Don’t worry; we are not going to review an insurance provider. UKIFX seems like an insurance agency, but it is not. Instead, it’s a forex broker that has been working in the market for quite some time. Following we are going to review and see what it has to offer!
About UKIFX
UKIFX is not an insurance agency, although it does seem like one. It is a CFD broker that operates in the United Kingdom. The company provides its services and solutions all around the world including American and Asian Markets.
What Does it offer?
Our first impression was this is an online forex academy instead of broker You can't blame us, the name has insurance, and the design is like those of an online school. Anyways, the company provides excellent educational material. It offers intuitive trading packages, but they are not the strong suit. The company is also looking to hire more agents.
Issues
• Blacklisted by FCA
The Financial Conduct Authority of the United Kingdom Blacklisted UKIFX. According to FCA, The UKIFX is a clone of a regulated firm. Worse, this scammer is using the regulated company’s good name to rip off its customers.
The company has nothing to offer at all. Its just gimmicking as an established company to get people’s money and make a run for it.
source: FCA
• Blacklisted by CONSOB
If getting Blacklisted was not enough, UKIFX made things worse and got banned from CONSOB. The Italian financial regulator also doesn’t have anything nice to say about this broker. It explains why it banned UKIFX because it believed the company engaged in shady practices and robbed its clients.
There were a few complaints registered against this broker. CONSOB took notice of it and blacklisted this broker to safe keep others.
source: CONSOB
• No Online Community
If you care to search for this broker online, you will not find anything at all (least Positive). The company makes bold claims that it's been in service for years. We are surprised to see the company failed to build an online community at all. This is a major red sign.
Conclusion
The broker is blacklisted by two of the most respectable financial regulators around the world. We believe there is nothing else we could say. The fact concludes our review. Don’t trust this broker; it will rip you off and run away with your money. So, be smart and stay safe.
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