Ultimate Pinnacle Forex Broker Review:High Risk (Suspected Scam)

TraderKnows

2024-05-10

Summary：Ultimate Pinnacle, a Forex platform in Malaysia, will be reviewed, covering licenses, trade types, software, security, funding/withdrawal channels, leverage, and awards.

Introduction to Ultimate Pinnacle

The official website of Ultimate Pinnacle is https://upfxtrade.com/, and the website supports multiple languages, including English, Simplified Chinese, and Traditional Chinese. Ultimate Pinnacle is registered in Belize, with its registered entity being Ultimate Pinnacle Co., Ltd. The company's registered address is New Horizon Building, Ground Floor, 3½ Miles Philip SW Goldson Highway, Belize City, Belize, and the enterprise registration number is 173474. The registration date of Ultimate Pinnacle is not disclosed by the Belize Companies and Corporate Affairs Registry (BCCAR).

According to information obtained from Whois, the broker's official domain was registered on August 23, 2020.

Is Ultimate Pinnacle compliant and legal? Does it hold the necessary financial regulatory licenses?

TraderKnows' investigation has revealed that Ultimate Pinnacle Co., Ltd. does not appear on the records of the Belize Financial Services Commission (FSC). In other words, this entity is not under the regulation of the Belize FSC.

In the "Terms and Conditions" on its official website, TraderKnows found that the trading counterparty provided by Ultimate Pinnacle to its customers is Ultimate Pinnacle Co., Ltd in Saint Vincent and the Grenadines. However, upon investigation, no information about this company could be found with the Saint Vincent and the Grenadines Commercial and Intellectual Property Office (CIPO) or the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA). Therefore, Ultimate Pinnacle is not actually regulated by any authority.

Trading Instruments Offered by Ultimate Pinnacle:

According to the information published on the Ultimate Pinnacle official website, the broker provides trading services for various financial assets, including forex, commodities, stocks, indices, and more.

Trading Software Provided by Ultimate Pinnacle:

On the Ultimate Pinnacle official website, the provided software download link is for the MT5 trading platform, which is available for both PC and mobile.

Funds Security:

Ultimate Pinnacle has not disclosed any third-party fund regulatory information on its official website, which means users' fund security cannot be guaranteed.

Deposit and Withdrawal Methods:

Ultimate Pinnacle supports various deposit and withdrawal methods, including instant bank transfers, bank wire transfers, credit cards, and more. However, the specific procedures for depositing and withdrawing funds are not provided on its website.

Leverage Ratios:

Ultimate Pinnacle has disclosed leverage ratios ranging from 1:400 to 1:1000, while generally compliant brokers offer leverage ratios in the range of 1:10 to 1:100.

Awards Claimed by Ultimate Pinnacle:

The awards listed on the Ultimate Pinnacle official website appear to be awards received by other brokers, with Ultimate Pinnacle's name substituted for the actual award recipients.

Summary:

Ultimate Pinnacle is an unregulated forex broker involved in illicit financial activities. The company lacks essential information about the security of user funds and has made misleading claims about awards it hasn't earned. Ultimate Pinnacle is listed as "suspected scam" on TraderKnows. We strongly advise you to stay away from Ultimate Pinnacle as it represents a highly risky forex trading platform to avoid potential personal financial losses.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

The End

Previous Next

Comments

You Missed

Why are fewer and fewer people trading? Perhaps this article can provide you with the answer.

According to data provided by brokers, 40% of traders give up trading after one month, and only 7% remain active after five years.

亚伦_TK_LOXmv

2024-06-04

Investment

2024-06-04

U.S. elections and Middle East conflict boost uncertainty, driving gold prices higher.

With the US election nearing and Middle East tensions rising, risk aversion keeps gold prices high as markets watch Fed rate decisions and US economic data.

TraderKnows

2024-10-30

Foreign Exchange Trading

2024-10-30

Indonesia's central bank to continue forex intervention, rupiah to strengthen next year.

Recently, the Governor of the Bank of Indonesia, Perry Warjiyo, publicly stated that they will continue to intervene in the foreign exchange market to stabilize the rupiah.

TraderKnows

2024-06-05

Foreign Exchange Trading

2024-06-05

Theo Broker Review：High Risk（Suspected Fraud）

Theo (Theo Technology Co., Ltd) is an online forex trading platform. This article evaluates Theo from perspectives like corporate entity, domain registration, regulatory licenses, staff, software, and trade types.

TraderKnows

2024-05-14

Pig Butchering Scam

2024-05-14

Is Opixtech a legitimate forex company? Are the high returns of Opix Algo real?

No matter how well Opixtech and Chen De disguise their forex funding scheme, they can't conceal its true nature as a Ponzi scheme.

TraderKnows

2024-05-10

Ponzi Scheme

2024-05-10

Wiki

Pig Butchering Scam

The 'Pig Butchering Scam' is a type of financial fraud that originated in Southeast Asia, but has now become prevalent globally. The name stems from the scammers' method of dealing with their victims: similar to raising pigs, they first 'fatten' them by building trust, and then 'slaughter' them by swindling away all their money.

Organization

Suspected Fraud