Ponzi Scheme Did anyone hear of UTMarkets forex broker in London?

[Marcelo Rosa]

The last mail I received from Danny Foster was that they are still investigating UT Markets to get more information they will use to indict them to refund my money.
But, Marcelo my major issue with Winchargeback is that their actions seem to me like they have abandoned my case because I wrote countless emails to Danny Foster demanding to know the progress of the case but he has always ignored my emails until I wrote Rebecca directly before I got a reply after three days.
So based on the 2 weeks time period which Winchargeback and I agreed to get my money back which has now stretched to 3 months simply tells me that they are more like playing a game of luck with the agreement we signed.
I don't really know who to believe anymore - Winchargeback that promised to get back my money and take a percentage of it or UT Markets that has just issued an email of resumption of activities to start paying people back.

Very hard indeed to believe in someone at this stage, I don't have experience with Winchargeback, but the reputation is quite good, specially from Rebecca, let's see what they can do for you.

If UTM comes back and gives the option for all clients to either withdraw their entire capital if they wish to do so, or to withdraw the profits and leave the principal without any locking period and banking restrictions, it can be a good sign, but I would be very surprised if they do that. Most probably they would come with a lot of excuses. If they are not in Bulgaria now, where are they? What guarantees the money is still in your account?

This is a lesson learned for all of us, just invest money on a regulated investment and check all possible data you can get from it, still nothing can be guaranteed, but at least, you'll decrease the chances of being scammed.

Let's see how the situation unfolds, at this point, it's very hard to get something back, but it's important that those criminals are found and get charged appropriately.

Keep us posted.

 

[C Benjamins]

Thank you Marcelo, I will keep this forum posted as I keep all hopes alive that Winchargeback will do their best.

 

[burned_in_the_desert]

See below website and link re: group litigation:

utmarketsconcerns.com

 

[Pharaoh]

Is there anyone left who thinks UT Markets was legit? Exential keeps getting new cheerleaders despite the mounting evidence against it.

 

[KTFXSMITH]

Surprised this one is still getting attention. I have a personal friend of mine that is out about 5000EUR from this. I would also be surprised if anyone thinks this is still legit. Stay away.

 

[MidaM6]

UTmarkets updated their website
They wrote:
We are not regulated by FCA,FSC
We cannot accept clients from UK,EU
Copyright 2011-2017

 

[nahiyar]

utmarket brokers seems new to forex market. They had tight spread and experts team, having currencies and commodities for trading . When I read all about them came to know that they had zero error policy that ensures the afety of funds. However they warn again and gain about risk involving with forex trading. It is now up to a trader how he handles with situations.

 

[Marcelo Rosa]

UTmarkets updated their website
They wrote:
We are not regulated by FCA,FSC
We cannot accept clients from UK,EU
Copyright 2011-2017

This update is not new and this doesn't change anything for the clients who got scammed by the managed side of UTM, this is just for those want to trade their own money with UTM platform, which I highly don't recommend, since the safety of the funds won't be protected by any financial authority and your capital won't be held in any reliable bank.

 

[Pharaoh]

utmarket brokers seems new to forex market. They had tight spread and experts team, having currencies and commodities for trading . When I read all about them came to know that they had zero error policy that ensures the afety of funds. However they warn again and gain about risk involving with forex trading. It is now up to a trader how he handles with situations.

And because of this, do you believe their Ponzi-like investment plan is legitimate?

 

[Marcelo Rosa]

utmarket brokers seems new to forex market. They had tight spread and experts team, having currencies and commodities for trading . When I read all about them came to know that they had zero error policy that ensures the afety of funds. However they warn again and gain about risk involving with forex trading. It is now up to a trader how he handles with situations.

Experts team from a company that's not even regulated? No, thank you very much, you need to have strong regulations under your shoulder as a trader, such as FCA in UK or CTFC and NFA in USA. I endured the CHF unpeg rate decision with EUR because I was with a FCA regulated broker, if the same scenario had happened with UTM, that's it, you'd never see your money again, even in Australia and New Zealand, which the brokers are regulated, the traders had a difficult time to get their money back or didn't even get and the brokers even dared to ask the traders to pay the negative accounts, which on Forex is not allowed. So yeah, you may want to stick with stronger regulations to safeguard you capital at all times