Broker review
UFX Review

The Purpose of the article “UFX Review’’ is to summarize the current status of the financial platform UFX, operated by Reliantco Investments Ltd. Law Firm Mikov & Attorneys aims to propose an understanding of UFX by exposing the findings presented in recent researches. UFX Review is based on public sources, such as UFX website, the Cyprus Securities and Exchange Commission’s information (CySEC) and Forex Peace Army website.

UFX review : legal entity and affiliated companies

ufx review - forex scam - mikov & attorneys - financial fraud lawyer
ufx review – screan capture home page

UFX Review | Home page– screen capture from UFX homepage website, https://www.ufx.com/en-gb/ufx , March 25, 2020

UFX platform is an online trading company specializing in Forex and CFD.

The brand “UFX” is one of the trade names of Reliantco Investments Ltd, registered and regulated by the CySEC since 2011 under license number: 127/10

UFX is authorized to provide investment services in Europe, thanks to its registration in Cyprus with the CySEC.

Also, UFX has operated under different names, such as UFX Trade Limited, UFX Bank, and UFX Markets. The websites authorized in Europe are: ufx.com; ufxaffiliates.com; ufxpartners.com; ufx.company.

As of March 23, 2020, UFX review certifies that 71% of individual traders who have invested in their CFD offers are losing, according to UFX’s website.

UFX review: activity area

• Reliantco Investments is registered registration in Cyprus with the CySEC

• Reliantco Investments ltd is based in the Republic of Vanuatu

• UFX liquidity provider is Cyber FX, registered in an offshore zone in South Africa.

• UFX is prohibited to provide its services to residents established in the United States and Canada.

UFX review: borker’s key dates

• 2007 Creation of the UFX Bank entity
• 2011 Regulation with CySEC
• 2013 Sanctioned by CySEC with a fine of € 100,000 for violation of the laws on investment services.

• 2014 Name changed to UFX
• 2015 Sanctioned by CySEC and payed more than € 130,000 fine.
• 2017 Sanctioned by the CySEC

UFX review: What are UFX’s legal obligations?

The Markets in Financial Instruments Directive – MiFID – requires regulated brokers to follow three guiding laws when providing investment services. The present UFX review summarizes them as follows:

  • To act in an honest, fair and professional way and to serve the best interests of traders;
  • To provide adequate, complete, correct, transparent information;
  • To analyze trader’s individual situation (e.g., her needs, requirements, and knowledge of trading financial products).
UFX review | Home page - get your money back - mikov & atorneys
UFX review | Marketing

UFX Review | Home page– screen capture from UFX homepage website, https://lp.ufx.com/en-gb/t1/trading-for-living/v1/ffv/ , March 25, 2020

The article UFX review resumes public experiences shared on FPA website. As per such experiences UFX has allegedly failed to respect traders’ rights and many traders have lost funds in UFX.

UFX review: trader experience

ufx review | page ufx review from fpa – screen capture de UFX review - mikov & attorneys - financial fraud lawyer
ufx review | page ufx review from fpa traders’ community

UFX Review | FPA UFX Review page– screen capture from UFX review page by FPA https://www.forexpeacearmy.com/forex-reviews/5004/ufx-forex-brokers, July 31, 2020

According to Forex Peace Army UFX review page, the financial platform has received a Forex scam confirmation label from the traders’ community.

‘’On November 2012 […] The FPA recommends against dealing with this company.
The FPA now considers UFX Markets to be a scam. This company is hereby blacklisted by the Forex Peace Army. We recommend against opening accounts there. If you have an account there, we recommend withdrawing all of your funds immediately.

SCAM CONFIRMATION […]’’

UFX Review | FPA UFX review quote –from UFX review page by FPA https://www.forexpeacearmy.com/forex-reviews/5004/ufx-forex-brokers, July 31, 2020

UFX review: Forex broker misconducts

Based on the public information collected when writing the article UFX Review and its prior experience, Law Firm Mikov & Attorneys carried out a legal analysis and exposed misleading communication and marketing, and irregular trading operations.

UFX Review – Misleading communication and marketing

  • • The unrealistic promises of gains
    • Dependence on the account manager advices
    • Minimization of risks related to trading

UFX Review – Irregular processing of trading operations

  • • Aggressive investment advice
    • Production of artificial emergencies
    • Scheme to trade through offshore accounts

In fact, UFX claims on its website that 71% of individual investor accounts lose money when trading CFDs with UFX. However, some European market regulators report that 90% of traders who invest in FOREX and CFD markets lose their investments.

 

UFX review – The CySEC sanctioned Reliantco Investments

UFX Review exposes that on December 20, 2017, the CySEC sanctioned Reliantco Investments Ltd for the several breaches. The present UFX Review summarizes them as follows:

– UFX did not act fairly, honestly and professionally in relation to the customer support services provided by account managers to existing clients;
– UFX failed to provide accurate, clear and non-misleading advertising materials to clients;
– UFX did not obtain all the necessary and complete information to ensure customer suitability checks, and authorized appropriate investment services to each individual client.

“[Reliantco Investments Ltd] has not met the standards prescribed by the laws we have in place to protect investors. The fine imposed on [UFX] for their failings to act in the best interest of their customers follows CySEC’s initial supervisory action towards Reliantco. A fine is not an end-stop action for investment firms regulated in Cyprus, and CySEC will not hesitate to use all the supervisory tools at its disposal to limit consumer detriment, ’ said Demetra Kalogerou, Chair of the CySEC

 

 

 

 

 

 

 


 

Sources used in UFX Review:

UFX review source 1 – Cyprus Securities and Exchange Commission – CySEC Investment firms’ information: https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37610/, June 25, 2020
UFX review source 2 – UFX review website – https://www.ufx.com/en-gb/ Home Page and Terms of Use, June 25, 2020
UFX review source 3 – Forex Peace Army – UFX review https://www.forexpeacearmy.com/forex-reviews/5004/ufx-forex-brokers, June 25, 2020
UFX review source 4 – DIRECTIVE 2014/65/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL – MiFID – https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0065 , June 25, 2020
UFX review source 5 – Cyprus Securities and Exchange Commission – UFX review – The CySEC sanctioned Reliantco Investments
: source : https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=3795a0ff-a515-4c34-b5a1-d9c03d7a3288 June 25, 2020

UFX review source 6 – Cyprus Securities and Exchange Commission https://www.cysec.gov.cy/en-GB/public-info/decisions/ June 25, 2020UFX review source 7 – Law Firm Mikov & Attorneys – https://www.mikov-attorneys.com June 25, 2020

Fraud lawyers at Law Firm Mikov & Attorneys and the author of this UFX review are regularly engaged in the collection and dissemination of information to the public. This UFX Review aims to share experience and warn the interested parties. UFX Review was written in good faith, based on public information and testimonies of traders, dating June 2020.