Up4x offers its clients one basic account type with market execution, variable spreads, high leverage levels and no commission fees on the MetaTrader 4 platforms.
Islamic (swap-free) services are also available with this broker on the Micro accounts.
Indeed, the spreads of Up4x seem good, starting out at 1 pip on EUR/USD, and the leverage levels offered are high, which is typical for an offshore (unregulated) brokerage. However, there are several things we don’t like about this broker. First of all, we find the minimum initial deposit required by Up4x too high for a non-regulated broker. By comparison, you can open a demo account with FCA-regulated IG group by investing just $1. Second, Up4x does not offer demo accounts, so you cannot even test its platform.
In addition, the broker appears to be a client of fintech provider and MT4 integration company EQVOLA, that designed the UP4X’s website, which currently seems unfinished.
The Company. Security of Funds
Up4x claims to be a registered brand name of Up4X Ltd., a company authorized and regulated worldwide. Furthermore, it claims to be covered by a Compensation fund. Unfortunately, none of this is true and the license uploaded on the website of Up4x belongs to Easy FX Solutions Ltd. – a company that offers brokerage incorporation services and which is indeed registered as a dealer in securities with Vanuatu Financial Services Commission. We cannot tell which of the two companies operates the brand, but either way – this broker is highly suspicious, as it makes false claims.
What is more, the Italian regulator Commissione Nazionale per le Società e la Borsa (CONSOB) has issued a warning against it and advises investors not to dealing with UP4X.
Therefore, we would also advise you to stay away from Up4x and select among brokerages duly regulated by UK’s FCA, Australia’s ASIC or CySEC.
Like most brokers, Up4x supports the widely used MetaTrader 4 (MT4), available as desktop, web, and mobile versions.
MT4 earned its reputation due to its ease of use and various useful functionalities that allow the traders not only to make transactions but also analyze market dynamics, to automate their trades via wide range of Expert Advisors and to back-test their strategies.
Methods of Payment
Up4x offers its clients several payment methods: bank wire transfer, credit/debit card, and e-wallet Skrill.
Up4x offers trading in forex and various CFDs on the good old MT4 platform. Our main concern with this broker is that it not regulated and makes false claims, so we do not recommend it.
Up4x Review Conclusion
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