UProfit Review 2024
Website: www.uprofit.com
Min. Deposit: US$ 89
Leverage: —
Trading Platforms: NinjaTrader, R Trader, R Trader Pro
Regulation: USA
Headquarters: USA
Founded: 2019
Regulatory Licenses:
- UProfit — registered in USA company number 7650105
Updated on March 5, 2024
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In our quest to provide a comprehensive review, we meticulously examine and analyze forex brokers against a rigorous set of criteria. Our method involves comparing the broker's offerings, fees, trading platforms, account types, customer support, regulations, and market research capabilities. We conduct extensive comparisons with over 1000 brokers to ensure our recommendations are well-informed and reliable. This method allows us to present a detailed assessment, highlighting both the strengths and weaknesses of the broker in question.
UProfit emerges as a renowned Proprietary Trading Platform, enabling traders to engage in real trading using the firm’s capital by offering Funded Accounts. Specializing in Futures from prominent exchanges like CME, NYMEX, COMEX, and CBOT, UProfit has established itself for its clear-cut evaluation process, favorable profit sharing terms, and its adaptability to various trading styles and strategies. By succeeding in a Challenge Test, traders have the opportunity to trade with the company’s funds and access their Live Account. Nonetheless, it’s crucial for prospective traders to meticulously evaluate the risks associated with this form of trading before embarking on their trading journey.
Pros
Lower Profit Target
Good Pricing
Wide selection of Balances with Low Registration Fees
Fast Payout
Simple Evaluation Process
Exceptional reputation in the industry
Provides the Advanced NinjaTrader Platform
Cons
No Strict Oversight
Challenges in becoming a Funded Trader
Exclusive to Futures Trading
Absence of MetaTrader Platform
No Leverage
No Refund Policy
UProfit emerges as a proprietary trading firm situated in the USA, aligning with the nation’s rigorous regulatory framework, albeit lacking formal licensing and regulation by any governing body. Nevertheless, the firm has cultivated a significant following and garnered commendable reviews from global clients, leading us to deem it as legitimate. It’s pivotal to acknowledge that UProfit’s operational model as a proprietary trading entity diverges from that of traditional Forex brokers, exempting it from the oversight of financial regulatory authorities. This distinction implies a potential diminution in the safety measures typically associated with regulated financial entities. In the realm of proprietary trading, the firm itself supplies the trading capital, introducing an additional layer of complexity in terms of safety assurances and regulatory oversight.
An in-depth examination of UProfit’s digital presence unearthed no red flags suggesting fraudulent activity. However, caution is advised given the unregulated nature of proprietary trading firms like UProfit, which complicates a definitive verification of their authenticity. Our expert recommendation underscores the importance of comprehensive research into Prop Trading and its inherent risks, and the selection of firms with robust reputations and extensive operational histories to enhance stability. Notably, the financial risk involved is predominantly confined to subscription fees as opposed to significant capital investments, thereby reducing the potential financial risk relative to engaging in direct trading with personal funds.
Uprofit Challenge Evaluation Rules ▲
Our analysis of UProfit centers on its evaluation challenge, scrutinizing the prerequisites for obtaining a Funded Trading Account. We dissect the tests traders must pass and evaluate the registration fees involved. This assessment aims to demystify the process and financial obligations for individuals aspiring to become Proprietary Traders. The core objective of the Challenge Evaluation is to discern the trader’s eligibility for trading with the company’s capital, restricting access to the UProfit platform to adept traders. The Evaluation process at UProfit encompasses a straightforward 1-step challenge, offering a selection of account sizes. Upon successful completion of the evaluation, traders are granted access to a Live Account, ready to commence trading.
Account Balance and Registration Fee ▲
Enrollment on UProfit’s prop trading platform necessitates the selection of an account type corresponding to the trader’s preferred initial balance, with each account size having slightly differing terms. Prior to accessing a Live Account, traders are obligated to remit a monthly subscription fee. It’s crucial to note that UProfit enforces a no-refund policy, rendering all sales final.
To ascertain trading eligibility, the UProfit Challenge mandates adherence to several objectives, including achieving the Profit Target. This target is contingent upon the evaluation program and selected account size, with targets set at 5%, 6%, and 10% relative to the account size.
Another critical objective for traders is the imperative to stay within the Maximum Daily Loss threshold, which, based on our analysis, is established at roughly 2% across all account types by UProfit. As for the Maximum Overall Loss, UProfit refrains from specifying an exact figure, which is generally inferred from the daily loss limitations and drawdown rules pertinent to each account type. It’s imperative that all objectives are fulfilled to transition to a Live Trading Account; failure to do so results in test cancellation, necessitating a reset by the trader.
A key stipulation at UProfit mandates a minimum trading duration of 5 days to demonstrate trading proficiency and qualify as a Funded Trader. UProfit does not impose a cap on trading days, allowing traders’ monthly subscriptions to persist until an upgrade to an Active Account is initiated or the subscription is terminated. Below is a detailed table outlining the UProfit challenge conditions based on Account Size:
In alignment with our findings, UProfit does not facilitate a Free Trial, as the evaluation phase itself functions as a preliminary testing period. This approach is commonplace among numerous Prop Trading Firms, where free trials are generally not provided.
After successfully passing the test or challenge, traders are awarded their Funded Account, typically activated within a few business days. It is crucial to understand that the conditions and balance of the account will correspond with the test level for which you qualified. Should you desire to access a higher-grade account, you are required to retake the testing process from the beginning, targeting the specific Account Balance you wish to trade with.
Selecting a broker necessitates a thorough review of account types, available trading platforms, instruments, and associated fees. The levels of leverage and specific trading conditions are also critical considerations, as failure to comply can result in account forfeiture and necessitate a reassessment.
Pros
Offers trading in Futures Instruments from renowned exchanges such as CME, NYMEX, COMEX, and CBOT
Provides various trading platforms including NinjaTrader, RTrader, and RTrader Pro
Cons
Lacks the industrystandard MetaTrader platforms
Offers futures trading only, excluding other markets which might limit trading opportunities
Our research, encompassing over 1000 brokers, suggests that UProfit facilitates a variety of convenient payment methods for its challenges without imposing additional processing charges. Furthermore, UProfit is known for its swift payouts, claiming to process them within 24 hours, with traders eligible to request them from the first day of trading. It's important to note that the minimum amount eligible for a payout request is $100.
When considering UProfit as a forex broker, it's important to weigh its offerings against potential alternatives. This includes evaluating the range of trading instruments, platform options, fee structures, and the overall trading environment. For those seeking a broader market spectrum or different platform options like MetaTrader, exploring alternatives might provide a better fit for their trading needs.
