UpSaleFX promotes cryptocurrency trading and investing while presenting itself as a registered and regulated financial services provider. They guarantee to give you the fastest means of multiplying your money.
However, fact-checking indicates that this is just another dubious brokerage attempting to profit from the craze around Bitcoin. Read on to discover why you need to avoid UpSaleFX:
An Overview of UpsaleFX
UpSaleFX has no licenses whatsoever. There is no indication of a regulator specifically monitoring the broker’s conduct, and there is no other way for us to think of it but as an offshore fraud.
UpSaleFX asserts in its legal documents that the Financial Services Authority of Saint Vincent and the Grenadines has registered it. The FSA has specifically said that it neither issues licenses to forex brokers nor supervises their activities. This is simply a simple registration in an offshore zone.
In addition to being unregulated, UpSaleFX is also largely anonymous; nowhere on the website is a firm name or phone number given. Such a lack of transparency on the part of a broker handling clients’ money can only mean one thing: we are dealing with con artists who want to entice investors into making deposits before stealing all of their money and vanishing without being found.
How Does This Scam Operate?
Scammers post a lot of bogus advertisements on the internet and social media. They want to steal from as many individuals as they can by luring them.
When you click and provide them with your phone number and email address, they will call you right away and make any promise necessary to get you to deposit money with them as soon as possible. Most scammers are skilled manipulators, and before you realize it, they’ll ask you for your bank card information to help you complete the transaction. If you don’t want to get in trouble, you should never divulge this knowledge.
Regardless of the outcome, they will gradually ask for more money from you. If you suffered a loss in the market, they would induce you to increase your investment to make up for it. They would persuade you to add more money and boost the profits if you traded well.
Problems start to arise when you request a withdrawal. The fraudsters will say and do anything to scare you away, even requesting payment if you wish to withdraw. The scammers’ catchphrase is “give me your money,” and they will constantly ask you to make deposits for no apparent reason. If someone pressures you to invest, it’s probably a fraud since legitimate businesses won’t call you and ask you to deposit money with them.
Transfers and Deposits
The minimal investment that investors need to deposit is 1 BTC. This is higher than the market standard. UpsaleFX omits to list the accepted payment options. Although their minimum deposit is in BTC, we believe the broker only accepts payments made through cryptocurrency options.
Contact Information for Customer Service
According to the office address, the company is based in the UK. This is a fallacious assertion, nevertheless. The information is presented by the con artists as transparent for public consumption. Ironically, UpsaleFX requests personal information from customers to confirm their accounts.
Giving access to such dubious people opens the door to a lot of bad things happening. Don’t forget that identity theft is becoming more common. You may be implicated.
Have You Fallen Victim to the UpsaleFX Scam?
Don’t freak out if you lost money to UpsaleFX. There have been others before you, and there probably will be more. Even the most careful investors make mistakes sometimes, which should be seen as a chance to learn.
The good news is that help is available. The experts at Forexposed, a specialized organization devoted to assisting customers in recovering money stolen online, are available around-the-clock and have assisted customers in recovering millions of dollars. Contact us right away to arrange a free consultation.