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UBFX

Operating status: Clone Firm
Website: https://www.ubankfx.com/
Suspected Inactive
Broker violations and abnormal records
  • Jul 07, 2022 BrokersView has found that the UBFX web page is no longer working

    UBFX claims to be regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14745. We did find results in VFSC that match this broker. However, it is highly likely that UBFX has stolen the regulatory license of a regulated company, as on July 8, 2022, BrokersView discovered that the broker's website https://www.ubankfx.com/ was no longer valid, and it is highly likely that the domain has been suspended, which is a bad sign. Therefore, UBFX may be a fake broker.

    UBFX claims to be regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14745. We did find results in VFSC that match this broker. However, it is highly likely that UBFX has stolen the regulatory license of a regulated company, as on July 8, 2022, BrokersView discovered that the broker's website https://www.ubankfx.com/ was no longer valid, and it is highly likely that the domain has been suspended, which is a bad sign. Therefore, UBFX may be a fake broker.

Related Complaints

Q&A

UBFX is a scam. Am I right?

Behzad
Somalia
Jul 11, 2023
ANSWER UBFX is a scam whose website is down.Based on our records, UBFX used to claim to have the license number 14745 issued by the Vanuatu Financial Services Commission (VFSC), which is now canceled by the regulatory body. It got worse when we found that its website was down. As such, it is definitely a scam.
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Do you have details about UBFX? Im looking for information on their minimum deposit terms and conditions.

Pro Trader
Belgium
Jan 13, 2022
ANSWER UBFX, under the domain https://www.ubankfx.com/, claims to be owned and operated by Finance Managers Group and their subsidiaries, among which Finance Managers Co. Limited is listed by the Vanuatu Financial Services Commission (VFSC) under license number 14745. We checked the broker's statement and found that the company named Finance Managers Co. Limited is in the licensed list. However, VFSC is a popular offshore regulator among forex brokers as capital (or bond) requirements are relatively small. A Forex license covering the online activities of a brokerage is issued in 2-3 months, which is indeed extremely fast. Moreover, there is no income tax, capital gains tax and inheritance tax in the country. So VFSC-regulated brokers are actually not under as strong regulation as FCA, ASIC and NFA regulated brokers. Most importantly, some shady brokers will falsely use regulatory information of a licensed broker by VFSC, as this regulator provides neither authentication details nor domains of registered company for traders to verify. Consequently, it is not a hundred percent sure that the licensed entity is the one that runs the business under the trading name of UBFX. In terms of broker's requirement for minimum deposit, it varies from account to account. Specifically speaking, there is no deposit threshold of "Smart Account", but the minimum deposit is 50 USD when it comes to "Standard Account", "RAW Spread Account", "Islamic Account" and "Corporate Account". For more details about this broker, please check our full UBFX review.
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2 comments

Joseph
I think UBFX is very good. I have no problems with withdrawals, deposits, spreads or anything. and my withdrawal only takes up to 2 days. Very efficient.
Jun 18, 2023
Reply
Yuto
I can’t even get my account verified because of its trash service. The broker doesn’t want to help resolve my issues. what a joke.
Jun 09, 2023
Reply
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