Public Outrage over Upstox: Snub to Complaints amid Huge Loss

“Please help to stop the issue caused by brokers like Upstox, where we can't able to trade because their platform is not getting opened”, “We are losing money heavily”, “nobody is responding”. Recently, investors have made a mass of real-name complaints against upstox by WikiFX Exposure, expecting the broker to be punished as soon as possible.

Previously, the platform has triggered anger of frequent users at the “automatic orders”. Recently, thousands of users are enraged by the illegal broker because of its shameless envelope-pushing. These complaints are various, for example, “the account was frozen although there is not a single order”, “losses arise from the fault of platform”, and “an inactivity fee was imposed even though the user has abandoned account opening midway and has never used the platform”, etc.

Frozen account

Losses arise from the fault of platform

Users have received a chilly reception or even no response from upstox to their complaints. One user gave the feedback on the broker as: “The 24/7 customer service is simply for ornament. I waited from morning to evening with nobody responding. I'm so disappointed at their service system.”

Filipino investors often stay helpless once defrauded by local brokers, which are too strong to be competed against. If they seek help from regulatory agencies (like BSP and SEC), there can be onerous process that don't always have to be in effect. The better choice is to investigate the background of brokers before trading, in which the WikiFX APP is necessary.

In the case of upstox, the broker is displayed as “under invalid supervision” with a score of only 1.33 on the WikiFX App, which means the broker is very risky. It is suggested to download the App at the first place, so as to recognize brokers before trading on forex platforms.

Upstox only scored 1.33 on the WikiFX APP (Company Name : RKSV Securities)

So far, WikiFX App has included profiles of more than 24,000 forex brokers around the world, while integrating broker information query, exposure, field investigation and other functions, to protect investors funds in forex trading. Click here to download WikiFX APP :

- Android: t.ly/4stP

- iOS: t.ly/cr7F