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

[Teodor Jackson]

However FxFrench says they're not registered anywhere.

The NFA record says:

NO CURRENT STATUS
• INTRODUCING BROKER WITHDRAWN 12/05/2010
• NFA MEMBER WITHDRAWN 11/07/2009

Member Mandolin says he's going to sue them and invites victims to contact him:

I want to sue UFXBank, who wants to join me

money7maker@hotmail.com

 

[alaa.almalki]

The broker is located in Cyprus.
Unfortunately it's not regulated.
Cyprus is a part of European Community but Europe lacks institutions like CFTC.
You can try here: https://econsumer.ftccomplaintassistant.gov/
However Cyprus is not listed as a member. But maybe they could help you find right authority.

Can you present longer trade history to show the trade is outstanding?
What is your timezone by the way? I mean I'm trying to find it on a chart but have no idea what 12:10 PM actually is.

The company HQ is in Israel according to what I read in some reviews in FPA:
UFX Bank | UFXBank.com reviews and ratings by Forex Peace Army

I cann't present longer trade history because they have closed my account last week (of course they didn't tell me before they close it).

The trade happend in some time between 12:10 p.m and 2:00 p.m (GMT)

However FxFrench says they're not registered anywhere.

The NFA record says:

NO CURRENT STATUS
• INTRODUCING BROKER WITHDRAWN 12/05/2010
• NFA MEMBER WITHDRAWN 11/07/2009

Member Mandolin says he's going to sue them and invites victims to contact him:

I want to sue UFXBank, who wants to join me

money7maker@hotmail.com

UFXbank is not registered anywhere, I have e-mailed NFA and they told my they have no record of company called UFXbank.

I have contact Mandolin last week and she told me she wants to close this company by Interpol, but she doesn't know the exact location of UFXbank HQ.

Thank you Mr.Teodor Jackson
I really appreciate you for your concern and your efforts.

I know UFXbank deceive me by that trick "final Silver trade".
But FPA is the only way I know wich can help me to get my money back.

 

[Teodor Jackson]

The oversized Silver trade is repeating pattern in the threads I found.
See this example:

(...)
And he advice me to buy USD and to sell 200,000 XAG in the price of 18.5900
The account Manager still with me on phone
The system is not accepting . I said
(my Acc. M.) said try 150,000
I try 100,000. and this is my first time I trade in metal
(my Acc. M.) said adjust stop lose on $18,000
The system is not accepting , I said
(my Acc. M.) said, go for less amount
The system accept 14000$ I said – (as I remember $14000)
(my Acc. M.) said, good
(...)
Early morning I found the price goes high and the system close the transaction automatically and I lost all my money
$18.350 my account was 20,957

Ref: https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/8426-scam-ufx-bank.html

Now, see how the Account Manager tried to make the trade as big as possible. The first one was too big to pass trough. So he "advised" the customer to try smaller and smaller until it "fits".
This was suicidal trade that wiped the account.
Mind you this happened in December 2009 - they've been doing it for years.

All this happened after the customer decided to withdraw all the money and quit.
Other pattern I observed is they call customers asking to deposit more money due to "endangered" trade or "strong market" conditions.
They come with trading advices...

If this is all true, they should reserve their place in Scams of the Year 2011 folder...

What was the language you spoke in over the phone by the way?
Sorry for asking this kind of question but I have some unpleasant impression about it...

 

[Teodor Jackson]

The company HQ is in Israel according to what I read in some reviews in FPA(...)
I have contact Mandolin last week and she told me she wants to close this company by Interpol, but she doesn't know the exact location of UFXbank HQ.

No wonder, so far I found them "located" in US, UK and Cyprus. Now you're saying Israel...
What was the landline number you called?
Do you still have their trading platform server name or address?

Their web site says:

[25] Governing law and Jurisdiction

The Terms and Conditions shall be governed by the law of Cyprus and the parties hereby consent to the exclusive jurisdiction of the courts of the Republic of Cyprus.

FSA lists them on Unauthorised internet banks page:

Unauthorised internet banks

Also interesting findings if you google for "UFX bank scam"

 

[Teodor Jackson]

Here they come - whois:

Registrant:
UFXBank
Limassol
Limassol, TL 44555
Cyprus

Registered through: GoDaddy.com, Inc. (Domain Names, Web Hosting and SSL Certificates - Go Daddy)
Domain Name: UFXBANK.COM
Created on: 03-Nov-08
Expires on: 03-Nov-11
Last Updated on: 10-May-10

Administrative Contact:
Toledano, Cedrick cedrick@UFXBank.com
UFXBank
Limassol
Limassol, TL 44555
Cyprus
+357.442030264230 Fax --

Technical Contact:
Toledano, Cedrick cedrick@UFXBank.com
UFXBank
Limassol
Limassol, TL 44555
Cyprus
+357.442030264230 Fax --

Their website says:

Cyprus main office

Evagorou, 31
Evagoras Complex,
Office 24,
P.C. 1066
Nicosia

I guess someone should check what can be found at this address - an office or just a post box or else...

And when I searched for Cedrick Toledano, guess what I found?

https://www.forexpeacearmy.com/forex-forum/forex-articles/7640-ufx-banks-fake-reviews-forum-posts.html#_jmp0_

 

[Pharaoh]

No wonder, so far I found them "located" in US, UK and Cyprus. Now you're saying Israel...

A lot of Israeli brokers like to hide behind addresses in other countries. These don't see to want their wealthier clients from Muslim countries realizing where the money is really going.

 

[alaa.almalki]

The UFXbank way is:

1- They post fake reviews all over the websites that interested in forex trading.
2- They claim they are licensed by NFA, but they are not registered anywhere.
3- Always keep asking the customer for more deposit.
4- They claim the have an amazing recommendation for you, but to get it you have to make another deposit.
5- They hire an account manager to be responsible for taking all the money they can get from you.
6- They make their phone Calls over the Internet so you cann't find their location.
7- They hired a black hat SEO company to do search engine optimization, they have access to the company servers which is not safe for clints data.
8- They will do what ever they can to prevent you from Withdraw your money, but if you succes to Withdraw some of your money they make sure they take it back and more.
9- If they find that you want to close your account and you will not keep with them any longer, they force you to make a "final Silver trade" to lose all what is left in your account.
10- Whatever you do they will make sure they keep your money.

Those are some of UFX Bank deceiving methods,

Simply they are the most manipulators, the most frauds and the most scammers I ever seen.

 

[Teodor Jackson]

Speaking about location:

- do you have their server names or ip addresses so I could track their location?
- did you speak in your native or English language over the phone?

 

[AsstModerator]

No reply from UFX. I'm moving this one to Open Cases now.

 

[Dubaidat]

After a long conversation with the account manager he told me that all i have to do is to perform this trade and once it is closed he will close my account and send the money immediately,
And then it happend, they wiped me out instantly.

Obviously the intent was to clean out your account. The size of the "last Deal" is a clear indication they wanted to rob you out of all the balance in their account. It goes without saying that the "last deal" was only on your books and was not offset in the market. So all the loss you made was a profit for them. They calculated exactly what the size of the deal should be to clean out your account.

I have heard of a lot of Brokers betting against client positions and clients ending up losing, but this takes the cake.

Dubaidat