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UBFX (Ubfx.co.uk) is another cruel platform to hit the lucrative trading world. UB FX is claiming to offer Bullion, CFD, and Forex trading to anyone who is interested. They are purporting to offer copy trading to newbies as a way to help them make money. Before you sign up, there are a few details you need to know. By reading this detailed UBFX Review, you will get the whole truth.
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After receiving quiet a number of email complaints from members, we deduced trouble was brewing. And this is why we conducted a thorough review to ensure our readers are made aware of this scam. Why do investors sign up with scam brokers in the first place? Scam artists know how to use empty claims and promises to lure unsuspecting investors. UBFX is no different as they have used copy trading as one of the many over the moon claims. There is more to this broker than they let known.
Scam artists have perfected the art of cloning websites to lure investors to sign up. UB FX is using the same tricks to create an enticing website. At first glance, everything looks legit and is what these scam artists want users to see. Thanks to our years of trading experience, we know how to spot a scam from a mile away. These scam artists are using the same tricks which we must expose for everyone to see. Before opening an account, make sure to read this entire review.
According to the disclaimer at the footer of the homepage, this website is owned by Financial Managers Group. A search conducted on various company registrars shows no details of this company. These scam artists have used a random company name to try and feign ownership. The real company Financial Managers Group deals with business and property management. We are sure these scam artists are using a legit company’s name to ride on their reputation. Such a scam trick used all over.
They also have claimed to be owned by Financial Managers Co. which is based in Vanuatu. By posting two different company names, we have proof they are a scam. No two different companies can own one brokerage firm. In fact, these scam artists are totally anonymous and based offshore. Stay away from offshore brokers as they have proven to be untrustworthy when it comes to transparency.
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Another shocking observation is they have failed to post their license number for users to see. Only number posted is what they claim to be a registration number in Vanuatu. These scam artists know for a fact most investors won’t bother confirming the registration details. To most investors, these are just numbers, to us, they represent authenticity. We simply had to check with various regulatory bodies for confirmation. These bodies included ASIC, COSNOB, CySEC, FCA, NFA, and SEC.
It became apparently clear UBFX is not licensed or registered to conduct any Forex trading activities. These scam artists have openly being trading with no valid authorization. They are breaking set industry rules since they haven’t passed required tests. Have they deposited enough money to cover deposits? A true broker will have to deposit over $20,000,000 in order to have a license from the SEC.
Go for brokers who have built a strong reputation. Make sure to use brokers who come highly recommended by experts. Most investors credit their success to brokers who have been given the thumbs up by the trading community. Sign up with brokers who are genuine and honest at all times.
After checking their entire website, we could not find any notable advantage. What we found was some disturbing facts such as lack of proper security feature. How can a broker fail to protect their website? UB FX lacks the most basic of security features making their platform an easy target for hackers. These rates never change, even after a week or two, it is proof they are a scam.
UBFX is furnishing users with four different account types to choose from. These account types include Standard, Islam, Corporate, and Raw spread account. If you look closely at the account features, they are almost identical. Why would an investor deposit $50,000 and get same advantages as one who deposits $500? These scam artists are clearly targeting all investors with their account trap. They want investors to simply deposit any amount without having a second thought.
Another perturbing issue with UBFX is using a rigged demo account. These scam artists have rigged their demo account to produce insane profit margins. Remember a demo account uses virtual money which is not real, it allows scam artists to rig results.
These scam artists have gone a step further by claiming to issue withdrawals after five days. Depositing funds is easy and quick as expected; they want users to have an easy time depositing. Withdrawing funds is what makes UBFX a scam. None of the members have been able to withdraw funds with this platform. Withdrawal requests go unanswered and in most cases, they block accounts. Imagine having your account blocked or closed with a reflecting balance of $50,000?
UBFX is providing users with MT4 trading platform. To find out whether their platform is compatible to various devices, we decided to download. And this is where we noticed another huge flaw. UB FX has an unstable platform. It wouldn’t be the first time an unstable platform has exposed investors to huge security risks.
They may have a live chat which is not helpful. Having bot service as chat does not help answer vital questions. Another issue is when sending emails asking for withdrawal requests. UB FX is closing accounts which send withdrawal requests using emails. Is this a way of stealing from members? We believe it is as members have a right to ask for withdrawals.
How can funds be safe with a broker who lacks proper DDoS protection? Why have they failed to mention how they handle funds? Which institution do they use to bank funds from investors? UBFX is merging assets in one account which is extremely risky. These scam artists won’t compensate members in case bankruptcy or insolvency sets in.
Evidence clearly shows UBFX is a scam. Joining any of their affiliate programs is also risky. Mark all their emails as spam and ignore their promotional videos.
To protect newbies and readers, we will be adding this broker to our scam blacklist. These are professional scam artists targeting unsuspecting investors. Exposing them will help keep the good Forex trading name safe.
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Wishing all investors a prosperous trading period.
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