UFX Bank Cease Trade Order issued in Canadian Province
Canadian Financial Services Commission issued a Cease Trade Order on February 22, 2012, against UFX Bank, also known as www.ufx.com
.Authorities have documentation that UFX Bank through their website www.ufxbank.com have defrauded a Canadian resident of an estimated $27,000. UFX Bank appears to be UK-based, but authorities in Belgium and Cypress have also issued similar sanctions.
“Individuals should exercise extreme caution when dealing with off-shore companies online,” stated the Deputy Director of Enforcement for the Securities Division.
The order directs UFX Bank, to cease trading, acquiring and advising in securities and exchange contracts and removes their ability to use any exemptions in the Canadian province..
Anyone contacted by any representative of UFX Bank should contact SFSC’s Securities Division at (306) 787-5645.
The Financial Services Commission (SFSC) protects consumer and public interests and supports economic well-being through responsive marketplace regulation. We protect Saskatchewan consumers by regulating financial products and service providers in an effective, efficient and balanced manner.
The SFSC’s Securities Division protects investors by regulating the selling of securities in Saskatchewan, Canada. Securities are forms of investment such as stocks, bonds and units in mutual funds.
The forex industry is heavily regulated and monitored. Before investing or opening a brokerage account, you should look for the regulatory authority that oversees the broker you are considering. Most brokers are legal and legitimate. It is important that you take the time to check them out first. If a broker is not licensed or regulated in your country, or in one of the major economic centers around the globe you should be weary.
Always review the terms and conditions of the account, the withdrawal processes. Make sure you understand spreads, leverage, margins and commissions. If you are being offered a bonus inquire about the terms and conditions attached to the bonus.
Trading in the forex markets are safe and secure, and offer a potential to earn high profits and rewards, but caution is always advised when investing online or in person. Understand what you are becoming invoved with, understand the risks as well as the rewards and never invest or risk more then you can afford.
Most brokers will be very careful before allowing you to open an account, they want to make sure you can afford to suffer a loss if it occurs and that you know what you are doing and understand the consequences. Brokers work hard to achieve high reputations and want to maintain them