Problem UFX Scam

[vgasper]

Dear 'trrsa'

Please contact me at ccofficer@ufxmarkets.com so I can investigate your complaint.

Kind regards,

Alex Reynolds
Client Complaints Officer

ccofficer@ufxmarkets.com

And you will do what? Ufx manager also called me to open trades, but I didnt. I was trading my way and once I made profits they just blocked my account and I couldnt trade anymore and they even deleted my trade with excuse there were OFF QUOTES situation, but I get in and out of the deal normaly... If you are money maker they DONT like you!!!

 

[Pharaoh]

There's no harm in contacting Alex. The worst he'll do is delay you more.

In the meantime, there's Cysec, Cyprus Financial Ombudsman, eConsumer.gov, etc.

 

[qitiandasheng]

Yeah, I think it's better to trading by yourself, and other's advice just for your reference. Please update and let's see the result.

 

[naidu]

I also faced the same ordeal. When i was trying to get out and withdraw my $47k, the account manager told me that it is not good and he may not be able to get my money back. He pretended to be a good trader, opened some positions and I profited on it. Then after one day, he asked me to open three positions again with no stop loss. I initially put their a stop loss then he called me back and told me not to put stop loss and I should trust him. When I saw that it is losing I asked him that Im ending the trade and I was told not to because it will bounce back and I should just trust him. But it never happened and didnt recover. When my account was about to trade out, he told me to put additional money. I panicked then added more. But I still lost with a total of $75k. I lost all the money that I have. I just dont know if there is a way for me to recover. Is there anyone there who could help me?

OMG Wish I read this earlier.

My account manager did the same thing.

He forced me to send withdrawal notice.

My account manager name is Sathish Manoharan.

He did not allow me to withdraw at all.

He deliberately forced me to keep losing deals open. Until I lost money.

Where should I complain?

 

[naidu]

Yes I am agree. I have been scammed too of $3200 lost my account but then I made a complaint to CySec and then they refunded me. Please make complaint to CySec.

Please guide how to make the complaint?

 

[naidu]

First I started with USD 500.

Then I added 3000 USD. Now I realize I was fooled into making the deposit. I wanted to save the initial 500.

To save the later investment, I deposited more money. Please beware when Equity Alert comes on your screen informing that your money may be locked out because your equity is no longer sufficient. First of all, it means you made a wrong and loss making deal. They take you for a ride with the deals.

In total I deposited 10,500 USD. Later, I did well. I made upto 17,000 USD. I wanted to withdraw my initial investment. So I clicked withdraw.

As per withdrawal procedure, first client must withdraw, then later must inform our account manager. So I informed my account manager. He was furious. He told me to immediately send cancellation notice to his email so he can stop the withdrawal. He said a big investment opportunity is coming this friday. You can make 100,000 $. I tried my best to convince I am not interested. But he persisted. Actually, I realized it is futile to argue with him because he is not going to return my money in anyway.

But later he helped me make some profit deals. He gained my trust. I was all praise for him. My equity went to 20,000 USD. Unfortunately I revealed my family situation to him. I told him I needed the money I had put in initially. I kept telling I need the 11K back.

Then the day before I got scammed (it was super thursday), he kept forcing me to add funds for the grand investment of Friday NFP with limit orders. I just did not have the money. He knew the situation in my house. He deliberately did not allow me to close losing deals on thursday. He kept misguiding saying do not believe news, because we know better. Now I understand he wanted to make my losses as severe as possible. He thought by doing so, I will be forced to deposit more money when Equity Alert comes up. Since the same situation happened earlier I had increased my investment from USD 500 to USD 10,500.

Even to extract the last USD 500 from me, he gave some bogus stories. Said if you pay 500 more company will waive commissions and so on. He said its a good deal, don't miss.

Then came the scam day. He said he has secret news Euro will gain. It was just plain bogus. My existing loss making deals dropped like bricks, straight down in seconds.

When equity alert came I pleaded and begged over emails and phone, because I cannot add funds to keep my trades going. Then, In the last phone call he said is 14K enough for you?

It was all pre-planned. He is great at talking and convincing. He can convince even a person like me who worked in financial regulatory compliance 6 years before. I am since then a housewife who become rusted and needed some money. It never occurred to me I will become a scam victim.

Their phone numbers in India and Singapore do not work. Someone will pick up and say wrong number. They do not provide their local office address. They do not have profiles on social media, so you will never know who they are. But they know who you are. They know every trick to defraud every kind of client.

Please beware

 

[naidu]

And you will do what? Ufx manager also called me to open trades, but I didnt. I was trading my way and once I made profits they just blocked my account and I couldnt trade anymore and they even deleted my trade with excuse there were OFF QUOTES situation, but I get in and out of the deal normaly... If you are money maker they DONT like you!!!

Exactly, If you make money, they do not like you. When you make money they sound very disappointed on the phone. They will never let you take your money back.

 

[naidu]

I have just recently being scammed out of a substantial amount of money by this company. They initially give you good trades to gain their trust and push you to invest more money with bigger rewards. Once they realize you have (so called) enough practice and you no longer have more money to invest then they push you with multiple wrong trades in the wrong direction to get your account closed and take your money.
In the beginning I told them I did not have experience so they promised to help me but in the end they were only interested in stealing my money. How else were they able to risk everything in my account by following their advice? If they were honest and professional my account would never have been put under such risk. These guys are purposely negligent and reckless. They know how to make you money and then get you to lose it all. Don't trust them

I faced exactly the same situation.

Please contact me.

I plan to contact the regulatory team I used to work with earlier and have them investigated.

 

[naidu]

No UFX offices in London or anywhere else than Tel-Aviv, Israel as far as we know.

Send Alex all details, hopefully he can assist and pay you back every cent you deserve.

They operate from the Phillipines.

I would like to hear from people who got refunds. Do they really provide refund? Or is it just an overall scam company? I really want an investigation team looking into them. So please message details to me.

They are plain brutal.

I stayed awake the whole week. Managed to get just 4 to 5 hours of sleep yesterday night. I have all symptoms of an impending heart attack. Chest pain radiating across my back and left arm. Heavy perspiration. My scam manager knows what am going thru, but he tells me I have to wait and manually close the deal when Euro reaches 1.09.

The BUY rate for Euro was above 1.10139 (for 200K) and 1.10405 (for 100K). He did not let me close the deals when it went to -400, then -1000. He kept saying hold position. He gave me one deal yesterday where by holding position I was able to close in profit. So I believed he knows better.

Now the Eur is 1.07430; and it is going to be a very long and very tough night to wait until rate comes up to 1.09 so I can close in lesser losses.

He keeps asking me to open deals when equity keeps dropping like bricks.

Please never trust these people.

Extremely scary to be cheated this way.

 

[naidu]

I did a deposit through my credit card. I am currently living in the UAE.
I guess I was naïve at the time when I started my online trading exploration. Once I had entered my details into the UFX site they become very persistent in getting me to start. Initially I had a call from a supposedly fellow South African working for UFX in London, I was told it was a London based company.
The UFX site looked very legitimate with all the information and awards on it. As they were Forex Brokers and having gone through the terms and conditions on their site I felt more comfortable. In simple words it stated that the orders would go through a third party liquidity providers such as a bank or financial institution, to take my trades on the other side. I have still yet to receive proof that indeed a bank account was opened for trading under my name. Also, UFX have not provided me with an accountant statement from the third party to indicate my money was lost in the real market. I don't believe the money left their own accounts and in fact I was trading on a demo version

That is the problem. They have a legit licence but they function extremely unethically. But they can be dealt with. Where can they go? Complain where necessary and they will be tracked down. Please get in touch with me if you are planning legal action.