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.
