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

naidu

Private
Messages
18
I would like to join those of you taking legal action against UFX.com.

UFX is a scam

I must add my experience.

I lost 6000 $.

Therefore, none the wiser, I had to write this.

They talk very well. Make you really confident.

But please for your own sanity, do NOT believe them.

This is their strategy:

1) Force you to add funds promising very high returns. Glib talk and own human greed is what everyone falls for.

2) Your manager will suggest loss making deals. They will not allow you to close those deals even when it is going very low, knowing very well, it will cause further loss. They keep convincing you it will result in profit. Actually, they get a neat cut by keeping your deals running for a long time. Your loss is their gain.

Never do deals with a setting Amount above 300,000 points even if you are a platinum member. Because your money drops or gains very quickly. When you go slow, you get lesser returns, but it is safer to close early when it starts making loss. I

3) When equity goes low, you get an equity alert. Most people wud deposit money to save their account. This is the catch. Do not go to that point. First remove your initial investment as soon as you make about 5 thousand more with smaller deals over which you have control.. Then keep your gold account to continue trading. Keep removing money as and when possible.

4) They make it very difficult to get your money back. Please be very careful.

Some tips:

-> Ensure your account manager is not a shark who keeps hammering you to deposit more money. That is the starting sign of trouble.

-> When they ask you keep holding your deals, use your own sensibilities and decide. You must decide when you want to close.

-> Remove your initial investment the first thing as soon as you make about 50% more. You can always trade with a smaller account; although the cardinal rule that big money makes big money applies. Always better to take it slow.

-> If they prevent you from withdrawing your money, just make sure you talk back well. Before that, and before you start trading, make sure all your documentation is in order. They can delay or never pay you over it.

Good luck.
 

Pharaoh

Colonel
Messages
19,690
From what I can tell, all the "account managers" at UFX appear to be paid a percentage of the net deposits they can acquire. I can think of no other rational explanation for so many reports over the years of high pressure tactics for force deposits as well as the Kiss of Death trades that are used to wipe out so many accounts before withdrawals can take place.

The SAFEST approach to UFX is very simple. Never deposit 1 cent there under any circumstances.
 

Wizard22

Recruit
Messages
5
After signing up for a demo account with UFX the phone calls started, then the pressure went on about a deposit. It appears that they like to get this processed while you are on the phone. I did make a deposit ( thats before I came to this site) the magic figure seems to be about 1000 dollars. After this I never heard from this guy again he informed me his job was done (warning flag was being created) Another phone call about getting the documents across to them, later that day a call from my trading advisor about taking trades. He was pushing the Gold/Sliver trades I informed him as a general rule I don't trade these only stocks and certain forex. Wanted to know if I was looking to get rich quick and i informed him I am a steady trader who takes carefull trades. My advisor got me to place a trade ( it was my choice) It was a sucess and I was returned a small profit, a number of other trade were taken under my own steam and these were a sucess. Thats when I found out about this site and one thing lead to another. My advisor started sending me emails about Gold and how it was oversold and a big rally was just around the corner , I ignored these then without warning my advisor was changed for whatever reason, a few phone calls started about Gold again but I refused to place any trades and at that point after reading the reviews here I decided time to call it a day.
A request for funds was made and an email received and a further 3 odd days later another mail was received to confirm the transfer. Total loss to me was about 35 dollars bank exchange fees. I must admit I dont seem to have had the same issues that some on here have had. Was I lucky or smart you can decide but I really don't think I could go near them again after reading the reviews here. Or is it a case that they are trying to put there house in order, as the saying goes watch this space.
 

Pharaoh

Colonel
Messages
19,690
Since you "only" had 1k in with them and appear to have avoided the bonus traps, you may have gotten lucky with an "account manager" who decided to let you go peacefully instead of retaining your funds.
 

SOHAIL REHMAN

Recruit
Messages
5
Austrader2012,
Please provide the names of the lawyers who refused your case; and,
alert them directly that your are announcing their refusals here.
Invite them to explain their failure to take interest, here.
.
Please provide your case number with CySec the case name and basic details, so we can petition CySec to address your case, on your behalf.
.
AI
.

DEAR SIR

HOW CAN I MAKE CASE AGAINST UFX COULD YOU PLS TELL ME THE PROCEDURE
I HAVE BEEN SCAMMED BY UFX
AND POST HERE

THANKS
SOHAIL
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,480
DEAR SIR

HOW CAN I MAKE CASE AGAINST UFX COULD YOU PLS TELL ME THE PROCEDURE
I HAVE BEEN SCAMMED BY UFX
AND POST HERE

THANKS
SOHAIL
UFX is already considered to be a scam by the FPA. Because of this, it is not eligible for additional Traders Court cases.

What you can do is...

1. Leave a 1 star review to help warn other traders.

2. Open your own thread in Scam Alerts. Include details of what happened.
 

SOHAIL REHMAN

Recruit
Messages
5
HOW UFX BECAME TOP 10 FOREX BROKERS IN UK WHILE ITS A BIG SCAM COMPANY PLS MAKE THEM BLACK LIST

top10forex.net/best-uk-forex-trading-platforms
 
Last edited by a moderator:

AsstModerator

FPA Forums and Reviews Admin
Messages
5,480
Most "best brokers" lists are really nothing more than lists of which brokers pay that site the biggest affiliate commissions. Chances are that the owners of most sites like this never traded and make all their money on affiliate payments or from showing the broker's banners.

At the FPA, review moderator access blocks the ads. My people don't even know which brokers have ad contracts or other relationships with the FPA. This lets them operate with no worries about whether a complaint will cause a problem or not.

Your best bet is to ignore all those little "we've got the best brokers for you" sites when researching brokers.
 
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