Problem UFXBank withdrawal problem

[jtfx]

UFX is just plain SCAM.

To date, UFX hasnt forwarded/remitted to me the profits of more than 14K made last DEC 2009.

If you would carefully check the other scam alert brokers, you will find most of them are located in CYPRUS or in BELIZE. I have since avoided dealing with brokers in this country.

 

[fxjockey]

UFX Bank Feedback

Hello Everyone,

I joined this forum today. I couldn't stand aside and not participate. I was a UFX bank customer until Friday, the 4rth of June 2010. Thats the day, I made my withdrawal request including what was left out of the bonus of 90$ in addition to the 1000$ i had in my account. The reason for my decision was NOT due to bad customer service BUT DUE TO daily recommendations published on their website going drastically wrong. In my opinion these recommendations has to be taken with a grain of salt.

I got a call immediately from Amy Walsh and she tried to persuade me to stay and on my agreement we proceeded to do a live trade right then. I have to say, the trade was based completely on technicals ( no fundamentals ) Within a few hours of placing the trade it was stopped off.

Then, i went to their chat support and it was Amy on the chat to my relief. Anyways, I started negotiating in the light of this latest drastic trade experience and after a 5 - 10 mins of negotiating she agreed to let me close my account with a full withdrawal of my capital of 1000$

2 business days later on Tuesday 8th of June 2010, 1000$ was deposited to my credit card as two 500$ transactions.

This week, I got a call from them asking whether I am interested in reopening the account with them. I have to say, since 8th of June, I had lost a considerable amount of money doing forex in all the wrong places. Surprisingly, 1 place was FXCM's Automated Trading Platform known as FSS. The other place where I lost money was FXCM's web platform, known as TSG. Both of them, I think, i lost due to my own lack of experience.

So at this point of time, when UFX Bank approached me with a good looking offer of 50% bonus, I see an opportunity to make up on my lost money. As of now, I am reluctant to reopen my account with UFX bank ( after reading all your feedback againt UFX bank) So I am closely watching all your feedback and decided to subscribe to this thread.

In my opinion, all new start ups have a tough time. UFX bank is no different. They are now regulated with NFA as an introducing broker(Current Status). But their NFA membership was withdrawn on November 07, 2009. See BASIC Details

We should all be constructive on our criticism and give them the benefit of doubt. I urge all of you, especially those who were mistreated by UFX Bank to continue fighting for justice.

PS:

1. I myself has noticed that Amy Walsh is sometimes rude on the chat uses questions like " What is that you want with it?" which to me is very rude
2. Currently the 50% bonus offer comes with clearly stated terms, ie for every 1000$ of bonus obtained, you have to trade 10 Million dollars worth of volume oh: Before that you are not allowed to make any withdrawals at all, whether it be your capital or your bonus. But, from my previous experience you are allowed to close your account with them and withdraw your capital fully.

 

[kingbrat]

Hello,
I was reading all the comments, i would like to add something. at UFXBANK they work to make you lose. they control the rates and make you lose. Sometime there is 100 pips difference between the offical rate anf UFX rate.
U can check up with any official site.

 

[Pharaoh]

FXJockey,

I'd recommend not listening to recommendations that come straight from any broker - at least not until you've tested them on demo for a month or two.

Let's see - 10 million would be 100 lots. All they have to do is widen the spread by 1 pip or give you 1 pip of slippage on entry or exit and they break even for "giving" you $1000. Combine this with locking in ALL your money until you've traded that much and it's a virtually worthless offer in my opinion.

Add in UFX Bank's history of fake reviews and forum posts, and I'd say avoid them and their offers like the plague.

 

[Stuart Carter]

Hello

My name is Stuart and I am from UFX bank

I see there have been some historical issues and I am here to help anyone who currently has some answered questions

 

[Pharaoh]

A new UFX rep. This should be interesting.

1. What was the exact fate of Cedrick Toledano?

2. Why did UFX hire Fifty for SEO puposes. The company had no website. That alone should be more than enough wanring that something was not right. Does hiring “blackhat” companies go well with UFX's code of ethics?

3. Just how much access did Fifty have? Is there any client information stored at your "software operational center" in Israel? Why was a blackhat company allowed access to any company server?

4. What's the security like between servers with client data and the servers Fifty had access to, assuming these aren't the same servers?

5. Did Vincent really try to place those crazy restrictions that jtfx reported in this thread? If so, how well does this treatment of a trader match UFX policy?

6. Whatever happened to Thomas and Michael? Having company reps who shrivel up and run away when faced with questions doesn't reflect well on your firm.

7. Any word on the profits of the traders who complained in this thread?

 

[gbenga112]

@ Stuart Carter

Hello

My name is Stuart and I am from UFX bank

I see there have been some historical issues and I am here to help anyone who currently has some answered questions

@ Stuart Carter : UFXbank refused to remit my $11,717 profit...I have been experiencing problem trying to withdraw money from UFXbank since December 23rd 2009 and I have contacted my personal account manager(Ms Amy Walsh),Risk Manager(Mr Vincent),Dealing room(Mr Daniel) and the finance department several times.I have also called the customer care, above people and other department severally inorder to resolve this issue amicably but to no avail. .My ufxbank username is gbenga. Thank you for your cooperation.Fatai Adeyemi.

Also please respond to Pharaoh's questions above...cheers

 

[Stuart Carter]

@ Stuart Carter : UFXbank refused to remit my $11,717 profit...I have been experiencing problem trying to withdraw money from UFXbank since December 23rd 2009 and I have contacted my personal account manager(Ms Amy Walsh),Risk Manager(Mr Vincent),Dealing room(Mr Daniel) and the finance department several times.I have also called the customer care, above people and other department severally inorder to resolve this issue amicably but to no avail. .My ufxbank username is gbenga. Thank you for your cooperation.Fatai Adeyemi.

Also please respond to Pharaoh's questions above...cheers

I recieved your mail and will be looking into it personally

 

[gbenga112]

@ Stuart Carter

I recieved your mail and will be looking into it personally

Thank you...I would be waiting for your response and I hope my profit would be remitted ASAP..Cheers and have nice day.

 

[clem699]

Hello

My name is Stuart and I am from UFX bank

I see there have been some historical issues and I am here to help anyone who currently has some answered questions

You are welcome on board.Your company seems to have a bad reputation and is constantly alleged to deprive customers of their money and now that you are here,let us see if you would be able to redeem the battered image of your organisation.