UFX Website – ufx.com
Warnings Against UFX – The Cyprus Securities and Exchange Commission (Cyprus), Financial Conduct Authority (United Kingdom)
UFX Address – Govant Building, Kumul Highway, P.O. Box 1276 Port Vila, Vanuatu
Why we do not recommend UFX?
We reviewed UFX and their website. We do not recommend any trader/public to do any commerce with them. The reason, we hereby publish the UFX review.
Introduction of UFX.
After studying their website and from other sources we came to know that UFX seems not regulated by any known regulating authority. If the broker is regulated by any well-known financial regulators like FCA (UK), SEC (USA), CONSOB (Italy), ASIC (Australia), CSA (Canada), CYSEC (Cyprus), ESMA (Europe), AMF (France), BaFin (Germany), FSA (Japan), CNMV (Spain), FINRA (USA), etc. then it is good for the investor/trader. There is a ray of hope that your money can not be scammed so easily, as they have strict rules and regulations. There are chances the scammed money can be upturned, if not entirely then at least partially. Scam brokers get themselves regulated by a low-profile regulator and from a country that is notorious for regulating without many perquisites. It is nearly equivalent to being non-regulated. This is a vital red flag investors/traders should look for while investing with the broker.
Many broker websites work in conjunction with others who offer “automated trading software”. These websites are famous for scamming. This is also another warning sign you should vouch for before investing.
So UFX is just another unregulated broker where the client’s money is not safe. There are chances that the broker company will flee off with your hard-earned money as there is no regulating/licensing authority to hold them accountable.
How do scam brokers scam investors/traders?
The scam brokers usually cold-call people at random. Or they send a wicked link through emails. Or they will nearly carbon copy (clone) a well-known and famous website with very minor unnoticeable changes and pretend that they are genuine. Or they will attach a link (get-rich-quickly) with some advertisement, and when the investor clicks on the link he is directed to the scammer’s website. The scammers “buy” data of persons they target from the grey market.
Scammer’s main purpose is to convince people to open an account with them with some initial deposit. Once you deposit the money, they offer another scheme whereby you can double your money in the shortest possible time or earn 100 USD per day. The manager you may be talking to till now will have resigned from the office and your account will be handled by the retention manager. The new manager will convince you to deposit more funds so that you earn more profits. Things go on and on till you exhaust depositing money.
The risk warning while trading may not be mentioned on their webpage or it would be hidden somewhere in the corner. The UFX has used some of the above-mentioned techniques to defraud traders and thus suspected to be a scam broker.
Investors/traders face problems withdrawing funds.
If your sixth sense says that you are being scammed, urgently submit a withdrawal request. Your funds are unsafe with a non-regulated broker or dishonest brokers like UFX. Read other broker Reviews at Scammers List 2022.
Whether you gain from your trades or not, no sooner you request a withdrawal, the process will take months. The process is deliberately delayed from the brokers’ side. Your money is gone forever. Your withdrawal request will go unheeded umpteen times, and finally, you will not get any money from them.
In case you signed managed account agreement when opening an account, you authorize the scammer to do anything he wants to, with your account. They will squeeze you for deposits till your last penny and then they will show you that your trading activities are going into loss.
The bonus and withdrawal conditions, rules, and regulations are not legitimate and they are made to defraud traders/investors. One or more of the issues have been reported with UFX and therefore traders are advised not to trade with them.
Can you get your money back?
When you request your money back from them, there is a possibility they will not return you anything back. There are several other methods/options to get your money back.
Keep all your messages (tax invoice, bills, SMS, email, etc.) as evidence that you have been demanding from the broker for a long time your money back/withdrawals.
Scammers delay the process endlessly to avoid the chargeback filed by you as their plan is not to repay your funds.
File a chargeback immediately. If you do not know the way we can help and support you in preparing a valid case. Contact Lucenteq by filling out the form here and submit. But remember, the broker should be unaware of it as he will be alert and watchful, and will take preventive steps.
What if you deposited money through bank wire?
If you deposit through bank wire, your challenging techniques will change. Let the provider know your story. In case the banks are not willing to cooperate, let them know that you will go to higher authorities and file a complaint. That will make them think about the chances of a refund.
Prepare an email and forward it to the licensor authorities of your jurisdiction. If you do not know how to draft the email/letter or whom to send contact us and we will be happy to help you.
Help others not to fall victim to UFX.
Yet another way to hurt scammers is to post reviews and comments on different-different sites. People will get aware before investing with UFX. You can also post comments/reviews on our site.
When these scammers change the company’s name or website, they usually call their old clients they have scammed. If you get phone numbers or email IDs write them down in your comment/review and let the whole world know about them.
The broker remains functional for a certain time and suddenly disappears. You cannot contact the broker or the website goes down. The broker restarts his operation under a different name and the changed website URL without any notice to prevailing traders.
UFX review conclusion.
Writing a review of UFX was a challenge. And we hope that many people/investors/traders will be able to save money after reading this review. We hope the review of UFX was helpful to you.
Remember, always trade with a regulated and trustworthy broker. Read reviews published on our site. In case you want any advice on the withdrawal process or have any questions/queries do contact us.