UProfFX is an online CFD and forex broker with a good variety of available assets. The company that operates this broker is Yield Enterprise Currency Software OU. They are an unregulated broker who has not registered with any major financial regulators. This lack of regulation, along with unfavorable spreads and no MetaTrader 4 access, leads us not to recommend investing with UProFX.
Trading Forex and CFDs with UProFX
UProFX has a wide variety of assets available. The broker offers over 40 forex pairs. They have CFDs available on commodities, indices, stocks, and many different cryptocurrencies. Their spreads are much higher than comparable brokers, leaving little reason for investors to consider this broker. UProFX lets investors leverage their trades up to 1:100, or even 1:500 with the highest tier account. This is significantly higher than the ESMA mandated cap of 1:30.
UProFX has four account types available to investors. Higher accounts require higher deposits and give traders access to higher leverage. They have a minimum deposit of €250. This deposit is relatively standard, but it isn’t hard to find lower. Users can also register with a demo account, allowing them to try out the platform and evaluate the spreads before putting down real money.
UProFX Not Registered in Country of Operation
UProFX’s parent company, Yield Enterprise Currency Software OU, operates out of Estonia. Any brokers operating in Estonia must register with the Financial Supervision Authority. However, UProFX has no such registration. Not being registered with any relevant regulatory body, UProFX’s operations are largely unmonitored, and arbitration would not be available for any disputes. A regulatory body would mandate investor protections and insurance, but investors with UProFX do not have that protection.
MetaTrader 4 is not available when trading with UProFX. Instead, the firm offers investors a simplified browser-based platform. The layout is similar to that used by binary options broker Olymp Trade. Therefore, UProFX’s platform is missing a lot of the features that investors familiar with MetaTrader 4 would expect. There are little to no charting tools or indicators, and there aren’t any automated trading tools available.
Recovering Funds Lost Trading CFDs
CFDs are complicated financial instruments that aren’t for beginning investors. Most financial regulators require brokers to disclose the risks inherent in trading CFDs to their investors. Unregulated brokers often avoid any such disclosure, leading to new traders making investments they don’t understand. If you believe that UProFX or any other CFD broker didn’t adequately disclose risk before you invested, you might be able to recover some or all of your lost funds. Contact our team today to begin the recovery process.