Risk Warning
Trading Forex, binary options, and CFDs involves significant risk of loss. These instruments are not suitable for all investors. You should carefully consider whether trading is appropriate for you given your financial situation, investment objectives, and level of experience. You may lose some or all of your invested capital. Only trade with money you can afford to lose entirely.
Educational & Editorial Disclosure: Proprietary trading evaluations involve simulated accounts with strict drawdown termination rules. Industry-wide data shows that the vast majority of retail challenge purchasers do not reach a funded payout. This analysis is for informational purposes only and is not financial or legal advice.
1. Key Findings & Evaluation Scope
Upcomers (Upcomers Ltd (Offshore Prop Evaluation Entity)) is an international proprietary trading evaluation firm offering simulated account sizes from $5,000 – $200,000 with advertised profit splits of Up to 90%. Turkish retail traders frequently evaluate prop firms because domestic leveraged forex accounts regulated by the Capital Markets Board of Türkiye (Sermaye Piyasası Kurulu — SPK) under Communiqué III-37.1 require a 50,000 TRY minimum initial margin and cap retail leverage at 10:1.
However, a prop firm challenge is not a regulated brokerage account. When you purchase an evaluation with Upcomers, you pay an upfront commercial registration fee to trade inside a simulated environment governed by strict mathematical rules: a 5% (Higher of Balance or Equity at Midnight Server Time) daily loss limit, a 10% Static maximum loss limit, and profit targets of 8% (Phase 1) and 5% (Phase 2). This review audits Upcomers's exact contract parameters, platform infrastructure (Match-Trader, TradeLocker, cTrader), Turkish KYC and payment realities, and tax compliance obligations.
Compare Upcomers Challenge Tiers
Only purchase an evaluation if you have a backtested strategy designed around a 0.25%–0.50% per-trade risk cap that respects the daily drawdown floor.
2. Legal Entity, SPK Status & Regulatory Classification
Upcomers operates through Upcomers Ltd (Offshore Prop Evaluation Entity). Because proprietary evaluation firms sell access to simulated assessment software and sign independent contractor agreements with funded traders rather than taking retail margin deposits for live execution, they operate outside traditional brokerage licensing regimes.
For residents of Türkiye, this distinction carries critical legal consequences:
- No SPK Authorization: Upcomers is not licensed by the Capital Markets Board of Türkiye (SPK) under Capital Markets Law No. 6362.
- No Investor Compensation Fund: Challenge fees and unpaid simulated profit splits are not protected by the Turkish Investor Compensation Center (Yatırımcı Tazmin Merkezi — YTM).
- Contractual Counterparty Risk: Any dispute over a rule breach, IP-address flag, or payout denial is governed solely by the firm's offshore terms of service. Turkish courts and the SPK do not arbitrate offshore prop firm disputes.
Simulated Capital & Counterparty Disclosure
3. Onboarding, KYC (e-Devlet) & Payment Realities in Türkiye
Turkish residents registering with Upcomers must navigate both cross-border payment restrictions and automated identity verification (KYC) before receiving funded payouts:
- Challenge Checkout & BDDK Card Blocks: Domestic Turkish credit and debit cards issued by BDDK-supervised banks frequently decline transactions to foreign prop firm and derivative merchant category codes (MCCs). Electronic money institutions in Türkiye are similarly restricted under Law No. 6493. Consequently, most Turkish traders complete challenge purchases using USDT (TRC-20 or ERC-20).
- Identity & Address Verification (e-Devlet): Upon passing the evaluation phases, traders must complete KYC (typically processed via Sumsub or Veriff) before signing the funded contractor agreement. Turkish citizens use their T.C. Kimlik Kartı or passport alongside a barcoded Yerleşim Yeri ve Diğer Adres Belgesi PDF generated via e-Devlet.
- Turkish Character Formatting Tip: When entering your name and address on the Upcomers billing profile, ensure consistent spelling with your official document so automated OCR checks do not reject Turkish characters (ş, ç, ğ, ı, ö, ü).
4. Account Tiers, Evaluation Fees & Drawdown Mechanics
Understanding how Upcomers calculates drawdown is essential before placing a single order:
| Rule Parameter | Upcomers Specification | Risk Management Implication |
|---|---|---|
| Account Sizes | $5,000 – $200,000 | Position sizing must scale to the drawdown floor, not the headline balance |
| Profit Targets | Phase 1: 8% | Phase 2: 5% | No calendar time limit allows patient swing/intraday execution |
| Daily Loss Limit | 5% (Higher of Balance or Equity at Midnight Server Time) | Carrying large unrealized floating profits across midnight server reset raises the next day's breach floor |
| Maximum Loss Limit | 10% Static | Hard termination threshold; keep per-trade risk below 0.5% of account size |
| Minimum Trading Days | 5 minimum trading days per evaluation phase | Discourages single-trade all-in gambling |
| Profit Split | Up to 90% | Applies to verified net profits on funded accounts |
Upcomers Evaluation Pricing & Account Tiers
| Account Tier | Simulated Balance | Evaluation Fee | Daily Loss Limit | Max Loss Limit | Targets (P1 / P2) | Official Link |
|---|---|---|---|---|---|---|
| Starter $5K | $5,000 | $49 | $250 (5%) | $500 (10%) | 8% / 5% | View Tier → |
| Standard $10K | $10,000 | $89 | $500 (5%) | $1,000 (10%) | 8% / 5% | View Tier → |
| Pro $25K | $25,000 | $189 | $1,250 (5%) | $2,500 (10%) | 8% / 5% | View Tier → |
| Advanced $50K | $50,000 | $299 | $2,500 (5%) | $5,000 (10%) | 8% / 5% | View Tier → |
| Master $100K | $100,000 | $499 | $5,000 (5%) | $10,000 (10%) | 8% / 5% | View Tier → |
5. Trading Platforms, Execution Infrastructure & Spreads
Upcomers provides access to Match-Trader, TradeLocker, cTrader. Commission and spread structures are configured as follows: $5.00 per standard lot round-turn on Forex.
Because prop firm platforms execute orders against simulated liquidity feeds bridged from third-party liquidity providers, Turkish traders should account for three structural execution factors:
- Rollover Spread Widening: Between 23:55 and 00:05 server time, spreads on currency pairs and XAU/USD widen substantially. Tight stop-loss orders left open across rollover can be triggered by spread expansion alone, which simultaneously coincides with the daily drawdown reset.
- Macroeconomic Slippage: During US CPI, Non-Farm Payrolls (NFP), and FOMC releases, simulated order books reflect top-of-book thinning, meaning stop-loss orders can fill with negative slippage that counts immediately against the daily loss limit.
- Charting vs Execution Workflow: Where web-based terminals (such as Match-Trader, TradeLocker, or DXtrade) are used, many traders perform multi-timeframe charting on TradingView while using the prop terminal strictly for order entry and stop-loss management.
6. Payout Cycle, Consistency Rules & Turkish Tax Compliance
Once a trader passes the evaluation phases and completes KYC, Upcomers processes payouts according to the following operational rules:
- Payout Schedule & Channels: Bi-Weekly via Cryptocurrency (USDT TRC-20/ERC-20) and RiseWorks.
- News Trading Policy: Restricted within 5 minutes before and after high-impact macroeconomic releases on funded accounts.
- Weekend & Overnight Holding: Standard evaluation accounts require closing positions before Friday market close unless swing add-on is active.
- MASAK & Turkish Income Tax (GİB) Obligations: Under Turkish Income Tax Law No. 193 (Gelir Vergisi Kanunu), earnings generated by Turkish tax residents from foreign contractor or evaluation agreements are subject to progressive income tax declaration (15% to 40%). Furthermore, domestic bank inflows and crypto-exchange off-ramps are monitored by MASAK (Financial Crimes Investigation Board) under Law No. 5549. Consistently funded traders should consult a licensed Turkish accountant (Serbest Muhasebeci Mali Müşavir — SMMM) regarding sole proprietorship (şahıs şirketi) invoicing and tax compliance.
7. Strengths, Weaknesses & Limitations
Strengths (Pros)
- Straightforward 2-Step evaluation parameters (8% Phase 1, 5% Phase 2, 10% static drawdown).
- Unlimited calendar days to complete each evaluation phase.
- Modern web and mobile interfaces via Match-Trader and TradeLocker.
- Supports USDT cryptocurrency deposits and payouts without relying on Turkish SWIFT wires.
Weaknesses & Limitations (Cons)
- Smaller operational track record compared to Tier-1 prop firms like FundedNext or FundingPips.
- Strict consistency and news-window trading rules during the funded stage.
- No Turkish SPK authorization or domestic legal recourse.
8. Comparison with Alternative Prop Firms in Turkey
Before purchasing a challenge with Upcomers, compare its drawdown calculation, platform options, and fee schedule against competing prop firms and read our comprehensive Turkish regulatory guides:
- FundingPips Turkey Review — More established payout history and lower $32 starting fee.
- FundedNext Turkey Review — Native MT4/MT5 support and 15% challenge phase profit share.
- GOAT Funded Trader Turkey Review — Multiple evaluation models and lower $36 entry tier.
- Complete Guide to Prop Trading in Turkey (2026) — Full breakdown of static vs. trailing drawdown math, payout channels, and GİB tax rules.
- Forex Trading in Turkey: SPK Communiqué III-37.1 Guide — Compare prop firm evaluations against SPK-licensed domestic brokers and offshore CFD brokers.
All Prop Firms Accepting Turkish Traders
| Firm | Profit Split | |
|---|---|---|
| FundingPips | Up to 95% | |
| FundedNext | Up to 95% | |
| Blue Guardian | Up to 85% | |
| GOAT Funded Trader | Up to 90% | |
| AquaFunded | Up to 95% | |
| Moneta Funded | Up to 90% | |
| UpcomersThis firm | Up to 90% | |
| Funding Traders | Up to 90% | |
| City Traders Imperium | Up to 100% |
* Affiliate links -- we may earn a commission at no extra cost to you. Always verify current pricing on the firm's official site.
9. Frequently Asked Questions
Upcomers Corporate Entity & Turkish Regulatory Verification
Dated verification record distinguishing simulated prop-firm evaluation contracts from regulated Turkish SPK brokerage accounts under Capital Markets Law No. 6362.
| Operating Entity & Jurisdiction | Upcomers s.r.o. / Upcomers FZCO (Czech Republic / UAE) — European Union / United Arab Emirates |
| Account Nature & SPK Status | Simulated evaluation challenge accounts (Not a regulated brokerage under Turkish Law No. 6362) |
| Verified Payout Rails | RiseWorks, Cryptocurrency (USDT), Bank Wire |
| Turkish Tax & MASAK Compliance | Payouts received by residents of Türkiye must be declared under Gelir Vergisi Kanunu. |
| Verification Date | 2026-10-17 |
Primary Regulatory Sources, Verification Date & Educational Disclosure
Last Updated: 2026-10-18 · Regulatory Ledger Verified: 2026-10-17 · Educational Notice: This content is published for general informational and educational purposes only and does not constitute personalized financial, investment, tax, or legal advice. Platform terms, payment availability, and Turkish resident onboarding rules depend on the specific contracting entity and may change at any time.
Official Primary Sources: Capital Markets Board of Türkiye (SPK — spk.gov.tr, mevzuat.spk.gov.tr), Central Bank of the Republic of Türkiye (TCMB — tcmb.gov.tr), Banking Regulation and Supervision Agency (BDDK — bddk.org.tr), Financial Crimes Investigation Board (MASAK — masak.hmb.gov.tr), and Turkish Revenue Administration (GİB — gib.gov.tr).
Sajid
Financial Markets Researcher & Regulatory Analyst
Trading since 2012
Last updated
2026-10-18
Financial markets researcher covering SPK regulations, broker entity disclosures, fee structures, and derivative risk management since 2012.
Risk Warning
Trading Forex, binary options, and CFDs involves significant risk of loss. These instruments are not suitable for all investors. You should carefully consider whether trading is appropriate for you given your financial situation, investment objectives, and level of experience. You may lose some or all of your invested capital. Only trade with money you can afford to lose entirely.