I opened an account with UFX Markets on July 26, 2012. I deposited $1000, was given a bonus $300. After being persistently urged by the account manager, Mr Alex Cooper, to deposit more funds, I deposited another $300. The account grew to about $6000. The problem began when I started to make my first withdrawal. Immediately after making a withdrawal of $700, the account manager recommended a trade. Upon recognizing that this trade was losing, he said I should increase the Stop-Loss and the market will turn in my favour. I executed his recommendation. He then disappeared, went on holiday without informing me, and then the account went down to $2600. Upon his return, he recommended more and more losing trades until the account was completely wiped out. He then urged me to take a loan and deposit at least $1000. He promised that the amount will be doubled very quickly and I will be able to pay back the loan very soon. I, unfortunately, acted on his recommendation. He then recommended that I should execute a SELL trade on the EUR/USD. When I saw that the EURO was rising, I asked him if I should close the trade and take the losses. He said I should hold on to the trade as the EURO will DEFINITELY FALL after the NonFarm Payroll Announcement. This was against every market prediction that I subsequently read.
I believe Mr Cooper has deliberately set out to compromise my account, and I have been scammed.
I would strongly recommend against dealing with UFX Markets. I have remained with loans that I cannot repay.
Your case is definitively right and a Full Scam Manager but unfortunately to tell you, it's a high percentage loosing case, it might be a bit offensive but it's a Fact that:
"THE LAW DO NOT DEFEND A MORONIC"
If you're in front of a judge or even making a complaint to Cysec, what will you tell them???
"My account manager told me to do this and like a baby doll, did whatever he recommended!!!!"
You did many bad things like first listening to him for adding money to your account(that was enough to withdraw your money at that instant time when a broker or its account manager oblige you or insist on something), doing whatever he said of holding on loosing trades and increasing stop losses!!! Wait that long for $6000 to become $2600!!
And for the plus, you took a loan too just because he suggested that
Those Scam account managers do those crook things step by step to test your experience with brokers and see if you cold be cheated, they continue if they see the task easy
If you do not know how to trade the market, why do you deposit money!!!? Trade on demo as much as you want!
Do you really believe that an account manager knows how to trade better than you do or will even give you the time for that with a small account like yours??
Most barely learnt the basics of forex dictionary words meanings to reply to you and many of them especially the ones the broker put for small accounts are fresh graduates or intruders to this business
(learnt its basics in few weeks or months time).
Account managers might only be helpful when you have any technical problem with account or order and many will not recall you unless you have a VIP Account, only in this case you'll see them call you every other day if not daily to be sure of your satisfaction.
Unless you get bored of their calls, don't answer or tell them it straight, 'will call you or request a call when I want something' and that's only for VIP Accounts, TRUST ME.
Anyone of us might become a victim of a company or broker when dealing with and being in this business because it's a 2 party agreement and being through the net make it more difficult and it doesn't have to do with if the client is smart in dealing or not, the broker can cheat in both cases, but a case differs from the other by its powerful evidences in hand of the client without you being the weaker link.
From the bottom of my heart, I wish you can hold anything against ufx scam broker and return something of your losses but it's not an easy case and you must read the agreement of broker that mentions the account manager interference and responsibility for suggestions given to clients.
File a complaint to Cysec, open a traders court case at FPA and see what happens.