July 2012: The FPA's forums were spammed by someone who signed up using an address at UmoFx.com. A second account was created from the same location spamming for Obox.com.pk, an IB for IkoFx.com. The FPA reported this incident to IkoFx and UmoFx and has recieved no response from the management of either company. The FPA is forced to conclude that the managers of UmoFx and IkoFx think that spamming forums is acceptable.
The FPA advises a very high level of caution dealing with these companies.
January 2015: UmoFx reported to clients that it's LP is undergoing restructuring. The FPA recommends against placing money with any broker which doesn't have a contract with a reliable LP.
April 17, 2015: UmoFx has been deregistered from the NZ FSPR. CLICK HERE to verify that it is no longer with the Financial Dispute Resolution Scheme Until this company is registered with a new regulator, the FPA recommends AGAINST doing business with UmoFx.
July 12, 2015: UmoFx's website still falsely claims that it is registered with the NZ FDR. The FPA strongly recommends AGAINST doing business with UmoFx. If you have money with this broker, the FPA suggests you test your ability to withdraw your funds now.
June 2015: There is an FPA Traders Court guilty verdict against this company. The FPA considers this to be one more reason not to do business with UmoFx.
July 2015: There is a second FPA Traders Court guilty verdict against this company. The FPA considers this to be another reason not to do business with UmoFx.
UmoFX are forex brokers. Umo FX offers the MT4 online forex trading top platform. UmoFx.com offers over 20 currency pairs, gold, and silver for your personal investment and trading options.
scam broker (UMOFX) its being more than a week since I applied for withdraw.. have emailed finance department several times no response. do not use this broker
it is worthless to talk about them ! I have also made a profit that they did not pay ! No I'm waiting almost a month to get back my initial deposit ! They do not answer , they do not reply ! Stay away from them
After confirmation from Support that i can use a EA without restriction. i open a real account to test the broker. When i made the profit and request a partial of it the withdraw shows pending and is still after 1 week not deducted. The support come all time with other excuse to move the time forward till today the not more reply. I made a file on court as well. This is a scam and have to remove from the market. Dont consider to work with them
Don't any invest in This broker's or others..
All over Forex broker's scammer.
When you earn money,when the time of withdrawal they don't reply anything..
I suggest all over scammer.
Differently a SCAM BROKER!, cant withdraw my money!, they dont even answer me..., PLEASE DO NOT WORK WITH THIS BROKER!, made a mistake that i used it before checking first on FPA about them..., money gone..
2015-05-30 1 Star I have an account with them a MINI4 account, made a deposit of 50$ , made some profit, now trying to make a withdrawal, i was told to wait up to 2 business days, the sad thing here is that i've noticed this review only when i asked the withdrawal,
over all until now this broker's support is very slow, the server and trading conditions are great though..,
i will update if i can get my withdrawal or not.
Issue escalated to Traders Court vgasper vs umofx.com | GUILTY
I made lot of profits and put withdrawal request and then waiting for almost month. After that they deleted my account and wrote me email:
“The Company has the rights to suspend the Client’s trading account at any time for any good reason with or without written notice to the Client."
So if you are making profits they dont give you the money...
SCAM BROKER WITH CLIENT AGREEMENTS FOR THOOSE WHO ARE LOOSING MONEY!
2015-04-16 No Rating Lets see Im waiting for 8000 $ if they will transfer it to me... On their site is written 48 HOURS but now it is more...
I will let you know about my withdrawal ;)
2015-01-29 2Star I recieved this note from them:
Currently, our Liquidity Provider (LP) is undergoing a financial restructuring. In effect, any business involving ECN accounts is temporarily being withheld. Specifically, ECN account holders cannot open and close position in trading.
This withholding period is currently unknown until Financial Conduct Authority (FCA) released the final decision. We will keep you informed on any updates regarding this matter.
“One stop Markets Centre”"
Anyone else got this email??
Review Moderation Team Note: Please use the Contact Us form at the bottom of the page. We would like to see a copy of that email message. Thanks.
I have a withdraw request pending for almost a month now of $751 , no response, nothing they just say email finance dept. but they never respond back! DEF A SCAM STAY AWAY!!
They also not listed under regulation at all anymore!!
I had made a withdrawal request on 8/1/2015, The amount is USD 15050.62
But my bank account closed at that time, I already check with my bank and they never receive the funds.
And the funds should be returned to the company
I already send E-mail to their Financial Department to request a bank wire reciept.
And I never got a reply from them.
I also contact with them by live chat. They just ask me to send E-mail to email@example.com and wait for 2-3 days
I keep doing this for many times, still no reply from them
i've been trade On this broker almoust 3 Years, so Far si good, Contdition for deposit and withdrawal is Good.
But last month ia have an issue for withdrawal, they never proceed my withdraw for a Month, they told to us, there is a Huge number of withdrawal, so it must be pending for our withddrawal
Please anyone IB or UMOFX owner please respon my problem, pay our money..
this is my account number
BENY RICARDO BANGUN
Trader/Login ID: 655320
Investor Password: DCR8eWAR
I trade with this broker last 1 year, All is good but withdraw process slow.