The answer is no. UOBE FX is not a legit broker. They have a big warning from several organizations and also have several other issues for the clients. If you are thinking about investing with this platform, you should read this UOBE FX to know more about this bad broker.
What is UOBE FX?
UOBE FX poses as a regulated forex broker, claiming to be headquartered in the UK and holding an MSB license from the US. These claims are blatant lies. No regulatory body recognizes UOBE FX, and searches on official registers of the UK Financial Conduct Authority (FCA) and the Financial Crimes Enforcement Network (FinCEN) yield no results. This lack of oversight should be a massive red flag, a flashing neon sign screaming “scam!”
UOBE FX Details
Regulated by: | Unregulated Scam Broker |
Is This Company Safe? | No |
Known Websites: | uobefx.com |
Have Warnings from: | N/A |
Registered in: | UK |
Operating since: | 2023-06-27 |
Trading Platforms: | Custom |
Maximum Leverage: | N/A |
Minimum Deposit: | N/A |
Deposit Bonus: | N/A |
Trading Assets: | Forex, Indices, Commodities, Stocks, Cryptocurrencies |
Free Demo Account: | Unavailable |
How to Withdraw from This Company? | If you face any problem regarding the withdrawal or funds loss, you can contact us for help. |
Deposits and Withdrawals
The payment options for funding a live trading account are not specified by UOBE FX. It was also not revealed what the minimum deposit and withdrawal amounts were, or the associated costs. Brokers typically take wire transfers, cryptocurrency, and credit/debit cards as forms of payment.
If you made a deposit using a credit or debit card issued by MasterCard or VISA, you have up to 540 days to reverse the transaction by requesting a chargeback with the issuing bank. Recalling a wire transfer can reverse it, however, it is only effective for unfinished transactions.
If you have lost money to companies like Capital Gateway CG, or Exopip; please report it to us on our Report a Scam form.
Account Types
UOBE FX offers a limited selection of account types, each with vague details regarding fees, spreads, and leverage. This lack of transparency is intentional, designed to lure you in with promises of low fees and high returns, only to trap you later with hidden charges and manipulated spreads.
Red Flags and Warning Signs
Undoubtedly, UOBE FX is participating in dishonest activities by disguising itself as a reputable forex broker. Operating under multiple domains, this bogus clone website seeks to trick gullible traders into falling for their schemes.
Regarding UOBE FX, their claim that they are registered and regulated in the UK is false because they do not possess a valid forex license from the Financial Conduct Authority (FCA), the local regulatory body.
The fact that the FCA has officially taken action and issued a warning against UOBE FX, clearly saying that the company is not authorized to operate within their jurisdiction, is even more troubling.
Customer Complaints and Negative Reviews
A quick online search reveals a torrent of negative reviews and complaints against UOBE FX. Victims accuse them of:
- Stealing funds: Many report being unable to withdraw their money, their accounts frozen for bogus reasons.
- Manipulating the platform: Accusations of unfair trading practices and rigged market conditions abound.
- Poor customer service: Ignored requests, unhelpful responses, and a complete lack of transparency are common complaints.
UOBE FX Alternative Brokers
If you’re serious about forex trading, steer clear of UOBE FX and choose a reputable, regulated broker instead. Here are a few trustworthy options:
- XM: A well-established broker with a strong reputation for fair practices and excellent customer service.
- AvaTrade: Another reliable broker with a user-friendly platform and competitive pricing.
- IG: A global leader in forex trading, offering a wide range of instruments and advanced trading tools.
Got Scammed by UOBE FX? We Help Victims!
If you’ve fallen victim to UOBE FX’s deceptive tactics, you’re not alone. Several organizations offer support and guidance to recover your stolen funds. Consider contacting:
- The Financial Conduct Authority (FCA) in the UK: https://www.fca.org.uk/
- The Financial Crimes Enforcement Network (FinCEN) in the US: https://www.fincen.gov/
- Your local law enforcement agency
Remember, we are always here to help you in this kind of case. You can submit your case to us and we will provide you with a free consultation and recovery service recommendations to help you in recovering the lost funds or You Can report to us today by the form below.
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