GUILTY: Case# 2011-030 | alaa.almalki vs www.ufxbank.com

[aladar]

I was about one year ago when I just somehow found ufxbank's site on the web. I wanted to try their demo acc, so I filled and submited a form. I gave my real phone number, alas, so an hour later a guy called me from ufxbank. I told him that I just wanted to open a demo account, but he was very aggressive and kept pushing me to open a real account with them, even from 500 USD. He even told me that it didn't matter if I knew nothing about forex trading, because they will help me. It was very difficult to get rid of him.
After this I took a deeper look at their service, and then it became clear to me that they are swindlers. Even their minimum leverage was so high, that it made impossible to avoid margin call, if your deposit was small.

 

[AsstModerator]

Ethan: if you will notice we never get to respond on their site, I have tried in the past myself to refute some of their claims but they never allow them to be posted as you can clearly see the entire forum is one sided and the few responses in our favor are very poorly written and sound uneducated because the forum hosts are the ones putting them up there to seem fair

Ethan is a liar.

UFX has had several official representatives with forums accounts. UFX could have participated in this thread and chose not to.

I've just checked all the deleted reviews ever left for UFX Bank. There's nothing from anyone named Ethan, and there was never a single review left by anyone identified as a UFX Bank representative that was not approved.

The only thing this guy might be referring to is a review that said nothing about UFX and accused the FPA of tilting reviews in favor of companies affiliated with the FPA. That reviewer identified himself as Dave, and lied about what country the review was left from, so the review was not approved. If you check the ratings of some of the FPA's advertisers, you'll see that they don't get any special treatment.

UFX's attempts to post false reviews from their offices in Israel, posing as happy clients in the forums, and their official forums reps ignoring inconvenient questions are already well documented. This means I'm not at all surprised that Ethan would tell more lies to clients in live chat.

Read the truth about UFX's actions in the FPA's forums and reviews here...

https://www.forexpeacearmy.com/fore.../7640-ufx-banks-fake-reviews-forum-posts.html

Ethan's words show that UFX still isn't an honest company.

 

[alaa.almalki]

Is there a limit to their lies!!?!! :shocked:
UFX Bank has been and still an impostor
and it seems it will remains so.

 

[SAMMYFX]

LAST TRADE? Very funny indeed!!

I have not heard this for the past 4 years I have been in FOREX. That alone would have triggered your suspicion! This obviously to me qualifies as SCAMMMMMM!!!

 

[Zygmunt]

Never deal with Cyprus-based companies

Cyprus is a Mekka for scumbags from all over the world, so don't even touch any Forex broker or any investment dealer incorporated in Cyprus with a ten-foot pole. Due diligence is the most important part of investing and trading. I have almost opened an account with ACM because I liked their platform and they were Swiss-based. I cross-referenced them and, all of the sudden, came across the information that a bunch of employees were taken out of their Swiss office in handcuffs by Swiss police and, later, that they were grossly undercapitalised in the US. I dropped my demo account and started looking elsewhere. I'm now with another Swiss broker that has a Swiss bank status (have been with them for a third year now and haven't had a single problem with transferring profits to my bank account or any trading issue unsolved satisfactorily). Good lack with reclaiming your loss, but you should partially blame yourself for it. The "Guilty" verdict is just of course, as your broker is a bunch of thieves.

 

[Galina_K]

The lies of Ethan from ufxbank is typical for scammers.
They point their victims to fake reviews about FPA which were posted by criminals like ufxbank.

I remember that a friend of mine told me about a year ago that he and some other clients of ufxbank were cheated by ufxbank too.

ufxbank is a scam operation of criminals.
Who will arrest them and shut down their scam ?

 

[osaki Harry]

hello what is your broker, i believe it ok to commend good brokers just as important as it is to warn of bad brokers, FPA is the best thing to the forex world.

 

[cyprustrader]

Warning from Cyprus

Yes my user name should give me away, I trade Forex from Cyprus but there is absolutely no way I would open any account here. The local judiciary is inept to say the least, invariably favouring the cases of Cypriot nationals and open to delaying tactics that run on for years. Their financial regulatory authority is weak to say the least and it is well known that a blind eye is turned to “money laundering” as long as there is a healthy inflow into the country.
My advice is to stick to accounts that are opened in well regulated countries, all mine are UK accounts under the FSA. Beware of small unknown brokers that hide in countries like Cyprus, Isreal, the Cayman Islands etc.