Thinking of investigating with Think again! Cybertrace is issuing a scam alert for a fake forex trader called Uptos which has already defrauded hundreds of investors. Do not give these scammers any of your hard-earned money and, if they already deceived you, don’t despair! Cybertrace holds valuable intelligence on these fraudsters, so contact our experienced analysts today to discuss how we can help. Many people might ask, why exactly is Uptos a scam? Well, let’s look at some tell-tale signs from our expert investigators’ playbook.

Unregulated, unlicensed, and registered in tax haven

A clear red flag that points to a scam is the fact that Uptos is not regulated or licensed anywhere. Not being subject to a regulator or licensing agency carries significant risk and no insurance against unlawful conduct. According to its website, Uptos is registered in St. Vincent and the Grenadines, a small Caribbean state widely known as a tax haven. Because many fraudulent traders make it their home, the country’s Financial Services Authority (FSA) recently had to issue a warning. In it, the FSA states that it does not ‘regulate, monitor, supervise or license’ any companies engaged in forex trading. In other words: engage at your own risk! So, is Uptos a scam? It looks highly likely.

Nameless and Faceless

Another tell-tale of a fake company is the lack of information about who owns, runs, or works for it. On its website, Uptos does not provide any such information and neither does social media. The company itself doesn’t have any accounts or profiles on Facebook, Twitter, LinkedIn and Instagram. Suspiciously, neither are there any employees linked to it. Finally, official records show that the company registered its domain using an Icelandic private domain registration company. The only reason to do this is to hide the Uptos scammers’ identity. Is Uptos a scam? We certainly think so.

Bad Reviews

Before investing any money, it is always a good idea to check what others’ experiences with the trader have been. On independent sites such as Trustpilot, the Uptos scam has a terribly low score. Additionally, there are lots of victims detailing their awful experiences of loss and deception. Likewise, independent broker review sites warn against investing with Uptos and should set your alarm bells ringing. A word of caution, though: do not trust all reviews at face value. Often, the scammers will use accomplices or even fake profiles to post glowing reviews in order to falsely reassure victims. Be mindful of patterns such as polarisation (some excellent reviews and lots of bad ones), review length and timing. Likewise, some scammers even solicit fake news articles to lend their cons credence – see our recent blog for info. Is Uptos a scam? So many others’ experiences confirm it – yes, it is!

How does the Uptos scam work?

Like other forex trading schemes covered in recent blogs, Uptos lures in unsuspecting victims with a professional-looking website. After signing up and making an initial small deposit, the fraudsters quickly pretend that targets have made an instant “win”. However, there is no “trading account” and no “win” – the scammers simply deceived them with a real-looking fake platform. In fact, this is merely a pretext to get them to part with even more of their money! With the scammers prodding them with convincing sales pitches, victims plough substantial sums into their “trading account”. As soon as they try to withdraw their funds, though, the problems start. Uptos contacts try to defer any action or suddenly become unreachable. They ask targets to pay additional “taxes” and “fees” to access their funds or tell them that they lost everything. It’s only now that victims actually ask themselves, is Uptos a scam? You bet!

What can I do about the Uptos scam?

Firstly, if you haven’t yet, do not invest any money with these fraudsters! Secondly, if they already have some of your funds, do not pay any fake “taxes” or “exit/liquidity fees”. These are merely ways to defraud you of even more money. Instead, contact our expert analysts today and don’t let the scammers know you are onto them. Thirdly, if you paid with a credit card, ask your bank to perform a chargeback. If the transaction happened no longer than six months ago, this is the quickest way to get your money back. This is actually why the scammers try to delay withdrawing your funds – to get past the six-month deadline! Finally, if you paid with a wire transfer, cryptocurrency, or a less recent credit card transaction, don’t give up hope! Cybertrace holds significant intelligence on the scam syndicate, so contact our experienced investigators today to discuss how we can help.


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