UGM - United Global Markets GOING DOWN | Forex Factory

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Attachments: UGM - United Global Markets GOING DOWN
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UGM - United Global Markets GOING DOWN

  • #1
  • First Post: Edited Jun 22, 2007 12:22am Jun 21, 2007 5:19pm | Edited Jun 22, 2007 12:22am
This is just a FYI about UGM - United Global Markets. See attachment.

Attached File(s)
File Type: doc MRA Notification to Clients.doc   52 KB | 2,751 downloads
  • #2
  • Jun 21, 2007 11:43pm Jun 21, 2007 11:43pm
This one didn't last long now did it?
  • #3
  • Jun 21, 2007 11:45pm Jun 21, 2007 11:45pm
Thanks for posting the attachment. Just a couple of days ago I was looking at the financial data for FCMs on the CFTC's web site. UGM was very low in the Excess Net Capital amount back on April 30th. I was wondering how low they could go and what happened when a company approached zero.
  • #4
  • Jun 22, 2007 12:21am Jun 22, 2007 12:21am
Yeah well they are sending me my money tomorrow. Before it's too late....
  • #5
  • Jun 22, 2007 1:07am Jun 22, 2007 1:07am
Quoting nvwine
Thanks for posting the attachment. Just a couple of days ago I was looking at the financial data for FCMs on the CFTC's web site. UGM was very low in the Excess Net Capital amount back on April 30th. I was wondering how low they could go and what happened when a company approached zero.
Here is the the link to that
http://www.cftc.gov/files/tm/fcm/tmfcmdata0704.pdf
  • #6
  • Jun 22, 2007 7:41am Jun 22, 2007 7:41am
There is another broker which is under NFA investigation for serious breaches and that is 1worldforex. Someone else posted a link on another thread about it. Check this one too and take care out there.
  • #7
  • Jun 22, 2007 8:48am Jun 22, 2007 8:48am
Quoting turbokaos
Here is the the link to that
http://www.cftc.gov/files/tm/fcm/tmfcmdata0704.pdf
Looks like OneWord & Royal are not far behind
  • #8
  • Jun 22, 2007 9:20am Jun 22, 2007 9:20am
Quoting ricky
ITRADEFX is in Negative.. My god. Stay away from ITRADEFX guys.
That is insane!
  • #9
  • Jun 22, 2007 9:23am Jun 22, 2007 9:23am
so when FXCM comes in to buy out them ?
  • #10
  • Jun 22, 2007 9:30am Jun 22, 2007 9:30am
hahaha..
strange seriously these companies.. they dont have good financial back end, so why come in the field. It states clearly in the report, Itradefx is in negative of its requried capital.. Looks strange. dont know what it means and how they went in negative.
  • #11
  • Jun 22, 2007 9:59pm Jun 22, 2007 9:59pm
Quoting ricky
hahaha..
strange seriously these companies.. they dont have good financial back end, so why come in the field. It states clearly in the report, Itradefx is in negative of its requried capital.. Looks strange. dont know what it means and how they went in negative.
They come in this game because they believe the saying that 95 per cent of traders lose. But it looks like traders have become much better at making $$$ these days.
For my part, I have never believed that only 5 per cent of traders win. Proof is that these new forex brokers could not be going broke if so many people were losing. On the contrary, these brokers are getting $$$ taken away from them by some very skillful traders.
  • #12
  • Jun 23, 2007 7:10am Jun 23, 2007 7:10am
How can they be in the red when they cheat traders?

But Im glad that they are going down. This way they cant cheat anymore.
  • #13
  • Jun 23, 2007 12:57pm Jun 23, 2007 12:57pm
UGM's home page still looks like business as usual. Perhaps trying to offer fixed spreads to the news traders did them in.

From their front page:

"Starting Sunday May 20, 2007 United Global Markets is changing our pricing structure from fixed spreads to a variable spread. As a part of offering variable spreads, United Global Markets will..." Read more...
  • #14
  • Jun 23, 2007 1:09pm Jun 23, 2007 1:09pm
Quoting jeffreytp
This is just a FYI about UGM - United Global Markets. See attachment.

Attachment
Another one bites the dust

I hope everyone who had an account with them were able to safely withdraw their money...
  • #15
  • Jun 23, 2007 9:41pm Jun 23, 2007 9:41pm
Quoting BurgerKing
How can they be in the red when they cheat traders?

But Im glad that they are going down. This way they cant cheat anymore.

Sounds like you've been 'cheated' by them??? Could they be the ones that cancelled your winning trades?
  • #16
  • Jun 25, 2007 3:28pm Jun 25, 2007 3:28pm
One of the biggest risks a retail spot fx trader faces is the fact that his /her account is non segregagated from the balance sheet of the broker they are with .Regardless of what your broker tells you , if they go bust you will lose your trading account.This is what happened at Refco.

This brings me to my point. While the retail fx traders lost , all the refco futures accounts were untouched by the creditors as all futures trading accounts must be segregated by law.

So ... if you have concearns for the safty of your funds in the event of your broker going tits up, why not trade fx via a futures broker on the CME.

regards to all
  • #17
  • Jun 27, 2007 3:51pm Jun 27, 2007 3:51pm
Anyone requested funds and hasn't received from them ? I've requested since Friday and they are not responding at all.
  • #18
  • Jun 27, 2007 10:10pm Jun 27, 2007 10:10pm
Quoting Singh
Anyone requested funds and hasn't received from them ? I've requested since Friday and they are not responding at all.
Did you fax and email the fully completed withdrawal form, and ask for confirmation of receipt?

This worked for me. received check in 3 days.
  • #19
  • Jun 28, 2007 11:40am Jun 28, 2007 11:40am
Just spoke to customer service and they stated that the NFA froze the UGM's clients accounts and they are not allowed to transfer any money out until the NFA approves it. They sent the NFA a list of all clients requesting money to the NFA today and they hope that they will get approval to release the funds sometime today. I am on the list, but I'm not going to hold my breath. Just cross my fingers and hope
  • #20
  • Jun 28, 2007 1:29pm Jun 28, 2007 1:29pm
Quoting stech137
Just spoke to customer service and they stated that the NFA froze the UGM's clients accounts and they are not allowed to transfer any money out until the NFA approves it. They sent the NFA a list of all clients requesting money to the NFA today and they hope that they will get approval to release the funds sometime today. I am on the list, but I'm not going to hold my breath. Just cross my fingers and hope
HI Stech137,

NFA froze their accounts on wednesday but I've been requesting them everyday since last Friday.
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