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UBCFX Review - is it scam or safe?

UBCFX Review - is ubcfx.com scam or good forex broker?

RATING: 1.1 / 4 REVIEWS ForexBrokerz UBCFX
UBCFX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Min. deposit Min. trade size Max. leverage Spreads*
Mini $500 0.1 1:200 2.5 pips, fixed
Standard  $2 000 0.1 1:200 N/A
Gold  $5 000 0.1 1:400 N/A
VIP Not specified Not specified Not specified N/A

 

*As announced on the broker's website.

 

UBCFX offers its clients the above account types, and promises a lot of perks: no dealer intervention on trades, negative balance protection and Personal Account Manager assistance. However, we would not recommend this forex and CFD broker for several reasons, stated in this review.

 

 

UBCFX Advantages

 

Sirix and Activ8 web-based trading platforms

UBCFX offers a choice of two web-based trading platforms, both of which are developed by fin-tech company Leverate and cover extremely wide range of markets.

 

Sirix is an all-in-one social trading platform that lets users configure lots and instruments they trade the most, allows one-click and copy trading. The platform also contains analysis tools, charts and graphs and provides news and economic calender. Sirix also has mobile applications for Android and iOS.

 

 

Activ8, on the other hand, also offers a nice charting, as well as a ‘Strategies’ category that provides an array of EA/bots to choose from. extremely wide range of markets.

 

 

Good spreads on demo accounts

We actually tried out the platforms described above for the purposes of this review and found the spreads quite attractive. The one on EUR/USD was fixed at 1 pips, and the spread on BTC/USD was below $50. However, we cannot be sure that trading costs are the same in live trading environment.

 

Many tradeable products            

Another good side of UBCFX is the wide range of financial products it offers for trade. Its product portfolio includes many currency pairs, and all kinds of Contracts-for-difference (CFDs): on indices, commodities, shares, as well as cryptocurrencies. Bitcoin and other digital assets are traded against each other, US dollar and Euro with leverage up to 1:5.

 

In case you are a part of the cryptocurrency revolution that overtook financial markets, you’d better trade Bitcoin and altcoins with either regulated exchanges or licensed forex brokers that offer BTC trades.

 

 

>> Tightly regulated Bitcoin brokers <<

 

 

UBCFX Disadvantages

 

Not regulated

UBCFX is an offshore broker, owned by UnitedVertures LTD., a company incorporated in Saint Vincent and The Grenadines (SVG). The SVG might have nice Caribbean beaches, but forex brokers incorporated there are not regulated. In fact, the local Financial Services Authority (FSA) stated that it “does not issue any licenses for forex trading or brokerage or binary options trading nor does it regulate, monitor, supervise or license international companies, which engage in such activities“.

 

That being said, the credibility level UBCFX is rather low.  

  

Wide spreads announced

According to the contract specifications on UBCFX‘s website the EURUSD spread is fixed at 2.5 pips, which is higher than the average spreads in the sector. For example, easyMarkets, a fixed-spread broker licensed in Cyprus and Australia, offers a spread of 1 pips on EUR/USD to any of its clients who deposit $250 or more.

 

MT4 not available 

MetaTrader4 has been the industry leading forex trading platform for more than 10 years now, but its seems that its popularity is not going away. Most traders know it and praise it for its good charts and technical analysis, as well as Expert Advisors. Apart from the widely used desktop MT4 version, there are also mobile and web iterations of the platform, which are ideal for trading on the go.

 

>> A list of MT4 Brokers <<

 

High initial investment required

The most basic account type offered by UBCFX requires an initial deposit of $500. This is a comparatively high amount, as with most brokers (including regulated ones) you can start out with $100 - $250 or even less.

 

 

Conclusion

 

Although the offer of UBCFX seems to have a few positives, the negative sides of this forex and CFD broker weigh a lot more. These are lack of proper financial regulation and unavailability of MT4 platform, along with the high spreads announced on the broker’s website.

 

Investing in unregulated brokers brings a high level of risk, as they are basically free to do what they like with your account and money. What is worse, most of them are scams. That is why we advise our readers to do business with reliable companies, such as the ones regulated by a reputable financial authority in Europe.

 

 

>> Forex brokers regulated by CySEC <<

 

 

To recap our review of UBCFX:

 

Pros Cons
Sirix and Activ8 web-based trading platforms Not regulated
Decent spreads on demo accounts Wide spreads announced
  No MT4
  High initial deposit

 

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Traders` reviews for UBCFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Don't go near this company

I made the mistake of putting my money with this broker and I can assure you that your money isn't safe. Their advice is more bad than good and is designed to produce higher commissions, without having your interests at heart. Their payment systems constantly flag as fraudulent with the bank and often don't go through. They are very slow to respond to any queries if you have any issues with the account.

Adding to this, I no longer deal with them yet they just tried to debit my account yesterday, which now illustrates why their transactions kept being flagged with the bank. This company is a scam and I wouldn't believe anything they say, no matter how nice your account manager pretends to be.

Stay Away

IR 12/04/2019

Steer Clear!!!

UBCFX is a terrible broker. They give bad advice, and are non-responsive when you have issues. Their payment systems are awful, often leading to my card being frozen when I try to make a deposit so that I need to contact my bank to have it unfrozen because it was flagged as possibly fraudulent.

Their entire hook is that they give you advice for trading, however, more often than not their advice has been bad advice. It's always on instruments that have a very large spread (their commission) and the entire purpose of this advice is to get you to trade more, not to help you make money. As soon as your money runs out they tell you that you need to add more, and if you don't then they no longer want to talk to you. The account manager that I had (Sebastian) always says that he can be reached on WhatsApp outside of hours, but he NEVER responds outside of hours, leaving you in the lurch.

I came to them due to a bad experience with another broker, and it was the worst decision I've ever made. I've lost all of my money due to their terrible advice.

STEER CLEAR!!!!!!!!!

Ian 10/24/2019

UBCFX is a professional scammer

I start trading with ubcfx to teach me how to trade, and I deposit $3000 hoping that they will teach me while I’m trading, and when I deposit the money, they start to open trade with no experience at all and there’s no risk management and I ask them to put stop loss or take profit and they keep telling me bullshit stuff, any ways the account start to get negative and they ask to put more money and I did to recover the account and every time I put money they open more trade with big lots to make me loose, I don’t know why they want people to loose and not gain. Any ways I end up loosing $18000 USD.

Khaled 09/18/2019

Transactions in - values

1129.20$ was detected from my account withing 3 days. I contacted with UBCFX support team one of their account manager Mr. jimmy called and tried to convene me that I closed those transaction by myself and he don't have time to go to the history to check what was happened on the date of detection. I log a complain many time now It is more then 3 months no one gave me proper response.

Imtiaz Latif 08/25/2019

شركة نصب واحتيال UBCFX

قصتي مع شركة النصب والاحتيال
UBCFX
كانت بداية التعامل معهم في بداية السنة الحالية عندما اتصل بي شخص اسمه وائل العبد لله واقنعني من خلال ملفات اكسل وكلامه أنهم سيعملون على خلق ارباح شهرية من خلال مستشار مالي سيقوم بفتح الصفقات واغلاقها وان هناك قابلية سحب هذه الارباح متى ما اريد وذهب ابعد من ذلك انه سوف يعطيني بطاقة ماستر كارد لسحب الارباح من حسابي وبدون روتين المعاملات البنكية (طبعا النصاب لم يرسل البطاقة)....اودعت المبلغ المتفق عليه خلال مراحل وفي كل مرحلة كان يتصل في البنك ويحذرني من عملية التحويل لان الاموال في كل مرة تذهب الى جهة مختلفة ولكني تجاهلت الامر من شدة طمعي واتصل بي ما يدعي انه مستشار مالي اسمه زيد القاضي...وبدا فتح الصفقات وكانت فعلا هناك ارباح ولكني لم اسحبها وكان يريد ان يبني الثقة ليستجر المزيد من المال لان في كل مرة اتصال يطلب مني ايداع المزيد من الاموال حتى تتضاعف الارباح.....حتى طلب مني ان اطلب قرض من البنك واودعه في الشركة (الشيطان فيه ذمة وضمير اكثر منه لكن وين بدو يفلت من عقاب الله ). على ما يبدو بعد ان اقتنع اني لم اعد املك المزيد من المال وفي يوم من الايام فتح اربع صفقات معاكسة للسوق وخسرت معظم المبلغ المودع مع الارباح كما موضح بالصورة التالية:


كيف تمت عملية النصب
هناك ثلاث انواع من البروكر
النوع الاول : هو فقط وسيط وياخذ عمولة فتح الصفقة
النوع الثاني: يكون هو التاجر وانت تتجار ضده فاذا انت خسرت فهو الرابح
النوع الثالث : هو خليط بين النوعين السابقين
على ما يبدو UBCFX اما من النوع الثاني او الثالث بحيث اي خسارة من طرفك هو مربح لهم.....مهمة ما يدعي اسمه المستشار المالي ايهامك بالارباح ليستجر منك كامل الاموال ومن ثم يقوم بفتح صفقات معاكسة لتخسر كل شي لصالح البروكر
كان المبلغ المتبقي هو 722 دولا امريكي ....سحبت المبلغ وحاولت معهم ارجاع المبلغ المنهوب ولكن لا حياة لمن تنادي.
لم تنتهي القصة هنا.....فكتبت على المواقع ما حدث معي حتى لا احد يقع في شراك هؤلاء الدجالين.....وبعدها بفترة يتصل في ما يدعي انه مستشار زيد القاضي لاستراجاع المبلغ المطلوب من خلال وضع وديعة بقيمة 5000 دولار والقيام بفتح صفقات وتحقيق ارباح حتى استرجاع كامل المبلغ.....لكنه لم يفي بوعده ولم يحقق ارباح فقط420 دولار.
اسماء الاشخاص النصابين الذين تعاملت معهم
وائل العبد الله.......زيد القاضي.......محمد اسماعيل....محمد صلاح ......سالم خليفه.....
بعد خسارة المبلغ بفترة وجيزة اتصلت بي شركة نصب اخرى قالوا لي انهم عرفوا من مصادرهم الخاصة اني قد خسرت المبلغ الفلاني مع شركة ubcfx وانهم سوف يساعدووني لاسترجاع المبلغ اذا اودعت عندهم مبلغ معين......لكن فهمت القصة انهم شبكة من النصابين يتبادلون المعلومات حتى سرقة اخر دولار في جيبك.....هم من وصفهم ربالعالمين ويحبون المال حبا جما ونسوا يوم الحساب
صفحة الفيس بوك ...ممنوع التعليق فيها حتى لا ينفضحوا
ساقوم بالشرح عملية النصب بالكامل بملف فيديو وتحميله على اليوتيوب


Translated by Google:

Scam Company
My story with the company scam
UBCFX
Was the beginning of dealing with them at the beginning of the current year when a person called Wael Al-Abd Allah contacted me and convinced me through Excel files and his words that they will create monthly profits through a financial advisor who will open and close deals and that there is a drawibility of these profits whenever I want and went further He will give me a MasterCard card to withdraw the profits from my account and without the bank transaction routine (of course the quorum did not send the card) .... I deposited the amount agreed upon in stages and at every stage he was in contact with the bank and warned me of the transfer because the money every time you go to a different destination But I ignored it so hard and called me He claims to be a financial adviser named Zaid al-Qadi. He started opening deals and there were actually profits but I did not drag them and he wanted to build confidence to make more money because every time a call asks me to deposit more money until profits double ..... even request I have to ask for a loan from the bank and deposit it in the company (the devil has more edict and consciences than that, but the Bedouin are escaping the punishment of God). Apparently, after I was convinced that I no longer had more money, one day I opened four deals opposite the market and lost most of the amount deposited with profits as shown in the following picture:


How the monument was made
There are three types of brockers
Type one: He is only an intermediary and takes commission to open the deal
The second type: Be the merchant and you trade against him, if you lose, he is the winner
The third type is a mixture of the former
UBCFX seems to be either the second or the third type so that any loss from your side is profitable for them ..... the task of what is called the financial advisor, Ihamk profit to get you all the money and then open the opposite deals to lose everything in favor of the Bruker
The remaining amount was 722 US dollars .... I withdrew the amount and tried with them to return the amount of looted but no life for those who call.
The story did not end here ..... I wrote on the sites what happened to me so that no one falls in the trap of these antichrist ..... and then a period related to what is alleged adviser Zaid al-Qadi to recoup the required amount through a deposit of $ 5000 and open Deals and profits until the full refund ..... but did not meet his promise and did not make profits only 420 dollars.
The names of the people who have been dealt with
Wael Al-Abd Allah ....... Zaid Al-Qadi ....... Mohammed Ismail .... Mohammed Salah ...... Salem Khalifa .....
After a short loss, another company called me. They told me that they knew from their own sources that I had lost the amount of money with ubcfx and that they would help me recover the money if they had a certain amount ... but I understood that they were a network of swindlers exchanging information Even the theft of the last dollar in your pocket ..... They are described by the Lord of the Worlds and love money and a great love and forget the day of reckoning
Facebook page ... You can not comment in them so as not to expose
I will explain the whole process of the monument to a video and upload it to YouTube

Mohammad 07/07/2019

Never open with UBCfx (or United Ventures LTD on MT5)

This company has failed already. They have made millions of excuses blaming for problems changing to MT5 recently. But that's not the main issue.

I have been reconnected with 5 people changed for continuous problems, personal managers through WhatsApp, but non of them have given me the promised training to make a steady income. Never showed up on time, always excuses for being busy, sick, or saying something else. It ended up Nothing happening but wasting my time for 2 months and plus my preparation time 3 months for deposit.

They kept calling me almost every day to sign up and deposit for a couple of months. Then after making $1000, they no longer response properly and they even look having some personal or work issues of their own.

I have made about $670 on top of my deposit of $1000 by myself. But after they send me a 'manager", starting from Dean, Sebastian, and John, the worst liar should go to a jail soon, as they suggest, the opening trades have been losing and all messed up running right now. They asked me to be patient and even put more money which I won't, without doing nothing. No training, no conversation for trades. Even the account manger Ben never response to me for what I need. I tried to get $100 withdraw from my acct, It takes 1 week! Jesus Christ !

Last year in the fall, I noticed that the wired phone number at UBCfx at their website was designated to a completely different country which doesn't have to do with trade's business. And they made an excuse that they are not scam company, but their contact info was being incorrect and never responded on chat which they promised to be online 5/7days during the week. I sent an inquiry email, they replied 1 month later after I sent 3 more emails and said my email arrived in junk box. Also, Skrill didn't work through their website, and they said they were working on it. and 1 week later they asked me to make a deposit through Skrill, and I see my deposit history made not through Skrill, something else.

I have never experienced such series of multiple issues with other normal forex companies who have their own website and system.


My conclusion: DONT TALK TO UBCfx people and never join or deposit money!

1.UBCfx does not have a working system to serve clients.
2.They don't have enough money so they have been struggling to even re-establish their system (it has been 5 months) and paying to clients. or they save money somewhere else from the clients' account. Someone even was not able to log in their own account.
3.They are liars- no training, no plan that will work, no knowledge, no communication, and no good solution.

I want my money back asap and UBCfx should shut down continuing intended crime making clients losing precious money and wasting time.

ury 04/04/2019
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