Beware! UfsMarket 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.
UfsMarket is a website, unlike anything we have seen. It felt like we entered some futuristic project that is about to unfold and change the face of humanity. It’s very pleasing, but not without its somewhat rough edges. The website goes a long way to conceal the true identity of the broker, and for that, we think that UfsMarket is a dangerous broker.
Personally, we think that this style does not go well with the whole FX brokerage default look, but we are not here to judge UfsMarket by its look. What matters most is what we have talked about in the review that follows.
The registration process was very easy, and as it turns out, the broker uses one of the most familiar user areas. The user area has nothing to do with the website’s aesthetic, and it foregoes the futuristic style for a simple and limited interface that is actually a template that is used by hundreds of unregulated brokers.
We could not log in to the trading software because the credential that we provided were wrong, and we could not find any right ones. Therefore, we have no choice but to quote the website for all of the trading and payment conditions. Note that the website is not to be trusted because the broker is not legit.
The leverage is capped at 1:500, and the average spread is indicated as being 1.5 pips, forex currency pairs, commodities, indices, stocks, and cryptocurrencies.
The website is available in English and Thai.
UFSMARKET REGULATION AND SAFETY OF FUNDS
The broker claims to be registered in none other than the jurisdiction of Saint Vincent and the Grenadines. This island nation does not have an FX regulator, and to add to that the laws allow for congregations of scammer brokers, making Saint Vincent and the Grenadines the perfect unregulated broker breeding ground.
Next, we find a very controversial claim stating that UfsMarket is regulated by the NFA, one of two US-based financial market regulators, the other one being the CFTC. This is impossible, for the US is the most restricted market in the world when it comes down to forex and CFDs trading. The regulations in place there have resulted in a handful of brokers operating today.
Now, combine these two together and you get the impossible result of a broker being incorporated in Saint Vincent and the Grenadines while being regulated by the NFA. This is by all means laughable and an indication that UfsMarket is not regulated, and as a result a risk to all!
All deposits and personal details provided to unlicensed brokers will be lost. It is therefore of the utmost importance to always check for a license with whichever broker has raised your attention because 85% of them will be unregulated. Regulated brokers are bound by rules and laws, and one small slip-up could mean that the entire broker can lose a ton of money and investments. So there is absolutely no incentive for regulated brokers to try and play you. Not to mention that users of regulated brokers are guaranteed protection, and certain regulators, like the FCA and CySEC, even offer client protection funds.
UFSMARKET TRADING SOFTWARE
The broker offers a fully functioning MT4 platform, yet we had no access to it, as we have already revealed. This is perhaps the best part of the broker, but unfortunately, it is not enough.
But the MT4 is there, and even if it is, it isn’t enough to redeem this broker. UfsMarket remains unlicnesed!
UFSMARKET DEPOSIT/WITHDRAW METHODS AND FEES
From the user area, we learn that the only way to invest is through a cryptocurrency wallet that supports USC, and no other crypto. There is no minimum deposit requirement. We would like to remind our readers that crypto deposits are the most dangerous types of investments since they are untraceable. They are the favorite way of investing used by scammer brokers for this same reason.
The website makes us believe that withdrawals are processed within 3 hours, and yet we still do not trust this. There are no further details on withdrawals, meaning that the broker has not mentioned the presence of any fees.
Withdrawals happen through the same crypto wallet. Although, for some reason, the broker wants the client’s bank details, which seems to us a way for the scammers to get into your bank account.
UfsMarket is not worthy of your time and money. Do not invest here!
HOW DOES THE SCAM WORK
The scam works in a number of elementary steps, so much so, that one would think how could investment scams be so prevalent.
The first step is presenting to users of the net an array of alluring and misleading ads that include images of your heart’s desires plus very fake promises of profit.
The second step is that of actually falling for the bait, at which point the user will be led to either the broker site or an intermediary website. From there on, the user will start receiving calls or emails from the broker to deposit. Mind you, these ways of communication are very convincing, and the broker has whole dedicated teams of reps that focus on leeching an initial deposit.
Once this first payment is made, the expert scammer will move on to try and take even more deposits by using a plethora of psychological techniques, on top of downright lying to clients.
Whatever the case may be, users will not be able to withdraw their money, although there is still some hope for their funds, even though it is minuscule.
WHAT TO DO IF SCAMMED
VISA and MasterCard have extended their chargeback period to 540, meaning that the safest and most secure way to try and get your money back is by filing for a chargeback with your credit or debit card company.
Wire transfer losses are harder to get back, and so we recommend the user to contact his or her bank to try and figure something out. And it is also crucial for the client to change her bank account user name and password.
Crypto investments are lost forever. The only way to get them back is if the fraudulent broker has had a sudden change of heart.
Moreover, do not trust recovery agents, who are pure scammers, independent or in some way connected to the initial scam. They will promise users a way to recover their lost fund in exchange for a fee, and once the user pays this commission, the agent will disappear!