ufx scam

uni2n1

Recruit
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2
i started on September 2012 and deposited $10000. After being persistently urged by the account manager, Mahmoud Naser, to deposit more funds, I deposited more and more. They used with me different spread from what they announced in there web and different from what we agreed on and just keep promising me to reduce (The account grew and they didn't minimize the spread. The problem began when I started to ask my first withdrawal. Upon recognizing that , they started to open big position trades without stop loss he said the market will turn in my favor and they open more big positions. I executed his recommendation. another guy from their company call me his name WESSAM and urge me and recommended more and more losing trades until the account was almost completely wiped out. He then urged me to take a loan and deposit at least $15000. He promised that the amount will be doubled very quickly and I will be able to pay back the loan very soon. Always I ask them if I should close the trade and take the losses. they said I should hold on to the trade as the currency will DEFINITELY will be in my favor. eventually i lost almost every thing they refuse to withdraw the rest money, they said that i received bonus and made the trades using there money, although i told them this is against there roles but no response ??????
 
Another UFX Kiss of Death victim - withdraw money and be advised to take suicidal trades.

Anyone who tells you to borrow money so they can double your forex account is either:

1. Deeply ignorant (or plainly stupid)
2. A scammer.

Either way, this is a person not to trust for financial advice.

Let me repeat some advice from another thread:

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

1. Get copies of all documents regarding your UFX account. If any charges were made against your credit card without your authorization, go online and get copies of your credit card statement. 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. After doing all of the above, go here and file an FPA Traders Court Case:

Forex Scam Resolution and Trader's Money Recovery
 
I would be highly surprised if cysec would take any action against the scammer .I am coming to know why so many brokers are reg with cysec in comparison to other regulatory bodies simply because in case of fraud nobody is there to protect investor .In the age of globalization their website has no full English version as if only Greeks are the clients of the firms regulated by them . Highly ignorant .

@ uni2n1IF you receive a reply from Cysec ,Please let us know .
 
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Governments and government regulators don't react instantly to complaints. Sometimes it can take a long time because the regulator is slowly building up a picture based on complaints from multiple traders. To not complain to Cysec may deny them a crucial piece of the puzzle they need to step in and take action.

The English language version of the complaint form is here:

Cyprus Securities and Exchange Commission
 
Every government department has a prescribed time limit before which they have to take action especially on complaints .it is not discretionary whether when to take action . Not to mention Most regulatory bodies are not Government bodies ,they are self regulated . To blindly trust a regulatory body is no wisdom unless one knows its history of handling cases related to investors and their outcomes .



I had mentioned " full website English version ",not the complaint form .Nevertheless thanks for the effort .
 
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Every government department has a prescribed time limit before which they have to take action especially on complaints .it is not discretionary whether when to take action . Not to mention Most regulatory bodies are not Government bodies ,they are self regulated . To blindly trust a regulatory body is no wisdom unless one knows its history of handling cases related to investors and their outcomes.
I had mentioned " full website English version ",not the complaint form .Nevertheless thanks for the effort .

Res123,
There is not one word of truth to your posted reply to Pharaoh.
1 - There is no prescribed time limit for action by government regulators.
2 - CySec is a Governmental Authority.
3 - "Know your Firm" and "Know Your Regulator" are primal precepts of investing. Fools jump in in where wise men fear to tread.
4 - The CySec Website is fully translatable. Use Microsoft Internet Explorer9 browser, install the Bing Add-On, Select "Page" > "Translate with Bing".
5 - CySec has staff capable of handling correspondence from complainants anywhere in the EU, I believe 17 languages.
.
If you don't know, ask; before you blow your Shofar.
.
Anthony Ingrassia, CTA
NFA ID#: 0278164
 
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Res123,
There is not one word of truth to your posted reply to Pharaoh.
1 - There is no prescribed time limit for action by government regulators.
2 - CySec is a Governmental Authority.
3 - "Know your Firm" and "Know Your Regulator" are primal precepts of investing. Fools jump in in where wise men fear to tread.
4 - The CySec Website is fully translatable. Use Microsoft Internet Explorer9 browser, install the Bing Add-On, Select "Page" > "Translate with Bing".
5 - CySec has staff capable of handling correspondence from complainants anywhere in the EU, I believe 17 languages.
.
If you don't know, ask; before you blow your Shofar.
.
Anthony Ingrassia, CTA
NFA ID#: 0278164


For sure you don't have complete knowledge .Being licenced as CTA does not licence you to confound the truth ,and Every word I said is a hardcore truth .


1 , There is a prescribed time limit for every Gov body ,I will come back to you with detail ,
.

2 Read properly what I wrote ,Most regulatory bodies are self regulated ,I could have easily said cysec is a self regulatory but I know that very well that it is not .That was a general advice .and you said there is not a single word of truth ,come on Don't you know that more than half of Reg bodies are self regulatory ,If you don't know that then you should ask others who have knowledge .

3. you said ""Know your Firm" and "Know Your Regulator" are primal precepts of investing." What you want to prove by saying this ? that you are a more knowledble person .I simply said that one should know its regulator History so what is the difference between what i said and what you said ?


4 Being a computer science Postgraduate ,I know very well how website can be translated .I simply said that cysec should have full original website in English ,what is wrong with that ,you yourself admitted that one should use your favorite Bing to translate .and same I said that it is not fully in English ,

5 How do you know cysec can deal in 17 languages ? Is it mentioned on website OR you have contacted them in 17 languages ?


Seems like you are starving for fake knowledge fame . .


I don't have much time today .I promise I will get back to you on Sunday with a full lesson on Government bodies .
 
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Egad. I'm trying to help someone complain to the regulator in charge and you want to complain that they need to have their entire website in English. I wish they did have a full translation, but I can live with google translation for the pages that count. I think it's very nice of an agency that spends the vast bulk of it's time dealing with issues in other languages has taken the trouble to have an English language form for filing complaints.

There are 3 major types of regulators - Goverment Agencies. Government Sanctioned Organisations, and Private Clubs.

Examples of Government agencies include the CFTC and SEC. Note the .gov in their web addresses. Note that most such organizations can not only levy fines, but can file criminal charges.

Government sanctioned organizations would include the NFA. The government can require that certain types of firms and individuals (like BigT1) register. These can usually impose fines, but typically refer to their sanctioning government organization if criminal charges need to be filed.

Private clubs would be things like RAFFM. It's set up by a small group of brokers.

Now let's look at Cysec. Check the website - it's cysec.gov.cy. Note the .gov


As for your accusation of telling people that I advised them "To blindly trust a regulatory body is no wisdom unless one knows its history of handling cases related to investors and their outcomes .", I never said to blindly trust anyone.

What I did say, and what I will keep saying, is that if people don't file complaints with regulators (of any sort, even those questionable private clubs), and then go out and ***** and moan that the regulators are ineffective is the equivalent of not filing a police report and telling others that filing reports is useless when your house and other homes in your get robbed over and over again while also complaining that the cops didn't even bother to increase patrols in your neighborhood.

Blindly ignoring an official channel to file a complaint is the equivalent of granting criminals forgiveness for what they did to you. Telling others to blindly ignore official channels for filing complaints is the equivalent of assisting the scammers in continuing to commit crimes.

It doesn't matter if the regulator has a spotty history or not. If you are a victim, go ahead and complain to the regulators. The more complaints, the more likely that action will be taken at some point.

Go ahead and complain at the FPA and other places online too. The more traders that can be warned the better. Just remember, the FPA can't fine a company or throw someone in jail. That's another reason you need to complain to the police and regulators.
 
I have written twice to Cysec and still no reply.

Keep after them. Give them a phone call if necessary.

Note that a lot of regulators are like black boxes. You give them info and they say little or nothing back - until they get around to taking action.
 
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