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UFXmarkets issues with everything

Discussion in 'Scam Alerts' started by surfmaniac, Oct 11, 2012.

  1. surfmaniac

    surfmaniac Recruit

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    Hi,

    So, I joined UFXBank as it was then in 2010. Initially I deposited $500 as I couldn't afford any more at the time. I received some basic trading tips but literally was doing it by myself from day one. After some initial small profits, I incurred a loss and didn't really bother with it again. I was skeptical from day one you could say.

    So bring on 2011 and I had a bit more disposable income. I began trading again (I still had not added any funds) as I started getting daily trade advice from my new account manager. I think I was onto my third at this point. I was doing well and at one point had nearly doubled my investment, but then made a loss on a trade of a few hundred dollars so i stopped trading again.

    Then I received a phone call from my account manager saying how i was doing well with my trades. he encouraged me to add more funds to my accound and at that time they were offering a bonus of 25% on fresh funds. So, he twisted my arm to add $2,000 as I had more disposable income at this time which meant I received a bonus of $500. This bonus as soon as I received it meant I could not make a withdrawal until I had traded to a volume of $1,500,000 which surprised me. It also meant I could receive text messages with customised trading tips for gold members only and would last for a few weeks.

    My total investment thus far was $2,500 and was $3,000 with the bonus.

    Shortly after I stopped trading again because they were not doing well and I had to receive a phone call in order to confirm the details. This was roughly August/September 2011.

    Fast forward then to of this week (October 2012) when I decided to try and withdraw funds from my account. I received a reply asking for ID (scanned copies of credit card, passport and utility bill) which I duly supplied.

    Then my account manager rang me and re-iterated the fact that I could not withdraw funds until I reached a certain trading volume which he stated now was $7,500,000 (I thought he said this on the phone but it might have been $1,500,000). I asked how long this would take and he said we would have to enter quick trades with small profits and we might reach it in a few weeks.

    So I asked him to recommend a trade as my volume was at a mere ~$650,000. He recommended selling gold. So he transferred me to a deal room and we did the trade together and the trade reached the take profit of $1,000. I was very surprised at this as my maximum profit previously was in the low hundreds (~$250). So I e-mailed him back asking for another trade and he duly rang me back and we sold gold again with a profit of $1,500.

    So then on 10th October 12, I asked for a recommendation and again gold was suggested. At this time I had $5799.26 in my account so you can imagine I was quite happy. We completed the trade and I sat back on the couch. When I returned to my laptop I learned to my horror that my account was now worth only $105.26. I couldn't believe my eyes.

    I logged out and back in again. I couldn't sleep a wink as I'm leaving the country soon to emigrate and could have done with this money.

    I have contacted my account manager and sent a general mail to UFXmarkets asking for an explanation.

    What can I do, or am I one of the unlucky people to be done by scams like this? Can I expect to get back my initial $2,500 investment as this is all I wanted in the first place?

    I will leave a one star review also for UFXmarkets.

    Any advice and help will be very much appreciated and thank you for taking the time to read this plea.
     
  2. Pharaoh

    Pharaoh Colonel

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    I have bad news and good news for you.

    The bad news is that you followed the trading advice, so that means that you are unlikely to be able to recover your money directly from UFX.

    The good news is that you may have enough a case to file with Cysec. You could base this on a couple of things:

    1. UFX Markets appears to have change the bonus terms. You should call your Account Manager and pretend that you are considering putting in more money to get him to restate the exact terms if there is any uncertainty. (My advice: Do NOT put in any more money under any circumstances.)

    2. UFX has a very bad history of recommending trades that are far too risky to be considered in the best interests of their clients. Issues like this are hard to prove via a single complaint, but if you and enough others present this information to Cysec, sooner or later they will have enough evidence to move against UFX.

    You can file a complaint with Cysec here:

    Cyprus Securities and Exchange Commission
     
  3. BigT1

    BigT1 Sergeant Major

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    Hello surfmaniac,
    .
    I empathize with your circumastance; but although you may have been brutally misadvised by your "broker", you yourself seem to have broken every rule in the book.
    Although you may have mastered the California surf at dawn, you were surely ill-equipped to handle a Sunamai wave.
    .
    All kidding aside,
    1 - You opened an account with a known criminal enterprise
    2 - You gave permission to trade their advice in your own account
    3 - While making gains you were happy
    4 - Once burned, you now cry for help
    .
    You have very little chance of recovery; simply because a lamb led to slaughter is just that: A Lamb Led to Slaughter (a/k/a: Easter Dinner).
    Consider this a life lesson, in what your parents told you not to do.
    .
    If you have any evidence to the contrary; I will fearlessly help you try to salvage your dignity.
    .
    AI
     
  4. surfmaniac

    surfmaniac Recruit

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    You are fully correct and it is indeed a life lesson - one I wish I didn't have to learn.

    I don't think I have any documented evidence to support my claims. Everything was carried out over the phone more or less which means I have no attachments for the Cysec complaint form. Should I go ahead with the complaint regardless just to make them aware of my issue?

    I am currently in contact with my account manager who says I am now at 6M trade volume and I need to get to 7.5M.

    I didn't realise it was a criminal enterprise until it was too late
     
  5. surfmaniac

    surfmaniac Recruit

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    I just submitted my complaint to the Cysec.
    I am not confident, however, of any refunds. Maybe it will help the fight against this corrupt company.
     
  6. BigT1

    BigT1 Sergeant Major

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    Thanks for taking my admonishment like a man; upon rereading, I fear I come off as too stern.
    It just frustrates me that so many people leap into where no one should venture.
    These firms give a black-eye to what should be a respectable industry, but unfortunately, is not.
    .
    You are certainly entitled to an account statement from your broker. Demand it in writing from their Compliance Officer immediately.
    Tell them that if you do not receive a reply in writing within 5 days from the compliance department, you will submit your email chain to CySec as evidence of their non-compliance.
    Then submit the email chain, the statment, and their response (if any) to CySec.
    .
    Your best hope is that this firm has so many complaints, the threshold for a finding in your favor regarding abusive practices is not likely to be questioned too harshly by the regulator.
    Keep us informed.
    .
    AI
     
  7. Pharaoh

    Pharaoh Colonel

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    Cysec has its limitations, but the more people who complain there, the more likely it is that they'll do something to shut UFX down. I'm glad to hear you've already filed a complaint.

    Whatever you do, don't place any trades recommended by your account manager. There's a long history of UFX account managers crashing trader's accounts that's well documented here in Scam Alerts.
     

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