UPFOREX Review: Regulation, Fees and Broker Analysis

UPFOREX is an MT5 broker that trades through UP Global Markets Ltd in Mauritius, licensed by the FSC as an investment dealer (GB25204570). Its Dubai affiliate, UPFOREX Financial Services L.L.C, holds a CMA Category 5 licence (20200000350) for consultation, introduction and promotion. As with other Category 5 introducers, UAE clients are introduced locally and open their trading account with the Mauritius entity, which holds client money under FSC rules. The Bank of Russia placed upforex.com and upforex.net on its warning list on 31 July 2025, citing signs of an illegal professional securities market participant. That notice concerns Russia and is not a finding of fraud, but it is an official regulator warning and lowers the safety score. Pricing is clearly published: a $100 Standard account, a $1,000 Pro-ECN account with spreads from 0 pips plus $7 per round lot, and a $5,000 commission-free Elite-ECN account, all at up to 1:300 leverage. Funding fees, swap-free terms and withdrawal times are not published, and the brand has only a small public review history.

UPFOREX is the trading brand of UP Global Markets Ltd, a company with its registered office at The Docks, Caudan, Port Louis, Mauritius. The broker states that it is licensed by the Financial Services Commission (FSC) of Mauritius as an Investment Dealer (Full Service Dealer, Excluding Underwriting) under licence GB25204570. This is the entity that holds client accounts and client money, executes trades, and issues the broker's risk disclosure.

In the UAE, the group has an affiliated company, UPFOREX Financial Services L.L.C, based in Al Moosa Tower 2 on Sheikh Zayed Road, Dubai. It holds a Category 5 licence, number 20200000350, from the UAE Capital Market Authority (CMA, formerly the SCA), covering financial consultation, introducing clients and promoting financial products. This is the same introducing model used by several brokers that serve UAE residents. Category 5 does not cover brokerage or trade execution, so UAE residents are introduced by the Dubai company and open their trading account with the Mauritius entity, which holds client money under FSC rules.

Regulator notice: On 31 July 2025 the Bank of Russia added upforex.com and upforex.net to its warning list, citing signs of an illegal professional securities market participant (https://www.cbr.ru/eng/inside/warning-list/detail/?id=39289). The notice concerns activity aimed at Russia, where UPFOREX says it does not accept clients. It is not a court ruling and does not state that UPFOREX has defrauded anyone. UPFOREX holds no Russian licence, so BrokerBazaar records it as a foreign-market warning, which lowers the score by up to 5 points under the rule applied to every broker.

Three live account types are published, all in USD on MetaTrader 5 (Windows, Mac, iOS, Android and web) with leverage up to 1:300 and a 0.01 lot minimum: Standard ($100 minimum deposit, spreads from 0.1 pips, no commission), Pro-ECN ($1,000 minimum, spreads from 0 pips plus $7 per round lot on forex and metals) and Elite-ECN ($5,000 minimum, spreads from 0.1 pips, no commission). Margin call is set at 50% and stop-out at 30% on every account. The broker says leverage may be adjusted with market and liquidity conditions.

UPFOREX lists forex, more than 200 US stock CFDs, precious metals, index CFDs, energy CFDs and crypto CFDs. It advertises negative balance protection, fast withdrawals, and funding by crypto, bank transfer, Neteller and Skrill. A social and copy trading program built on MT5 and an introducing broker program are also offered. The broker does not accept residents of the United States, India, Cuba, Iraq, Myanmar, North Korea, Sudan, Russia or Iran. No Islamic (swap-free) account or detailed fee schedule is published on its website.