ANSWER Up4Profit is an unlicensed broker that we advise against trading with despite the seemingly attractive deals it offers.Up4Profit claims to be the trading name of PROFITS PTY. LTD., authorized and regulated by the Australian Securities and Investments Commission (ASIC) under the license number 068068904. However, we searched for this company in the registry of the ASIC and found that the number it provides is actually an Australian Company Number (ACN), a unique, nine-digit number issued to companies in Australia when registered. It differs from Australian financial services (AFS) licence issued by the ASIC, which a broker must hold to conduct a financial services business. In other words, having registration doesn't necessarily mean having the authorization to provide financial services or products legally. Up4Profit is misrepresenting its regulatory status to deceive unsuspecting investors.Regarding your question, Up4Profit is a scam. Entrusting this broker to hold and control your funds or trading with it is highly risky, as there are no safeguards in place to prevent fraud or theft. Therefore, we strongly suggest investors avoid unlicensed brokers like Up4Profit and opt for fully regulated ones instead.
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