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UFX.com (UFXMarkets.com, UFXBank.com) Review Visit site

Updated: Nov 19, 2018
SCAM
1.412 · 139 REVIEWS
Is this your company?

SCAM CONFIRMATION


November 2012:  There are now 3 guilty verdicts against this company in the FPA Traders Court.  The FPA recommends against dealing with this company.

The FPA now considers UFX Markets to be a scam.  This company is hereby blacklisted by the Forex Peace Army.  We recommend against opening accounts there.  If you have an account there, we recommend withdrawing all of your funds immediately.

SCAM CONFIRMATION

WARNING 2: UFX Bank claimed that they hired a black hat SEO company to do search engine optimization.  They blamed that company for leaving the fake reviews.  The FPA wonders what sort of broker would hire an organization like that and then allow a black hat organization to have direct access company servers.  The FPA wonders just how safe client data would be under those circumstances.

WARNING: This company has repeatedly submitted fake positive reviews for itself from their offices in Israel. They have now decided to leave fake customer testimonials in the FPA's forums. The FPA recommends the highest level of caution dealing with this company.

Click here to read more about UFX's fake reviews and forums posts.

Other websites related to this company include UFX.com, UFXBank.com, and UBinary.com

UFX is a forex  broker. UFX offers the Mobile and MT4 trading currency platforms. UFX.com offers currency pairs, cryptocurrencies and stocks for your personal investment and trading options.

UFX.com (UFXMarkets.com, UFXBank.com)

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Court cases

  • Open0
  • Resolved0
  • Not guilty0
  • Guilty3
Case IDFiledCase nameVerdict
2012-0822012-10-07Alisaleh vs. UFXMarkets.comguilty
2011-0842011-11-01 QASSIM KERAIB vs www.ufxmarkets.comguilty
2011-0302011-03-24alaa.almalki vs. UFXBank.comguilty

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Scam!
1.412 · 139 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

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Some one in this Industry,
London, United Kingdom,
Oct 26, 2013,
Guest

I have been in this industry for quite a while now and never seen in my whole life a compliance officer comes to public forums and try to solve problems, it is very clear that their internal systems and controls are not good enough and compliance has no clue whatsoever about what is going.

It is very well known that Cyprus financial authorities have very low monitoring measures, all brokers allow their normal salespersons who call themselves account managers to give direct advises which end up against the client, all of us know it is very risky market but unfortunately they have the balls to mislead.

I would advice the compliance officer to start from his company internally first and try to do something useful in his life or find another job.
Anhho,
Australia,
Nov 27, 2016,
Registered user

"I have reached a settlement with the company. Though I did not receive back all the I lost, I consider the arrangement to be sufficient to the extent that I now consider the case to be resolved. I have to say that I was treated in a fair manner by Adam Miller

Oct 10, 2016 - 1 Star Hi all victims who got scam by Ufx. I am also a victim of ufx lies and scams. I would like to invite all victims or even not victims ( people who want to prevent ufx lies and scams to everyone) please to join in our group to fight against ufx. I would like to get some more people then we could start together to destroy ufx forever. We could not stand like that to allow ufx to deliver ufx lies and scams to the community. I have already had a plan. When our group has some more people we could start the plan as soon as possible. At the momet we have some from Afghanistan, USA, Australia...Furthermore, I have my lawyers so if anyone needs help please let me know. Please send me an email to zinana108@yahoo.com i am looking forward to hearing from you guys soon then we can start everything. The more people will be better for everything. Thank you very much
Eric,
France,
Apr 9, 2009,
Guest

I like their site... they have a nice platform.
I started trading trading after a short explanation for a personal dealer.
Very good customer support and dealers.
I will try them for a couple of months and do another review.

Review Moderation Team Note: 4 star rating removed. This is another fake review left from Israel.
naji,
limassol, Cyprus,
Feb 13, 2013,
Guest

The Cyprus Securities and Exchange Commission would like to inform the public that it
has investigated a case involving Reliantco Investments Ltd (“the Company”) (UFX MArkest) for which
there was reasonable suspicion of it committing possible violations of the Investment
Services and Activities and Regulated Markets Law of 2007 (the “Law”) and of the
Directives issued pursuant to the Law.
Under the powers granted to the Commission by section 37(4) of the Cyprus Securities
and Exchange Commission Law, the Commission has reached a settlement with the
Company with regards to the alleged violations, for the amount of €100.000.
The settlement reached is the same as that announced on 31 January 2013 and arises from
concerns in the application of the Law regarding among others the organisation/operation
structure of the Company. The Company has assured the Commission that all steps have
been taken so that full compliance of the Company with the requirements of the Law is
being achieved. This should be verified by the Commission at its upcoming inspection of
the Company.
Reliantco Investments Ltd has paid the amount of €100.000.
Mohammad Yousef,
Sharjah, United Arab Emirates,
May 21, 2013,
Guest

I have invested 3000$ in it and lost it immediately in one day , 200$ was left in my account . I requested withdraw and they refused as it is a bonus . They are scammers and untrusted . I want to travel to the UK and close this broker and put them in the Jail.
Richard,
UK, United Kingdom,
Nov 10, 2013,
Guest

Been trading with those guys for a year now, never seem to have any issue there. Withdrawals are never an issue I don't understand what this mass is about
Chris,
WA, Australia,
Jul 2, 2013,
Guest

Hi guys,
Deposited about USD 14,000 Opted for the bonus. Terms and Conditions of Bonus pasted below :

"30% Bonus Plan Terms and Conditions: Clients may not make any withdrawals until the necessary trading volume is completed. Please note that until the required trading volume has been satisfied, withdrawals of bonus funds or trading profit are not allowed. UFXMarkets refers to trading volume in round turns. You may opt out of the bonus program, in which case, no minimum trading volume needs to be reached before requesting a withdrawal. However, if you do receive a bonus, and request a withdrawal before the trading volume conditions are met, only your initial deposit less profits or losses may be withdrawn and trading will not be permitted on the remaining bonus amount and/or any profit generated. In order to clarify, if you were to deposit $10,000 and receive our 30% bonus of $3,000 and you placed one trade and made a $500 profit, now, your total account balance would be $13,500. If you submitted a withdrawal request to close the account, you would only be able to withdraw your initial deposit of $10,000. In addition, your account would be closed and you would be unable to continue trading with UFXMarkets. 30% Bonus Volume Requirements: A bonus of less than $1,000 is subject to a $1 million trading volume per $100 bonus credit received. A bonus of more than $1,000 is subject to a $1.5 million trading volume per $100 bonus credit received. A bonus of more than $1,500 will be provided as a pending bonus. There is no time limitation to achieve the trading requirements. 'Pending bonus' refers to a bonus that UFXMarkets gives to clients in two parts. The first part of the bonus is given at the time of the deposit and the second part is given to the client when he finishes the first round of trading volume required. For example: If a client were to deposit $10,000, he is eligible for a 30% pending bonus of $3,000 (subject to a $45 million trading volume). The customer will be given $1,500 at the time of the deposit and $1,500 more once the first $22.5 million trading volume. Upon completing the first $22.5 million trading volume, he will also be able to withdraw the first part of the bonus ($1,500). The 30% Bonus is a welcome bonus and is only valid for traders who are making a first deposit with UFXMarkets.* Trading Signals are available for Gold and Platinum account holders only."

Got an account manager. Made about USD 5000 profits with his help. Was tempted by account manager to put in USD 4500 more which I did. The trades thereafter pretty much went downhill. Just before I reached almost touching USD20000 I closed all my trades and did not trade after that at all even though I was pretty much asked repeatedly by Account Manager to trade.
So currently I have not breached any of the Bonus terms and Conditions as they had only given me USD1500 Bonus. So my initial capital of USD18500 and bonus of USD1500 is still in account. So I have kept to the terms as the following

"However, if you do receive a bonus, and request a withdrawal before the trading volume conditions are met, only your initial deposit less profits or losses may be withdrawn and trading will not be permitted on the remaining bonus amount and/or any profit generated. In order to clarify, if you were to deposit $10,000 and receive our 30% bonus of $3,000 and you placed one trade and made a $500 profit, now, your total account balance would be $13,500. If you submitted a withdrawal request to close the account, you would only be able to withdraw your initial deposit of $10,000. In addition, your account would be closed and you would be unable to continue trading with UFXMarkets."

I expressed my interest in withdrawing my capital of 18500 and reminding them of the term mentioned above a few times am successfully in the process of withdrawing the cash. The process works the following way. Applied for withdrawal on 30/6/2013. I got an email from them with withdrawal receipt number etc. NOW the process of APPROVING my withdrawal is on its way. IT will take 4 WORKING DAYS for that.
This THURSDAY the 4/7/2013 my withdrawal request SHOULD be processed and APPROVED. And there after it will take about 7 to 10 days for the money to get back into my credit card.

I WILL KEEP YOU ALL POSTED ABOUT WHAT IS HAPPENING WITH MY TRANSACTION. If they do return my money within the terms I will give them a good review.
Reply by Alex Reynolds submitted Oct 10, 2013:
UFXMarkets would like to stress that this claim was resolved. I would like to point you to the post in which the client has verified that his claim was resolved - http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/26044-resolved-ufx-markets-my-latest-withdrawal-status-july-2013-a.html Kind regards, Alex Reynolds Clients Complaints Officer
Michael,
UK (really the offices of UFX in Israel),
Nov 1, 2009,
Guest

the spreads are like that only on sunday - when ther is no trade...
use this like to find the spreads they offer
http://www.ufxbank.com/TradingAccountTerms.aspx

Review Moderation Team Note: 5 star rating removed. This review was left from inside UFX Bank's offices in Israel.
Thomas,
UK,
Nov 1, 2009,
Guest

those are the spreads presented on weekend only - those are not the real numbers
use this link to see the accounts and spreads
http://www.ufxbank.com/TradingAccountTerms.aspx

Review Moderation Team Note: 5 star rating removed. This review was left from inside UFX Bank's offices in Israel.
michael,
UK,
Nov 1, 2009,
Guest

Hi Vinod
check out this link to see what are the spreads offerd by UFXBank

http://www.ufxbank.com/TradingAccountTerms.aspx

Review Moderation Team Note: 5 star rating removed. This review was left from inside UFX Bank's offices in Israel.