Who is behind each firm
Cashed and Upcomers Perpetuals represent two distinct approaches to corporate transparency within the proprietary trading industry. Cashed operates as Cashed Ltd, a legal entity registered in the United Kingdom with a physical office in Salisbury. While the firm provides clear registration numbers and a physical address, it does not publicly list a CEO in its records, focusing its identity on its specialized crypto-native infrastructure. On the other hand, Upcomers Perpetuals is based in the United Arab Emirates, specifically in the IFZA Business Park in Dubai. It is led by Jakub Zeliska, who serves as the visible head of the company. This presence of a named CEO often provides a different level of accountability for traders seeking a human figure behind the corporate structure.
How long they have been around
The operational history of these two firms marks a significant gap in market experience. Upcomers Perpetuals was founded in 2023, giving it a track record of approximately two years. This period has allowed the firm to accumulate over 450 reviews on platforms like Trustpilot, although the data notes that their profile there has faced restrictions. In contrast, Cashed is listed as being founded in 2026, which characterizes it as a brand-new entrant in the sector. While Upcomers has already navigated several market cycles and established a baseline of public feedback, Cashed is in the earliest stages of building its reputation, offering a modern but unproven operational history.
What they promise and what backs it
The promises made by Cashed are centered on extreme accessibility and freedom. They offer entry prices as low as $5 for small accounts and maintain a "no-KYC" policy, requiring no identity documents or selfies. This is backed by a highly permissive rulebook that allows Martingale, EAs, HFT, and news trading without restrictions. This level of freedom is rare and suggests a model that relies on its proprietary technical engine rather than strict behavioral barriers. Upcomers Perpetuals promises a more traditional professional environment. While they also offer 24/7 crypto trading, they enforce stricter risk management, such as a 2% maximum loss per trade. Their promise is backed by a more mature corporate setup and a broader asset list including stocks and forex, appealing to traders who prefer a structured environment over the "wild west" flexibility of Cashed.
How they handle your money
Financial operations reveal the different philosophies of these firms regarding trader compensation. Cashed is a crypto-native firm that handles payouts exclusively in USDC via the Solana network, aiming to cover standard network fees. They have a low minimum withdrawal of 20 USDC and do not offer refunds for failed accounts. Upcomers Perpetuals handles money through a wider variety of channels, including bank transfers, cards, and PayPal, reflecting a more diversified financial infrastructure. However, their payout process is more expensive for the trader, with fees reaching 30% for cryptocurrency withdrawals and a minimum withdrawal amount of $45. While Upcomers provides more ways to pay and get paid, Cashed offers a more cost-efficient, albeit more narrow, crypto-only path.
Operational maturity
Upcomers Perpetuals shows signs of operational maturity through its integration with the Hyperliquid order book, providing live market data for approximately 130 markets. Their use of established payment gateways like ApplePay and GooglePay suggests a firm that has invested in traditional financial compliance. Cashed demonstrates a different kind of maturity: technical specialization. By eliminating identity verification and focusing on a single high-speed blockchain (Solana), they have optimized their operation for a specific niche of the crypto community. Cashed’s maturity is seen in its "Account Builder" feature, allowing traders to customize their own risk parameters, whereas Upcomers relies on a more rigid set of established programs like Thunderbolt and Phoenix.
What the record does and does not tell you
The record confirms that Upcomers Perpetuals is an established player with a visible leader and a history of public reviews, which provides a degree of certainty regarding their ability to sustain operations over time. However, a longer history is not a guarantee of future performance. For Cashed, the lack of a historical record means that traders are essentially early adopters. The data shows a highly innovative and low-friction model, but it cannot yet confirm long-term payout stability or how the firm handles large-scale growth. Each trader must decide whether they value the documented experience of Upcomers or the innovative, low-barrier promise of Cashed.
Frequently asked questions
Which firm is cheaper to start a challenge, Cashed or Upcomers Perpetuals?
Cashed is significantly more affordable for beginners, offering accounts starting at just $5 for a $400 (Flex) or $200 (Instant) size. In contrast, the cheapest entry point for Upcomers Perpetuals is $159 for the Thunderbolt Classic ($5,000 size) or the Vanguard Classic ($2,000 size). Cashed allows traders to test their skills with a much lower capital risk than Upcomers.
Which firm permits the use of EAs and automated trading with fewer rules, Cashed or Upcomers Perpetuals?
Cashed is much more permissive, as it explicitly allows bots and algorithmic execution with no restrictions other than API limits. Upcomers Perpetuals, however, does not allow the use of EAs (Expert Advisors) on its platform, making Cashed the only viable choice between the two for traders who rely on automated strategies.
How do the payout methods and fees compare between Cashed and Upcomers Perpetuals?
Cashed is more specialized and cost-effective, offering payouts only in USDC (Solana) with a minimum of 20 USDC and intending to cover network fees. Upcomers Perpetuals offers more variety, including bank transfers and crypto, but charges high fees: $19.90 plus either 2.49% for transfers or 30% for crypto withdrawals, with a higher minimum of $45.
Which firm offers more trading assets beyond cryptocurrencies, Cashed or Upcomers Perpetuals?
Upcomers Perpetuals offers a much wider range of assets, including stocks, ETFs, indices, commodities, and forex perpetuals alongside crypto. Cashed is strictly a crypto-focused firm, offering only cryptocurrency trading. Therefore, traders looking for multi-asset diversification must choose Upcomers Perpetuals.
