Been scammed by a Cyprus Broker? New instructions from Cysec

paulm1162

Sergeant
Messages
125
"On 15.JUL.2015 I was trading EUR/ CAD pair at UFX and I made 7571.36 USD profits. The same day I get email from their employee (VikyG@ufx.com), they deleted my profit (7571.36 USD), in connection to section 9.6 terms and conditions.

So they claim there was "NO QOUTE" on the market in the time of my trading.

NO QUOTE means I couldnt open deal, but I did, so they are wrong!!"

IS THIS STORY TO REPORT??
definitely
 

Pharaoh

Colonel
Messages
19,710
Why speculate? Drop over to a friend's house, borrow the computer, go to UFX live chat, pretend you are a new potential client who wants to make a deposit, and ask them about regulation. If they still have an active Cysec license, they'll be very happy to brag about it.

Personally, I find the information form Cysec to be very good. Now traders can complain of abusive practices to Cysec itself and can use the Cyprus Financial Ombudsman to try to get their money back. Cysec itself has been slowly expanding it's grip of the companies that it used to allow to abuse innocent traders. I still consider Cysec regulation to be sub-standard, but am very happy to see that they are trying to improve.
 

oscarra

2nd Lieutenant
Messages
1,082
It is important to stress that the CYSEC has no restitution powers. Therefore any complaints submitted to CYSEC are taken into consideration in the performance of its supervisory mandate.

YES….BUT they can block various accounts…..and so on…
Especially knowing lots of illegal Payment Service providers are also located there !

Very good NEWS
 

henyo

Master Sergeant
Messages
429
this news will turn some heads, brokers will be more wary of their actions while legit complaints will be easier to deal with.. that 7500 vgasper main is still money earned even if you did not deposit much. if they are regulated with CySec then by all means give it a shot.
 

Pharaoh

Colonel
Messages
19,710
Keep up the complaints both to Cysec AND the Cyprus FOS.

CommexFx, owned by Omari (the same scumbag who owned Prime4x and still who knows how much money), is down. I suspect a combination of Omari getting to spend some quality time in an Egyptian prison along with Cysec suspending Commex's license contributed to this.
 

bigdolly

Sergeant Major
Messages
883
Why speculate? Drop over to a friend's house, borrow the computer, go to UFX live chat, pretend you are a new potential client who wants to make a deposit, and ask them about regulation. If they still have an active Cysec license, they'll be very happy to brag about it.

Personally, I find the information form Cysec to be very good. Now traders can complain of abusive practices to Cysec itself and can use the Cyprus Financial Ombudsman to try to get their money back. Cysec itself has been slowly expanding it's grip of the companies that it used to allow to abuse innocent traders. I still consider Cysec regulation to be sub-standard, but am very happy to see that they are trying to improve.

I think no concrete actions are taken by them its just to become more "trustful" in the eyes of companies and investors..
 

vgasper

Sergeant
Messages
137
Why speculate? Drop over to a friend's house, borrow the computer, go to UFX live chat, pretend you are a new potential client who wants to make a deposit, and ask them about regulation. If they still have an active Cysec license, they'll be very happy to brag about it.

Personally, I find the information form Cysec to be very good. Now traders can complain of abusive practices to Cysec itself and can use the Cyprus Financial Ombudsman to try to get their money back. Cysec itself has been slowly expanding it's grip of the companies that it used to allow to abuse innocent traders. I still consider Cysec regulation to be sub-standard, but am very happy to see that they are trying to improve.
""DearMr. _______ ,

In reply to your e-mail received on the 29th of October 2015 we are forwarding to you attached to this e-mail the complaint submission form, which you have to print it and fill it according to the general information found on the first page of the form.
The Complaint Form can be submitted by e-mail and must beaccompanied by a receipt of payment of the fee of twenty euro (€20).
If you have anyquestions when completing your application please do not hesitate to contact the Financial Ombudsman Office for any further clarifications, office phone number +357 22848900
Thank you
Financial Ombudsman Office""

This is their answer - first pay 20 EUR then they will see...
 
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