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UBFX

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Operating status: SCAM

Website: https://www.ubankfx.com/

Broker violations and abnormal records
  • 2022-07-07 BrokersView has Found that UBFX is not Working

    UBFX claimed to be regulated by Vanuatu Financial Services Commission(VFSC) with license number 14745. We can still find a matching result in VFSC. However, it is possible that UBFX falsely used license information of a regulated firm because on 8 Jul 2022, BrokersView found the domain https://www.ubankfx.com/ is not working. It is always a bad sign that broker's website is suspended. Therefore, UBFX may be a scam.

    UBFX claimed to be regulated by Vanuatu Financial Services Commission(VFSC) with license number 14745. We can still find a matching result in VFSC. However, it is possible that UBFX falsely used license information of a regulated firm because on 8 Jul 2022, BrokersView found the domain https://www.ubankfx.com/ is not working. It is always a bad sign that broker's website is suspended. Therefore, UBFX may be a scam.
  • 2023-07-10 BrokersView has discovered that UBFX's VFSC license number has been cancelled

    We have discovered that the license number 14745 UBFX claimed has been cancelled by the Vanuatu Financial Services Commission (VFSC). Therefore, it is unsupervised by any regulatory body. Along with its unavailable domain, it is unequivocally a scam.

    We have discovered that the license number 14745 UBFX claimed has been cancelled by the Vanuatu Financial Services Commission (VFSC). Therefore, it is unsupervised by any regulatory body. Along with its unavailable domain, it is unequivocally a scam.

Related Complaints

Q&A

UBFX is a scam. Am I right?

Behzad
Somalia
2023-07-11
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
2022-01-13
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.
2023-06-18
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.
2023-06-09
Reply
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