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

[Teodor Jackson]

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

Eh, frankly this is what I expected.
It will be very hard to get the money back.
First they (victims) have to find out right jurisdiction.
Then prove they were manipulated into the trade...

But maybe they should simply start from reporting to local police?
A fraud is a fraud in any country.
If the fraudster is located in some other country, police has means to find it out and contact right authorities.

 

[alaa.almalki]

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?

- Unfortunately I don't have their platform server names or ip addresses, because to use their platform I should login to my account in their site.

- I spoke in my native language.

 

[alaa.almalki]

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

Thank you sir, I really appreciate.

 

[chitak]

I really feel for all the people scammed by UFX

I had knowledge of UFX, I wanted to find out more so this is what I know about them, Search Results

I was given that by their customer support when I asked if they were regulated, if their customer support will dodge a question like that and point to a non-existing NFA regulation then the company is definitely operating a scam.

Another red flag for me was when I tried to find out where they're located. It is not noted anywhere on their site where their HQ are.

And now this silver scam, I would think they're asking people to trade silver because that's the highest spread instrument they have.

Why are people opening accounts with these scam brokers? alaa.almalki why did you open an account there, maybe we can see what their marketing tricks are and hopefully teach new traders to avoid that type of marketing.

 

[Teodor Jackson]

(...)
Why are people opening accounts with these scam brokers? alaa.almalki why did you open an account there, maybe we can see what their marketing tricks are and hopefully teach new traders to avoid that type of marketing.

There is absolutely no point to blame a customer he got scammed.

 

[alaa.almalki]

I had knowledge of UFX, I wanted to find out more so this is what I know about them, Search Results

I was given that by their customer support when I asked if they were regulated, if their customer support will dodge a question like that and point to a non-existing NFA regulation then the company is definitely operating a scam.

Another red flag for me was when I tried to find out where they're located. It is not noted anywhere on their site where their HQ are.

And now this silver scam, I would think they're asking people to trade silver because that's the highest spread instrument they have.

Why are people opening accounts with these scam brokers? alaa.almalki why did you open an account there, maybe we can see what their marketing tricks are and hopefully teach new traders to avoid that type of marketing.

What made ​​me open an account with them is that I'm a new trader in forex, I have a very little experince in this kind of work, so I was looking for a company to give lessons about the market and send recommendations to my mobile,
I read in some Arabic websites about UFXbank and there were comments that the company is excellent and it is one of the best brokers in the market, (these comments were posted by the staff of UFXbank but of course I didn't know it at that time).
These comments are on this site:
UFXBank ? ?? ?? ??? ???? | ??????? ?????? ?????? ?? ??? ??????? ????????

 

[Equalizer]

I don't intend to sound cynical with these brokers, but, they probably had no money in your account anyway, based on how unprofessional their communications were, and since they are unregulated they have nothing to lose by being scammers.

When you sent them your money, it is spent by them within a week or less. Either on payroll, or personal entertainment. What you get for your money is essentially a "video game" with imaginary money on your computer screen. Everything works fine until you try to convert the "fake money" on your computer screen "back" into "real" money.

So while it, "seems" that they wiped out your account with a "bad trade", I personally am convinced that the trade "never" happened. It was just a rigged "video game" and they did a "make believe" trade. I am convinced that the trade was "make believe" because there was "no" money in your account anyway, and they certainly weren't going to risk their own money on a trade for "your" account. I already voted on this, but I fear these people probably have no conscience, and therefore, will not respond to words, but only to some sort of "law enforcement" agency that has jurisdiction over them where they are located. :unhappy:

 

[boccos]

No one should stand over a client and force a trade. Neither should a client be hammered into submission. The Client has some culpability here for authorising the transaction, but the situation would not have occurred if the Broker simply accepted the closing of the account. This is professional misconduct. Broker should be placed on the Black List. Pressure should be placed to recover the money.

 

[Joh]

So sorry to hear about this Alaa-This is just terrible. I had no idea one could make a phonecall and then be at the mercy of ' a broker '- without any record at all. It sounds frighening to me -
I am a bit confused, you rang to close the account and then entered a
' final ' trade with them ?- after they has refused you your money? - This sounds more then suspicious to me - Thank you for warning us all and I hope anyone with this ' company ' gets their money out fast as they sound unscrupelous to me - All the best mate

 

[Don Quixote]

Ufx Scam

Thanks to Teodor Jackson we know there is a history of doing this at UFX. That gets an instant SCAM from me (in this industry, where there is smoke...). But you do need to get a record of the conversation if possible, this will at least clarify what you did and did not say, then you can check against actual movement for the day to see if they did anything untoward, but what I suspect happened is this;
1. They placed a maximum position as market maker (who knows whether they actually put a real trade in the market to match or not, I suspect not!!) with the equity you had, say for example a position large enough so you had minimal equity/margin cover (eg; 108%)
2. ANy movement against that position say even a few pips would wipe you out (hitting the 100%-105% margin cover requirement)
3. SInce they are market maker they could just make price appear to move anyway....(ever seen one of those price spikes on one platform and not another?)

Since they are unregistered Im not sure what you can do. For the sake of others though get a hold of the conversation if possible, this will at least prove that they you were bullied into it.
Next time deal with registered brokers in recognised jurisdictions, try to avoid market makers if you can, only place trades you have thought through, that fit your strategy and using a proven platform (ie; not phone), and finally if you want your money out, dont change your mind! ever.