Resolved | UFX Markets -Fund Withdrawal Problem

[BigT1]

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. . .

M.K. Shaheen,
Likely your post here and acquired knowledge of the correct regulatory procedure, has been enough to get you a resolution without further ado.
Please keep us informed of your progress.
.
Best wishes,
AI.

PS: I now see your latest update. Please recognize that as a trader you too have a responsisibility to trade carefully and responsibly.
This firm appears to be acting responsibly in this case, and you must do so as well.

 

[Pharaoh]

I'm not sure if paying only after an argument would be considered "acting responsibly".

Also, yes, traders should take responsibility for their own trades, but a firm with a long history of recommending suicidally large trades on small accounts should also be held accountable.

UFX is highly unlikely to even admit, much less publicly discuss their Kiss of Death trading recommendations. I think any client who has had this happen needs to have a chat with Cysec as quickly as possible.

 

[BigT1]

I'm not sure if paying only after an argument would be considered "acting responsibly". . .

Well, instead of "responsibly", perhaps I should have said "correctly"; meaning in accordance with with their regulatory obligations.
In this viscious arena of forex theives, it seemed to me despite their predatory marketing tactics, they just might be trying to preserve their dubious business for the medium term at least, instead of the typical rape and plunder offered by the many vanishing phantoms I have witnessed to date.
Neither, was I fully aware of the numerous complaints against them, until now.

Here is a copy of a post I recently made to another thread from the same disgruntled UFX Markets client:
https://www.forexpeacearmy.com/fore...kets-fund-withdrawal-problem-2.html#post98805
AI

 

[m.k.shaheen]

Well, instead of "responsibly" perhaps I should have said "correctly"; meaning in accordance with with their regulatory obligations.
In this viscious arena of forex theives, it seemed to me they might be trying to preserve their dubious business for the medium term at least, instead of the typical rape and plunder offered by the many vanishing phantoms I have witnessed to date.
Neither, was I fully aware of the numerous complaints against them.

Here is a copy of a post I recently made to another thread from the same disgruntled UFX Markets client:
https://www.forexpeacearmy.com/fore...kets-fund-withdrawal-problem-2.html#post98805
AI

Yes that what I mean, and Pharaoh is right considering UFX Markets history against its customers, but my intention is to respect at least if there is hope for this company to behave honestly, i know they have some activity like robs companies and maybe it will be worse in the future but also I feel that they try to maintain their regulation records, and maintain the image of the company they are operating under it “Reliantco Investment Ltd”, by the way I notice that their regulation information is not always available in their website I do not know if anybody else notes that but this is not good indication also.

 

[Pharaoh]

If UFX wants to improve their image, they need to immediately fire any account manager who:

1. places trades in a client's account without permission (and compensate the client if this trade leads to loss).

2. recommends trades that are excessively large for the size of the client's account.

3. interferes with client attempts to withdraw money from accounts.

Until this is done, I recommend that ALL clients who have experienced any of these issues immediately complaint to Cysec as well as here at the FPA.

I'm pretty sure this is the place to file complaints:

http://www.cysec.gov.cy/complaints_cifs_regulated_en.aspx

 

[Austrader2012]

Hello. I too feel like I have been manipulated by UFX. Every thing from incorrect use of my credit cards over the phone, pressure to continue trading even though you have emailed the account manager requesting help withdrawing funds. Being mislead by them when they ring you and leave you in a Kiss If Death Trade because they fail to ring you back like they promised, and they failed to add an adequate stop loss. I told them I wanted to close the account. They pressured me into taking a hedged trade which would be very safe and only ever risk $200. The result of the trade was I had to close it manually myself (after I had told them I had no internet access when they rang me to put the trade on) for a whopping $4500! Over 2 thirds of my account. I am pursuing this as far as I can as they did use my credit card over the phone whilst I was saying "No, no, no"! As far as I am aware there is recordings of all conversations with UFX over the phone. I have asked my bank to provide me a copy of my authorisation as I know there is none! UFX are crooks, fraudulent and should be shut down. I have noticed 1 or 2 other brokers who use the same photo on UFXmarkets and I am very dubious about these companies as well. Should also mention that there was a lot of advertising on the internet claiming UFX were covered by the NFA which was always false. Lastly when you want to withdraw your funds I think you click on the return funds to credit card was the easiest. You just had to remember to work off any bonus amounts as well, this was a big killer. WATCH OUT.

 

[Pharaoh]

If they charged something to your credit card over your objections, IMMEDIATELY call your credit card issuer and ask to speak to the fraud department.

Get online and save your credit card statement and any statements from UFX. You'll need those to file complaints with Cysec.

 

[uni2n1]

ufxmarkets

Dear
I had exactly the same problem no stop loss , high risk trades, more money withdrwal from the credit card, and i lost almost all of my money and the rest they refuse to pay back, please advice me to get my money back and how we could sue them ????

Thanks

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.

 

[Pharaoh]

Dear
I had exactly the same problem no stop loss , high risk trades, more money withdrwal from the credit card, and i lost almost all of my money and the rest they refuse to pay back, please advice me to get my money back and how we could sue them ????

Thanks

The same problem gets the same advice. I'll be a little more detailed this time.

1. Go online and get copies of your credit card statement as well as all documents regarding your UFX account. Get screenshots of any thing relevant from UFX's site. Make printouts. Also, email copies of any files to yourself at a web-based email service (gmail, yahoo, etc.) so that there is no chance of losing them to a hard drive crash.

2. If they took money from your credit card without permission, immediately call your issuing bank. Ask to speak to someone in the fraud department. When you get someone from that department on the line, carefully explain the situation. Tell them you are disputing those unauthorized charges and wish to initiate a charge back. Ask if the bank would also support you disputing the original charges, since those are tied into the same fraud as the later charges.

3. UFX is supposed to be Cysec regulated. Now is your chance to use all those files you saved. Go here and file a complaint:

Cyprus Securities and Exchange Commission

4. If you haven't already done so, leave a one star review here:

UFX Markets | UFX Bank | UFXMarkets.com reviews and ratings by Forex Peace Army

5. If you want to pursue this in the FPA Traders Court, open a new thread here in the Scam Alerts Folder:

Scam Alerts Folder

Make sure to include UFX in the thread title.

6. After doing all of the above, go here and file an FPA Traders Court Case:

Forex Scam Resolution and Trader's Money Recovery

 

[Austrader2012]

Maybe we could start a class action. I am looking for a good Lawyer firm in Cyprus.