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UFX.com aka UFXMarkets.com aka UFXBank.com

Discussion in 'Forex Brokers' started by Administrator, Jun 17, 2009.

  1. Administrator

    Administrator Just Administrator :-)

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  2. Nancy Cheah

    Nancy Cheah Sergeant

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    UFX Bank

    I was informed that this is a brand new thing and after visiting them at "www.ufxbank,com", I find it extremely shady.

    Nothing was stated that it's a legal and regulated entity.

    I'm just curious when the contact number started with "+44" too.

    Can anyone verify and affirm it's authenticity please?

    I'm afraid many newbies may fall into a scam if it's really one.
     
    #2 Nancy Cheah, Jul 22, 2009
    Last edited: Sep 5, 2011
  3. Cesil

    Cesil Private, 1st Class

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    What do you mean by 'brand new thing'? Looks like just another broker. The +44 is the UK international dialing code. The only sus thing I can see is that it doesnt state obviously (that I can find) who they're regulated by.
     
  4. Nancy Cheah

    Nancy Cheah Sergeant

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    Yes, that was exactly what I meant.

    It really looked fishy to me when the website seemed to be "so simple".

    What do you people think?
     
    #4 Nancy Cheah, Jul 23, 2009
    Last edited: Sep 5, 2011
  5. Cesil

    Cesil Private, 1st Class

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    Just ask them I guess, I think I saw a live web-chat thing mentioned somewhere from memory
     
  6. Stony

    Stony Sergeant

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    I would not waste any time in searching into a broker who does not clearly state his address and the regulatory body where he is registered on his website. So, forget ufxbank.com.:p
     
  7. Stony

    Stony Sergeant

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    Well, I did some research anyway .... their headquarters is in Nicosia, Cyprus and there is an address in London, too. The registration with NFA and FSA is "under way". Clients´accounts are backed bei Deutsche Bank, Germany. Sounds not too bad, but this infos are based on a chat with one of their sales representatives only. They are marketing quite vigorously, tried to talk me into opening a live account immediately by offering a 1000 $ bonus if I would sign up till today evening... so I´ll watch UBX for some time before taking any decision about going live with them.

    Regards, Stony
     
  8. Shifu the ONE NOW

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    Hi & Salamat De Tang Nancy;

    I am a canadian (Vancouver). Try out the FX Game (trading sim) in OANDA, The Currency Site: Foreign Exchange Services and Trading

    Start out by trading only 10,000 units ($1 a pip). Only trade the Eur/Usd.

    Then your "Will See & Know" your actual true trading skill performance level (trading methodology).

    Prove out "to your self" FIRST, your trading skill level & P/L (the bottom line) and "be consistent"... in this dynamic financial business.

    In my experience, you are not ready to trade with live money yet.

    I have been trading with Oanda for 3 years now and no problems.

    Go slow and go sure.

    Shifu the ONE NOW, M.fcs

    Ps: I am not a vendor.
     
  9. Nancy Cheah

    Nancy Cheah Sergeant

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    I've been trading with Saxo Bank (Singapore) for the past few calendar months already and profits have been consistent.

    I'm now also trading with Dukascopy SA (Suisse) but I can only know the result later because I just commenced.
     
    #9 Nancy Cheah, Jul 25, 2009
    Last edited: Sep 5, 2011
  10. haniam

    haniam Private

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    A perfect SCAM?

    They say having recently joined NFA
    Search Results

    But their practices are still as a SCAM company:

    1- They push you to open an account with the maximum amount they can persuade you to deposit (Bonuses, different degree of services depending on the amount you deposit...)

    2- Once you start with them they start pushing again on you to deposit more to get better services as SMS alerts [where they only mention winning trades and pass under silence losses], personal account manager [that they say serves thousands of traders when you are in trouble and you ask for his assistance, else he is always around to advise you upgrading your account], VIP lounge [you should double your deposit or more to get in of course], better spreads...)

    3- Their platform offers fixed spread and guaranteed stop losses, but practically no functionality as partial closes of position, multiple trade closing, multiple take profits.

    4- Their default position size is 150K for a standard account. The default can not be changed to another value. So when you want to open a position, if you 'forget' to change it to a proper size (much smaller if you do not have a 100K account), you risk to have very quickly severe draw downs if not account zeroed. Seems to me this is what they are searching from newbies traders who have some 10Ks bucks to spend away.

    In conclusion, they look as being something like a prefect SCAM. If you do not want to lose your hard earned money, go searching for a more honest and transparent broker who offers minimal needed functionality, do not trade against you and is not after getting your money into his pocket.
     

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