upcomers Singapore Review
Pros (What we like)
- Simple assessment rules with zero hidden traps
- Affordable entry pricing structure
- Excellent customer dashboard UI
Cons (Drawbacks)
- Relatively young prop firm brand
- No local fast deposits
Overview: Peter's Honest Audit
upcomers is a UK-based prop trading firm launched in 2023 that focuses on simplicity and transparency. They aim to strip away the complex rules and restrictions that cause many traders to fail their challenges. Their entry-level challenges are highly affordable, starting at just $49, making it a low-risk option to test your strategies.
For Singaporean day traders, upcomers offers DXtrade and MT5. DXtrade has a modern, clean interface that runs beautifully on web browsers and mobile devices, bypassing the need to use clunky desktop apps.
Let's look at their evaluation targets, drawdown rules, and Singapore compliance.
Drawdown Rules and Target Targets
upcomers uses static daily drawdowns (5%) and an overall maximum drawdown of 10%. The profit targets are standard: 8% for Phase 1 and 5% for Phase 2. There are no minimum trading days, and no consistency rules, allowing you to pass the challenge at your own pace.
Payout Timing and IRAS Tax Rules
Payouts are made bi-weekly and processed through Rise or crypto. Under Singapore's tax code (IRAS), payouts received from upcomers are contractor income and must be reported as trade income. It does not qualify for capital gains tax exemption since you are trading their capital.
Peter's Verdict: Is upcomers Worth It?
If you are looking for a simple, no-nonsense prop firm with affordable fees and a clean user dashboard, upcomers is a solid choice. However, because they are a newer brand, you should keep your account sizes manageable and withdraw profits regularly rather than hoarding balances.
Frequently Asked Questions
Does upcomers allow weekend holding?
Yes, swing accounts allow holding positions over the weekend. Check the rules during purchase as standard accounts may close trades on Friday.
What payment methods are supported?
They accept credit cards and popular cryptocurrencies like USDT, USDC, and Bitcoin for challenge fee purchases.
Is upcomers regulated by the MAS?
No. Like all proprietary trading firms, upcomers does not require a MAS license because they do not manage public funds.
High-Risk Alert (YMYL Compliance)
Binary options trading is highly speculative and carries a substantial risk of loss. The Monetary Authority of Singapore (MAS) has issued multiple advisories warning that retail investors dealing with unregulated offshore binary options platforms are highly likely to lose their entire capital. Up to 90% of retail retail traders blow their accounts here.
Editorial Transparency & Bias Check
Our team tests brokers using real money accounts to measure actual spreads, transaction friction, and deposit speeds. Broker ratings are calculated algorithmically based on spreads, regulation, customer service, and ease of withdrawals. We refuse payment in exchange for positive reviews. Unregulated brokers are marked clearly with risk warnings.
Written by PeterVERIFIED TRADER
Professional Retail Trader & Editor
Trading Forex, Gold (XAUUSD), and indices since 2012. Survived three margin calls and spread widenings so you don't have to. Peter reviews platforms based on actual deposit testing, spreads audit, and latency check.