ufxmarkets scam

kalai

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[langtitle=fr]ufxmarkets scam[/langtitle]

Hello
First I opened a demo account with UFX Markets , and soon I started receiving calls from them,I dont't know haw but they convinced me to open a real account,I start with them on January 14 th 2013, I open an account with 500$,my account manager Mr Oar Alhaj explained to me that I have to increase my capital to make big money and I did it and I sea that i start making nice profit so he ask me to transfer more to protect my capital and he explain to me that my loss never excced 10% of my capital and I have 80% of chance to make profit and 20% to loose and the loss is 5% of the profit,he explain that he can use the politic of stop loss in case but he never did that, so I trast him and they withdrew about 22000$ us from my credit cards and they still asking for more and when they discover that I no have more money and like coincidentally I loose 27000$ in two days , after that Mr omar dont take my calls any more and that's it this my story, now i dont know what I m suppose to do, some body help me i m in a deadlock.
 
1. The same guy encouraged you to add more money and was recommending trades, right?

2. Did this account manager recommend the lot sizes you used in trading?

3. I didn't quite understand what you said about stoplosses. Did he recommend you use them or recommend against using them?

Can you please reply and attach an MT4 statement. Edit your name off of it before posting if you like.
 
Hi pharaoh thank you for replay excuse my english I'm using a web translator
1.yes the same guy encouraged me to add more money and recommending trades,many time i told him i dont have money but he keep trying and pushing me until I accept .
2.yes he did and most of the time he open the trade in my place by using a kind of program that he send to me I execute it, and he take the controle of my computer and he open the trades.
3.about the stop losses he never recommend me to use them I dont ever know how it works he told me that he can stop the loss in case if my capital is in danger ,and the day after my losses I asked him why he didn't stop the loss he told me that he was not in the office when it happen.Actually in the 29th of January we sells EUR/USD 1,000,000.00 and EUR/AUD 250,000.00 and when I see it going bad I propose to him to stop loss he told me no leave it the first one close in loss 15,400.00 the second one loss 7,076.16 in 01/02/2013.I m sorry I don't have the MT4 statement I don't even know what is it before I read your replay but I attach you a copy of my plat form UFX1 fr.PNG
 
So, what this sounds like is:

1. An "account manager" pushes hard for deposits while also recommending trades. Makes me wonder how they get paid. By deposits? By trading volume?

2. He takes remote control of the client computer to execute some trades. That would make it look like you put the trades in yourself if this ever got investigated by the authorities.

3. He says he'll take care of stoplosses. That would be a "mental stop", not a properly entered one designed to protect capital even if the internet goes down or the trader steps away from the computer at the wrong moment.

Here's a definition of a real stoploss for you:
https://www.forexpeacearmy.com/forex-forum/traders-glossary/2568-stop-loss.html

What country are you in?
 
UFXMarkets are nothing but Israeli organised crime. They use English or Arabic or what ever name other than their real name to ensure you can never find them. None of their offices around the world are manned I'm not even sure where they really are but I do know they are not in any of the offices they claim to be calling from because they are ALL 'serviced offices' just with a receptionist and a post box.

I pity people (like me and you) who have lost so much from these leaches. If its any conciliation I lost over $185K with these crooks. It is nothing but a very elaborate and well organised crime company that is essentially unregulated. There parent bank is regulated in Cypress (which is a low tax jurisdiction) and no real government control. So they are smart enough to pay taxes. Cypress Government and Cysec aren't interested in my $185k let alone anything under that.

I challenge anyone to come forward and prove me wrong. I would love to hear from anyone with a positive end-to-end experience with these scam artists. Check out the other threads here relating to these sharlitons.

Believe me I've gone through all the legal and formal channels and no one from the CySec commission or form UFX Markets has ever bothered to even acknowledge my complaint let alone do anything about it.. as for the 'complaints' department at UFX Markets? ..well its one woman band and she is only there to stop these posts where she can.

I even hired a fraud detective from the States and she couldn't get anywhere either.. you money is gone gone gone.. post tons of posts, register on WOT and get their site banned on there (WOT-Web Of Trust. It flags the site as a scam before a user enters. http://www.wot.com

If you have anything left do what ever you can to get it back and then if there's anything left, do research and more research and find a good broker.. We have excellent ones here in Australia which are globally recognized and regulated by all major regulatory commissions. Try Halifax here in Sydney.
 
UFXMarkets are nothing but Israeli organised crime. They use English or Arabic or what ever name other than their real name to ensure you can never find them. None of their offices around the world are manned I'm not even sure where they really are but I do know they are not in any of the offices they claim to be calling from because they are ALL 'serviced offices' just with a receptionist and a post box.

I pity people (like me and you) who have lost so much from these leaches. If its any conciliation I lost over $185K with these crooks. It is nothing but a very elaborate and well organised crime company that is essentially unregulated. There parent bank is regulated in Cypress (which is a low tax jurisdiction) and no real government control. So they are smart enough to pay taxes. Cypress Government and Cysec aren't interested in my $185k let alone anything under that.

I challenge anyone to come forward and prove me wrong. I would love to hear from anyone with a positive end-to-end experience with these scam artists. Check out the other threads here relating to these sharlitons.

Believe me I've gone through all the legal and formal channels and no one from the CySec commission or form UFX Markets has ever bothered to even acknowledge my complaint let alone do anything about it.. as for the 'complaints' department at UFX Markets? ..well its one woman band and she is only there to stop these posts where she can.

I even hired a fraud detective from the States and she couldn't get anywhere either.. you money is gone gone gone.. post tons of posts, register on WOT and get their site banned on there (WOT-Web Of Trust. It flags the site as a scam before a user enters. http://www.wot.com

If you have anything left do what ever you can to get it back and then if there's anything left, do research and more research and find a good broker.. We have excellent ones here in Australia which are globally recognized and regulated by all major regulatory commissions. Try Halifax here in Sydney.

I was with UFXBanks, which has wide spreads and at least 10pips quote away from other brokerages like HotForex. I went with them coz they promised that I get signals with SMS to my mobile and that signals are very profitable. Its true that signals are acceptable and had abt 60% win rate. But what they didnt tell most clients is the spreads that are given and rollover rates are totally non competitive, making your trades very expensive and thus difficult to earn any $. The manager assigned to u will ALWAYS call u and recommend "sure" trades. Then comes the "soft" sell that u could earn thousands if u only deposit another USD2000 to be able to buy 1 barrel of crude oil and sure win. Yes it did hit TP, but coz of the wide spreads, meanwhile u can NEVER get any other trades in play and if u already had some open trades before buying their recommended instruments, u will get a margin call. So the manager calls me again and tell me, even though I had small lots but Oil is high spreads, very uncertain (didnt he just say "sure" win), and takes time to develop, so if I dont want a dangerous margin/close out level, I have deposit another USD2000. I told him I got only USD1000 to deposit, then he said ok. So he is fishing for how much u can dropped to him, coz he likely get FAT commission from new deposit (either from existing client or new client). Since I want to limit my risk, I end up earning abt USD17 and risking so much of my capital for this "sure" win. Sure it wins, but Oil is typically margin intensive since its price and spreads (in any brokerages) is higher. Coz of their leverage of 100 that is given, even with USD10,000 u can have abt 3-4 positions and have to keep this to 10,000units. For this sortof accts, u cant have a 1000transaction. It was a horrible experience and from USD10,000 I got back abt USD300+

Then along comes UFXMarkets, with the same promise and they ditched UFXBanks in front of me, telling me that their signals is 60% but their signals is 80% profitable. Sure its true, but again UFXMarkets is the twin of UFXBanks. To cut the story short, I had a total of USD23,000 and a lot of times had my own manual trades and my own intervention of risk control and sometimes I just refused to play into their hands and told them that Sorry I dont have so much funds to keep depositing to buy into sure win positions. I rather win slowly. I ended with USD25,700+ and withdraw that $ and closed accts. The manager immediately calls and ask why closed accts, u got profits it meant we are doing a great job and u shld continue to profit from the signals and our recommendations. I was so peeved that I told him off that most of the trades are not THEIR signals, THEIR recommendations, its MINE! I even challenge him to go compare the trades coz its obvious. Signals didnt say trade Gold but I did. Signals didnt have trade S&P500, I did too. I was glad at least I did get back my $, but all in all, I still lost from the USD9700+ and with a gain of abt USD2000, thats abt USD7000+ of losses between these TWO jackxxxx. But to be fair, UFXBanks and UFXMarkets did honor my withdrawal.
 
I am in Canada pharaoh

What you need is the Canadian equivalent of the USA's IC3.gov. That site is for reporting internet-based financial fraud that's done against US citizens or is based in the US.

You can try calling up the nearest RCMP office and see if they have any recommendations about how to proceed. Also, if you funded by wire or credit card, you can have a long discussion with the fraud department at the bank.

Cysec isn't the most active regulator in the world, but if no one complains, they can't do anything. The English version of their complaints page is here - Cyprus Securities and Exchange Commission


Do you have any evidence linking that remote control software to your account manager? Did he email you a link to download it or email the program to you? Does it log the IP addresses when someone accesses your computer?
 
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