UFXMarkets
Complaint 329459 Details

I am writing to you to submit a SERIOUS complaint against one of your VIP trader managers, namely Anthony Williams. Having only recently joined UFX markets on the 4th of August 2014 and having originally deposited an amount of $500, I have experienced quite intense hard selling techniques which resulted in me being asked on numerous occasions to upgrade my account by adding additional equity along with the additional account SECURITY??!! During the course of the month I have added monies to the amount of $50,000 to gain what was meant to be a Diamond VIP trader account. Unfortunately, I have found that the VIP element, including that of the personalized guidance and support has been far from the mark and that expected!!!

Originally, small traders were opened, with small returns along with the promise that this was the 6th year in a cycle of market movements were we would shortly be expecting clear movement in the DOW Jones, specifically in the days to come. The DOW Jones is apparently nearing it's peak and would be drop significantly in the next couple of days. Anthony urged me to open 'sell' trades on the DOW in the anticipating of the DOW crashing???? Or so he said.... Along with this he advised me to 'buy' a number of gold positions with gold being seen as the alternative and most secure trade option when the DOW would fall...

Trade's were opened, along with scant advice given to a very novice trader, so I was very much in the hands of Anthony and followed his instructions avidly. But when I had asked the question about putting in a 'stop loss' action Anthony replied that only amateur traders used 'stop-loss' as professional traders would know and understand what the market was doing etc and hence we did not need to issue such instructions!! This was a clear failing as my account soon moved into substantial negative equity! As you can imagine, as seen with the vast number of other complaints made against UFX on such forums as FPA, negative equity soon followed with the obligatory pressure to add further funds to the account to add further security!!! Hence, why I added an eventual sum of $50k......

To cut a long story short (but I hasten to add that I have a very good memory and have amassed in-depth details of my account history, along with email correspondence) today has seen my account 'trade-out' with me losing my original $50k along with the grand total of $70k account balance.

Today, I must have sent Anthony in excess of 20 emails asking for him to contact me, well in advance of the eventual 'trade-out' to ask for advice and the best course of action. There was NO reply!!!!! I was left to fend for myself and watch my account bleed dry!!! Is this the Diamond Account VIP service that your company offers their customers???