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UFX Bank

  • #1
  • First Post: Jul 14, 2009 2:32am Jul 14, 2009 2:32am
Anyone try ufxbank before? I am trying to change broker and found them, the guy called me after opening acc but i am scared of there way the guy wanted me to open acc and start trading with them kinda nervous so would like ur respond anyone try or know any info about them if they scam or they are real.
MY OPINION NOT FINANCIAL ADVISE
  • #2
  • Jul 14, 2009 2:46am Jul 14, 2009 2:46am
You've got to be kidding!

Unregulated Cyprus based bucketshop with a UK mail drop address. No thanks!

Don't walk.....run!
  • #3
  • Jul 14, 2009 3:22am Jul 14, 2009 3:22am
Quote
Don't walk.....run!
LOL

try this one
  • #4
  • Jul 14, 2009 3:34am Jul 14, 2009 3:34am
why most of the brokers base in cyprus? is there reason for this?
MY OPINION NOT FINANCIAL ADVISE
  • #5
  • Jul 14, 2009 4:13am Jul 14, 2009 4:13am
Quoting donfriday
why most of the brokers base in cyprus? is there reason for this?
Most rogue brokers?

http://www.forexturtle.com/Blog/post...e-Trusted.aspx

Why not just use an NFA or FSA regulated broker?
  • #6
  • Sep 25, 2009 1:10pm Sep 25, 2009 1:10pm
Quoting pipmutt
Most rogue brokers?
Quoting pipmutt

http://www.forexturtle.com/Blog/post...e-Trusted.aspx

Why not just use an NFA or FSA regulated broker?


They say having recently joined NFA
http://www.nfa.futures.org/BasicNet/...firm=UFX+TRADE

But their practices are still as a SCAM company:

1- They push you to open an account with the maximum amount they can persuade you to deposit (Bonuses, different degree of services depending on the amount you deposit...)

2- Once you start with them they start pushing again on you to deposit more to get better services as SMS alerts [where they only mention winning trades and pass under silence losses], personal account manager [that they say serves thousands of traders when you are in trouble and you ask for his assistance, else he is always around to advise you upgrading your account], VIP lounge [you should double your deposit or more to get in of course], better spreads...)

3- Their platform offers fixed spread and guaranteed stop losses, but practically no functionality as partial closes of position, multiple trade closing, multiple take profits.

4- Their default position size is 150K for a standard account. The default can not be changed to another value. So when you want to open a position, if you 'forget' to change it to a proper size (much smaller if you do not have a 100K account), you risk to have very quickly severe draw downs if not account zeroed. Seems to me this is what they are searching from newbies traders who have some 10Ks bucks to spend away.

In conclusion, they look as being something like a prefect SCAM. If you do not want to lose your hard earned money, go searching for a more honest and transparent broker who offers minimal needed functionality, do not trade against you and is not after getting your money into his poket.
  • #7
  • Dec 29, 2009 8:31am Dec 29, 2009 8:31am
A friend just reported to me that this company refuses to process his withdrawals.

That should completely answer what kind of company this broker is.
  • #8
  • Jan 11, 2010 7:16am Jan 11, 2010 7:16am
Quoting donfriday
Anyone try ufxbank before? I am trying to change broker and found them, the guy called me after opening acc but i am scared of there way the guy wanted me to open acc and start trading with them kinda nervous so would like ur respond anyone try or know any info about them if they scam or they are real.
They simply Steal from me 3,000 usd...Simple like that...

I mean steal becuase if a Broker refuses to process your withdrawals requests , it is steal by my book.

Unfortunatelly I was naive enough to be caugth by them... But from today on...I will start a massive internet campaign against them, exposing the scam they are doing against honest people.

Also I will file a formal complaint at every single Regulatory Branch or Chamber as CYSEC, NFA, FSA...all of them, reporting what occurred to me.

So People, learn from my expensive mistake... RUN FROM UFX BANK,

Best Regards to you all
  • #9
  • Jan 11, 2010 7:22am Jan 11, 2010 7:22am
Owch man.... people I recommend jadeinvestments.com personally...never seen a broker look so transparent
  • #10
  • Aug 10, 2010 7:50am Aug 10, 2010 7:50am
Itz been over 7 months now that UFXBANK has refused to remit my profit of $11,717.My UFXBank username is gbenga.
  • #11
  • Edited 5:49pm Sep 15, 2010 5:48pm | Edited 5:49pm
Quoting gbenga
Itz been over 7 months now that UFXBANK has refused to remit my profit of $11,717.My UFXBank username is gbenga.
Ufxbank has remitted my profits..Thank y'all
  • #12
  • Sep 16, 2010 7:59am Sep 16, 2010 7:59am
2 posts for this..LOL. you r not ufbank admin, aren't you.

people like you come here to rip others's money...so sad but truth

pay the guy 11k, b1cth

Quoting darrylwicken
I really don't understand why I hear people saying that they found it difficult trading with UFXBank. I have been trading with them for 8months now. So far, I have earned several hudred dollars out of my small investment. I do get confused from time to time because there are still some things about trading that I dont understand. But for the most part, UFXBank has been very accomodating and sincere about telling me what I should expect from them and from forex trading. Since I'm still earning money with them, I have no reason to stop. I will continue...
  • #13
  • Sep 17, 2010 1:01am Sep 17, 2010 1:01am
I traded at UFX last Dec 2009. BIGGEST MISTAKE ever.

I was 10K+ profit and decided to withdraw money out to end the year.

UFX refused to remit even my deposit; I had to resort to Credit Card dispute to get my deposit back.

To date, UFX hasnt given a cent.

This is one BIG SCAM.

Some might claim they got their few hundred dollar money out.. try putting big amount.

As for me, I learned my lesson. Since then, I only trade with UK brokers ONLY! US is ok but recent CFTC rules makes trading there at a disadvantage.
  • #14
  • Sep 18, 2010 4:07am Sep 18, 2010 4:07am
Run forest run!!! big scam !!
  • #15
  • Oct 22, 2010 11:13pm Oct 22, 2010 11:13pm
I am also trading with ufx bank, but I have never found any problem yet, I have started forex trading not for a long time, but I am using three trading softwares. According to me they all are good. In the world no one can be pefect.
  • #16
  • Oct 23, 2010 4:50am Oct 23, 2010 4:50am
As far as I can tell this is not actually a bank at all. Just a badly set up bucketshop.

They even have a link to the site where they purchased a "turnkey solution" that promises to set you up as a broker within a week.
  • #17
  • Nov 20, 2010 3:06pm Nov 20, 2010 3:06pm
I am also trading with ufx bank, but I have never found any problem yet, I have not a big experience in forex trading, but I am using 2 forex trading softwares, and according to me they all are good. There is no any big problem with them; however there is some small problem with them.
  • #18
  • Nov 24, 2010 4:14am Nov 24, 2010 4:14am
Quoting lindapaul
I am also trading with ufx bank, but I have never found any problem yet, I have started forex trading not for a long time, but I am using three trading softwares. According to me they all are good. In the world no one can be pefect.

Quoting teenamathews
I am also trading with ufx bank, but I have never found any problem yet, I have not a big experience in forex trading, but I am using 2 forex trading softwares, and according to me they all are good. There is no any big problem with them; however there is some small problem with them.

CLASSIC! Just Classic!

These idiot coolaids are absolutely DUMB using the same language to suck ass.

This goes to show you what a scam broker UFX is.
UFXBANK, give my friend jtfx his money!
  • #19
  • Jan 6, 2011 11:26am Jan 6, 2011 11:26am
Quoting BurgerKing
CLASSIC! Just Classic!

These idiot coolaids are absolutely DUMB using the same language to suck ass.

This goes to show you what a scam broker UFX is.
UFXBANK, give my friend jtfx his money!
so UFXBANK is big scam ?
  • #20
  • Jan 31, 2011 2:09pm Jan 31, 2011 2:09pm
Yes I too have been scammed by UFX bank I placed 10,000 dollars of my money to open an account they offered my 50% bonus of my initial deposit. To be able to keep the bonus I had to trade 50 million dollars worth of trades. I thought it was a good deal.

But once I acheived the volume and in the process I made an extra 6000 dollars in trading profit plus the 5000 bonus thats when the trouble began.

They were not happy that I made money, obviously they expected me to lose my initial 10k trying to hit the volume they set for me.

When I tried to withdraw my initial $10k and just leave the profits in they told me the transfer was made back to my card, to cut a long story short it took several week and no money was paid even they they kept assuring me the money was paid back to me .

Fortunately I paid the deposit by credit card and NOT debit card so I was able to get my credit card company to get my money back off them.

I have still after many months not received a penny of the profits or bonus money I made. They simply closed my account without a word. I am now going to try and get the CYSEC to help me get this money they owed me. I am not sure if they can but I will see what they can do. In any case the CYSEC need to be told what kind of scam this company operates in CYPRUS I hope they close them down.

Anyone else tried with the CYSEC?? Advise welcome.
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