UFX Review

1.315 · 153 REVIEWS



Reliantco Investments Ltd

Updated: Nov 29, 2021 · UFX.com  · Is this your company?

UFX has a long history of scam complaints at Forex Peace Army. Most traders leaving UFX reviews give this broker the lowest 1 star rating. Additionally, UFX tried to leave fake reviews for itself at least 6 times. Forex Peace Army believes UFX is a scam broker and warns traders not to trust it.

Please read UFX reviews below and share live trading experiences with this broker.



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.


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, UFXAffiliates.com, UFXPartners.com, UFX.company and UBinary.com

 Need more info?
Read and Ask HERE.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 400:1
Minimum to Open Live: $100
Established: 2007
Address: T19, 1st Floor, Tana Russet Plaza, Kumul Highway, Port Vila, EH2 1JE, Vanuatu
Contact: +44 208-150-0778
Regional offices:
Regulators: CySEC #127/10, VFSC #14581
Prohibited countries: Unknown
Trading platforms: MT5, Trading Central, UFX Mobile App
Web Trading: Yes
Mobile Trading: Yes
Currencies: (45+)
Cryptocurrencies: (1) Bitcoin
CFD: (460+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods: VISA, MasterCard, CASHU, Diners Club, ELV (Elektronisches Lastschriftverfahren), Giropay, iDEAL, Local Bank Transfers, Maestro, Neosurf, Neteller, PaySafe Card, Poli, Qiwi, Skrill, SOFORT, UnionPay, WebMoney
Withdrawal Methods: Bank Wire, VISA, MasterCard, CASHU, Diners Club, ELV (Elektronisches Lastschriftverfahren), Giropay, iDEAL, Local Bank Transfers, Maestro, Neosurf, Neteller, PaySafe Card, Poli, Skrill, SOFORT, UnionPay, WebMoney

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1.315 · 153 REVIEWS
Forex Peace Army

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Traders Reviews

Ik, United Kingdom,
May 31, 2021,
Registered user

UFX ignored the judgement by cyprus FCA

Service use: Live

Length of use: 0-3 Months

I have complained to Cyprus financial-ombudsman. Even though I invested $20000, but the judgement was to pay me back nearly half of it.
It has been few weeks and I haven’t heard anything from UFX. What is the best thing to in force this judgement?
Any help would be appreciated.

Dec 4, 2020 - 1 Star I first encountered this company in November 2019 on tweeter, then I started to receive calls from Ben, first he said if I invest $450 I will make money. That is how I started and he allocated a so called account manager called James. James started to call me at 7am in the morning everyday, saying I should invest more I said I don’t have money, but he said I should borrow as all investors borrow to invest and if I invest $10K I will make $5-6K a month. I borrowed and everything went well and my account was nearly $30K, but suddenly one day all wiped out. After the first loss he started to call again saying I should invest more as we will recover soon and I thought he was genuine and I put another $10k he was advising me to invest on gold and oil and after a week or so another loss. So in total I lost $20k. In May this year they notified me that they are closing all trading in UK, when I emailed James he didn’t reply and I started to search the company and I found out that they were a scam, not genuine investment. I complained to their customers support, but they said that my account manager hasn’t done anything wrong and stop answering all my emails.

Sep 16, 2020 - 1 Star I came across this company in November last year on tweeter and I was curious and gave my details. Then I started to receive constant calls by Ben. I was happy to invest £450, however Ben passed me to another so called account manager James. He would call at 7am and telling there is a great opportunity to make money as Briexit is a historical moment for the market and I shouldn’t miss the opportunity. I told him I don’t have the money to invest, he said all investors borrow money to invest and I should borrow, I would make £5-6K a month and I would be able to pay the money back. I agreed and borrowed. I invested and my account went to £30K profits. However in few days lots Everything. He started calling and said that I should borrow more to recover my losses and we will trade in minimum to take less risks. We opened few trade in gold, but they didn’t move for few days. I asked him to close what we had opened and he said no the price is going to go down and you will make a profit and recover, During the night I lost half of my money and closed it at great lost.
He called again at 7am and he said that why did I closed in lost and now we should try on pound and he made me lose everything. He started calling me again and asking me to borrow more to recover, but at this time I refused to listen to him and I told him I am not in a position to borrow more. In total I lost $20k.
If anyone can help how to sue this company and recover I would appreciate your assistance.
Kuwait, Kuwait,
May 26, 2021,
Registered user

My experience with UFX.com ::updates

Service use: Other

Length of use: over 1 Year

Review update
I am satisfied with my experience with UFX / reliantco investment Ltd ,UFX.com 

Oct 1, 2019 - 1 Star The story started at21 aug 2019. I saw this ad on Facebook,I signed in just to see what it was all about but then did nothing further.then,so many calls from Jad Jabreen,UFX employee who convinced me to open an account on UFX.then Ghinwa Kasem another employee in UFX called and told me not to worry about losing my money in UFX and I told her I know nothing on forex but she told me they will assist me and will assign an account manager named Amir Hassan and he will do everything instead of you to win money.They swore that deals will be done at very low risk.they did not train me at all and did offer to train me .they made me to deposit an initial $6600 USD and Amir did for me some deals which showed profits just to trust them and he did an initial withdrawals for $25 usd to trust them more.but when I tried to withdraw my money because I read that UFX is a scam they refused and did many call to convince me that this is not true and a senior Employee named Fakher Barakat called me and swore that this is not true and that their competitors are doing this rumors.he convinced me to transfer $60000 to them through the Caj Capital account in commercial bank of Dubai and for 3 days he did a profit of 10 thousand USD $ by doing many deals in one day.then he did a very big and bad deals on oil and NZD/FCH although I told him that it is risky and he assured me and said,don’t worry we are safe.then suddenly my account showed profit loss and he put my account into Hedge . I didn’t even know what that even meant and asked him and he told me that next week you will make $60000usd and just we need to find right exit points blar blast blaa . Now they will stole my money and will need more money .
They now insist on new deposit to steal more money.
They intended to do this hedge to threaten me if I didn’t deposit new money,my account will collapse.
Zizurkil, Spain,
Apr 9, 2021,
Registered user

UFX Pedro Pons was very concerned about my sick mother. UFX Pedro Pons se preocupó mucho por mi madre enferma.

Service use: Other

Length of use: over 1 Year

For money, many atrocities can be committed, apart from the fact of stealing, there are the methods used: calling with an intensity (not even the first girlfriend), making you believe that you are going to earn money, earning your sympathy and trust ... and it seems that everything is good for this mob; even knowing that you are in a defenseless state since at that time I was taking care of my mother facing her last days in this world. I was wondering about this person, he told me that he was an orphan and how bad his mother had it because they were very young blah blah blah blah blah blah ... The fact is that he wiped out all my savings and a couple of credit cards, with the water around my neck ... He cheated me out of money and as a person, he used the most vile ways to rob me and of course the consequences that I have today in terms of my economy and my feelings. Of course my case is very similar to those described by the rest of the users but with this creeping detail that illustrates a little more UFX and one of its brokers, Pedro Pons, a very close friend of Marcelo Moscato. Although I could spend hours stating my opinion about these people for the moment, I leave it there, not without thanking forexpeacearmy for trying to help people who have no other protection and simply act in good faith.

Por dinero se pueden cometer muchas atrocidades, aparte del hecho en si de robar, están los métodos utilizados: llamar con una intensidad (que ni la primera novia), hacerte creer que vas a ganar dinero, ganarse tu simpatia y confianza...y parece ser que a esta gentuza todo le viene bien; incluso saber que te encuentras en un estado de indefensión ya que por aquel entonces me encontraba cuidando a mí madre enfrentándose a sus últimos días en este mundo. Me preguntaba por ella, me contó que el era huérfano de padre y lo mal que lo pasó su madre porque eran muy jóvenes bla bla, bla bla, bla bla....
El caso es que acabó con todos mis ahorros y con un par de créditos de recuerdo, con el agua al cuello...
Me estafó el dinero y como persona, se sirvió de lo más vil para robarme y por supuesto las consecuencias que a día de hoy tengo en cuanto a mi economía y a mis sentimientos.
Por supuesto mi caso es muy parecido a los que describe el resto de usuarios pero con este detalle rastrero que ilustra un poco más a UFX y a uno de sus brokers, Pedro Pons muy amigo por cierto de Marcelo Moscato.
Aunque podría estar horas enunciando mi opinión sobre estas personas de momento lo dejo ahí, no sin dar las gracias a forexpeacearmy por intentar ayudar a personas que no tienen otro tipo de protección y simplemente actúan de buena fe.
Surrey, United Kingdom,
Jan 20, 2021,
Registered user

Amicable settlement reached with Reliantco Investments Ltd. (UFX), 21/07/20

Service use: Live

Length of use: over 1 Year

Following up on the review left on July 21st 2020, an amicable settlement has been reached and I withdraw the previous comment made. I would like to clarify that the matter has been resolved and that I do not have any further complaints against the abovementioned Company.

Jul 21, 2020 - 1 Star I would give UFX negative stars if I could. I was pressured and harassed into depositing in excess of 40,000 GBP over the course of a few years with them - almost half of which was lost by the 1st account manager placing a trade - without my permission - and risking the whole account (they conveniently replaced him after this incident). They would call me at all hours, each time insisting that I needed to trade "right now" or I would miss some "great opportunity". They gave explicit instructions as what to trade and even told me to take out loans and borrow money to keep trading under their "guidance". In the end, all of the money was lost - their "expert advice" and instructions caused all the losses. It turns out that they are not allowed to give instructions or investment advice (and certainly not tell me to take out loans to "finance" investing with them). I filed a formal complaint with them to have them return the money they caused to be lost and got the runaround for months before being told that they "investigated" my complaint. I was told that they "found" that none of their account managers had done anything wrong and that they would not be returning any of my money.

They claimed that they had actually "given" me over 151,050 USD in commissions and bonuses but were never able to provide any evidence. They also somehow claimed that I "came out with very big profits" even though my balance sheet shows a net loss. I replied to every email they sent me with detailed information, correcting their factually incorrect claims. In reply, they just kept claiming that "no wrongdoing" was found. This is despite them having hours and hours of call recordings where their "account managers" can clearly be heard giving me instructions and orders for what to do in direct violation of their own terms and regulation rules.

Stay away from this company and if you have deposited any money with them, withdraw it ASAP!
  1 trader has found this review helpful
London, United Kingdom,
Nov 22, 2020,
Registered user

UFX - How to report their scams

Length of use: 3-6 Months

Here is list of steps you must follow

Remember to contact your bank within three months loss of your money. Banks have to pay you out

To Do List – UFX Scam Victim
The first thing to do is to make a formal complaint to UFX through its complaints procedure setting out your case.
UFX Customer Support support@ufx.com

It is only after the complaint been exhausted that you can properly move onto other things

Even though you have approached the bank already to apply for a charge back make a formal request in writing to your bank setting out the circumstances and requesting that it refund your account through the charge bank procedure. Make sure that you respond to the bank each time it writes to you in good time because there are strict time limits

Likewise if a card company is involved, do the same thing.

If you used a credit card it may be that your case is covered by insurance so make a claim to them.

File a complaint with the Financial Ombudsman of Cyprus
See attachment
File a complaint with Cysec
File a complaint with Action Fraud
File a complaint with the FBI using the Whistle Blower form
File a complaint with the CFTC using their Whistle Blower form
File a complaint with the SEC using their Whistle Blower form
Follow the eConsumer related links, read and complete the forms:
Write a review on Trust Pilot
Write a review on Forex Peace Army

Make a video describing exactly what happened and provide only the truth and honest opinion then post it on You Tube.

Spread the video around to as many people as possible and get as many views, likes, comments and shares as possible.

Take legal action. Do not use a recovery company, over 99% are scammers.

Nov 18, 2020 - 1 Star UFX - Can you really trust UFX? 

Before starting my story, I want to say briefly that such companies and institutions destroy people's money in a month or so in a short time, as it is the first experience of all of you, our stories will definitely be similar and at least we can help each other inspired by these stories.

Initially they make you think that you’re winning then you can see that your money disappears suddenly, they switch you to a professional account.

Their intention is to withdraw as much money as possible from your account into their platform, they work by commission

Please come and Watch my videos on YouTube channel you will see how they manipulate to take money out of you, it’s all recorded there is no lie it’s all true voice of theirs.  https://youtu.be/UHpejFJ7qG4  and https://youtu.be/fMCEXcPczR4

My advice to you, please share your story with us, I am establishing a platform on this subject and I will add additional links to the links below, we can all help each other by sharing our stories We would warn other people.

There are many more videos about their misrepresentation and I’ll post many more 

Jul 30, 2019 - 1 Star THEY ARE LIAR, THEY SCAMMERS THEY ARE THIEVES as I can not describe them any better

I have been scammed by Reliantco Investments Ltd, they are also called UFX

I was contacted by brokers Mr Izzet Kamer, Mr Levent Demir and Arda Polat who encouraged me to open an account with UFX. The brokers contacted me by telephone and email and encouraged me to invest in various financial trading namely gold, petrol and stock exchange. I was assured by brokers that as long as I do what the brokers ask me to do I shall win and that there will be no losses. The brokers reassured that I will make no loss and a win was guaranteed. In reliance on this representation, I entered into a contract with broker. The representation was an express term of the contract. In fact the representation was false and broker was in breach of the contract in that none of the investments made a return.

As a result of the misrepresentation, I have suffered loss and damage. In the circumstances, and they are liable to me for damages for misrepresentation and breach of contract.

I did not have any knowledge or experience in investments and I did outline this to brokers. The brokers encouraged me to open a professional account and told me to not to worry and to rely on their advice. (you had to have two or a year and half years professional experience and €500000.00 in your account in order to trade professionally in European countries as this is the regulation in European Commission)They opened a professional account in their platform without my consent in order to take more and quickly money from me. Again this is illegal. They also confirmed that they will help and provide all the answers to complete the account and that they will complete the account on my behalf. The brokers have clearly been in breach of their role and provided incorrect and false information in order to complete the professional account.

I can inform you that all the telephone conversations were recorded. As these recordings are crucial evidence in this matter proving that financial advice was given by brokers to me. You give them notice that all the telephone recordings should be preserved as evidence. It is clear from the emails I received from brokers and the telephone conversations that brokers have introduced themselves as a authorised person to give financial advice. I was initially encouraged to make small investments. The brokers first made it look like that I was winning and making money. All the money I won was held in the account brokers opened. Further investment advice was given to me by brokers and I was pushed to make big investments which resulted in losses which was never mentioned by any of brokers.

I realised that they are regulated in another European Economic area (EEA) country and as you are aware in order to regulate certain financial activities the brokers should have been
authorised to carry out the said regulated financial activities. Please confirm with them whether their brokers were authorised to give financial investment advice to amateur investors such as me. As a result of the wrongful advice brokers gave, I suffered a loss totalling in the sum of £48,000.00 In sterling pound. I request full refund of This sum.
I reported them Ombudsman, CySec in Cyprus and found a lawyer ready to take them
To court in Cyprus. As well as I reported them
FSA financial services authority and Police here in London. Police in London said will contact police in Limassol

I’ll also be going to Cyprus next week myself
  1 trader has found this review helpful
Horndean, United Kingdom,
Aug 18, 2020,
Registered user

Regarding Reliantco Investments Limted trading as UFX

Service use: Live

Length of use: 6-12 Months

I withdraw the comment and complaint that I made on 24th October 2019 and all complaints I have made against Reliantco Investments Limited, trading as UFX. I confirm htat my complaints have been satisfactorily resolved and I shall not be repeating them.

Oct 24, 2019 - 1 Star UFX is good at extracting money from you, good at making you think you're winning trades on CFD's, good at building your confidence and trust and encouraging/persuading you to invest larger sums with them, good at getting you into hedging and... just when you're in way over your head comes the coup de grace - that huge loss suffered from an "unprecedented shift" in the gold or oil market and for the life of me on examination post UFX I couldn't find any such unprecedented shift. The advice of UFX at that time was to trade out of it and invest more money - simples. That pattern is seen time and time again in the numerous complaints littered over the internet. And if you are in credit and want to withdraw your funds at any time, the chances are that you won't be able to. Be wise, stay away from UFX.
Warrington, United Kingdom,
Aug 18, 2020,
Registered user

Notice regarding Reliantco Investments Ltd t/a UFX

Service use: Live

Length of use: over 1 Year

I withdraw the comments and complaints that I made on 29 Nov 2019 and all complaints I have made against Reliantco Investments Limited, trading as UFX. I confirm that my complaints have been satisfactorily resolved and I shall not be repeating them.

Nov 29, 2019 - 1 Star £98,000.00 ‘invested’ and lost through oil and gold trades.
No surprises as the modus operandi was the same as most of the other 149 reviews under the UFX Markets reviews section of this site.

If you would like to join a funded Class Action against Reliantco Investments Ltd please contact me in the forums.
  1 trader has found this review helpful
Uae, United Arab Emirates,
Mar 19, 2020,
Registered user

Very bad they kerp following you and steel your money

Service use: Live

Length of use: 0-3 Months

Ufx is scam, please aware from
Nasib Naser, jad they are liers

Account Manager
+44.208.1500778 Ext: 1351

https://sa-fx.com i filed a case against them
Venezia, Italy,
Feb 28, 2020,
Registered user

UFX - Truffa - Scam

Service use: Live

Length of use: over 1 Year

confermo che sono dei truffatori, Anna Mancini è una truffatrice non investite assolutamente con questi rifiuti

I confirm that they are scammers. Anna Mancini is a scammer, do not invest in this garbage compant at all
Northallerton, United Kingdom,
Feb 6, 2020,
Registered user

UFX.com I have lost my savings & the profits from trading SCAM

Service use: Live

Length of use: 0-3 Months

After responding to an advert on Facebook I was then contacted by Mr Michael Fox from UFX.com I wanted to set up a automatic system with a minimum deposit.
But he advised it was better to have a live platform to trade from, and he was quite happy to open an account with a minimum deposit of $400 USD.
So the account was set up,they traded in USD and they would convert my GBP deposit, and any withdrawals would be in GBP back to my Bank.
We started trading on 25/10/2019 and immediately started making money albeit only $3 or $4 per trade then he insisted that I deposit $5000 USD we could then start to make better profits.
On 05/11/2019 I deposited this money then profits moved up from $3 to $100 per trade this carried on & every trade was a winner,one day $500 another day $1003 .
Then on 11/11/2019 he suggested that I add $10,000 so as I could take bigger profits.
This I did and was working well so he suggested that I move more of my savings to their Bank because interest rates were poor in the UK.
Mr Fox would ring me nearly every morning and sometimes several times during the day.
On 21/11/2019 the equivalent of $30,000 was transferred from my Bank he assured me it would give me more equity to work with then again on 27/11/2019 another $25,000 was transferred the aim was to reach the magical figure of $100,000 of equity then I would become a professional trader.
I was getting there but early December 2 trades had gone the wrong way but I was not immediately worried because the expiration date was 18/12/2019 but they were using up some of my equity and this date was looming he said not to worry he could extend the expiration date,this he did onto 31/03/2020 that reassuring me that all is well but I needed to make another deposit on 20/12/2020 to get me to the magical figure of $100,000.
Everything was going nicely until on the 24/01/2020 Michael Fox rang me and apologised for not being able to ring because of being ill, so to make amends he suggested making a larger trade to make amends and take a bigger profit he said to buy 100,000 barrels of crude oil to take $1000 USD profit I was not comfortable doing this but I went along with the trade because the price was very low,he did comment that the price may go down slightly before climbing to take the profit.
But the price continued to fall and because it was a large trade it was using up all my equity Mr Fox rang again insisting that I have to deposit $10,000 USD to keep my trades safe this was taken from my card and I was worried as I had to go out with my family.
I then get another call from Mr Fox saying the price had dropped again & I needed to deposit another $10,000 but this time they could not take it from my card & needed to make a wire transfer but as I wasn't near my Bank I couldn't make this payment my equity was all used used up & my account was emptied.
$146,878.20 STOLEN
  3 traders have found this review helpful