Resolved | UFX Markets -Fund Withdrawal Problem


Hello friends,
My Name is Mohammed Shaheen and I will try to explain my problem with UFX Markets so I hope that everybody be careful and learn how they trying to make their customer lose their money.

How I started with UFX Markets?

First I opened a demo account with UFX Markets and some other brokers without real search about if those brokers are regulated or my money will be safe with them, this is my big mistake I just think it will be only a demo and I will do that later. Just to test their platforms and trade execution.
I started receiving calls from them but I have to say UFX Markets sales people are the best to let you buy anything they want.

My Lucky Days:-

I start with them on June, 25, 2012, I open a standard account with S 1,000 I was thinking it is just a small capital just to test in a real trading conditions,
Then in the second day my first account manager Mahmoud Naser he call me and ask me if I can increase my capital so I can make a lot more gains,
My answer in the beginning was no, I just started and still trying the company.
Later in the same day he call me again and he gave me a trade recommendation to open a standard lot 100.000 AUDUSD contract on my 1000 account balance, and the deal closed with profit of $100.
Immediately after the deal was closed he call me and tell me you see how much profit you can make but you have only $1000 and if you increase your capital, your profit will be better than your career job.
I agree and next day I deposit another $4000, now my capital is $5100 and I am eager to make profits.
Mr. Mahmoud keeps calling me and gives me trade recommendations with high contract size like 300oz of gold and 500.000 for currencies and when my account went deep in open position loss he call me again and ask me to deposit more money to protect my capital and he gave a recommended amount that near my credit card remaining balance I think the finance their can check what balance remaining on their customers credit cards.
Anyway I think I was too lucky those days that my account reached $9,700 on July, 16,2012. The final deal then was a 50.000 oz of silver that supposed to close my account on no time, but the luck is luck, and I was still lucky.

Start of the Problems

The reason for that big contract on silver Mr. Mahmoud my first account manager recommended to me because 1- he know for sure that I will not deposit more money and 2- because I ask him for a withdrawal from my account.
After that deal I stop trading on my account and ask Mr. Mahmoud several time by emails and phone that I request a $2.500 withdrawal from my account ,… and that’s it… no response.
By that time I read traders reviews about UFX Markets on ForexPeaceArmy forums and I immediately contact UFX Markets through their contact us form and described my situation that I can’t withdraw my money and about the review I so on this site.
On the next day Mr. Aiman he call me from UFX Markets and told me that he is now my new account manager and we cannot accept that our customers unable to withdraw money from their accounts also he tell me that Mr. Mahmoud have too much absents and he is now (Mr. Aiman) is my new account manager and he process the withdrawal already.
And after one week I received my first withdrawal for $2500.

After that on July 31, 2012 I start trading again this time I refused to accept any trade recommendation from them including a 70.000 oz. silver contract, and Mr. Aiman only contact me to give a trade recommendation or to deposit more money, but I learned the lesson and I hope everybody to take care of that if they are still dealing with them.
and my balance again reached $9.500 on august 14, 2012.

In Augost 13, 2012 I requested a withdrawal from my 2nd account manager Mr. Aiman and also as usual no response for several time trying to contact him by email and telephone calls, no response, when I call them they told me that they will tell him to contact me. But he did not call me back.

So I post my first review here in forexPeaceArmy scam alert on August 15, 2012
My post start from #10
and I sent the link to my account manager, next day Mr. Aiman he call me and tell me that he was absence and my withdrawal should be processed.
From that time up to today I did not receive any feedback from them even I tried to contact Mr. Aiman several times by email and phone also, the last time I tried to contact with them today by live chat and also I received the same answer.

Final Note:

My withdrawal status is “Approved –Money will be sent” sense August 19, 2012, and the withdrawal request they start processing it on August 16, 2012 the status was “Waiting KYC approval”

I hope everybody be careful to deal with brokers like this, if I still will have no response from them I will open a scam case and now sure I will request to take all my account balance.
Trading Platform.png
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KYC in this case is "know your client".

Anti-money laundering laws require that brokers make sure that money goes back to the same person it came from. Done right, this is a very good thing. Done wrong, it becomes an excuse for the broker to confiscate client funds.

Since one withdrawal was already approved and processed, there's very little rational reason for further checks on you unless you changed some of your account information.

Make certain to keep this thread up to date. If you haven't left a review, do it now. If they don't send your money by the beginning of next week, file a Traders Court case.

BTW - That first trade shows how little regard UFX has for clients. Trading 1 lot on a 1000 account is crazy. You made $100, which would be 10 pips. Had price gone the other way, you could have lost $100 - which is 10% of your account. Had you tried to hold the trade hoping for a reversal, you could have lost your entire account on your first trade.
Thanks Pharaoh
Sure I will file a traders court case if they did not send my money by next week. Also I am preparing to take legal actions against this company and I told them that by their live chat and email.
About their trade recommendation to me, my account manager calling me and gave me the trade recommendations with contract size and take profit, no stop loss.
Thanks Pharaoh
Sure I will file a traders court case if they did not send my money by next week. Also I am preparing to take legal actions against this company and I told them that by their live chat and email.
About their trade recommendation to me, my account manager calling me and gave me the trade recommendations with contract size and take profit, no stop loss.


Below is the transcript of a chat with UFX Markets I initiated on your behalf today:
You are now chatting with 'Trading Support6'
Trading Support6: Hello and welcome.
Trading Support6: How may i help you today ?
Anthony: Hello, I have been searching your site and connot find a link to information regarding how your firm is regulated?
Anthony: ??
Trading Support6: one moment
Trading Support6:
Forex Trading with UFXMarkets
Trading Support6: please open this link
Anthony: I have, and this is what I get:
Anthony: The content you are trying to view is currently unavailable
Trading Support6: copy the link and paste it on your browser
Anthony: when I do, it redirects me to:
Anthony: Forex Trading with UFXMarkets
Trading Support6: UFXMarkets is operated by ReliantCo Investments Limited, a Cyprus Investment Firm (CIF) that is regulated and licensed by the Cyprus Securities and Exchange Commission (CySEC). UFXMarkets operates under license number 127/10.
Trading Support6: UFXMarkets is licensed and regulated under the Markets in Financial Instruments Directive (MiFID), a European Union law implementing safe-practice standards for investment services within the European Economic Area (EEA). In order to comply with MiFID, UFXMarkets conforms to rigorous regulatory standards, assuring a safe and secure trading experience.
Trading Support6: As UFXMarkets is authorized to operate within the EEA, it is registered with the following regulatory bodies:
Anthony: Thanks
Trading Support6: Thank you for chatting. Good-bye.
Anthony: Need the next line: Which bodies?
Trading Support6: United Kingdom FSA - Read More
Trading Support6: Germany The Federal Financial Supervisory Authority (BaFin) - Read More
Trading Support6: France Banque de France - Read More
Trading Support6: Spain Comision Nacional del Mercado de Valores (CNMV) - Read More
Trading Support6: Poland Polish financial Supervision authority - Read More
Trading Support6: Italy Commissione Nazionale per le Societn e la Borsa - Read More
Trading Support6: Denmark Finanstilsynet - Read More
Trading Support6: Malta Malta Financial Services Authority (MFSA) - Read More
Trading Support6: Bulgaria Financial Supervision Commission (FSC) - Read More
Trading Support6: Lithuania The Lithuanian Securities Commission (LSC) - Read More
Trading Support6: Sweden The Swedish Financial Supervisory Authority - Read More
Trading Support6: Slovenia The Securities Market Agency - Read More
Trading Support6: Hungary Hungarian Financial Supervisory Authority (HFSA) - Read More
Trading Support6: Latvia The Financial and Capital Market Commission (FKTK) - Read More
Trading Support6: Belgium Financial Services and Markets Act (FSMA) - Read More
Trading Support6: Estonia Estonian Financial Supervision Authority - Read More
Trading Support6: Greece HCMC - Read More
Trading Support6: Luxembourg Commission de Surveillance du Secteur Financier (CSSF) - Read More
Trading Support6: Netherlands Authority For the Financial Markets (AFM) - Read More
Trading Support6: Portugal Portuguese Securities Commission (CMVM) - Read More
Trading Support6: Finland Finanssivalvonta,Financial Supervisory Authority (FIN-FSA) - Read More
Trading Support6: Norway Finanstilsynet -The Financial Supervisory Authority of Norway- Read More
Trading Support6: Romania CNVM - Read More
I can't stress enough forex traders know their firms' regulators, and understand that any legal action you may contemplate requires you go through the proper complaint procedures established within a regulated industry. Often just the threat to file with their regulator is sufficient to get the ball rolling.

Start with determining the governing regulator for your location, or go to the CySEC Authority for guidance in your country.
Anthony Ingrassia, CTA
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Thanks Anthony,
I was thinking so and i contacted 4xangels and i think they will help me to take the right steps proceeding to CySEC if things got worse.
4xangels definitely knows a lot about Cyprus regulations. In the meantime, I think this is the page you need:

Cyprus Securities and Exchange Commission

Even if you get all your money back, people need to let Cysec know that this company has a bad history of encouraging clients to take high risk trades.
My withdrawal status changed to “Money Sent”. I expect it to reach my account within one week from now. Also nobody contacted me from UFX Markets but I expect my fund will be sent now.
I think UFX Markets is well regulated and need to deal more seriously and honestly with its customers to build a trustworthy business.
Please let everyone know if the money arrives.

Go ahead and send all the info you have to Cysec. Recommending and then forcing high risk trades can't be considered a good thing by a regulator.
Hi Pharaoh and everybody,
Yes i received a USD 2500 that I requested from my balance yesterday, and I hope that anybody from UFX Markets can join this thread and explain about forcing customers to take high risk trades before i contact Cysec and FSA, even i am not interested to trade with them anymore and I will request to close my account and take all my money, but I believe if they trying to deal fairly and honestly with their customers that they deserve to have a chance to do so before taking the next step.
Pharaoh I am seeking your advice, I am just want UFX Markets to explain their opinion to everybody here before proceeding to Cysec and FSA.