Uprofit Trader – Scam Broker with 100+ Complaints (Latest Update 2023)
Uprofit Trader is an unregulated and unlicensed broker based in the US. It’s pretty interesting to see a broker selling financial services in the USA without having the necessary regulations.
The company markets itself as Futures markets trading service.
Their office is located in Texas but there is no contact number available on the website. Instead, you can only get in touch through email.
It claims to be a unique broker with its unique Uprofit 9K, Uprofit 50K and other account types.
However, that’s all on paper. When you look at Uprofit Trader reviews, you would notice that many of their customers are unable to make withdrawals.
In this review, I have gone through the various reasons why this company is not reliable and why you should avoid dealing with them at all costs:
What is Uprofit Trader?
UProfit is a Futures broker which allows customers trade various Futures products including COMEX, CBOT, CME and NYMEX.
The signup of the company is rather simple. They ask for your personal contact information and to choose a particular account size.
The company makes you go through a unique evaluation process where you must make a specific amount of profit before you can get their live account.
You can choose from the following account types:
Uprofit 9K (The Basic Program):
The Uprofit 9K account requires you to pay $89 per month. You get a maximum 5 contracts and $800 pro drawdown. The minimum duration you need to trade in this program is 10. There’s a daily loss limit of $350.
To progress further, you would need to reach the target profit of $900.
Uprofit 50K (The Advanced Program):
This account requires you to pay a monthly fee of $160. You get a minimum of 10 trading days, a daily loss limit of $1,100, 6 maximum contracts and $2,000 pro drawdown.
The targeted profit of this account is $2,500.
Uprofit 100K (The Elite Program):
The Elite Program requires you to spend $315 per month. It has 12 maximum contracts, a daily loss limit of $2,200, $3,000 pro drawdown and a minimum of 10 trading days.
The target profit of this account is $6,000.
Uprofit 200K (The Premium Program):
This is an exclusive account type and the company charges $500 per month for its access. It offers 20 maximum contracts, a daily loss limit of $4,000, $5,000 pro drawdown and a minimum trading days limit of 10.
Your target profit here would be $10,000.
After you have reached the target profit with your chosen account type, the company will give you access to its live account.
Certainly, Uprofit Trader looks quite interesting and attractive on paper. But there are too many red flags it hides from most clients.
Is Uprofit Trader Legit?
No. Uprofit Trader is not a legit broker. The company doesn’t have a license and is an unregulated broker.
Furthermore, there are a ton of complaints online highlighting the shady nature of hte company and why it’s a scam.
Before you choose to invest your money with this broker, you must read the complaints I have shared in this Uprofit Trader review:
Uprofit Trader Review: What Its Customers Say About the Process
This is a detailed review from a customer about how Uprofit conducts its review and how terrible it is.
He highlights that the experience turned bad because everything went smoothly at first. The company performed the review properly and put him through the necessary steps to get a live account.
However, as soon as that happened, everything went downhill.
The reviewer points out that the company is very cunning. He says they only let you in to make a fool out of you.
Everyone in the company has a different take on what does what. For example, some Uprofit Trader members say that you can continue trading after breaking the soft rule (using more contracts than permitted, etc.). Others say that you can’t and your account will be frozen if you do so.
On the other hand, some staff members will tell you that they perform a reset and it works. Others say they don’t.
The reviewer points out that if you think the company is great, you’re mistaken. That’s because you will soon realize the truth yourself.
Uprofit doesn’t tell you when you’re going in the wrong direction. Instead, they block your account suddenly and tell you that you broke one of their rules.
The author of this Uprofit Trader review paid for a reset and the company told him that he would be able to trade in some time. However, he has been waiting for 2 weeks and nothing has come into fruition.
When the reviewer contacted the customer support staff, the first rep said nothing would work because he broke a rule. The reviewer asked the representative to reconsider his case because he wasn’t aware he was breaking a rule.
After a few more calls, the representatives agreed to reset and he paid the fees. However, when he called afterwards, Uprofit customer support told him that the reset wouldn’t work as well.
Now, the reviewer was done. He got mad so the representative asked him to wait for a while because he “might” try to make it work.
“Uprofit Staff will give you different responses on your questions and never help you get a refund”
The reviewer points out that the representative is still “trying”.
After waiting for a few days, he contacted the company and asked for a refund. In response, Uprofit Trader staff told him that issuing a refund is against company policy so they can’t.
Also, the reviewer wanted to withdraw funds from his online trading account. His withdrawal request didn’t go through despite the company’s claims that customers can cancel whenever they want.
When the reviewer contacted the company to find out the cause of the delay, they told him to wait.
A week later, they told him that because of some rules, he couldn’t withdraw for some time. However, there was no mention of any such rules on their website or documentation.
They told him to wait further.
He says the company first shows you how amazing it is. It sorts out your application quickly and helps you in every step of the sign up process.
However, once you have invested your hard-earned money, they start showing their true colors.
In the conclusion of his Uprofit Trader review, he says you should find other service providers because this company is full of lies and tricks. In the end, you would end up losing your money and time.
Furthermore, he points out that it’s very frustrating to call their staff and get contradicting responses.
The reviewer doesn’t recommend Uprofit Trader.
Uprofit Trader Reviews and Complaints You Must Read:
The reason why I wrote this Uprofit Trader review is the large number of complaints I found on this company.
Apparently, the reviewer I mentioned above wasn’t the only person who feels scammed by this company. There are tons of victims who have lost their money because of Uprofit.
Here are some of the many complaints I found about this broker:
“Uprofit Trader Hides Its Rules to Stop You From Making Withdrawals”
Hasan shares that Uprofit Trader is a scam company and very misleading. The rules they advertise on their website are completely different from what rules they follow.
They don’t mention all the rules on their contract. Instead, they are mentioned briefly on their FAQ link.
He had signed up for the Uprofit 200K account, passed it and paid the company for opening his live account.
However, when he started his live account, he found that he can only trade 3 contracts or 30 Micros.
He couldn’t even scalp a trade for less than 10 seconds and there was a violation. Basically, the reviewer says Uprofit Trader has kept these hidden rules only to prevent clients from withdrawing funds from their accounts.
The reviewer questions how the company markets to offer 17 contracts maximum but only allows 3. Apparently, the number of available contracts increases as your account balance goes up.
The reviewer says it is false advertising. Moreover, he adds that the company is taking innocent people’s money, especially on resets.
Now, the reviewer is planning on filing a lawsuit against this company with the help of his lawyer. Also, he points out that the customer support of Uprofit Trader is extremely unhelpful. He ends the review by calling it a “Scam Company”.
Another Uprofit Trader Review Exposes the Shady Nature of This Broker:
Gary starts his review by saying that he believes that the company cares about its traders.
However, he was shocked to receive a disappointing response from the company’s representative.
He has traded for 11 days and when he reached his profit target, the company informed him that he violated his daily draw down over a week ago. Although he had violated a rule, they had let him keep on trading.
Still, because he violated the daily drawdown limit by $15, he was no longer eligible.
The reviewer points out that his dashboard never said he violated any rules. Also, the company never informed him of violating these rules. They only told him about the violation when he tried to get approval for live trading.
After Gary posted his Uprofit Trader review, he received a response from the company. Basically, it said that the dashboard is only for “informational use” and the trader must be aware of the rules themselves to avoid breaching them.
Gary says it was a very disappointing response. He thought they cared about the traders but the response indicates they really don’t.
The representative told him that the dashboard is for “informational use”, which seems like a shady answer to the reviewer. Before, when he violated any rules, the company sent him an email stating that a rule had been broken.
However, he didn’t receive any such emails for this account. He hopes to get in touch with upper management of the company to resolve the problem.
“Uprofit Trader Has the Worst Customer Support”
Matt shares that he is facing a problem with his 50k evaluation. His account balance and trading days aren’t updating on the software. Due to this, the system has now detected that he has reached the drawdown limit.
So, Matt is now unable to trade further.
He reached out to the customer support and explained his problem. The staff agreed that there was an issue. Later, he received an email saying that they had edited his account to bring it up to date.
Also, they told him that he can now resume trading.
However, when he tried to trade the next day, the issues were still there and he was unable to trade.
Again, he contacted the customer support and explained that the problem is still there. Later, he received the same reply stating that they had made the necessary adjustments and he can resume trading.
The issue was not fixed.
He has sent them multiple emails asking them what is happening and if they can actually fix his account. However, it seems to Matt that Uprofit Trader has begun ignoring him as he hasn’t received any reply.
Clients Feel Used by Uprofit Trader, Doesn’t Recommend Trading with Them
Max points out that he is extremely upset with the company. He funded the account on 19 October but had to stop due to some health problems.
After he surpassed the 3k target profit requirement, the company told him on November 18 that he had breached a minimum trading days rule 3 weeks ago. So, the company was now closing his account.
Max points out that instead of closing his account when it didn’t have any money, they waited until he added more money to it.
He asked them to make an exception in his case but it didn’t help. Also, Max says that it would have been better if they took the action when he broke the rule and didn’t wait for him to add funds to it.
Later, Max added an update on his Uprofit Trader review. He highlights that nobody in the company is taking any responsibility for the situation and they are putting all the blame on him.
Additional Uprofit Trader Reviews and Complaints:
After going through the above reviews and points, it’s clear that Uprofit Trader is a shady broker. It uses hidden rules and shady tactics to steal funds from its customers.
Furthermore, the company doesn’t have the license to operate as a legitimate forex broker in the US.
All of this suggests that you should stay miles away from this broker.
Similarly, there is the Forex CashPower Indicator. That company utilizes fake reviews to promote itself. That’s why I didn’t focus on the positive reviews of Uprofit Trader. It’s very easy for scammers to get fake 5-star reviews on their profiles. Another similar scam is Tiger Trade Copy, abusing fake reviews to promote itself and get clients.
Beware of this scam.
Uprofit Trader has received multiple complaints for using hidden rules and predatory tactics. They have horrible customer support staff as well. Beware.
- Predatory practices
- Received too many complaints