Has anyone invested with UKX Capital

gingamama

I am new to trading. Over the past 2 months I have invested with UKX Capital whose platform has pretty good reviews in online trading literature.

However, the trader who is dealing with my money is pressuring me to invest more than I am comfortable with- has talked me into a co-financing agreement that I have tried to get out of within 3 days and they say I cannot get out of it.

As I write this, I think I might be being scammed. But the money I had already invested with them has made good profit after 6 weeks.

Yesterday I had a very upsetting exchange with the trader, during which he threatened to freeze my account for 90 days if I did not continue to add the confinacing funds.

This company is not regulated by the FCA.

Please be kind with your words of advice.

masonic

What you have described is textbook for a scam.

It is unlawful for a company to market financial services to UK consumers without FCA authorisation.

How much of your money do they already have? How did you learn of this company and get involved with it?

Edit: Here are the details for the website of the company I think you mean: https://www.whois.com/whois/ukxcapital.com

Registered less than 3 months ago in Malaysia. That doesn't look good. I also could not find a single reputable website that mentions this company.

TurbulentCourage

Your situation is a scam. Please do not invest any more - you will lose it all.

I had something similar to this with Crypto twice - I had learnt from the first time so please read on.

The second time I again invested the usual £250 (via a crypto wallet) and soon my 'portfolio' was up to £1600. I was contacted by an agent who tried to pressure me into investing another £10K. After (pretend) hesitation I said that if he could prove it wasn't a scam by letting me cash in half of the 'portfolio' value, I would do so. After the £800 was in my bank account (via the crypto wallet), he called again and I told him I would not be investing any more and wanted to cash in the rest. Unsurprisingly I did not receive the rest of the 'portfolio' funds but am happy that over the 2 scams I made £300 profit, and even happier that I scammed a scammer.

Reaper

Just to be clear, when you say "the money I had already invested with them has made good profit after 6 weeks" it has not. If you tried to withdraw this money you would not be able to. It is all part of the scam.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82064527#Comment_82064527

Well done that in your particular situation, having been scammed (you don't say how much you lost) you decided to knowingly "invest" in another fraudulent scheme and made £300.

Unlikely to be the most useful advice to be giving someone who has just realised that they are ££ down in a fraudulent scheme.

Best advice is stop giving the fraudsters any more money.

gingamama

Thankyou everyone.

I have written to them this morning to ask for my money back.

I might just check in here for support during the day if that is ok.

It is going to be a tough one:(((

gingamama

Also, if anyone has any tips on what I can say to them when they refuse to give my money back, please advise. I feel like an idiot right now. I cannot believe I have fallen for this. If I read this from someone else I would wonder how they could be taken in.

But I am here now.

If anyone has any advice on phrases I could use please let me know.

jimjames

https://forums.moneysavingexpert.com/discussion/comment/82064693#Comment_82064693

Bear in mind they will come up with all sorts of excuses why they can't pay you back now. They might say you need to pay some sort of fee, tax or many other reasons why your money isn't available until you do something else. It's all part of the scam, whatever else you pay will be lost as well so just report it to Action Fraud rather than wasting more time with the scammers. Depending how you paid you might want to report to your bank or card company too.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82064714#Comment_82064714

"so just report it to Action Fraud rather than wasting more time with the scammers"

It's Report Fraud now, due to lack of action ;) www.reportfraud.police.uk

TBH, there's more chance of the bank paying out than the scammers, but that would be very unlikely too, unless the bank didn't do enough to warn of the risks.

LHW99

And seriously think about blocking them from your phone, and watch out for someone else contacting you saying they can get your money back …….. if you pay them something to do it.

You may have been added to a "suckers list" and may be targeted by other scammers - be very wary

kempiejon

There was a fella on the TV talking about "influencers" offering ways for the rest of us to make a buck. These people are not the right pace for suggestions as to where one could put their money. Those more engaged in social media being influenced to put money in totally unsuitable investments and likely losing some of it. That's without the endless supply of scammers and ne'er-do-wells.

Chalk this up to experience, the money lost but tell your bank and crime/fraud agencies. I too suggest blocking the contact, ignore future contacts. Any unsolicited contacts should be considered unwanted and possibly malicious. Be on the look out as previous victims will be targeted by clever fraudsters.