Ultimate Pinnacle（UPFX） is a fraudulent forex brokerage website that primarily offers trading services in forex, stocks, commodities, indices, and more to investors. Its headquarters are located in Petaling Jaya, Malaysia. The official website of this broker is https://upfxtrade.com/, and the website supports languages such as English, Simplified Chinese, and Traditional Chinese, among many others around the world.
Company Background and Regulatory Status:
Ultimate Pinnacle is registered in Belize under the entity name Ultimate Pinnacle Co., Ltd. The company's registered address is New Horizon Building, Ground Floor, 3½ Miles Philip SW Goldson Highway, Belize City, Belize. The company registration number is 173474, and the registration date with the Belize Companies & Corporate Affairs Registry (BCCAR) has not been disclosed. Upon inquiry, it was found that the Belize Financial Services Commission (FSC) does not have any information regarding Ultimate Pinnacle Co., Ltd, indicating that this entity is not regulated by the FSC.
In the "Terms and Conditions" section of its official website, Traderknows found that Ultimate Pinnacle claims to provide trading counterparties for clients from Saint Vincent and the Grenadines through Ultimate Pinnacle Co., Ltd. However, inquiries with the Saint Vincent and the Grenadines Commercial and Intellectual Property Office (CIPO) and the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) revealed no information about this company. According to Whois data, the official domain of this broker was registered on August 23, 2020.
Awards listed on the Ultimate Pinnacle official website appear to be falsely attributed, where this broker has used awards won by other brokers, replacing their names with its own.
Account Types:
Ultimate Pinnacle offers users four different types of trading accounts, including STANDARD, VIP, RAW SPREAD, and GOLD ISLAMIC. These accounts provide access to over 130 trading instruments, including forex and contracts for difference (CFDs).
- The STANDARD account has a minimum deposit of $100, offers zero commissions, variable spreads starting at 2.0 pips, and a maximum trading leverage of 1:500.
- The VIP account requires a minimum deposit of $1,000, charges a $4 commission per side on each trade, offers starting spreads as low as 0.6 pips, and allows a maximum trading leverage of 1:400.
- The RAW SPREAD account demands a minimum deposit of $5,000, imposes a $3 commission per side per trade, offers raw spreads starting from 0 pips, and supports a maximum trading leverage of 1:400.
- The GOLD ISLAMIC account requires a minimum deposit of $100, offers zero commissions, variable spreads starting at 2.0 pips, and a maximum trading leverage of 1:1000.
Trading Platform:
Ultimate Pinnacle provides users with the MT5 trading platform.
Deposits and Withdrawals:
Ultimate Pinnacle supports multiple deposit and withdrawal methods. Users can deposit and withdraw funds through instant bank transfers, bank wire transfers, credit cards, and other methods. However, the specific procedures for deposits and withdrawals are not disclosed on its official website.
Customer Support:
Users can contact Ultimate Pinnacle by phone at (+60) 374 904 206 or through the "Contact Us" option on its website.
Summary:
Ultimate Pinnacle is a fraudulent forex brokerage website that lacks any valid regulation. It appears to have appropriated awards won by other brokers as its own. Traderknows advises investors to stay away from this platform and opt for larger platforms with strong regulatory oversight for trading. Currently, this broker is marked as "suspicion of fraud" on Traderknows.
