50 Words On – Why You Can Go Broke With UFXMarkets?

Hard. So hard to find the reason why you could go broke trading with this broker. It’s not hard because they are so good that I can’t find a single bad thing to say about them but because I don’t really know what’s the thing that could get you broke the fastest. All brokers have slippages or a re-quote here and there, but UFX ”invented” a new way of blowing people’s accounts. This tactic even earned its own nickname but I consider it too dramatic so I am not going to use it. Here’s the plan: when a client decides they’ve had enough and wants to withdraw all the remaining money, the account manager does everything possible to make the client place one last trade. This trade is usually overleveraged and results in a huge loss or even wipes out the entire account… what’s left of it anyway.

 

How to Avoid Going Broke With UFX Markets

• When you decide you’ve had enough, stop and don’t let anyone at UFX sway your decision.
• No matter what they tell you, if you don’t want to trade anymore, just withdraw and walk away.
• Keep in mind that your emotional state could be affected by losses and you could be influenced more easily so the account manager’s promises might seem more appealing.
• Do not trade at news. In fact, scratch that. If you want to trade, trade; just be aware of the fact that trading when important news is released increases substantially the chances of slippages and re-quotes. This is true for almost all brokers out there.
• UFX Markets offers a first deposit bonus. Do not accept it because it comes with strings attached, just like all free money. How money times have you received free – really free – money?
• Read the Terms and Conditions. I know I always recommend this and I will continue to do so because it’s very important for you to know your rights and obligations.
• The best way to avoid going broke is not trading with UFX Markets. There are so many reliable brokers out there… and I don’t think UFX is one of them.

 

 

The Good, the Bad and the Ugly Speak

When Gullible People and Bad Brokers Collide.

According to the vast majority of Internet comments and user-reviews this brokerage will get you broke in no time. Yea sure, we don’t form our opinion exclusively based on the comments of other people, but you cannot ignore the elephant in the room. On top of that, this brokerage is labeled Scam by ForexPeaceArmy.com and has three “Guilty” verdicts on the same website [1], [2], [3]. More info about FPA’s scam investigation can be found by following the link at the bottom [4]. People say their account managers are preventing them from withdrawing by promising big profits on “one last trade”, big profits when they deposit, big profits everywhere. Then all they get is broke. There are positive comments as well but most of them lack any sort of detail. Come on, I cannot read hundreds of bad comments and then believe the first guy that comes and says: Hey, all these people are wrong and UFX is very good brokerage. Just be very careful if you want to trade with this broker because otherwise things could get very ugly very fast.

 

Bad to the Bone… But Not That Kind of “Bad”

Hey, they say they guarantee your Stop Loss and then they say they don’t. Is that bad enough? Is that confusing? Yea, it has to be at least confusing. And here’s more confusion: on their homepage they show a VIP account but when you go to the Accounts page all you get is a Platinum account. Um, ok if you have a Platinum account you’re a VIP. But the Platinum account has a minimum trade size of 50.000 USD while for the VIP account is 100.000 USD. Hey, it’s double the size… which one is it? Anyway, if I’m a VIP, shouldn’t I be allowed to trade whatever position size I want? All this confusion will go away when you hear that you get for being a VIP (which by the way, requires you to deposit $10.000… gigantic sum): you get *drum rolls*. . . Meta Trader 4. Yes guys, you can only trade on MT4 if you are a VIP and deposit $10k. Bad… but it gets Ugly too.

 

Good Luck Finding It.

I’ve spent a lot of time reading about UFX and researching their website. More than I would have wanted actually. A lot of people complain about this brokerage but a lot of these persons kept calling Forex a scam. Forex as a whole. Now, we know for sure Forex is not a scam, and their opinion makes me understand most of these guys don’t know what they’re talking about. But anyway, let’s check some of the advantages offered by UFX Markets: according to their website, they are regulated in the majority of countries where they operate and as a consequence, the clients’ money is kept in separate accounts from the company’s money. That’s reassuring of course, but I am not impressed at all because this is almost standard these days. Anyway, it’s a good this and I have to mention it, just how I have to mention that they offer a low position size, meaning that your risk can be low. What could be really Good is their promise of “guaranteed” stop losses which would mean that your stop loss order would never be slipped by even a fraction of a pip. But… I could read about it only on their website (the “Why trade with UFX Markets” section) and when I checked their T&C, guess what? No trace of a guaranteed stop loss. In fact, they actually say that your order will be executed at the next best available price so… it’s not a guaranteed stop loss? Or is it? Ah just read their 11.17 section of the Terms and Conditions and you’ll see what I mean.

 

 

Editor’s Note - Is UFX Markets a Scam?

Well, everything is relative… if you place your hand on a hot frying pan, 1 minute is an eternity, but if you touch a beautiful woman then 1 minute becomes 1 second… so even 1 minute can be interpreted differently, depending on perspective. So is UFX a scam? I’ll let you decide that, based on your perspective of course, but what is clear is that most of the users consider them a hot frying pan not a hot woman…

 

Would I Trade With UFX Markets?

I don’t like hot frying pans and this is my way of saying”No, not in a million years!” I have to be a VIP and deposit $10k just to get MT4, their stop loss is guaranteed but not so guaranteed, everybody says they are scammers, so why risk it! I don’t see any reason why I would do it. But if you do, please go ahead.

 

References

1. alaa-almalki-vs-ufxbank
2. hqassim-keraib-vs-ufxmarkets
3. alisaleh-vs-www-ufxmarkets
4. UFXMarkets blacklisted on FPA