UpperTrade

UpperTrade is a retail forex and CFD broker that was established on 21 June 2021. The broker is registered in the Commonwealth of Dominica, a Caribbean jurisdiction known for its ease of company incorporation and minimal financial oversight. Its official website is uppertrade.pro.\n\nAs of the time of this review, UpperTrade does not hold any known regulatory licences from major financial authorities. The absence of regulation is a significant factor for traders to consider, as it means the broker is not subject to the strict client protection rules, capital requirements, or dispute resolution mechanisms that regulated brokers must adhere to.

UpperTrade offers four distinct account tiers tailored to different levels of trader experience and capital. The Beginner account requires a minimum deposit of $250 and offers maximum leverage of 1:300. The Medium account requires $2,000 and also offers 1:300 leverage.

The Advanced account starts at $5,000 with maximum leverage of 1:200. The Professional account requires a substantial $25,000 minimum deposit and offers a lower maximum leverage of 1:100.\n\nThese account types suggest a tiered approach to risk and access, with higher-tier accounts offering more favourable conditions in some respects (e.g., lower leverage for Professional). However, without regulatory oversight, the stated leverage ratios and operational terms are not independently verified.

UpperTrade is registered in Dominica, a jurisdiction that is not known for robust financial regulation. The broker does not claim any licences from respected regulators such as the FCA, CySEC, or ASIC. This lack of oversight means that client funds are not protected by compensation schemes, and there is no external authority to mediate disputes.\n\nThe FXCanary Scam Risk Score for UpperTrade is 54 out of 100, which falls into the 'Elevated' risk category. This score reflects the combination of an unregulated status, a high-risk jurisdiction, and a relatively short operational history.

The known facts do not specify the range of trading instruments offered by UpperTrade. Typically, forex brokers provide access to currency pairs, commodities, indices, and sometimes cryptocurrencies, but this has not been confirmed for this broker. Traders should exercise caution and thoroughly verify any instrument listings on the broker's website before committing funds.\n\nDue to the limited publicly available information, it is advisable for potential clients to request detailed information directly from the broker and to test the platform using a demo account if available.

UpperTrade appears to target a broad range of traders, from beginners with a $250 minimum deposit to high-net-worth professionals requiring $25,000. The varying leverage limits suggest an attempt to cater to different risk appetites. However, because the broker is unregulated, it is not suitable for traders who prioritise regulatory protection or who trade in jurisdictions where dealing with unlicensed brokers is prohibited.\n\nGiven the high-risk profile, this broker is more appropriate for experienced traders who fully understand the risks of trading with an unregulated entity and who are willing to accept the lack of recourse in case of disputes.