Forex Peace Army Members Forums>

[Dan Wadsworth]

I'm a newbie so pardon my lack of skill in this forum.
I opened a managed forex account with Universal Brokerage FX (Pat Kiley) in Burnsville, Minn back in November. They only give quarterly statements with very little detail except bagin bal, end bal & earnings. No monthly activity. They charged a 5% up front fee to join and earn about 10 to 13% annum so it will be 6mos just to cover that. I'm into it for 150k and have heard unsubstantiated rumblings about problems but don't know where to turn for help. I don't see them on your reviews so that worries me right away.
Can anybody point me in the right direction for info on these folks?
Thanks,
Desperate

[mtrimble]

Originally Posted by Dan Wadsworth

I'm a newbie so pardon my lack of skill in this forum.
I opened a managed forex account with Universal Brokerage FX (Pat Kiley) in Burnsville, Minn back in November. They only give quarterly statements with very little detail except bagin bal, end bal & earnings. No monthly activity. They charged a 5% up front fee to join and earn about 10 to 13% annum so it will be 6mos just to cover that. I'm into it for 150k and have heard unsubstantiated rumblings about problems but don't know where to turn for help. I don't see them on your reviews so that worries me right away.
Can anybody point me in the right direction for info on these folks?
Thanks,
Desperate

Dan,

I have known Pat Kiley for 12+ years and am familiar with the UBXF trading methodology. I have visited their Headquarters; and being an old commodities trader, I can honestly say that I am impressed with their program and trading methods. There are no huge swings, draw-downs or any gut wrenching trading . Slow and steady wins the race. While their trading methodologies are not "sexy", they work year in and year out.

[candyErik]

I just want to know who regulates ( pat kiley) universal brokerage fx and who insures the deposits.

[Pharaoh]

It seeems that UBFX is an IB for CrownForex. You might want to check the Scam Alerts folder. There have been some recent complaints about problems getting money back from CrownForex.

Hopefully, it's just a temporary cash flow problem with the brokerage, but I would recommend holding off risking any money with them until the situation is resolved.

[mtrimble]

"Hopefully, it's just a temporary cash flow problem with the brokerage, but I would recommend holding off risking any money with them until the situation is resolved."

Universal Brokerage FX is having no problems whatsoever. Please contact us directly with any additional questions. 651-209-2606

Thanks to FPA for the opportunity to openly address investor inquiries.