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Radu

Forex Trading

Question

Hello,

I would like to know some information about this broker https://www.urbanfxpro.com/welcome is the broker's website and FXTM is the trading platform. They trade for me, they make profits for me, and in order to withdraw the profit I have to pay a commission of 20% from my bank account, they cannot withdraw from the profit I made, the payment is made every week by bitcoin, I want to know if this operation is true. I asked them if they are regulated and authorized and they answered me "Our company is regulated by the Securities and Exchange Commission of Cyprus with license number CIF 185/12, authorized by the Financial Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the UK Financial Conduct Authority under number 600475. "

Thank you!

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HI Radu. I will check these guys out for you and let you know, although I have never heard of them before. May I know the country you are based in?

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Radu, I had a look and there is nearly nothing about them online. i checked the number they provided you on the FCA's website and it came up with a different company. I checked the Urbanprofx website for any mention of that company and there was none. I sent them a message asking them who runs the company and they didn't reply (I waited 30 mins). That may be because they didn't want to or they have crap customer service. 

My suggestion to you would be to avoid them at all costs. Any broker that says you need to pay them from your bank before they can give you your profits sounds like a scam. I'm hoping you didn't deposit a lot of money with them. I would suggest you ask for your initial deposit back. If you want to find a respectable broker then let me know and I can provide some names I know of that are definitely regulated and have positive reviews or I have used them myself. If you need any more help then please let me know.

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In fact, I just had a search for the company that came under the FCA number and it is FXTM who I have asked if they are associated with UrbanFXpro and they said they are not. They have no affiliation, so they have lied to you. Avoid them, do not deposit anymore money with them!

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1 hour ago, Sam Bougheda said:

HI Radu. I will check these guys out for you and let you know, although I have never heard of them before. May I know the country you are based in?

ok, I'm from Romania

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1 hour ago, Sam Bougheda said:

Radu, I had a look and there is nearly nothing about them online. i checked the number they provided you on the FCA's website and it came up with a different company. I checked the Urbanprofx website for any mention of that company and there was none. I sent them a message asking them who runs the company and they didn't reply (I waited 30 mins). That may be because they didn't want to or they have crap customer service. 

My suggestion to you would be to avoid them at all costs. Any broker that says you need to pay them from your bank before they can give you your profits sounds like a scam. I'm hoping you didn't deposit a lot of money with them. I would suggest you ask for your initial deposit back. If you want to find a respectable broker then let me know and I can provide some names I know of that are definitely regulated and have positive reviews or I have used them myself. If you need any more help then please let me know.

I didn't deposit much money, I deposited $250 deposit and I gave another €200 to withdraw a lower profit, but they said that the minimum to withdraw the profit is $1250, and I didn't send anything because I don't trust them. Is there any chance I could get my money back? And yes, I'd like a reliable broker

Thank you for information!

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Definitely do not trust them. In terms of getting the money back it will be very hard. I have seen that there are some things you can try such as leaving terrible reviews of them on FX review websites (there may be a way to do that here on AskTraders, but check others as well). First tell them you will be leaving terrible reviews online unless they give you the money back, then if they don't give it back to you start to leave the reviews. You could threaten some sort of legal action, although i'm not sure they will take any notice as financial authorities never seem to do anything in these situations. Other than that i'm not sure there is too much else that can be done to be honest, sorry.

For brokers I would suggest checking out IG markets. I'm not sure if they are available in Romania but they are a very reputable broker in the UK so worth a try. Hopefully all goes well and you are able to recover your money. If you have anymore questions then just ask... Good luck!

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ok, Thank you very much!

I will try these ways.

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