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