UFX Bank – a complete scam?
UFX Bank is a pretty big and well known forex broker that got some bad publicity within the last few years. There are several reasons why UFX Bank is not considered to be a reliable forex broker. Right now, there are no lawsuits against UFX Bank or something similar but there are some very serious complaints against UFX Bank.
However, the sheer amount of complaints here at ForexScams is a very good indicator that something is wrong. Their sales team seems to be aggressive and tries to exploit traders weaknesses and greed to extract as much money out of them as possible. At the moment there are about 200 complaints here alone and every comment we approve hurts. It hurts to hear that people lose money through UFX. Most of the time it’s not $50 or $100 but some serious 5 or even 6 figure amounts. We are really sorry to hear that and I always ask myself: “Why can’t we warn in advance? What needs to be done to avoid it?”. And here we ask all of our readers: Please share this page to your community. Whoever may be interested in CFD trading can be another victim losing live savings. The more we can warn about it the better. Thanks in advance.
The Internet offers plenty of opportunities for traders to tell the community what they think about certain forex broker or other offers. This is absolutely ok. But it’s not ok if a company writes positive reviews about itself. That’s what UFX Bank did. They said that it’s the fault of a blackhat SEO company that worked on the search engine optimization of UFX Bank and used these methods. You have to ask yourself: what serious forex broker hires a company like that and gives them even access to sensitive information? How safe can your personal information be with UFX Bank?
Another problem is that it seems UFX Bank is not registered at the NFA. The NFA number that UFX Bank claims to be theirs does not exist in the NFA database. This is not a good sign.
Experiences with UFX Bank
Let’s take a look what real traders have to say about UFX Bank. As it’s proven that UFX Bank did fake some positive reviews, we can’t take positive reviews that don’t find anything negative too seriously.
I wanted to close my UFX Bank account and have been called from different persons in a short period of time. They all wanted me to keep trading and wanted me to make at least one last transaction. They have been so annoying and I was so pissed that I agreed that I’d open one last silver position. The account manager put my whole bankroll at stake and I lost it all. That’s not what I wanted but they were happy now because I lost everything. To me, UFX is nothing but scam.
My account manager always told me to open positions that are way too risky. I believed him and now all my money is gone. I think abouting suing them.
I have problems with my withdrawal. Maybe it’s due to the fact that I asked them to close my account simultaneously. UFX does not want to lose costumers and they try to keep you as badly as they can. This says it all about this broker.
UFX is a scam. Don’t use them and trade with a broker that is regulated by the NFA.
Withdrawals at UFX bank don’t work. I complained and now they seem to work smoothly.