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UFX Bank's fake reviews and forum posts

Discussion in 'Forex Articles' started by AsstModerator, Nov 24, 2009.

  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    UFX Bank's fake reviews and forum posts

    Review moderation isn't an exact science. Some fake reviews slip by. Some real reviews seem too suspicious and get deleted. Part of moderating reviews requires some detective work. I lead the FPA's Review Moderation Team and I am very proud of the work we do. Without moderation, the FPA's reviews would quickly turn into a contest about who could submit the most fake reviews the fastest.

    Even without fake reviews deliberately promoting or trashing a company, take a quick look at some of the stuff that people submit here....

    My Worst Forex Reviews Thread

    The FPA doesn't moderate reviews because it's fun. Reviews are moderated to keep the reviews and ratings from becoming useless. It's a job that generates a lot more complaints than thanks, but it needs to be done.


    Back in May 2009, I posted a warning on UFX Bank's review page about fake reviews being submitted. Cedrick Toledano of UFX Bank wrote in to express his concerns about this. He said...

    One of my moderators asked for information about the company so that all the other reviews for UFX could be rescreened. Cedric replied...

    My person explained to Cedric that no reviews had been left for his company from Panama. Many of the fake reviews were sent from Israel, including some from the offices of UFX Bank. Cedric replied...

    “Black hat” would mean using techniques that are unethical or worse, like posting fake reviews. My moderator replied...

    To which Cedric responded...

    This made even less sense. As far as I could tell, the main thing he was sorry about was getting caught. I finally stepped in and took over the situation and sent this to Cedric...

    That's right. I decided to be a nice guy and give him a break. For several months, it seemed like a good idea. Suspicious reviews for the company dropped to normal levels, with none from the company offices.

    Then on November 1st, there were multiple 5 star reviews from the company's Israeli office. When that came to my attention a few days later, I decided to check the forums. There was a forum posting that also came from their office left on October 25th. It was written to appear like it came from a happy customer. A few days later, another freshly created forum account posted another glowing customer testimonial. I traced the IP of that posting, and it came from UFX Bank's offices in the UK.

    Is it possible that both these people happened to be visiting the offices of UFX Bank and left reviews from there? Yes, but what are the odds of 2 people visiting 2 different offices both registering for forum membership and writing in the FPA's forums from inside those offices within a 2 week period. None of the forum postings or fake reviews mentioned any visits to company offices. People who visit their broker's offices almost always tell about visits. The excuse of “our happy customers decided to leave reviews or to post in the forums from inside our offices” just doesn't stand up to scrutiny in almost all cases.

    I try to be nice. I like to believe companies and individuals can learn from their mistakes. If the other reviews for UFX Bank aren't also fakes, they are very well thought of by most of their customers. If so, they shouldn't have to resort to these sorts of unethical tactics. Instead, they chose to ignore the warnings and tried to cheat in the reviews and inside these forums.

    I told Cedric that I hoped I wouldn't have to write an article about his brokerage. The actions taken by at least one UFX Bank employee leave me with no choice.

    This isn't quite enough to declare UFX Bank to be a scam. It is enough to warn all traders to use the highest possible level of caution dealing with this company. Don't trust any testimonials you see online that claim to be from their customers. They've already admitted to hiring one black hat company to improve their standing on the web. They continued make fake posts at the FPA after ended their relationship with that company. Personally, I wouldn't do business with a company that pulls stunts like this.

    Check these links if you want to see what UFXBank has been up to at the FPA...

    UFXBank discussion thread. The fake posts are on page 2.

    UFXBank.com Review Page. Some of the fake reviews have been stripped of their ratings and are on display.

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  2. nkg0319

    nkg0319 Private

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    Fake reviews

    I for one appreciate immensely for what you guys do, to monitor these reviews. Thanks so much!

    nkg0319
     
  3. Mabe

    Mabe Recruit

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    Thank you for your excellent due diligence. I agree with you, why trade with a broker who is blatantly dishonest with you. I have never had an account with UFX but I have looked at them before. Will cross them off my list now. For the past 4 years I have had accounts with at least a dozen different brokers and have had many bad experiences. If I had known about FPA, those bad experiences would be minimal. Thanks for your help! ! ! !
     
  4. Pharaoh

    Pharaoh Colonel

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    I wonder what sorts of self-contradictory explanations they are working on for this? The first one (blackhat company with no contact info given significant access to company servers) is insane.

    If they are stupid enough not to realize that an SEO company with no website isn't legit, I don't want to do business with them.

    If they are stupid enough to give any company that level of access to company servers without thoroughly checking out the company first, I don't want to do business with them.

    If they lied about there ever being a blackhat SEO company, then they are too unethical for me to want to do business with them.

    They definitely seem both colossally stupid and deeply unethical to try to leave fake postings at the FPA after being warned. As far as I'm concerned, any company that stupid and unethical is not a place where any trader should ever put money.


    Thank you AsstMod and Review Moderation Team for helping to expose these sorts of stupid broker tricks. Maybe there are some brokers out there who can learn to behave better when they see that this sort of thing won't be overlooked.
     
  5. skybiz007

    skybiz007 Recruit

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    fake reviews

    My hat is off to you, way to go. We need more white hats, not black hats. Keep up the good work. We do appreciate what you do and we should say so more often.... Big Thank You......Richard
     
  6. Dollar-Reaper

    Dollar-Reaper Private, 1st Class

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    Great work

    Fantastic work guys, I am amazed at the variety and complexity of the good work you do in an industry, which lends itself to people who misrepresent and scam other people.
     
  7. Ricex

    Ricex Sergeant

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    Excellent work sir, your judgement in this affair was clear, focused and very professional.

    Where on earth do some of these brokers get their ideas from?

    Thank you for your vigilance.
     
  8. Zorro's Mask

    Zorro's Mask Recruit

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    Great Work

    Great work guys...I hope that the other brokers sit up and pay attention. I am recommending this site to all of my trading friends.:D
     
  9. fama

    fama Recruit

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    Excellent work

    Thank you sir and the team for continuing effort to keep FPA a clean and balance site. This is our resource to to have proper information, I highly appreciate what you do for us. Thanks again.
     
  10. Ken Long

    Ken Long Sergeant

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    Dam, I dont envy you your job, but it is kind of amusing. And you do it so well.
    I will always try to keep my comments and reviews acurate, and not step on too many toes.
     

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