The world of online trading and investment presents lucrative opportunities, but it is also plagued by scams and fraudulent brokers. One such broker that has recently come under scrutiny is UOBEFX. This report aims to shed light on the suspicious practices and violations associated with UOBEFX, highlighting the red flags that investors should be aware of.
UOBE FX, operating under the domain uobefx.com, is a scam forex, according to brokersview’s thorough analysis.
Firstly, UOBE is an unregulated forex broker. Although it claims to be headquartered in the UK and holds an MSB license from the US. However, a comprehensive investigation conducted by BrokersView reveals that these claims are unfounded. Searches on the registers of the UK Financial Conduct Authority (FCA) and the Financial Crimes Enforcement Network (FinCEN) yield no results matching UOBE FX. This lack of regulatory oversight is a significant red flag, indicating that the broker operates outside the purview of any governing body. Meanwhile, the regulator on forex trading activity is NFA not FinCEN in the US.
Furthermore, UOBE FX may be a new forex broker that only registered for less than two months.
Below are what we found:
1. Newly updated domain name. From Whois record, uobefx.com updated his domain info on 2023-06-27, less than 2 months till now.
2. UOBE FX is a newly created company. Based on its name UOBE FX GLOBAL LIMITED is listed on its bottom site and the information of Headquartered, UK company house searching result shows UOBE FX was newly incorporated on 2023-06-26, which is perfectly consistent with its domain name creations, which was mentioned above.
( The name UOBE FX GLOBAL LIMITED listed on its bottom site )
( UK Company House Searching Result )
Only two people were appointed to this company, among which one is Ms Peng and the other is a Secretary company named Winkie Corporate Services(UK) Limited. Please note that this Secretary company is the Secretary of 10 other companies.
According to BrokersView’s experience, applying for a license usually costs years, especially in countries like the UK, and the USA and it requires at least three or more independent personnel with related finance experience. Therefore, this 2-month incorporated broker is a scam company.
3. Shoddy website design. Based on BrokersView experience, UOBE FX used a website template to create its online site. Usually, scam brokers select a template and then merely replace its logo, name, and email on it. UOBE FX website is identical to dozens of scam broker’s sites, such as the format, content, layout, site icon, etc.
According to reports, UOBE FX has been listed on the Taiwan National Police Agency's 165 anti-scam site. This listing serves as a warning to potential investors, urging caution when dealing with this broker. While independent verification of this information is challenging, it is crucial to take such reports seriously and refrain from engaging with brokers who have been flagged by regulatory authorities or law enforcement agencies.
In light of recent experiences reported by two traders online, it is vital to highlight potential scam incidents involving UOBE FX.
Case of a client (referring as Emily): Emily shares her experience online of meeting someone named Mark on Tinder who introduced her to cryptocurrency trading. Mark directed Emily to use the UOBE FX platform on the Ubsarov FX6 app. Intrigued by the opportunity, Emily invested $500 as an initial amount and saw a profit of $100. Encouraged by Mark's guidance, she decided to increase her investment to $900, which surprisingly grew to approximately $32,000.
However, when Emily attempted to withdraw her funds, she encountered multiple obstacles. The platform claimed that she needed to pay $8,247.75 for international capital gains tax. Subsequently, she was asked to provide a security deposit of $6,800, a security certificate fee of $6,200, and a platinum membership fee of $4,800 on the UOBE FX platform. As doubts started to arise, Emily discovered that Mark had been using a fake identity. Realizing she had become a victim of a scam, Emily saved evidence of her transactions. However, she is trying to lodge a report of the incident to the appropriate authorities.
Another similar case was reported by (referring as Lucy), she met someone on Tinder who claimed to be a currency market strategist. They recommended trading on the UOBE FX platform. Lucy invested around 30,000 USDT, earning over 193,000 USDT in profits. However, UOBE FX refused to let Lucy withdraw the money, citing suspicions of money laundering. They demanded a security deposit of 39,000 USDT, followed by tax payments of 33,000 USDT and additional fees. Lucy's attempts to withdraw 100,000 USDT and another 138,000 USDT have been denied. Her main goal now is to recover her initial investment and expose the scam.
The process of how UOBE FX scam traders：
UOBE FX employs a range of deceptive tactics to lure traders and prevent them from making withdrawals, ultimately scamming them out of their hard-earned money. The scam broker utilizes
various strategies to entice unsuspecting individuals into their trap.
One of the tactics employed by UOBE FX is the romantic lure, targeting individuals on dating platforms like Tinder. By posing as potential romantic partners, they establish trust and manipulate traders into investing with the promise of high profits and financial gains.
Another method used by UOBE FX is the promise of lucrative trading opportunities. They claim
to possess exclusive strategies and insider knowledge that will result in substantial profits. This
entices traders who are looking to make quick and significant gains in the forex market.
UOBE FX also encourages traders to download their trading platform, often modified to favor the broker. They may use names like "AI Trader 7" or "Ubsarov FX6" in combination with UOBE FX to create an appearance of legitimacy.
Once traders have deposited their funds, UOBE FX makes it extremely difficult for them to withdraw any money. They frequently refuse withdrawal requests, citing various reasons such as the need to pay taxes or additional fees. They may even claim that the trader's wallet is experiencing abnormalities and demand further payments for security certificates or risk deposits.
In a final attempt to extract more money, UOBE FX may ask traders to pay fines to excuse alleged loopholes and create the illusion that additional funds are necessary to secure their profits.
Please be aware of these stories and exercise extreme caution when dealing with online trading platforms, especially when introduced by strangers. Always verify the legitimacy of the platform and the individuals involved, and never pay fees or taxes directly to the platform. It's crucial to report any suspicious activities to the appropriate authorities immediately.
Remember, legitimate and regulated brokers prioritize the safety and security of their clients' funds. Stay informed, stay vigilant, and protect yourself from falling victim to scams in the forex market.