Commerce Zone>

[Administrator]

Click here to read or submit reviews and ratings for crownforex.com >>

otherwise use this thread ("Post Reply" button below) to start a LIVE discussion and get responses from our FPA members.

[Shannon]

My Mom is wanting to pull her money out of the stock market. We have been listening to Pat Kiley who has a radio broadcast "Follow The Money". We contacted his company and they sent us an application .... CrownForex was listed on the Front Page, like that is who we'd be applying with.

The Crown Forex that is being reviewed here, is that the same one affiliated with Pat Kiley's office?

Any comments about Pat Kiley and UBFX?

[candyErik]

Who regulates these guys.

[charlyt]

Originally Posted by candyErik

Who regulates these guys.

They are regulated by ARIF in Switzerland, but I think they are a SCAM, so be really carefull.

Thanks.

[mtrimble]

AsstModerator Note:

Marc Trimble deleted this and all his other posts in this thread on July 22nd, 2009. Considering the issues that FPA members are having with UBFX, I have restored all of his posts.

UBFX is simply an Introducing Broker or "IB" for Crown Forex. What exactly is an IB? The term is derived from the futures markets and is defined as follows:

An Introducing Broker who has a direct relationship with a client, but delegates the work of the floor operation and trade execution to another futures merchant. The merchant firm is usually a close partner of the IB.

Regarding UBFX, Crown Forex would be the Merchant Firm.

The relationship between the IB and their "Merchant Firm" can be summed up like so...

The local stock advisor located in the strip mall at Edward Jones is an Registered Investment Advisor who happens to have agreements with Edward Jones to sell their products for an agreed upon rate of commission or a % of AUM (Assets Under Management). The RIA in this instance is the IB and Edward Jones is his "merchant firm". He could have just as easily chosen to represent securities under another banner like a Scott Trade or other local shop.

Crown Forex (CFSA) is heavily regulated. Crown Forex (CFSA) is heavily regulated.

CFSA is regulated as a Financial Intermediary under Swiss Federal Law (LBA). With 35% of the world's private assets managed by financial institutions based in Switzerland, the country has a long established tradition as one of the world's largest financial centers and indeed the largest financial center in continental Europe.

Banks and financial companies withholding customers' funds are obliged to adhere to the regulatory standards of the Swiss financial authorities and must follow precise due diligence procedures and trading practices.

Since the 1st of April 1998 laws against money laundering (LBA) Swiss regulatory authorities have considerably tightened financial controls of banks and financial intermediaries obliging these institutions to be affiliated with and supervised by a recognized self-regulatory organization.

CFSA is a member of ARIF, which is by itself overseen by the Swiss Federal Department of Finance in Switzerland. Members of this organization are selected according to strict criteria and have to respect a codex of honor in conducting their business.

CFSA is fully compliant with the aforementioned directives and is subject to Swiss law and all applicable financial regulations.

UBFX is legitimate.

First, it is extremely irresponsible to write about things of which you have no knowledge, especially on the internet. Comments like "I think it might be a scam" may fall under Federal Internet Harrassment laws when delivered in the context of a website that is meant to review services. I'd caution against expressing/intimating contempt before one investigates. Feel free to contact me directly at 651-209-2606 with any additional questions.

Second, UBFX is a registered IB through Crown Forex and remains in excellent standing after years of doing business in the Swiss banking community.

And finally, anyone who opens a managed account with UBFX through Crown can rest assured their accounts are held with the largest liquidity providers in the world and therefore are "safe".

For more information on Universal Brokerage FX please visit their new website at Universal Brokerage FX. Global investment strategies for individual investors. - Home.

AsstModerator Note: Marc Trimble deleted this and all his other posts in this thread on July 22nd, 2009. Considering the issues that FPA members are having with UBFX, I have restored all of his posts.

[Pharaoh]

First, it is extremely irresponsible to write about things of which you have no knowledge, especially on the internet. Comments like "I think it might be a scam" may fall under Federal Internet Harrassment laws when delivered in the context of a website that is meant to review services. I'd caution against expressing/intimating contempt before one investigates.

Things like "I think it might be a scam" fall under the First Amendment of the United States Constitution. It doesn't matter if the person writing it is in another country, this website is on servers in the USA and those posting here are effectively making their speech under the protective umbrella of US law. Unless someone flat out states that something IS a scam with no foundation for that belief, no violation has occurred.

If you want to suggest that people be more careful with their wording, fine. If you want to threaten my fellow troops, you had better be ready to quote chapter and verse from those "laws" you're quoting. Otherwise, you've definitely picked the wrong platoon to mess with.

BTW - There are SEVERAL recent complaints in the Scam Alerts Folder about Crown Forex not returning money to traders. Based on that alone, I have to seriously consider the possibility that they might indeed be a scam. Based on a rep from one of their IBs making threats against people who find other causes to be concerned about Crown, I now have to also consider the possibility that the IB may also be a scam.


Since this was originally about someone considering a managed account, that person needs to be concerned not only about the possibility of the broker being a scam, but also about the competence and honesty of the account manager. The best brokerage in the world won't do you any good if you get a bad account manager. To pick an account manager based solely on the reputation of a broker would be foolish.

[AsstModerator]

It hasn't been announced publicly until now. The FPA Scam Investigations Committee is looking into the problems with Crown Forex.

At this point, the FPA warns traders to exercise extreme caution dealing with Crown Forex.


Mtrimble, if you feel a post has gone too far, you can use the "Contact Us" link on the bottom of the page or you can report the post.

Trying to keep people from saying bad things about your brokerage using hollow legal threats is not a welcome activity on the FPA forums.

[GregKas]

I have been trying to withdraw my funds for over 3 weeks now. On my initial request Crown sent an acknowledgement email saying they would process the transaction. I phoned their accounts department a few weeks later and they informed me that they have not received any withdrawal request. I emailed the request form to them again but have not received any reply.
I have a freind who also uses Crown forex and he has been waiting for his funds over 4 weeks now. He phoned Crown forex accounts department, they told him they are having technical problems.
Except for the initial email received from them they do not reply to any of my emails. This is not the way to treat customers. Anyway hopefully things can be sorted out shortly, there are a few other members of FPA who are also waiting for money from Crown.
Many Thanks to Forex Peace Army for your support!!

[mtrimble]

I'm not contesting one's rights to free speech, nor am I attempting to prevent anyone from saying anything negative. I've been online since 1993. I would never attempt to restrict free speech online. I'm a strong proponent of using the internet to create transparency. To that end, it is imperative that people use that right responsibly.

(If my previous post came across as "threatening", then I'm afraid it was taken out of context which I understand, at times, is unavoidable in forums.)

We do not deal with individual accounts so I cannot comment on any of the troubles folks appear to be having.

Thank you for the opportunity to communicate directly with the public.

Best,

[AsstModerator]

Hopefully, we can deal on a more pleasant level then.

If you could do us all a favor. You seem to have some better connections with Crown than the typical individual account holder. The number of complaints against them has gone up quite a bit in the last couple of weeks. Some of these complaints are from seasoned traders who have large accounts, so I can't write this off as newbies who left a trade open with no sloploss and had their accounts wiped out overnight.

Could you contact Crown and ask if there is some issue processing withdrawals?