Uprofit Trader Review (Part 2)
Despots who run Uprofit Trader (uprofittrader.com) are manipulating their victims by making them pay for trading on a simulator.
The way they operate is that once a trader signs up for the supposed “funded account program”, Uprofit Trader will subject them to an evaluation phase that takes a minimum of 10 days to complete.
The company also claims that they will give traders access to real market data as well as guide them on what risks they can take with their trades.
The operators of Uprofit Trader actually have strict rules to follow when participating in their so-called funded trading program.
It is impossible to beat these trickster in their money game anyway because as a new trader, the chances of success in a program like this is almost nil.
This is why traders need to be cautious when dealing with funded trading programs like UprofitTrader, Funded Trading Plus, Skilledmarkets, MyForexFunds and many others.
Uprofit Trader is actually charging hundreds of dollars on a monthly basis in order for consumers to access simulated trading on the futures market.
The cost of this simulated trading looks like this:
- To trade $25,000 on a demo account, you need to pay the company $145
- To trade $50,000 on a demo account, you need to pay the company $160
- A $75,000 demo account attracts a monthly fee of $245
- And a $100,000 demo account attracts a monthly fee of $315
This is a clever trick that is aimed at luring the financially naive. The funds are purely imaginary.
These so-called prop trading firms have mastered the art of deceit. They make it look like they are helping you when in the real sense the victim is the one helping the scammer make hundreds of dollars.
This is unacceptable. You can’t be a professional trader overnight but you can use good trading services in order to learn the dynamics of trading, ultimately becoming a consistently profitable trader over time.
Uprofit Trader Review: Why this company is just a scam
With some clever marketing strategy and a fancy website handy, a company like UProfit Trader will definitely make thousands of dollars off the pockets of their financially starved audience.
First of all, the company has refused to disclose who owns or runs the operations of their website.
We only know that these guys are based in Texas.
That aside, the company has no record of traders who have been funded. At least they have not presented us with proof of their funding to traders.
So we definitely can’t believe their sales material as this appears to be a mere attempt to mislead visitors of their website.
I’m also interested in finding out why UprofitTrader.com is not disclosing their relationship with licensed futures brokers.
I’m expecting this company to tell us which brokers they’ve partnered with so that we can carefully scrutinize their operations with the intent of determining the legitimacy of these brokers.
So far, this has not been addressed. It gives the impression that the people who run this company are not transparent.
In addition to this, UprofitTrader.com is not registered in any capacity. Since they appear to offer some sort of financial services, it is my belief that registeration with the SEC is a must.
Why this company is not introducing the anonymous people behind this website is also something worth addressing.
I would be wary trusting these people because they score poorly when it comes to transparency.
Uprofit Trader wants to make money from you
The ultimate goal of this company is to make money from traders, and not the other way round.
However, their marketing materials are created to make you believe that the company’s agenda is to help you succeed by funding you.
There is no free money. It is always better to start with whatever small you have and build your account gradually.
By paying money to “Be funded” with these companies, you are exposing yourself to scammers who pretend to be looking for proficient traders yet their aim is to feed off their struggling victims.
If they are legitimate, they should provide those “tests” or evaluation for free. After all, why pay to trade on a simulator? A demo account costs nothing and no one should manipulate you to pay in exchange of funding.
The Conclusion
Ultimately, everyone that participates in the UProfit Trader funded program is a loser. They are throwing away money into something they will never qualify for.
Even if one qualifies for funding, no funding will happen still because there is no evidence that this company has ever funded those students.
Thanks for reading.