Scammed by UFX Markets

[JohnnyL]

I feel like such an idiot because even after I discovered this forum I decided to give UFX Market the benefit of the doubt since I had already invested my money with them. They are SCAMMERS! I repeat they are SCAMMERS. A similar thing happened to me and given that we are in the business of making money one tends to hope for the best. I initially deposited $1000 with UFX then was subsequently urged by one DANIEL SILLARS to increase my account to $5000 so as to qualify for VIP treatment. I kept on losing trades until I found this site and decided to fired him after he made me lose $1500 in a space of a week. I had even told him that I wasn't comfortable with risking so much of my money but he persisted and continued to give losing trades. After I fired him some guy, whose name I cannot recall (I think it was Richard) called from UFX just yesterday and told me that he had heard that I was dissatisfied with SILLARS and that he would replace him. He told me that he is a master when it comes to indices and even though I had told him that I wasn't sure about them since they are so expensive he assured me that he was positive that they are going to go up by 7% this month. He made two winning trades to appease me then on the third, to which he told the dealing room that I had confirmed, he wiped out my entire account. What made me upset was that he didn't even place a STOP LOSS. I am really upset with these people and do not know what I can do to expose them. I URGE EVERYONE TO SHUN AWAY FROM UFX MARKETS. THEY ARE CROOKS!

I opened an account with UFX Markets on July 26, 2012. I deposited $1000, was given a bonus $300. After being persistently urged by the account manager, Mr Alex Cooper, to deposit more funds, I deposited another $300. The account grew to about $6000. The problem began when I started to make my first withdrawal. Immediately after making a withdrawal of $700, the account manager recommended a trade. Upon recognizing that this trade was losing, he said I should increase the Stop-Loss and the market will turn in my favour. I executed his recommendation. He then disappeared, went on holiday without informing me, and then the account went down to $2600. Upon his return, he recommended more and more losing trades until the account was completely wiped out. He then urged me to take a loan and deposit at least $1000. He promised that the amount will be doubled very quickly and I will be able to pay back the loan very soon. I, unfortunately, acted on his recommendation. He then recommended that I should execute a SELL trade on the EUR/USD. When I saw that the EURO was rising, I asked him if I should close the trade and take the losses. He said I should hold on to the trade as the EURO will DEFINITELY FALL after the NonFarm Payroll Announcement. This was against every market prediction that I subsequently read.

I believe Mr Cooper has deliberately set out to compromise my account, and I have been scammed.

I would strongly recommend against dealing with UFX Markets. I have remained with loans that I cannot repay.

 

[Master Yoda]

So you saw all stories here and you decided anyway to trade with them? Why?

 

[La Grenouille]

Hi!

So sorry to hear about you've been scammed too. It seems like we are a lot in the same case. I really think we should find a way, together to fight against them and get back our money. Would you help me to contact all the other victim of UFx markets and bring them to court? I am sure that it may interest a lot of people!

Please let me know...

 

[chaosscrem]

So from which country do they operate? I saw MIFID logo on their website Regulations and Licenses | UFXMarkets.com. They claim they are form Cyprus. Some helpful links (check my post 41):
https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/33010-tradaxa-sisma-capital-5.html

 

[Master Yoda]

where is this guy anyway? he posted the thread and disappeared

 

[Novice Trader]

I am SCAMMED too by this UFX advisers

Hi!

So sorry to hear about you've been scammed too. It seems like we are a lot in the same case. I really think we should find a way, together to fight against them and get back our money. Would you help me to contact all the other victim of UFx markets and bring them to court? I am sure that it may interest a lot of people!

Please let me know...

Hi guys, I am really sorry to see so many people have been victims of these scammers. They made me loose my life savings. I feel so stupid and helpless. Hopefully there should be a way to get our money back by claiming it thorough right channel or at least making aware other people before they loose any money.
If anyone has any suggestions how and where we can complain, please suggest.
Please let me know

 

[money scammed]

Claim through credit card company

Hi guys, I am really sorry to see so many people have been victims of these scammers. They made me loose my life savings. I feel so stupid and helpless. Hopefully there should be a way to get our money back by claiming it thorough right channel or at least making aware other people before they loose any money.
If anyone has any suggestions how and where we can complain, please suggest.
Please let me know

I have been scammed as well, has anyone found a way to get the money back? What about under section 75 of Credit Card protection in UK?

 

[Pharaoh]

If they are refusing to process withdrawals, call your credit card's issuing bank. Ask to speak to the fraud department. Explain that withdrawals are one of the services a broker should provide and ask about a chargeback based on failure to provide services.

If they wiped your account out with a Kiss of Death trade, that will be make it harder to convince your bank that fraud took place.

 

[money scammed]

What if in an email prior to the KISS OF DEATH, UFX staff stated that '' with a risk-reward ratio strongly in the trader’s favour''

Also while the equity was dropping while on KISS OF DEATH TRADE the staff stated the below phrases:
''You can stay calm & relax''

I had already told them when I opened account that I am not willing to take nothing more than small risk.

Also regarding withdrawal, the account manager himself, withdrew some money back to my account. He emailed me asking permission to do so, I did not reply with yes or no, he himself withdrew 500 USD back to my card, Does that add to breach of contract as in one email from UFX, it states that THEY DO NOT TOUCH YOUR MONEY WITHOUT YOUR EXPRESSED PERMISSION

 

[PainKillerRO]

A serious broker STRONGLY recommends NOT to trade on your account manager/whoever else's suggestion.