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

[Pharaoh]

Cysec is very likely similar to the NFA - data goes in easily, but responses can take a very very long time.

 

[Pharaoh]

If Cysec operates anything like the NFA or CFTC, a reply may take a very long time. The best option is to keep researching and providing Cysec with more data.

 

[pierreb]

I lost 6000$ with UFX. Now my account is only showing 3.67$ and I can`t even get it back. Idealy I want to get my 6000 back as I was scammed to invest and trade on bad "manager" advices. Every time I was told they would monitor my account and tell me when and where to trade I lost the most. One morning I did 1500$ on the my manager advise and within 30 minutes I lost it all. Then he got me to trade without SL and again I lost. Finally I tried to withdraw what was left 1300$ or so and I was told I needed to trade to a volume of 3,000,000 due to the 300$ bonus I had received. After trying furiously a few trades on my own I got to the 3.67$ level. One morning I got a call from the manager asking me to invest again so "together" we recuperate my loses. That was the end of it I told him that I will not reinvest with UFX. One more thing, in many cases my lost happenned because I was not able to stop my trade; either the quote was not available or there system was not responding. The result was simple when the system was back up my SL was actionned and although the rate was over my TP at one point I never was given it.

Now I am trading virtual with FXCM and guess what? I am sucessful!

 

[BigT1]

Nobody can oblige any lawyer to accept to work on any case. That doesn't condemn the lawyer in anything . . .

It appears you misunderstand. No one is suggesting that by posting those lawyers contacted that we are obliging them to do anything; nor does it imply anything regarding their motivations or actions. It is simply a means of making public those entities and the decisions taken.
By drawing them into the discussion, this forum should be improved over the typical (and often ill informed and incorrect) personal opinions that seem to dominate.
I suggest all those seeking assistance here have the actions they are responsible for, plus their interactions with licensed professionals exposed for all to learn from.
I personally would appreciate such licensed legal entities add to this discourse.
.
After pierreb's latest post today (#23) it is fairly clear to me that this would be a weak case, even if filed against a corrupt broker. The trader made every mistake in the book, and the burden of proof would a difficult hill to climb.
.
AI

 

[pierreb]

Proofs are not always welcomed

Any case is considered weak when it is missing all the material proofs. Laws are made in such a way that they leave room for interpretation used agains and/or for the benefits of those able to manipulate. Many class actions were initiated and won over much less. The purpose of my previous statement was to corroborate the other comments and make novice traders aware of the danger of taking the advices from those "brokers".

Furthermore, I shall remind any member of this forum that it is a free forum where those who are criticized are able to manipulate the opinions by being members and posting any type of story.

 

[joby]

I had the similar experience with UFX markets, they ripped me off and now i am struggling to live for. They are pure scam no doubt at all. I just want to know where I can complain to get my money back. PleASE SOMEONE HELP. my email id: jobymp2000@yahoo.co.uk

 

[AB2279]

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 ...

There goes any illusion I had of salvaging something from the UFX Markets scammers.

 

[Pharaoh]

Brilliant! The same account managers who hand out the kiss of death also have to approve those "easy" credit card withdrawals.

Every broker should allow clients to be able to withdraw freely. The reasons for a withdrawal should never be subject to the opinion of any brokerage employee.

 

[ada1976]

WARNING
The Cyprus Securities and Exchange Commission (‘the Commission’) wishes to inform
the investors that the company UFX Bank www.ufx.com
1. Is not permitted to provide investment and ancillary services in the Republic, pursuant
to Investment Services and Activities and Regulated Markets Law, as:
i. It has never been authorized by the Commission.
ii.
t is not a bank or a cooperative firm, established in the Republic and authorised
to provide such services.
iii. No notification has been received by a competent authority of another Member
State, pursuant to sections 77 and 80 of the above mentioned Law.
2. Is not regulated by the Commission.
The Commission urges investors, before conducting business with Investment Firms, to
consult its Web Site (Cyprus Securities and Exchange Commission) to confirm the entities
that are authorised to provide investment services in the Republic.

WARNING
The Cyprus Securities and Exchange Commission (‘the Commission’) wishes to inform
the investors that the company UFX Bank www.ufx.com
1. Is not permitted to provide investment and ancillary services in the Republic, pursuant
to Investment Services and Activities and Regulated Markets Law, as:
i. It has never been authorized by the Commission.
ii.
t is not a bank or a cooperative firm, established in the Republic and authorised
to provide such services.
iii. No notification has been received by a competent authority of another Member
State, pursuant to sections 77 and 80 of the above mentioned Law.
2. Is not regulated by the Commission.
The Commission urges investors, before conducting business with Investment Firms, to
consult its Web Site (Cyprus Securities and Exchange Commission) to confirm the entities
that are authorised to provide investment services in the Republic.
Nicosia, 19 April 2010

 

[FXCobra]

It appears you misunderstand. No one is suggesting that by posting those lawyers contacted that we are obliging them to do anything; nor does it imply anything regarding their motivations or actions. It is simply a means of making public those entities and the decisions taken.
By drawing them into the discussion, this forum should be improved over the typical (and often ill informed and incorrect) personal opinions that seem to dominate.
I suggest all those seeking assistance here have the actions they are responsible for, plus their interactions with licensed professionals exposed for all to learn from.
I personally would appreciate such licensed legal entities add to this discourse.
.
After pierreb's latest post today (#23) it is fairly clear to me that this would be a weak case, even if filed against a corrupt broker. The trader made every mistake in the book, and the burden of proof would a difficult hill to climb.
.
AI

Posting the names of lawyers who weren't interested in or refused to handle the client case have no real reason or goal whatsoever, other than distorting their names & as if naming them guilty if in a direct way or another.

Why should we put lawyers names in spotlight as guilty or somehow!! if they had not hurt the client but just refused the case for reasons we don't know!!!

The client who said all Greek lawyers contacted refused to hold his case must clarify what are the reasons the lawyers gave???
Ofcourse, it wasn't a call from the client, said I have a case you must handle and the lawyer refused and closed the phone
It surely had not happen in such ridiculous way

We want to be realistic that those lawyers even if named in FPA, will rarely care to post here any opinion, they have their jobs as priority than forums arguments when there;s no reason for it.

We do not want to act like Press People who in order to create a story & drag some 'idols' to reply would add oil to a little flame(if even one exists!!)

'pierreb' case is among many others that passed through FPA forums and had advice others to beware of brokers & its managers who: ask for more deposits, suggest trades with no Stop Losses, add to loss trades, ask to increase lots suddenly.

When I had advice others in other threads not to follow any manager trading suggestion and learn to manage and trade their accounts themselves by learning trading before opening a live account, some members came out to offend me, but again again again a new case(pierre) with similar story seen repeated again.

We all know that UFX is a Big Scam Broker. Further cases would not add to the Guilty verdicts that are max. 3 for FPA Rule.
Scam finding will hopefully help traders to stay far of UFX Scam and waiting for some authorities to act quickly against it!!

'Pierre' had learnt from his own pocket as he said succeeding with FXCM, others must read my advice above and learn trading before depositing money, nobody will help you other yourself first