FPA Scam Finding
UFXMarkets.com / UFXBank.com
UFXMarkets.com / UFXBank.com
We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
UFX already had a bad reputation at the FPA. This dates back to May of 2009, when fake client reviews for UFX were posted to the FPA from inside of UFX's Israeli offices. A company employee told the FPA that a blackhat SEO company placed those from a company server and apologized. Later, more fake reviews and fake “client” posts happened in the forums. A different employee later apologized for that, but denied that the blackhat company had access to company servers. Questions regarding whether or not the blackhat company really had access to company servers or any client data were never resolved.
In March 2011, FPA member Alaa.almalki filed an FPA Trader's Court case against UFX. He reported that when he tried to withdraw money, his account manager at UFX pressured him into making one last deal, which wiped out his account in less than a minute. This type of manipulation by UFX employees has been reported so many times, that it was later nicknamed the UFX Kiss of Death.
In November 2011, FPA member Qassim Keraib filed an FPA Trader's Court case against UFX. He was unable to withdraw funds from his account.
In October, 2012, FPA member Alisaleh filed an FPA Trader's Court case against UFX. He reported being unable to withdraw funds and unauthorized charges against his credit card by UFX markets. He also reported trades being opened without his permission.
UFX Markets was invited to post their side of the story in the FPAs forums for each of these cases. They chose not do so. All 3 cases resulted in Guilty verdicts.
These cases represent a small portion of the complaints the FPA has received against UFX in the reviews and Scam Alerts Folder. These typically have one or more of several common complaints against UFX...
1. UFX account managers pressure traders to deposit more and more, even suggesting that some clients borrow money to do this.
2. UFX account managers refuse to process withdrawals.
3. UFX account managers advised clients to make extremely risky trades, often resulting in large losses.
4. Unauthorized credit card charges placed by UFX against a client's cards.
5. Unauthorized trades placed into client accounts.
Failure to return money legitimately owed to traders is the FPA's first definition of scam. Repeatedly providing advice to traders to make trades of sizes far beyond what is safe for the size of the accounts is unethical. We consider advising clients to borrow money to trade any market to be unethical. Unauthorized trading of a client account and unauthorized credit card charges are crimes. We consider UFX's prior abuse of the FPA's forums and reviews to be extremely unethical.
Under these circumstances, the FPA has no choice but to declare that UFXMarkets.com is a scam broker. This ruling applies also to UFXBank.com and to any other websites under the control of this company. We offer UFX Markets the opportunity to have this scam finding lifted by meeting these requirements...
1. Process all overdue withdrawals. Add a 0.5% compound interest payment for each full month compensation for any withdrawal that been delayed more than 2 months since the initial request was made by the client.
2. Publicly post an apology to all of those who's cases resulted in FPA Traders Court guilty verdicts and resolve their issues.
3. Forbid account managers from suggesting trades to clients that risk more than 2% of the client's available balance.
4. End any practice of unauthorized trading and unauthorized charges against client credit cards.
5. Post a statement on the UFXMarkets homepage warning traders that no one should ever borrow money to fund any trading account.
6. Ban account managers from using high pressure sales tactics to encourage more deposits.
7. Immediately fire any account manager found to be abusing their position.
8. Post a detailed explanation at the FPA of exactly which servers and what data the blackhat SEO company had access to.
9. Provide clients the ability to withdraw funds without having to pass the request through their account manager.
UFXMarkets.com is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company or with any other company associated with UFX. For those who already have accounts there, we recommend that you attempt to withdraw all funds as quickly as possible. If you encounter any trouble getting a withdrawal processed within a reasonable amount of time, we recommend you leave a one star review, open a new thread in the Scam Alerts folder, and file fraud complaints with the authorities.
Discussion Thread for this Scam Finding
FPA Traders Court Case 1
FPA Traders Court Case 2
FPA Traders Court Case 3
Review Page for UFXMarkets.com/UFXBank.com