Uprofit Trader does not provide a disclosure of who owns or runs the business.
Their website, uprofittrader.com, was privately registered in September 2019.
The company is operating from Texas and inviting traders to use the simulator for 10 days to “get funded”.
There are costs and rules associated with using Uprofit Trader simulator.
The purpose of trading futures on a simulator is to run a 10 day “evaluation test” on candidates.
If they pass the “test”, they’re required to pay an assignment fee which varies based on the size of the “funded account”.
The fees associated with trading on the simulator are as follows:
Keep in mind that the table above excludes “assignment fees” that a candidate will pay once they “pass the test”.
In addition to this, traders are promised a profit split of 50/50.
They must trade within specific risk parameters and continue trading in the same way in the “live funded account”.
Is Uprofit Trader legit or a scam?
Almost all of the sites that claim to fund traders will ask for some sort of subscription fees.
Similar companies that deceive traders include:
It is not clear why these companies are looking for traders who can pay to trade on a simulator for a specific number of days.
If they are seriously looking for traders to mentor and fund, the evaluation process should be absolutely free.
I keep saying these companies are a scam because their logic does not make sense.
They claim that they will fund traders but in the end, no trader will qualify for “funding”.
There is always a chance to “reset” one’s account when they break the rules.
This “resetting” of a trading account requires additional fees.
This business model is basically looking to make money from the financially desperate.
It is like gambling and hoping to win millions from a very small investment.
The idea of winning millions of dollars in live funded account is always the motivation behind people who join websites like Uprofit Trader.
However, this is always like chasing a unicorn.
Uprofit Trader: Questions that we do not have answers to
Obviously if students are going to trade, they will have to open an account with a futures broker.
Secondly, funding must come from somebody.
Who is funding these traders (in case they qualify) and who are the futures brokers involved?
There is no disclosure pertaining to the above concerns. Furthermore, all withdrawals must be initiated by sending an email directly to Uprofit Trader admins.
This means that traders are not dealing with a broker directly.
It suggests that this website is just a bucket shop.
A bucket shop is founded on the basis of trading against customers and making money off their losses.
If this is the case, you cannot trust these dudes. They are basically running a scam.
After all has been said and done, we have to conclude that these funded account programs are not funding anybody.
Instead they are making money from victims who chase imaginary funding.