UBFX Review: The Hidden Risks of Choosing Ubfx.com for Your Investments
Trading poses a risk, so it is only natural that some brokers try to scam their way into a successful business. But the hidden risks of those companies are always uncovered, it is just a matter of time. The same applies to the broker we are evaluating today, and this UBFX review will reveal the truth hidden behind the name.
Keep reading to find out everything about the broker, and make sure to check TIO Markets as a reliable alternative, regulated by the FCA.
Who Is UBFX?
Finance Managers Co. Limited, which was established in 2016, operates under the trading name UBFX. They are registered in Vanuatu, indicating that they are an offshore brokerage company. Considering that the firm was established so long ago, it is concerning that they are nothing more than a distant memory today.
The firm’s end came in 2022, right before New Year’s Eve. Since then, it is difficult to know whether or not they tried to appear under a different name. The domain today isn’t for sale, instead, it warns that accessing the website poses a risk to your details stored on your computer.
|Reliable Broker Must Have
|Finance Managers Co. Limited
|Transparently displayed in the disclaimer or legal documents
|Within your legal jurisdiction – local regulator
|Your country or the country whose license applies in your legal jurisdiction
|The older the domain – the higher the possibility the company is trustworthy
|Domain should be from local or international zones, no .xyz, etc.
|Financial Authorities Warnings
|Data is hidden
|Phone, email, social media, web form
|If a withdrawal is possible
|Transparent fees – list of spread and commissions
|If Active on Social Media
|Often present on social media
While operational, this trading firm was not regulated by any financial authority. Trading with unregulated brokers is risky, and you can only end up losing your money. In this instance, the firm went out of business, and many traders didn’t have a chance to withdraw their funds.
UBFX Broker Profile
Along with a large selection of currency pairs, the trading firm also provided a variety of products to choose from, including Forex, Gold & Silver, CFD, Oil, and Indices. Keep in mind that various trading conditions apply to different instruments. In this situation, you need to make sure that your plan complements the instrument you selected well.
The MT4 platform is probably the only beneficial factor this firm offers, with a maximum leverage of 1:400. Regulated entities have a leverage limit, so it’s not surprising that the leverage with this company is so high. Considering that this broker operates from Japan, the leverage should not be more than 1:25. Retail traders have leverage limits of up to 25:1 for major currency pairs in Japan.
|Financial Instruments On Offer
|Education or Extra tools
Is UBFX Safe To Trade With?
All things considered, they are not a reliable brokerage and they didn’t provide a safe trading environment. Instead, they focused on scamming traders for money, by presenting themselves in shiny light. The trading conditions are not that great and the benefits this firm provides end with the MT4 platform.
You will have more chances of profiting by using our AI bot instead of trading with UBFX. Try more reliable companies, such as XM Broker, which is regulated by several reputable financial institutions. Never trade with unregulated brokers that lack transparency.
How Is the Scam Carried Out?
Scammers usually don’t pay much attention to details, hence they don’t invest money in ads to attract investors. Instead, they use popular schemes like the pyramid scheme, and cold-call traders, encouraging them to deposit everything they have to earn even more.
The pushy manner of personal managers may be the worst because a person pretending to help you trade and earn profits is actually helping them take all of your money. Nations affected by the UBFX scam include the United States, India, China, and Japan.
Deposits and Withdrawal Methods
Depositing or withdrawing your funds is no longer possible at UBFX because they are not operational, and even if they were, we would still advise against it. Brokers like this appear to let you trade for $1 while building a relationship in the meantime to encourage you to deposit large sums.
If a withdrawal is even possible, you can expect it to be delayed for an unknown period, at least until you can’t file a dispute anymore. Scammers will usually cut any type of communication after getting what they want, so reaching out to customer support for help won’t benefit you either.
Can I Make Money While Trading Online?
Trading can be a way to make money online, but it’s not a certainty. Anyone who tells you it’s a quick-to-get-rich scheme is lying. Without proper education, strategy, and the right broker, making money is nearly impossible.
However, trading may be made simpler and more effective with the help of our ground-breaking AI Analysis Bot. Our AI program gathers information from charts and previous asset prices to forecast future values using technical analysis.
We provide a 14-day, no-obligation free trial so that you can sample its advantages. You’ll receive access to this trial if you are one of the first 100 traders to contact us. Call us right away and take advantage of our amazing friend AI bot.
What is UBFX?
UBFX is an offshore brokerage company registered in Vanuatu.
Is UBFX Regulated?
No, the firm is no longer operating and, therefore not regulated.
When was UBFX founded?
The firm was founded in 2016 with the name Finance Managers Co. Limited.