UPPERTRADE

UPPERTRADE is a brokerage firm registered in the Commonwealth of Dominica, with a registration date of November 12, 2021. The company lists its address as 8 Copthall, Roseau Valley, 00152, Dominica. According to available records, the broker offers trading in a range of asset classes including currency pairs, shares, indices, commodities, and cryptocurrencies.

It is important to note that UPPERTRADE operates without oversight from any recognized financial regulator. The absence of regulatory authorization is a significant factor for traders to consider, as it means there is no external supervision of the broker's operations or client fund protection schemes.

UPPERTRADE offers four account tiers designed to accommodate 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 requires a $5,000 minimum deposit with maximum leverage of 1:200. Finally, the Professional account requires a $25,000 minimum deposit and provides leverage up to 1:100.

These account tiers suggest a structure that rewards larger deposits with more favorable terms, though leverage decreases as the account level increases. Traders should be aware that high leverage carries substantial risk and can amplify both gains and losses.

The broker states that it provides trading via a web-based platform and also mentions MetaTrader 5 (MT5). However, according to our information, the MT5 platform is currently inaccessible. This limitation may affect traders who prefer the advanced charting and automated trading capabilities of MT5.

UPPERTRADE claims to offer a diverse range of instruments, including forex pairs, indices, commodities, shares, and cryptocurrencies. This multi-asset offering is typical of many retail forex brokers, though the actual availability and trading conditions for each instrument are not independently verifiable due to the lack of publicly available information.

Our research confirms that UPPERTRADE is not regulated by any recognized financial authority. The broker is registered in Dominica, a jurisdiction known for minimal regulatory oversight. This absence of regulation means that traders do not have access to dispute resolution mechanisms, compensation schemes, or independent oversight of the broker's financial practices.

FXCanary has assigned a Scam Risk Score of 75 out of 100, indicating a severe risk level. This score is based on the lack of regulation, limited operational history, and the opacity of the broker's ownership and management. Traders should exercise extreme caution if considering any dealings with this entity.

Given the limited independent information available and the lack of regulatory oversight, UPPERTRADE represents a high-risk choice for retail traders. The broker's website and claims cannot be independently verified, and the inaccessibility of the MT5 platform is a practical concern. Potential clients should carefully weigh these factors against the potential benefits of high leverage and low minimum deposits.

For most traders, especially those seeking a predictable and protected trading environment, it is advisable to consider brokers that operate under strict regulation from reputable bodies such as the FCA, CySEC, or ASIC.