GUILTY | Case# 2012-082 | alisaleh vs www.UFXMarkets.com

[Feisal Rahimtoola]

Apparently there are two issues.

First, Ali Saleh has felt cheated on UFX's promise to teach him. This perhaps is false claim/exaggerated promise on which UFX has not acted to date.

The second is no action on Ali's request for withdrawal of funds. UFX appears to be guilty on this issue.

 

[FreddyFX]

I am getting mixed feelings when I see the list of complaints.

Seems people STILL don't understand that the broker is NOT your friend, he is the enemy.

Sorry to say, if one is SOO stubborn to not even learn anything about trading before putting real money into this business, well ...................

but I agree, they are guilty.

 

[John Naluswa]

These people use our ignorance for their gains. When you are new to forex and they promise you those percentages plus teaching you how to trade, you think to yourself that you have hit two birds with one stone. Never do you realise that forex cannot be learnt in a few minutes and over the phone. Before you know it, you have blown away one account after the other.

My verdict; guility!!!!!!!!!!!!!!!!!!

 

[winegums]

do not follow the advice to buy everything possible and then refuse to pay.
bobc is correct though that the credit card company must resolve unauthorised
withdrawals against your credit card. You will need to lodge complaint against the credit card company
with the equivalent of a relevant ombudsman applicable to the national origin of the credit card.
( I am not qualified to give financial advice of any sort )

 

[winegums]

Freddyfx your post is the equivalent of blaming the victim and does not help this individual resolve their problem. If a company has acted in the way described here they need taking to task. To use this thread to attack the victim of a scam seems to be missing the purpose of the FPA case process.

 

[lazycat]

with 50000 plus readers of the FPA it never ceases to amaze me that so many still refuse to do reasearch until they are taken. nothing like closing the barn door after the horse is gone.

 

[mazzara]

I believe the complain about withdraw refusal is a capital offense that undermine the principle of credibility and god faith of the market.

Since UFXMarkets.com have not manifested any explanation until this point, not even to deny it, and that it is not the first time of similar complain, we can only assume and vote that it is guilty.

 

[safarin]

"5- they used to withdraw money from my credit cards without my permission
6- They opened some unsuccessful trades without my permission"

i was quite shock about this...
is this possible to happen?

mr. ali salleh, would you mind sharing any evidence like the credit card statement of the said transaction, no offense..
i'm blur because how come your bank can approve as such?

 

[Pharaoh]

UFX's history of this sort of thing keeps getting longer and longer.

I do wish that traders would do a little more research before opening accounts. On the other hand, bad brokers have plenty of money to pay for convincing websites to make traders feel safe depositing money.

We were all new traders once. We've all made mistakes. We need to educate victims, not condemn them.

Victims have an additional responsibility. They need to notify their banks, police, and regulators. They should also post warnings online. These actions will help protect others from falling into the same trap.

 

[dbrawner]

This case will get my guilty vote BUT... I have to post a comment for future readers...

1- They never send me the E-book I asked for to learn the Forex trade -- You are a new Forex trader?
2- The never try to teach me how trade -- Was this a condition of opening the account? Most brokers offer some (albeit generic) training on their website but you assume the risk when you open a live account and post funds to it.
3- They promised to give a bonus (30 to 50%) but they never did -- Was this "promise" in writing with the account forms you signed? Very often these "bonuses" come with many strings and restrictions.
4- they said they are there for 24 hours support but they were never been there when needed -- How was this verified before opening the account?
5- they used to withdraw money from my credit cards without my permission -- This appears to be the most egregious infraction of the list. Read your account documents VERY closely to be sure you didn't unwittingly give them permission in the "fine print"
6- They opened some unsuccessful trades without my permission -- Again, a serious infraction if this is as stated. Are you sure these were original opening position trades (not closing trades due to margin requirements)?
7- They held my money and did not let me deposit it back to my credit cards -- I assume you are referring here to your inability to withdrawal funds.
8- Try to contact them by phone, I was always directed to an extension where no one answer or to my account manager will call me back -- This is certainly a RED flag
9- My account manager never answered my mail when I needed his advise for important trade or when asking him to unlock my account to send money back to my cards -- ditto #8
10- Have sent 2 dispute cases to my HSBC bank in Middle East & MBNA bank in Canada -- supporting evidence but not directly relevant to judgement of UFXMarkets


New traders unfortunately are unaware of forums like FPA and therefore miss the most important lesson in starting to trade (Forex, Futures, Options, or Stocks)... that is to do your due diligence on ANY broker BEFORE sending money to an account. I did full due diligence on TD Ameritrade before funding my account and they are an internationally known brokerage. I would do the same for ANY institution that will potentially hold my money for whatever reason.

Caveat Emptor: Unfortunately and especially these days, fiduciary (money related) institutions are NOT in business to serve and protect YOUR interests. They exist to make money for their owners PERIOD! You must do your homework and seek out the dirty laundry BEFORE getting into bed with them.