de | cn | ru

Horrific

I signed up to UFX after following a scam news article about bitcoin on the dragon's den. I stupidly took the article at face value and signed up, depositing the minimum $250 which was much more than I could afford but I was there because finances are difficult at the moment following sickness, and they prey on your vulnerability and naivity with the markets.

As soon as I entered my credit card details and agreed to the $250 payment for UFX and downloaded app, I tried to go back to the Dragon's Den news story because it wasn't obvious what I was now supposed to do - the website had dissapeared and a quick google search revealed that this was a total scam and I'd been taken in. I entered 'withdraw $250' and called my bank who said they couldn't do anything about it because the payment still hadn't gone out (I didn't understand that) but they said they would help me appeal once it did.

I then got an email from UFX saying that in order to withdraw my money they would need my personal documents (passport, driving licence, utility bill) - I wasn't going to do that.

A day later I got a phone call from someone at UFX, at first he was very plausible and friendly and built a good rapport. He convinced me that UFX was not actually a scam and was regulated and I breathed a sigh of relief thinking that even though the website was a scam, I must have somehow got through to a legitimate company. He tried very hard to get me to cancel my withdrawal of the $250 and that they would help me make lots of money on it. He talked about legistlation of cannibis and the impact of that on the markets and wanted me to invest in that. He then tried convining me to put an additional $90 in to have a UFX advisor because I am a novice. He was very convinving but used aggressive sales tactics and wouldn't take no for an answer. I kept saying we literally didn't have the money to do this as good as it sounded. My husabnd heard a lot of the conversation and was geting visibly annoyed at the pressure this person was putting on me - about 30 minutes into the call he spoke with the rep and ended up hanging up on him after 40 minutes because there was no other way to end the call.

I then got an email from the rep saying he didn't deserve to be 'hanged up in the face on' and trying again to get me to deposit and additional $90. I explained why we had hung up. I have been bombarded with phonecalls from that 0300 code since then, every time I block a number, they use a different one to call me. OVer 24 hours I had about 12 missed calls that I knew of but had blocked about 8 numbers so don't know how many times after these were tried. I also had texts, another email from UFX re giving them my personal documentation and several emails from the rep, Owen, about investments and again trying to get me to invest as his client- that he wants me to make money etc etc. I have now said that the communication is tantamount to harassment and I want my money back (I never cancelled the withdrawal). He replied saying "no you aren't, my clients make money".

It's awful scam and I've read horror stories since where people have been scammed out of tens of thousands with the same aggressive and convinving sales tactics. Stay away from this scam - if my husband hadn't been in the kitchen I think I would have got way over my head with this.

Lauren Jones 2019-03-19
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Latest Forex News

Austrian FMA warns against Estonian forex company Euro Wealth OÜ

Jan 24 2020 12:46:03, Jonathan Smith in Market

  The Austrian Financial Market Authority (FMA) has officially warned the public against doing business with Prestige.FM and Prestige Financial Markets – two forex brokerage brands operated by unregulated Estonian company Euro Wealth OÜ (previously AllProTech OÜ).   The FMA says that the company operates via two domains - www.prestigefm.io, and www.prestige.fm, apparently targeting Austrian investors without proper authorization.   Both Prestige.FM and Prestige Financial Markets offer trading on some oversimplified platform with rather poor trading conditions. Read more

Vodafone also leaves Libra

Jan 23 2020 17:34:17, Jonathan Smith in Market

The leading British telecom Vodafone is leaving Facebook's digital currency project, Libra.    Vodafone is the latest of a series of companies, which recently decided to withdraw from the project amid growing regulatory pressure from major central banks and many governments.   Most notably back in October Libra Association was also abandoned by Paypal, MasterCard, Visa and eBay after the European Central Bank, along with the Bank of England and the governments in Berlin and Paris warned that crypto currencies such as Libra pose a risk to the global financial system. Read more

SEC brings charges over fraudulent ICO that raised $600,000

Jan 22 2020 17:17:56, Jonathan Smith in Market

  The US Securities and Exchange Commission (SEC) has charged Sergii “Sergey” Grybniak and his company Opporty International, Inc. for conducting a fraudulent initial coin offering (ICO), which has scammed investors of $600,000 with unregistered digital asset securities.   The SEC’s complaint alleges that Grybniak and his company have illegally raised the money from nearly 200 investors in an ICO of the so called “OPP Tokens”, which were sold using a SAFT (Simple Agreement for Future Tokens) agreement. Read more

UK's FCA might ban credit card deposits with online forex and CFD brokers

Jan 20 2020 18:21:17, Jonathan Smith in Market

After earlier this month the UK Gambling Commission (UKGC) announced that after April 14th 2020 clients of gaming websites will no longer be able to use credit cards to fund their bets, some experts and analysts say it is high time that the UK's Financial Conduct Authority (FCA) do the same, as quite too many retail investors rely on their credit cards to make deposits on forex and CFD trades.    “Debt shouldn’t be creating more debt for the retail consumer”, says  Rod Martenstyn,  former CEO of GKFX, quoted by Finance Magnates. Read more

The CNMV remains vigilant, blacklists Forbslab and eTrader247

Jan 20 2020 14:32:21, Jonathan Smith in Market

 Unregulated forex brokers Forbslab and eTrader247, along with several other alleged scammers, have been the latest additions to the warning list of Spanish financial watchdog – the Comision Nacional del Mercado de Valores (CNMV).   ForbsLab is an offshore broker that has already been blacklisted by Luxembourg’s financial watchdog, the CSSF. The broker is allegedly owned and operated Walsh Invest & Trade Ltd or Kayescent Corp., a company registered on the British Virgin Islands.    eTrader247’s website, on the other hand is completely anonymous, lacking any company information whatsoever. Read more

Crypto scammer Patrick McDonnell sentenced to 33 months of imprisonment

Jan 17 2020 14:54:19, Jonathan Smith in Market

Patrick McDonnell, CEO of Coin Drop Markets, was sentenced to 33 months in federal prison and also ordered to pay $224,350 in restitution, after pleading guilty to cryptocurrency fraud last year. The Federal court in Brooklyn issued the sentence on Thursday.   Through his company Cabbage Tech Corp., also known as Coin Drop Markets, the 47-year-old New Yorker defrauded at least 10 victims of around $194,000, plus additional virtual currency funds, for a total loss of $224,350, officials said. The criminal activity took place between November 2014 and January 2018. Read more

FC Barcelona and FBS Sign New Global Partnership Agreement

Jan 17 2020 13:05:55, Forexbrokerz.com in Brokers

Broker specializing in online trading becomes club’s Official Trading Partner for four years, through 30 June 2024.   FC Barcelona and FBS have reached a new global partnership agreement, whereby the broker specializing in Forex trading is to become the soccer club’s Official Trading Partner for the next four years, through 30 June 2024. This partnership will be a boost to Barça’s global commercial strategy, as part of the consolidation of its international expansion to ensure it continues to be a benchmark club both on and off the field.    The agreement was made official at an event held at the Camp Nou stadium attended by Mr. Read more

UK's FCA expects up to 10% decline of profits in the forex industry

Jan 16 2020 17:47:56, Jonathan Smith in Market

The Financial Conduct Authority (FCA) expects that the new regulations imposed on the retail forex and CFD brokers in the UK will lead to an overall reduction of their profits of between 6% and 10% - a decline which by the year 2021 may reach between 38.5 million GBP and 55.3 million GBP.   The data comes from the latest FCA impact assessment, published on Thursday, which measures the effect of the new leverage restrictions, adopted back in 2018.    According to the current rules, applied both in the EU and the UK, the maximum leverage a broker might offer its clients is 1:30 for major forex pairs, 1:20 for most CFDs and 1:2 for crypto CFDs. Read more

UK’s FCA updates its warning list with A.B.Capitals and LincolnFX

Jan 16 2020 16:48:27, Jonathan Smith in Market

  Another bunch of brokers have made it to the warning list of UK’s Financial Conduct Authority since the beginning of 2020. We’ll focus on two of them - A.B.Capitals and LincolnFX – which, according to the British financial watchdog, have been providing financial services to UK investors without a proper license.   As a matter of fact, the FCA exposed LincolnFX as a clone firm of company duly regulated in the UK with the name Lincoln Finance Ltd. The official warning reads that fraudsters are using the details of FCA-licensed firms to try to convince investors that they work for a genuine, authorised firm. Read more

Coinbase will pay $1 mln to victims of the Cryptsy hack attack

Jan 15 2020 18:06:18, Jonathan Smith in Market

Coinbase, the San Francisco based crypto exchange, has agreed to pay 962500 USD as a compensation  to victims of the Cryptsy hacker attack, in an out of court settlement, court papers reveal.   In January 2016 after a hacker attack in which some 13 000 Bitcoin and 300 000 Litecoin were stolen,  Cryptsy filed for bankruptcy. Of the stolen crypto coins over 10 000 Bitcoins belonged to customers.   On it part Coinbase got involved in the case, when victims of the attack accused it of helping to launder part of the stolen coins. In an official complaint filed in December 2016 Coinbase was accused of laundering some 8.2 million USD in digital currencies. Read more

Show all news
de | cn | ru