Uprofit Trader is an unlicensed and unregulated broker that operates out of the United States. The fact that a broker can sell financial services in the United States despite lacking the required laws is an unusual phenomenon.
The company positions itself in the market as a trading service for futures markets.
Their business is based in Texas, however, their website does not have a telephone number that may be used to reach them. Instead, the only way to communicate with us is by email.
It makes the claim that it is a one-of-a-kind broker by offering account kinds such as Uprofit 9K, Uprofit 50K, and others.
Having said that, all of that is on paper. When you read reviews of Uprofit Trader, you will see that many of their clients are unable to withdraw their money. This is something that is very concerning.
In this analysis, I will go through the many reasons why this corporation cannot be trusted, and why you should do everything in your power to steer clear of any business dealings with them:
Uprofit Trader… what exactly is it?
UProfit is a Futures broker that gives clients the opportunity to trade a variety of Futures products on exchanges such as COMEX, CBOT, CME, and NYMEX.
Registration for the company is not too difficult. They will ask for your personal contact information and will give you the option to select a certain account size.
Before being granted access to their live account, the company requires that you must complete a one-of-a-kind evaluation in which you must achieve a predetermined level of financial success.
Is Uprofit Trader Legit?
No. Uprofit Trader is not a legit broker. The company doesn’t have a license and is an unregulated broker.
Furthermore, there are a ton of complaints online highlighting the shady nature of hte company and why it’s a scam.
Before you choose to invest your money with this broker, you must read the complaints I have shared in this Uprofit Trader review:
Uprofit Trader Review: What Its Customers Say About the Process
The reviewer notes that the company possesses a high degree of deception. He claims that the only reason they allowed you to enter was to humiliate you.
Everyone in the firm has a unique perspective on what each function entails. For instance, some members of Uprofit Trader believe that it is possible to continue trading even after infringing upon the “soft rule” in question (using more contracts than are allowed, etc.). Some people believe that you can’t, and if you do it anyway, your account will be locked.
On the other hand, certain members of the staff may tell you that they have performed a reset and that it is successful. Others have stated that they do not.
If you believe that the company is outstanding, the writer of the review will tell you that you are mistaken. This is due to the fact that you will quickly come to understand the reality for yourself.
You won’t receive any warnings from Uprofit if you’re heading in the wrong path. Instead, they will suddenly lock you out of your account and inform you that you have violated one of their policies.
This Uprofit Trader review was written by a person who paid for a reset, and the corporation assured him that he will be able to trade in an unspecified amount of time. However, it has been two weeks since he started waiting, and nothing has materialized throughout that time.
“The staff at Uprofit will provide you with varying responses to your questions and will never assist you in obtaining a refund.”
The critic draws attention to the fact that the representative is “trying” nonetheless.
After hanging tight for a couple of days, he finally got in touch with the business and requested a refund. In response, the staff at Uprofit Trader informed him that because it is against business policy to issue refunds, they are unable to do so.
Additionally, the reader was interested in having monies withdrawn from the reviewer’s online trading account. His attempt to terminate the subscription did not go through despite the fact that the corporation insists that consumers can do so whenever they like.
When the reviewer attempted to get in touch with the organization to inquire about the reason for the hold up, they instructed him to wait.
A week later, they informed him that he was unable to withdraw his money for an indefinite period of time due to certain rules. On the other hand, neither their website nor their documentation made any reference to such regulations.
They instructed him to hold off for a while longer.
In addition, the reviewer was had to make repeated phone calls to the employees in order to get the monies that he urgently required. The reviewer claims that the staff here does not pay attention to the customers’ needs.
He claims that the corporation will initially demonstrate how incredible their product is. It makes quick work of sorting out your application and provides assistance with every stage of the sign-up procedure.
When you have actually invested your own money, however, they start acting in a manner more consistent with their genuine nature.
In the conclusion of his assessment of Uprofit Trader, he suggests that you look into other service providers because this firm is full of lies and deceptions. You would finish up squandering both your time and your money in the end.
In addition, he mentions that it is quite aggravating to phone their employees and get responses that are inconsistent with one another.
According to the critic, Uprofit Trader is not worth your time.
Gary begins his assessment by stating that, in his opinion, the organization genuinely cares about the well-being of its customers.
However, he was taken aback when the representative of the corporation provided him with an answer that was unsatisfactory.
After 11 days of trading, when he hit his profit target, the company informed him that he had breached his daily draw down more than a week earlier. This occurred when he met his profit target. In spite of the fact that he had broken a rule, they allowed him to continue trading.
However, he was no longer qualified because he exceeded the daily drawdown limit by $15, which caused him to breach the rule.
The evaluator brings up the fact that his dashboard never informed him that he had broken any rules. In addition to that, the corporation never alerted him that he had broken any of these restrictions. When he attempted to gain authorization for live trading, that is when they informed him about the infraction.
Following the publication of Gary’s review of Uprofit Trader on his website, the company got in touch with him. In essence, it stated that the dashboard is solely intended for “informational use,” and that the trader is responsible for being aware of the laws themselves in order to avoid breaking them.
According to Gary, the answer was really disheartening. He had the impression that they cared about the traders, but their response gave him reason to believe otherwise.
The agent explained to him that the dashboard is for “informational use,” which the reviewer finds to be a questionable answer. In the past, the corporation would notify him through email that he had breached a rule if he did something that violates one of the guidelines.
On the other hand, he did not get any emails of this kind for this particular account. In order to find a solution to the issue, he intends to get in touch with higher management at the organization.
Max explains that he cannot express how frustrated he is with the company. On October 19th, he made a deposit into the account, but he had to stop doing so because of certain health issues.
On November 18, the day after he met the 3,000 dollar minimum target profit criteria, the corporation informed him that he had broken a guideline regarding the minimum number of trading days three weeks earlier. Therefore, the business decided to close his account at this time.
Max brings up the point that they waited to close his account until he contributed more money to it rather than closing it when it was empty and had no money in it.
He pleaded with them to make an exception for him, but their refusal rendered his request moot. Also, according to Max, it would have been preferable if the action had been taken when he breached the rule rather than waiting for him to add monies to it before taking action.
After some time had passed, Max modified his original Uprofit Trader evaluation to include an update. He emphasizes the fact that nobody in the company is accepting any responsibility for the circumstance, and instead, all of the blame is being placed on him.
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