Updated on February 14, 2024
Quick Links
In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Up4x due to the issues we've identified.
Is Up4x Scam or Legit Broker? ▲
Up4x emerges as an unequivocal scam entity. The brokerage is flagged for its offshore registration and the absence of any credible licensing from renowned regulatory bodies. Trading with Up4x is indisputably unsafe. We categorically discourage engaging with offshore brokers as the security of financial investments through such channels remains unverified and precarious.
The rationale is straightforward: such brokers may tout exceedingly attractive trading conditions or environments, yet traders receive no assurance or oversight from official regulatory bodies governing the Forex industry. Consequently, transactions with such entities mean traders must place their trust solely in the broker's assurances, which inherently carries a substantial risk.
Up4x positions itself as a provider of Forex and CFD trading, encompassing a variety of indices and commodities. Delving into the company's background reveals two entities. The primary brand, as stated on their website under the "regulation" section, is “UP4X”, a brand name of “Up4X” Ltd., purportedly authorized and regulated globally. However, specific details regarding their licensing and the jurisdictions of regulation remain conspicuously absent, casting doubts on their legitimacy.
Further scrutiny into the terms and conditions uncovers the second proprietor, Easy FX Solutions Ltd., domiciled and registered with the Vanuatu Financial Services Commission, signaling either a total lack of licensing or possession of an offshore license, both scenarios urging caution against this firm.
Adding to the concern, Italy's financial regulator, CONSOB, has flagged Up4x/Up4x Lts. with a warning in May 2017 for unauthorized investment services and activities within Italy, further underlining the broker's dubious standing.
The broker markets a range of trading instruments.
Offshore registration raises serious authenticity and safety concerns.
Absence of transparent licensing information.
Lack of endorsement from respected regulatory authorities.
Warning issued by Italy's financial regulator, CONSOB.
Inactive website indicating a cessation of operations.
We strongly advocate for trading accounts to be opened solely with brokers under the regulation of esteemed global authorities, adhering to a stringent set of rules and maintaining a commendable reputation over their operational tenure. Traders are encouraged to opt for well-regulated entities such as those in the UK or Australia.
A recent update on Up4x reveals that the broker's website has gone inactive, signifying a discontinuation of its trading services. Despite this, we urge potential traders to exercise caution and steer clear of any future propositions from this entity, reinforcing our recommendation to avoid Up4x and remain vigilant.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Up4x Review 2024
