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It's Time to Call the UFX Kiss of Death a Scam

Discussion in 'Scam Alerts' started by Scam Investigations Committee, Nov 2, 2012.

  1. Scam Investigations Committee

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    It's Time to Call the UFX Kiss of Death a Scam

    There are a lot of stupid broker tricks out there. A lot of bad brokers do things like rig the slippage against you or requote you unnecessarily to make you take a worse price. There is only one broker we know of that has earned a special nickname for its own unique trick against clients.

    UFX Markets created something that's been nicknamed the UFX Kiss of Death. UFX assigns clients an account manager. There are many reports of these account managers using high pressure tactics to get a client to make “one last trade” before withdrawing money. Many FPA members have complained that the final trade is much too large for the account size. If price moves against the client's position, the account gets deeply damaged or even wiped out.

    UFX also has a colorful history in the FPA's forums and reviews. In 2009, they earned a warning on their review page their for posting fake reviews for themselves from their offices in Israel. Later, an employee claimed that UFX had hired a blackhat SEO company which left the reviews from on of UFX's servers in Israel. Another UFX employee denied that anyone had access to any UFX servers or client data. There never was a clear explanation of how a blackhat company used company servers to post reviews without having access to company servers.

    Other complaints in the FPA's forums and reviews against UFX include failure to process withdrawals, opening unauthorized trades, making unauthorized charges against client credit cards, and high pressure tactics to get clients to deposit more and more money. Some clients have told of UFX account managers suggesting that clients should borrow money to add funds to their trading accounts.

    The complaints keep piling up and the number of traders who later report issues to be resolved is far too small. The FPA works hard to not give Scam Findings to companies. Under the circumstances, the FPA has no choice but to declare that UFXMarkets to be a scam.

    The FPA recommends against placing money with UFX. If you have an account there, we recommend you try to withdraw your funds as quickly as possible. If you encounter problems withdrawing your funds, we recommend that you leave a 1 star review, open a new thread in the Scam Alerts folder, and also notify the authorities.

    We are pleased to hear that the FPA's friends at 4Xangels.com recently managed to help one FPA member resolve an issue with UFX Markets. This gives us some hope that UFX may decide to change its practices in the future and have this scam finding lifted.

    Because we know he'll complain if we don't give him credit, we wish to acknowledge FPA member Pharaoh. He was the first to use Kiss of Death as a description for those final trades UFX account managers reportedly recommend to clients.


    FPA Scam Finding against UFXMarkets.com

    FPA Traders Court Case 1

    FPA Traders Court Case 2

    FPA Traders Court Case 3

    Review Page for UFXMarkets.com/UFXBank.com
     
    Eoin O'Suilleabhain and RahmanSL like this.
  2. Antononini

    Antononini Recruit

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    I appear to have been scammed by UFX Markets. I am totally new to Forex, so it seemed a good way of learning, by having an account manager to show me what to do. I attempted to close my account last week,after making a small loss but was persuaded to try one more time with a new account manager who I was assured wouldn't be as "pushy". I made a few gains and was persuaded to add another $1000 to my account "to add a bit of stability. Again I made a few gains, but my manager opened several disastrous positions on Friday. The first was buying Gold which made a huge loss about an hour later losing me $228. The second was GBP/AUD which also dropped steeply soon afterwards, losing me another $175. The third was EUR/USD which also dropped about the same time losing me $240. Was there a reason for these sudden drops and should my account manager have known about it?
     
  3. mrgummo

    mrgummo Corporal

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    Praises to FPA!!! Keep on shining your light, making the vermin run and hide (hopefully to die of "mal-nutrition"). Or maybe a parasitic reference would be more appropriate.


    Oh yeah, um...All Hail Great Pharaoh! Seriously though, much appreciation to Pharaoh for all you've contributed to our community!!!! MUCH respect, Sir!
     
  4. FreddyFX

    FreddyFX Sergeant

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    YES Pharaoh !!!

    Good to have you on the team.

    Get those damned crooks, they make this nice business look worse than the drug cartels.
     
  5. AB2279

    AB2279 Recruit

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    I am fortunate to discover the FPA site before I wasted any more $ with UFX.

    It is amazing how my own experiences follow almost the same pattern as other members.

    As far as withdrawing funds is concerned, they are now promoting a new Mastercard debit card on their home page which they claim allows easy ATM withdrawals and online purchases funded from your UFX account. If this is true, it would mean easier withdrawals without your account manager being involved. I have applied for one, but I seriously doubt I will recover a single dollar from UFX.
     
  6. saintela

    saintela Recruit

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    The kiss of death is a well known UFXmarkets trick used to trap and rip traders off their hard earned money. I honestly do not comprehend why anyone would choose to trade with this broker given all the negative publicity the company has received over the past couple of years or so. I myself was so dumb to trade with this broker and was rewarded with a $10.000 kiss of death on a dubious gold trade recommended by my "trusted" Account Manager even when technical analysis indicated that the trade should never have been made
     
  7. QASSIM KERAIB

    QASSIM KERAIB Private

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    Hi all
    please be careful guys dont make the mistakes twice \

    regards
    one of the victems
     
  8. Mevo

    Mevo Private, 1st Class

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    .
    Reason for moves in the markets are ... the markets ! On friday, there was a statistic about US employment released called "NFP" which stands for Non Farm Payrolls. This report how many jobs have been created in the US economy, and the figures of last friday were pretty good causing US Dollar to rally. Commodities such as oil or metals (Gold and Silver) and Euro dropped against the US Dollar.
    .
    Nobody can predict what is going to happen for sure. Sometimes US Dollar drops too despite good figures. But by knowing this statistic, and following what was seeming to happen, a good trader would probably have went long the US Dollar on friday. So maybe (you can't be sure about this) your manager had this sensation, and made you go in the other direction, so that you loose money.
    .
    You next question may be: Why ? Because if UFX doesn't hedge your trades on any other market (what we call a bucket shop) but keep everything "in house" (a little bit like a casino), your losses are their wins, and the opposite: your wins are their losses. Assuming all you read on UFX, this is probably the case, so do you assume they want to make you win or loose ? Why push you to do "a last trade" when wanting to withdraw ? Traders of such "brokers" have to loose for the broker's "business" ;(
     
  9. Mevo

    Mevo Private, 1st Class

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    This kind of cards are usually provided by an external provider. Payoneer is one of the most famous and used one. To have the funds available on the card, a wire transfer has to be done on an account related to the card. It's a "prepaid" card.
    .
    So the funds on your broker account are not DIRECTLY linked to the card, and a transfer still HAS TO BE DONE for you to be able to access your fund. Withdrawal will NOT be easier AT ALL, and this will NOT help you bypass your account manager and/or UFX. Sorry ...
     
  10. Joh

    Joh Sergeant Major

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    Thank Goodness FPA has exposed these sickening parasitic scoundrels and thank you FPA for helping and supporting us.
    What is the matter with these unethical UFX Markets people that they keep on fleecing young traders again and again -
    they make me sick to my stomach.

    My heart goes out to Antononini so sorry man you got sucked in by these thieving mongrels -if i was you and be smart and
    try to get your money out as soon as i can and then check carefully FPA brokers list before i would put it with the next one.

    Antononini i wish you the very best and thanks again FPA for exposing them, GREAT JOB- 50000+ members will now read this.
     

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