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Scammed by UFX Markets

Discussion in 'Scam Alerts' started by mkhumz, Sep 10, 2012.

  1. mkhumz

    mkhumz Recruit

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    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.
     
  2. RP1

    RP1 Corporal

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    This:

    Shows that your account manager has not got a clue . when you place a trade your stop loss should be in 99.9% of cases set in stone.
    If you move it then it shows that the trade was opened without a proper plan in place.

    All these broker "account managers" are little more than salesmen. The "predictions" he is making is him and his company taking advantage peoples naievety of the markets.
     
  3. Pharaoh

    Pharaoh Colonel

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    So he not only recommended bad trades, but asked you to take out a loan?

    Ignore any further advice from UFX. Make your own determination about closing any remaining trades and don't open any new ones.

    Here's a simple rule - NEVER trade the financial markets with borrowed money. Anyone who suggests that you borrow money to fund a trading account is either very ignorant or a scammer.

    Here's what you need to do.

    1. Sit down and write up an exact chronology of what happened. Get image files of any money transfers, your UFX account statements, and any other supporting documentation available to you.

    2. Go here:

    Cyprus Securities and Exchange Commission

    And file a formal complaint with Cysec. The more people who inform them of this sort of thing, the more likely they will be to take action against UFX. Not filing is the same as saying that what UFX did to you is OK and that you don't mind if they do it to others.

    3. Talk to your bank and local police. Ask them what's involved in filing a complaint for online financial fraud. If the first person you ask doesn't have an answer, work your way up the food chain. You can also try your national police agency.

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

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

    5. Once you've completed 1-4, file an FPA Traders Court case against UFX.
     
  4. FXCobra

    FXCobra Banned for uncivilized conduct

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    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???:confused:

    "My account manager told me to do this and like a baby doll, did whatever he recommended!!!!":mad:

    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!!:mad:
    And for the plus, you took a loan too just because he suggested that:confused:

    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:mad:

    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:mad:(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.
     
    #4 FXCobra, Sep 11, 2012
    Last edited: Sep 11, 2012
  5. Pharaoh

    Pharaoh Colonel

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    Legally, the chances of getting money back are low. Don't let that be an excuse to not file complaints.

    I'm not sure exactly which of the unethical activities UFX "account managers" seem to routinely engage in fall directly afoul of Cysec regs, but I'll bet at least some of them do. The only possible way to deal with this is to let Cysec have all the facts.

    Don't forget that FPA Traders Court complaint. UFX already has a couple of guilty verdicts. One more and it's likely to become a full scale scam finding. Your case could be the one that does it.
     
  6. FXCobra

    FXCobra Banned for uncivilized conduct

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    Yeah, Hope must always be found to continue in such cases even if some legal parts may not be solid. But you never know what Cysec decision and action would be!
    In the mean time, read the broker agreement with you to check for any sentences that names the account manager responsibility or coordination in losses.
    And try to collect as much evidences as you can to send a complete complaint file to the Cysec and for further investigation in this case.
     
  7. Pharaoh

    Pharaoh Colonel

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    Please let everyone know once you've filed the complaint with Cysec.
     
  8. joby

    joby Private

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    I have got the different experience with UFX markets, when I made lots of profit my account manager called "Steven" played in my account cause me a great loss. I phoned them to stop trading but he didn't listened. i tried to withdraw my money from my account they were not answering my phone and emails. then I approach my bank then 4 months later i received some of the money still rest of the amount is with them. Don't trust UFX markets, please tell to your friends don't do business with UFX. if some one submitting any complaint please let me know how to do it or i can join with you.
     
  9. Pharaoh

    Pharaoh Colonel

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  10. ismail eldighedy

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    another sad story!!!! about UFX markets
    i opened an account with **** company at May 2012 with total funding about 5000 $ and after many bad recommendations from the account manger-which all about losing and funding again - i decide to trade by my mind and thanks to GOD i made profits and i tried to withdraw but the manger of account disappeared after he hearing the word of withdrawal!!!!!!! . now all i want from this company return my money back.
     

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