World-renowned broker Upcapital: critical review

According to experts from Upcapital, simply claiming the status of a globally recognized broker offering services worldwide will attract crowds of traders to register on its platform. This may work among newcomers, but professionals will immediately sense something amiss. While reviews of the financial agent have just begun to appear and they are not in its favor, expert reviews are completely absent. We aim to analyze the situation in more detail and provide an independent assessment.

Information about Upcapital

Upcapital does not provide information about its market experience and achievements. Their platform lacks data not only about the project’s management team, but also about the roadmap, lists of prestigious awards, and success statistics.

They only promise incredible earnings. However, it is not surprising, as the company simply has nothing to show. Checking the domain registration date, we found that upcapital.cc was registered in July 2022. It’s a newcomer, so there are no reviews of it yet, neither in the RuNet nor on foreign platforms.

When it comes to communicating with customer support, one should not expect prompt assistance in problem resolution. Even without real customer reviews, it is evident that the email provided on the platform does not exist, leaving only a contact form. Scammers use this to gather personal data. Later, they may sell this information to their colleagues, who will begin to pester the deceived trader with lucrative offers or chargeback discussions.

Licensed intermediary or not?

The client agreement states that Upcapital is registered in an offshore zone. The company is managed by Nexus LLC, registered in St. Vincent and the Grenadines. It seems that this brand has already caused harm to many. Try searching for Nexus LLC reviews and see for yourself. Scammers simply decided to rid themselves of negative feedback and launched a new pseudo-broker.

It is important to remember that serious issues arise in this island country with the regulation of financial institutions. The local regulator warns users that it does not issue licenses to brokers and does not intend to monitor their activities. Traders need to consider the legislation of their own countries. However, newcomers are unlikely to take this into account… This is what charlatans are counting on.

The appearance of the first reviews in the RuNet and the presence of a Russian version of the Upcapital website indicate the pseudo-intermediary’s desire to operate in the CIS countries (Russia, Kazakhstan, and others). However, there are no reasons for such actions. Furthermore, Nexus LLC and their previous project Bitfargo are already blacklisted by the Central Bank of Russia. We are confident that the new scam project awaits the same fate. But it will take some time. Scammers will manage to deceive a large number of people before the truth comes to light.

Diversity of trading accounts

Upcapital promises high-quality investment and financial services worldwide. They claim to base their work on high service standards, honesty, and professionalism. According to their legend, various assets are available: currency pairs, commodities, cryptocurrencies, stocks, and indices.

The key features of their commercial offer include:

several tariff plans with an entry threshold starting from $250,
leverage up to 1:300,
daily market analysis,
one-click trading, scalping capabilities,
convenient trading terminal (desktop, web, mobile versions),
first-tier liquidity providers,
educational base,
passive income (some accounts offer 2 to 32% of the deposit amount over 90 days).

It is already possible to speculate on the payment discipline of this company based on existing reviews. Depositing funds on their platform is easy, but withdrawing is impossible.

Reviews of Upcapital

So far, we have found only one review of Upcapital. Since this broker was recently launched, not many people are aware of it yet.

However, you should read the reviews about the parent company of this pseudo-broker and its predecessor Bitfargo. This will help you see the true state of affairs.

Scams in Upcapital

Upcapital is not the first project of fraudsters, so they have various scam schemes. One of the most common fraud schemes is:

Offering registered users assistance from a personal manager,
The personal mentor convinces them of the need to deposit a large sum into the trading account (presumably to receive additional privileges),
After the mentor’s recommendation, the user installs remote access software,
Scammers gain full access to the trader’s account and steal their capital.

Subsequently, the deceived user will have to deal with refusals of assistance from regulators in combating such fraud. They will only be able to turn to professional lawyers and try to recover the money through chargebacks. However, there are nuances here as well. Firstly, there is no guarantee of a full refund. Secondly, the user will have to pay a significant amount for legal services as a percentage of the stolen funds.

Conclusion

Upcapital is yet another scam project in the list of experienced scammers ready to deceive novice traders. The company is well hidden in offshore locations, lacks a license, and has no intention of paying profits to clients. If you have fallen victim to this fraud, share your experience with others, tell them all the details. Honest reviews play an important role in forming an objective opinion.