Beware! UltimateProFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
UltimateProFX is not a legitmate broker – and we will certainly go into a lot more detail to explain why we have reached that verdict. However, before we step into reviewing it, we need to make a small disclaimer – at the time of writing, we were unable to open an account with UltimateProFX – we only got as far as the following screen:
Therefore, we have no idea what the trading conditions with the broker really are. We still know more than enough to deem UltimateProFX not worth your time or investments, however – here is why:
UltimateProFX regulation and safety of funds
UltimateProFX is not a regulated broker, much as it would like to pretend the opposite to be true – here is what UltimateProFX has to say about regulation on its website:
Now, this might seem legitimate, but consider the following – the States does not have a regulatory body by that name. The CFTC and the NFA are the two regulators that are tasked with overseeing the markets there. Considering that UltimateProFX got not only the name of the agencies, but their number wrong as well, there is no doubt that the broker is completely unlicensed and is lying.
A lot of shady offshore brokers do that – the US is one of the most demanding jurisdictions when it comes to licensing brokers, with requirements like having them own $20 million in order to prove they are not going to declare bankruptcy within a couple of weeks after starting up. There are many more rules that brokers need to follow, of course – but as you can see, a license from these regulators is a badge of honor for a company to hold. This is why UltimateProFX and others like it just pretend to be licensed without actually being.
UltimateProFX trading software
UltimateProFX claims to provide access to industry standard trading platform Metatrader 5 – the sofware has earned tat distinction with its sophisticated trading features. However, as we could not actually make an account we cannot know if this is actually the truth. We would be quite surprised if it were – so if you wish to trade with an MT5 broker, check out this list of companies that we are certain provide the platform.
UltimateProFX deposit and withdrawal methods and fees
UltimateProFX accepts deposits via a variety of means – credit cards, Neteller and Skrill, wire transfers and Bitcoin. Please consider that some of these payment methods are final – you might not be able to get your money back if you deposit with UltimateProFX using a wire transfer, for example – that is because the company is incredibly vague about the fees it charges – the only mention of them can be found in the following clause:
As you can see, UltimateProFX can charge you as much as it wants for pretty much any reason under such a wide clause. This is not something a legitimate broker would ever do – they are very careful to disclose to you all fees you can potentially accrue with the broker.
How does the scam work?
Considering all the things that are simply off about UltimateProFX, we cannot help but come to the conclusion that the people behind the company are scammers – what’s more, they are running a very old and resilient scheme. Here is how that scam unfolds:
It first starts when you stumble into an ad, promising incredible returns on investments, or lucrative trading opportunities using insider info et cetera. The scammers are quite creative when it comes to making these ads. Should you follow them, you will be taken to a website that is similar to UltimateProFX’s own – and if you register on it and give away personal contact information like a phone number or an email, the scammers will start harassing you to deposit. Once you do, they will demand more and more money from you – it is worth noting that the people who run these scams are quite persuasive and excellent manipulators – but once you stop depositing, they will cease all contacts with you.
What to do when scammed?
When scammed, there are some steps that you can take to limit further losses. Remember – anyone can be a victim of a scam and there is nothing to be ashamed of if you are one! Here is what you can do:
First off, restore your privacy – change all forms of ID and credit cards the scammers had access to and remove any desktop sharing software they had you install from your computer. Once you do that, it’s time to look for a way to recover your funds – contact your bank and explain your situation and you might be able to get a chargeback.
Finally, be wary of recovery agencies! If you get contacted by one, promising to restore your funds at the cost of an upfront payment, know this is just another scam!
