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UWC United World Capital - Scam Alert -

Discussion in 'Scam Alerts' started by Telmo Pinto, Dec 8, 2009.

  1. Telmo Pinto

    Telmo Pinto Recruit

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    Dear Traders,

    This is my experience with United World Capital. Even they are regulated and tell they tell that accept all Scalping EAS, and Scalping and NDD this is not true at all.

    Last month i have opened an account with them, everything was good, i was making very good money, just for notice i begin with 250 USD and in about 3 weeks i have my account with more then 5.000 USD. Then the problems begin :

    Huge delays in orders, like 1 minute to order open, and off course requotes, resuming nothing less then 20 seconds and average was way above. I call support desk and first they told me that some problems on server, then no problem at all, neither in servers neither in my account, what happened : SIMPLE - THEY WERE DELAYING MY ORDERS because i was making too much money.

    I then make a withdrawal request and close account, the withdrawal was made from my account, i have the daily report telling me that withdrawal was made. I contact day after to ask if the withdrawal is ok, which they told me that withdrawal was processed and took 3 to 5 days to arrive in my bank account. Well a 5 days passed, no money in my bank account and i received a email :

    Our managers have carefully checked the information concerning a withdrawal operation xxxx from your trading account xxxx xxxxxx EUR. We are sorry to inform that we will not be able to process it, and the funds have been returned to your trading account, because of the following reason(s):
    By chapter 5.12 of the client agreement - this chapter is :

    The trading strategies based on use of any mistakes in
    prices and/or entering into transactions at nonmarket
    or out of date prices (generally known by the
    name of “sniping”) are not acceptable for the
    Company.

    What a outrageous excuse after one month of trading for not giving my hard gain money back.

    Well they completely don´t know what they are talking about - all my trades were by mistakes of prices or out of date prices, what a lucky trader i am, and what a company they are to not see this everyday and only see this when i ask to withdrawal my money - everyday i was receiving the reports and at the end of reports this appears :

    Please report to us within 24 hours if this statement is incorrect. Otherwise this statements will be considered to be confirmed by you.

    So this i a completely SCAM - i want alert all of you traders that don´t put your money in this broker, i have proof details of all this and i will take this to all instances, they are regulated and i will contact authorities regarding this, to receive my money back, because this is unnaceptable at all, and they don´t know what they are doing or saying.

    Can FPA help me in this task too, so no other trader can be scammed like me ?

    regards,

    Telmo
     
  2. acidevil

    acidevil Recruit

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    whats the EA u using?
     
  3. fxplayerman

    fxplayerman Recruit

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    Do you have any positive experience using your EA with other brokers? Have you tried it with NordFX? They are advertising an acceptance of such strategies.
     
  4. Doji Dog

    Doji Dog Private

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    What About The Other Guy?

    When reading issues like this, with all the bad folks out there, I always wonder a few things.

    Was there any up-front due dilligence? Do you have a list of questions that you get a physical reply for (email/snail mail)?

    Was there any effort to check the Better Business Bureau?

    Once the account was funded, why wasn't a porition of each profit immediately drawn out?

    For me, when funding any brokerage account, as part of the opening I set up an electronic withdrawal account. Make a minimum + $100 deposit. Test the system by withdrawing the $100 before doing any trading. 50% of all profit are withdrawn. I want to be playing with the house money and protect mine. If it has been a slow week/day, I may do it once-a-week. On hot days, I request when I am done for the day.

    If the broker were to starts making noise about the withdrawals, which are all electronic bank transfers (no 5 day wait), I would "smile" and say I understand. I would then stop all trading immediately with that account and start slowly removing all my funds.

    To me a bigger question to ask is what happened to the other side of the trade? What about the one that lost on the trade? Was their account docked for the loss? If so, the broker has a great theft spread going and that would be subject to criminal charges. If the firm is "regulated" go to the governing body and open a funds theft complaint and demant to see the audit trail of all funds involved in the transaction.

    Life is hard enough, why make it harder. Understand the rules and make them work for you.:confused:
     
  5. M.Wael Alkel

    M.Wael Alkel UWCFX Representative

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    Dear Sir,

    I am a representative of the United World Capital. The company does not allow scalping or sniping and that fact is clearly stated in the agreement you have signed upon joining.
    We are a European broker regulated by CYSEC and FSA. All our clients funds are insured up to 20,000 euros per account. We have a compliance department to which you can address any issues you may have and they will insure that all transactions with you are lawful and according to regulations. However if your EA was indeed trading in conflict with chapter 5.12 of the client agreement then you are in clear breach of your contract.

    All our withdrawals are instantly processed and we impose no restrictions other than having all proper documents available. The company also covers all bank expenses.

    I thank Forex Peace Army for this outstanding online community and invite any one with any solid claims and questions to not hesitate to ask.
     
  6. ernest8fingers

    ernest8fingers Master Sergeant

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    u r just another thief - deposit only 'broker'

    gotta be crazy to trust these 'people'. Anyone ever had a successful withdraw?
     
  7. M.Wael Alkel

    M.Wael Alkel UWCFX Representative

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    Dear ernest8fingers,

    I kindly ask you to provide any evidence to back up your empty acquisitions. We are an outstanding licensed and regulated broker and we process hundreds of deposits and withdrawals everyday. A broker with reputation as bright as ours would never risk losing it with unethical misconducts. This why we have a competent compliance department that handles all complains in a lawful manner and in accordance with CYSEC and FSA regulations.
    I invite you and any other trader to test our deposit and withdrawal first hand.
    If you are interested in contacting our compliance department Please do using this form: Information Request / Complaints | United World Capital Limited | UWCFX.com
     
  8. M.Wael Alkel

    M.Wael Alkel UWCFX Representative

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    Not to mention that the company is now offering the fastest and easiest withdrawal method. UWC quick card from master card allows our clients to make instant withdrawals and spend money directly from their account with the company. Ever heard of a scam broker offering such features? I don't think so.
     
  9. kamal el batrawi

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    what do you mean by no scalping

    i have an account with UWC 25000$ and i want to understand what do you mean by no scalping.
    if i have a sell or buy order(pending order)with 10pips stop and it was executed at 12.00 and likely it hit my 20pips target at 12.01 is it allowed.
    urgent explaination will be appreciated
     

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