Does UFX Just Closed Quietly?
Abstract：UFX, a retail broker that offers forex and contracts for differences (CFDs) trading services, seems to have quietly closed its doors. According to a note on the company's website, "UFX is no longer providing investment services to customers in this area."
UFX, a retail broker that offers forex and contracts for differences (CFDs) trading services, seems to have quietly closed its doors. According to a note on the company's website, “UFX is no longer providing investment services to customers in this area.”
We attempted to visit the website from Europe, Asia, and Latin America, but the termination notice was the same. Furthermore, regardless of jurisdiction, the broker is not allowing anybody to register a new account.
“You must close your trading account,” according to the UFX.com website.
Renounced Cypriot Permit
The business that administered the UFX brand, Reliantco Investments Ltd, relinquished its Cyprus Investment Firm (CIF) license. The Cyprus Securities and Exchange Commission (CySEC) registration states that the regulator is now investigating “voluntary renunciation of the authorisation.” However, it is a regular procedure followed by the regulator in the case of all voluntary CIF license renunciations.
Reliantco registered three more websites with CySEC in addition to UFX.com. One of them is unavailable, while the other two are for sale.
In December 2010, the UFX operator gained CySEC approval and began operating the FX and CFDs brokerage business from its Cyprus headquarters. By passporting its Cypriot license, it provided services across the European Economic Area (EEA).
Furthermore, with a license from the Vanuatu Financial Services Commission, the brokerage operated outside of Europe, mostly in poorly regulated countries in Asia and Latin America (VFSC). However, it seems that the broker has stopped services under that license. Even when reached locally from Asia, the website displays the identical termination notice in all linguistic variations.
Furthermore, the website UFX.com seems to no longer be maintained by the broker's proprietors. Important information, such as legislation and licenses, is absent from the website, which lacks even an SSL certificate.
as stated by the source “UFX stopped accepting new clients some years ago and has not aggressively promoted or acquired new consumers since 2018. As a result, there was no longer any requirement to possess a license. This is not unusual and occurs often each year when brokers cease to operate under one regulatory body and resign their license.”
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