader 5.
This allows for trading with more than 500 financial instruments and is available for Windows, Apple and Android operating systems. Accordingly, access is possible via stationary computers as well as via mobile devices (smartphones and tablets).
Pay Attention to the Risks when trading online
Even after the change at the top of the European Central Bank, experts suspect that there will be no significant correction in monetary policy in the foreseeable future. Private investors, who not so long ago were satisfied with an investment in overnight money, are therefore turning to higher-yielding options.
A number of business models have been and will be influenced by digitisation. In the area of trading, this has resulted in a considerable number of providers worldwide entering the market with their online trading platforms.
However, involvement in online platforms is not recommended for everyone and not without reservation. Moreover, the providers are often based abroad. In addition to the possible language barrier, it is not always clear whether the providers are entitled to do business in the European Economic Area.
With topics such as Crypto Currencys, Forex Trading or CFDs (Contracts for Difference), you should seek basic advice if you are planning to invest in them. With online brokers, however, neither advice nor a special trusted person is the rule.
While you can discuss the pros and cons of an investment with the bank in a direct conversation, there is no dedicated trusted person available on the net. If one refrains from orientating oneself completely on the possible pitfalls of an investment, this can lead to dissatisfaction on the part of the investor.
Reacting to Losses
Anyone who has lost money in online trading should above all stop additional payments. The next step is to talk to the company and check what triggers the loss transaction was and what possibilities exist for reimbursement.
If you don’t get a credible answer, you can seek investor protection and seek legal advice. The law firm Herfurtner Rechtsanwälte checks whether you can assert claims against the trading platform and, if desired, enforces them directly with the provider.