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UFXBank refuses to payback my own deposit

Discussion in 'Scam Alerts' started by heman, Nov 30, 2010.

  1. heman

    heman Recruit

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    Some months ago I opened a test account with USFBank. I was a beginner and just wanted to try trading. After a while I got a call from UFXBank and they suggested me to open a real account. Although I told them that I was a beginner a knew a little about FOREX, they insisted on opening a real account. They told me that they would teach me how to trade and I can make money with their trainings. I even didn't know about FPA at that time and made that mistake to invest on the real account that soon. I opened a real account with UFXBank with USD$500 initial deposit (They strongly suggested me not to deposit less than 500 USD because I would loose my chance to gain profit!). They also gave me 50% bonus and told me that I should trade a certain amount of money before I get able to withdraw my PROFITS. However I had a right to withdraw my initial deposit WITHOUT the bonus amount and any gain profit before trading to their certain amount. I also confirmed this with them. Soon after opening the real account I lost $710 almost all of my deposit with the bonus (it was $750 with bonus). I even contacted the customer service by chat when I noticed that I had made a mistake and opened a large position and was loosing money. I told them that I was a beginner and was loosing money in an open position. I wanted their suggestion about that if I'd better close the position right away or wait until the trend reverses (by then I was just loosing $100). They simply replied "I don't think so"!!! I personally don't blame UFXBank for that because I think that was my mistake but I wanted to mention my own experience with them. After that I decided not to trade with real account until I get experienced first on test account, but they were consistently calling me and suggesting me to deposit more money to my account so I can trade and profit! I trusted them one more time and decided to deposit $300 to my account but I myself couldn't do that from their website. They had my credit card information and they asked my permission to deposit $300 more to my account and unfortunately I gave them the permission! Right after that I became suspicious and searched the forex scams on the net and found FPA. I read the reviews and quickly decided to withdraw all of my money $339 in total. ($39 was remaining from my last deposit). I sent a withdrawal request 1 or 2 hour after making the deposit last Friday. I also have not accepted to receive 10% bonus on my $300 (would be $30). The next Monday they called me and asked me the reason. I just told them that I wanted my money back and don't want to trade with real account right now! He started making excuses and told me that because I received $250 bonus with my previous deposit and I haven't reached to the certain amount of trading, so I cannot withdraw my money and if i want to withdraw my money they will subtract $250 from my new deposit. However he didn't mentioned such a thing when I wanted to deposit $300 more( I even asked him if I could withdraw my 300 whenever I like and he replied "yes" ). Now he is telling me that I must trade with my money to the certain amount in order to be able to withdraw my $300!! Clearly they are forcing me into trading with their system and I do not like such a thing. I said that they didn't add bonus to my new $300 so based in their rules I can withdraw my $300 (even I told them I don't want the remaining $39), but they are refusing to return back my money. I have already lost $500 with their system and don't want to trade a penny with them. What do you guys think about this situation? Do they officially have the right to refuse to pay my money or they are just behaving like a scam?!

    To leave a fair review I should also add that UFXBank staffs (Two whom I talked to and know their names) speak to you in a polite manner(almost everybody does!) however they try to make you trade with their system(their words: trade and make profit) with their consistent calls and suggestions!

    I know this is my very early experience with UFXBank, however I wanted to share this with you guys to take into consideration if you want to open an account with this company which is refusing to payback my own deposit!

    At last this is their disclaimer for receiving bonus:
    10% Bonus Plan Terms and Conditions:
    Clients may not make any withdrawals until the necessary trading volume is completed; for every 100$ bonus you need to trade 1,000,000$ in trading volume. Please note that until the required trading volume has been satisfied, withdrawals of bonus funds or trading profit are not allowed. UFX Bank refers to Volume in round turns. You may opt out of the bonus program, in which case, no minimum trading volume need be reached before requesting a withdrawal. However, if you do receive a bonus and request a withdrawal before the trading volume conditions are met, only your initial deposit less Profits or losses may be withdrawn and trading will not be permitted on the remaining bonus amount and / or any profit generated.
    As an example, if you deposit $10,000 USD and receive a $1,000 USD bonus, you may not withdraw anything until a trade volume of $10,000,000 USD is reached. A running total of your volume, will be recorded. After trade volume is reached, the entire account balance of deposit, bonus and profits will have no withdraw restrictions.
    In order to clarify, If you were to deposit $10,000 USD and receive our 10% bonus at $1,000 USD – placed one trade and made $500 USD profit. Your total account balance would be $11,500 USD. If you submitted a withdrawal request to close the account, you would only be able to withdraw your initial deposit of $10,000 USD. In addition, your account would be closed and you would be unable to continue trading with UFXBank.
    There are no time limitation to achieve the trading requirements.
    This bonus plan is one of the most competitive in the industry and we look forward to working with you, to increase your profit potential with UFXBank’s bonus dollars.
    UFX Bank trading room reserves the right to change the volumes of clients in this bonus plan should they deem that volumes were achieved in offset positions, account churning and hedging trades.


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    50% Bonus Plan Terms and Conditions:

    Clients may not make any withdrawals until the necessary trading volume is completed; for every 100$ bonus you need to trade 1,000,000$ in trading volume. Please note that until the required trading volume has been satisfied, withdrawals of bonus funds or trading profit are not allowed. UFX Bank refers to Volume in round turns. You may opt out of the bonus program, in which case, no minimum trading volume need be reached before requesting a withdrawal. However, if you do receive a bonus and request a withdrawal before the trading volume conditions are met, only your initial deposit less Profits or losses may be withdrawn and trading will not be permitted on the remaining bonus amount and / or any profit generated.

    As an example, if you deposit $5,000 USD and receive a $2,500 USD bonus, you may not withdraw anything until a trade volume of $25,000,000 USD is reached. A running total of your volume, will be recorded. After trade volume is reached, the entire account balance of deposit, bonus and profits will have no withdraw restrictions.

    In order to clarify, If you were to deposit $5,000 USD and receive our 50% bonus at $2,500 USD – placed one trade and made $500 USD profit. Your total account balance would be $8,000 USD. If you submitted a withdrawal request to close the account, you would only be able to withdraw your initial deposit of $5,000 USD. In addition, your account would be closed and you would be unable to continue trading with UFXBank.
    There are no time limitation to achieve the trading requirements.

    This bonus plan is one of the most competitive in the industry and we look forward to working with you, to increase your profit potential with UFXBank’s bonus dollars.
    UFX Bank trading room reserves the right to change the volumes of clients in this bonus plan should they deem that volumes were achieved in offset positions, account churning and hedging trades.
     
    #1 heman, Nov 30, 2010
    Last edited: Dec 1, 2010
  2. Pharaoh

    Pharaoh Colonel

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    I wonder if UFX Bank's latest rep to the FPA will be so kind as to honor us with his presence.

    He's also very polite. Just a little vague on answers to important questions. :p
     
  3. jamool700

    jamool700 Recruit

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    UFX Bank is not a straight forward broker. I also have deposited 21,500 USD and made 6200 USD profit and when I decided to close my account and refund my money, they informed me that it will take long time to do so and this is because I made profit. I did not even take any bonuses from them nor the profit I made was because of their recommendations. Matter of fact, I lost few times because of their recommendations.
     

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