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: Objective Prop Firm Evaluation
upcomers is a United Kingdom-based proprietary trading evaluation company established in 2023 with a deliberate focus on regulatory clarity and operational simplicity. In an industry often criticized for convoluted rule sets, mandatory lot-size consistency ratios, and complex trailing loss algorithms, upcomers was designed to provide straightforward assessment metrics with no hidden breach clauses.
For Singapore traders, the firm offers an affordable entry path with challenge fees starting at $49 for a $5,000 account, scaling up to $200,000 in virtual funding. However, prop firms are not MAS-supervised financial institutions. Below is an objective audit examining upcomers’ evaluation phases, drawdown calculations, DXtrade execution software, and Singapore tax obligations.
Evaluation Structure & Profit Targets
upcomers utilizes a streamlined two-stage evaluation designed to test risk discipline over a reproducible sample of trades:
- Phase 1 Evaluation: Requires achieving an 8% virtual profit target on initial account balance. There are zero minimum trading day restrictions, allowing traders to advance as soon as their target is verified.
- Phase 2 Verification: Requires achieving a 5% virtual profit target to confirm trading consistency.
- Funded Trader Phase: Successful traders receive credentials to a virtual funded account with an 80% baseline profit share. The initial evaluation fee is refunded upon the completion of the first approved payout cycle.
Static Drawdown Limits vs Trailing Traps
Drawdown parameters at upcomers are strictly defined and transparent:
Daily Loss Limit (5%): Calculated as a static 5% of the starting balance recorded at 00:00 server time. Intraday unrealized open profits do not pull your daily stop-out level upward.
Maximum Total Drawdown (10%): A static 10% maximum loss threshold based on initial challenge capital ($90,000 on a $100,000 account). The floor remains static throughout the life of the account.
Because the loss floor never ratchets upward on floating profits (unlike trailing equity models), swing traders in Singapore can comfortably hold positions through normal market retests without triggering an artificial account breach.
Trading Terminals: DXtrade & MetaTrader 5
upcomers provides traders with two primary platform choices:
- DXtrade Web Terminal: A browser-native institutional trading platform optimized for modern laptops and mobile screens. DXtrade features built-in order risk calculators, depth of market, and responsive drag-and-drop charting panels that require no local software installation.
- MetaTrader 5 (MT5): Available for desktop and mobile, MT5 supports automated algorithmic trading through custom Expert Advisors (EAs).
Trading Conditions, News & EA Guidelines
upcomers enforces minimal restrictions on legitimate trading styles:
- News Trading: Holding positions and executing orders during major macroeconomic data releases (e.g. US NFP, CPI, and central bank announcements) is fully permitted.
- Weekend Holding: Permitted on designated swing account types, allowing positional traders to hold foreign exchange and commodity positions across market closures.
- Prohibited Practices: High-frequency latency arbitrage, exploiting demo feed glitches, and group hedging across opposing accounts are strictly prohibited and monitored by automated risk systems.
Singapore Payout Channels & IRAS Tax Rules
The tax treatment of prop-firm payouts depends on the facts and circumstances of the trader's activity. If the activity constitutes a trade, business, profession or vocation, income may need to be reported as self-employment/business income. Singapore traders should assess their individual circumstances against current IRAS guidance:
- Disbursement Channels: Payouts are processed via Rise (supporting direct SGD transfers to local Singapore bank accounts at DBS, OCBC, and UOB) or via cryptocurrency (USDT TRC-20) according to platform documentation.
- Tax Assessment on Trading Activity: Under Singapore tax law, whether prop firm payouts are treated as taxable trade income or capital transactions depends on individual circumstances under the Badges of Trade. If trading constitutes carrying on a trade, business, or vocation, net earnings may need to be reported under official IRAS Self-Employed Individuals Guidance.
- Expense Deductibility: Where trading is determined to be a taxable business activity, evaluation challenge fees paid to upcomers may qualify as tax-deductible expenses incurred in the generation of trade income, provided invoices are retained.
- CPF MediSave Considerations: Mandatory MediSave obligations may arise when an individual is treated as self-employed for tax purposes and statutory Net Trade Income thresholds (exceeding S$6,000 per annum) are met under official CPF Board MediSave Guidelines. Review full details in our Singapore Trading Tax Guide.
Frequently Asked Questions
Does upcomers enforce minimum trading days?
No. Both Phase 1 and Phase 2 have no minimum trading days requirements, allowing consistent traders to get funded as quickly as their strategy permits.
Is upcomers regulated by the Monetary Authority of Singapore (MAS)?
No. Proprietary trading firms offering simulated evaluations do not manage retail client deposits and are not regulated financial institutions. upcomers operates as an offshore commercial evaluation business.
What assets can be traded on upcomers?
Traders have access to major, minor, and exotic foreign exchange currency pairs, precious metals (gold and silver), crude oil, and major global stock indices.
Curated Alternatives & Recommendations
Before committing to an evaluation challenge, compare upcomers against other leading international prop firms in our authoritative guide to Prop Trading in Singapore. If you require cTrader platform support with raw spread feeds, consider reviewing AquaFunded Singapore Review, or explore firms with automated loss guards in our BlueGuardian Singapore Review.
High-Risk Alert (YMYL Compliance)
Forex and CFD trading involves significant leverage, which can amplify both profits and losses. According to regulatory disclosures mandated by international authorities (such as the UK FCA and European ESMA), between 74% and 89% of retail investor accounts lose money when trading CFDs. Ensure you fully understand the mechanics of leverage and market volatility before committing capital.
Editorial Transparency & Research Standards
Our editorial team evaluates platforms through independent desk research, regulatory register audits (including MAS, FCA, ASIC, and CySEC databases), and verified fee schedule analysis. Editorial ratings are determined using our structured 7-dimension scoring framework. We refuse compensation in exchange for positive reviews or altered ratings. Review our Review Methodology and Editorial Guidelines.
Written by PeterRESEARCH EDITOR
Research Editor
Financial researcher focused on retail forex, commodities, and derivatives since 2012. Peter conducts independent desk research, regulatory audits, and fee schedule verification to provide transparent, risk-focused analysis for Singapore traders.