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Universal-FX.com - Missing Wire

Discussion in 'Scam Alerts' started by nicknick, Sep 19, 2012.

  1. nicknick

    nicknick Private

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    Hello everyone,

    I was trading on Universal-fx.com with a small account of $2000. Trading was going great so I added $30K and then another $20K via a broker to broker transfer to UniversalFX. (have records of everything) Everything was fine, making good money - made 10% pretty quick. I was happy and then wanted to try another broker. I went to withdraw July 18th 2012 and was told no problem.

    Its been 2 months now and the broker claims he sent the money but refuses to produce a wire trace from his bank (Credit Suisse) he claims he has contact my broker to see if the funds arrived but will not tell me who he spoke with or when. I have numerous emails from universal - none of which apologize for this problem and not one time have they offered to trace this from their bank - despite my numerous requests do to so.
    I have called the destination broker (this was a broker to broker transfer - from the same broker I funded UniversalFX with) they have no record of this wire, I was on a call with their bank and still no wire.

    UniversalFX has threatened legal action against me if I post on this forum - but since its 2 months and no sign of my money and no proof that they sent it - they have forced my hand to report this.
    UniversalFX also tell me this method of business is suicide but I don't think they have thought that it could be suicide for themselves unfortunately.

    If you have had any problems with UniversalFX please do share your experience here.

    UniversalFX if you are reading this please now make your best effort to locate my money and clear this matter up asap with an logical explanation.

    I am 100% annoyed with this whole thing - it is a colossal waste of my time and pointless business practice.
     
  2. athenafx

    athenafx AthenaFx Representative

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    Universal Investments is black listed by FINMA

    FINMA - Details

    Also note that Swiss based forex brokers must comply with directive 3a. An office in Switzerland means that the broker must own a banking license.
     
  3. FXCobra

    FXCobra Banned for uncivilized conduct

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    Nick, you are dealing with a suspicious broker. It's blacklisted by FINMA like athenafx said.

    But look what the broker opinion was about that and where it's registered:

    Universal FX answers:

    we are regulated by the BVI Financial Services Commission

    BVI - British Virgin Islands

    we operate in Switzerland, United Kingdom and British Virgin Islands
    ------
    asked them about FINMA blacklist named in, they don't know, gave them FINMA site link

    Universal FX answered

    that is a old information, we will see why that is still not corrected

    we are incorporated in Switzerland as a branch of our London company: Universal Investments Limited in Zurich - Limmatquai 84, 8001 Zürich.

    Me: You mean Finma update its info once a year!:D

    Universal FX: I'm not sure when FINMA update their site

    Me: how can i trust to put my money with a broker that is blacklisted by Finma

    Universal FX
    we operate from 2008, and expand our business, and you see names of ours liquidity partners who agree that their names are on our site

    Me: any further info to make me relax and open an account with your broker

    Universal FX
    one moment
    Here you can see what our say about us clients .…forex-brokers/UniversalFX(a review site link, will not post the name with respect to FPA)

    Me: that's nice, what's the max. amount of money to deposit

    Universal FX
    We do not have a limit on the maximum amount of deposits
    ----

    Enough playing:p;)

    Closed the chat

    Do not know how you people find those brokers??:confused: Unfortunately, many reviews companies exist promoting whatever broker and company just for the money earned from advertising.

    Nick, what took your attention about them!?

    Why should you transfer money from broker to broker?, instead to your bank account and later transfer it to the new account broker you want.

    File a Complaint to FINMA or contact them, and to the authorities(police and others) in London where they have an office.

    Don't know how those brokers operate(if they do) in Swiss when Finma have them on its blacklist!!

    They hide and covere by its London Company like it looks to be.

    However, no reason for Swiss Authorities not to act against such brokers.

    Who will catch them instead?, ME:cool:
     
  4. Pharaoh

    Pharaoh Colonel

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    Complaints to the other broker, the bank involved, FINMA, FSA, and BVI sounds like a good place to get started.

    Send a note to Universal FX. Ask them to come to this thread and publicly explain how they sent money, but can't provide you with tracking information.

    I definitely agree with FXCobra - sending from one broker account to an account with another broker is very risky. Withdrawing the money and redepositing it yourself means 2 wire fees, but also means that there's no way for one broker to try to pass the blame on to a different broker.
     
  5. nicknick

    nicknick Private

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    Thanks everyone for your reply here.

    1. I was recommended this broker to use ( I did not do my own due diligence)
    2. I requested a withdraw to my personal account - but they did not want to wire money to a US Bank - This is why I requested a broker to broker (that is where the funds came from in the first place)

    Universal only need to produce the wire trace from CreditSuisse to prove themselves.

    I called the British Virgin Islands Financial Services Commission > Home - The legal team tells me they are a registered company but not licensed to be a broker.
    I see they are registered in the UK since Jan 2012 Company No. 07926922 WebCHeck - Select and Access Company Information
    Thanks AthenaFX - Universal Investments is black listed by FINMA.

    I see they are posting here on DonnaForex:
    Universal FX - True ECN Broker
     
  6. BigT1

    BigT1 Sergeant Major

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    A careful reading of their own website will reveal that this firm is COMPLETELY UNREGULATED ANYWHERE, UNDER ANY JURISDICTION !
    There is lots of pap and dribble about regulation on their website, all completely irrelevant to the fact they make no claims of regulation anywhere!
    God help anyone who opens with this gang of thieves.
    Please correct me Universal, if I am wrong. I dare you.
    .
    Anthony Ingrassia, CTA
    NFA ID#: 0278164
     
    #6 BigT1, Sep 20, 2012
    Last edited: Sep 20, 2012
  7. Pharaoh

    Pharaoh Colonel

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    Didn't want to wire to a US bank. Oh my. That's a VERY bad sign.
     
  8. nicknick

    nicknick Private

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  9. Pharaoh

    Pharaoh Colonel

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    If they have a company registered in Switzerland, it's time to ask FINMA to look into this.

    Invite the people at DonnaForex to cross-post here and also to leave reviews. Spreading the word about issues is the best way to save others from the same problems.
     

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