Another one bites the dust....
I was wondering why nobody has been flashing around their "Magic FX APP" in the cockpit for the past week!
It used to show big green numbers and arrows pointing upward. Come join they said.
Turns out, all it shows now is, RED
UT have stopped paying any "profits" - banking delays. Sound familiar.
UT refuse any account terminations/closures - banking limitations. Sound familiar.
UT ask for patience give them 3-6 months ....pretty please.
WHEN WILL EVERYONE FINALLY LEARN. Stay away from Ponzi schemes.
Letter sent out today in an attempt to quell the panic:
Dear Customer,
We apologize for a slow reply.
Due to an overwhelming amount of Whatsapp messages and emails (over 1000 messages and emails per agent) and phone constantly ringing we just cannot keep up physically with replying. Please read the below, we wish to cover all the points and questions our clients have and put their mind at ease that we are not ignoring anybody and working here to keep UTM going.
Important note - please save our number in your Whatsapp - if we send too many messages to numbers that do not have our number saved it will block our Whatsapp for four hours - we do not need any extra delays at the moment - please save the number.
Are you waiting for a withdrawal or commission for more than seven working days?
It is highly likely the money has bounced back due to our daily limits. We are in the process of checking all bounce backs and will re-wire the funds to the same account. Please check with your bank too in case there is a pending transfer. We will only contact a client if the bounce back is due to an error on their part such as bank details - all other bounce backs we will take care of but will not be sending any confirmation out - please work with us - the funds will arrive.
Have you made a withdrawal request and the funds have not been removed from your trading account within the last 24 hours?
Due to the daily limits and the long line of bounce backs we will only begin a withdrawal when we can fit it within the daily limit.
Losing trades and open trades
Losing trades unfortunately cannot be avoided, and please do not be alarmed when you see an open trade in action - open trades change your equity constantly. - UTM will find the right time to close it. We keep a trade open, even if it is losing, because a small movement upwards could cancel out the loss and move it into positive.
In the client contract you will see that there is a risk disclosure meaning you have agreed for UTM to trade on your behalf and take risks in the market - we will of course try our best for clients.
During live trading (when a trade is open) we cannot facilitate withdrawals or terminations because the platform will not allow it.
Please note - we cannot close individual clients trades because we trade as a group.
Down grading an account
Current platform rules do not allow downgrades below your platform level. For example, if you have 45000 USD in your account, the maximum you can withdraw is 5000 USD. To withdraw more money, clients must make a full termination by completing a withdrawal as usual, but entering your full balance. However - please read the section below on terminations.
Termination (closing an account)
Currently, due to the high volume of terminations, and bank limits, terminations cannot be processed at the moment. We estimate it will take two to three months before we can do so.
Top up and new clients
For now, just as with outgoing money, we have a limit on incoming funds too. Please bear with us until we can accommodate these.
Payment providers
Please note that Moneynet and Wire2Pay are only payment providers for UTM. ALL queries MUST come only to UT Markets - please do not contact payment providers.
What to do now?
For now, we advise to keep your account trading, we will try our best to trade as best as we can to recover from the unfortunate losing trades recently - and are working hard to get things running perfectly at UTM again.
We kindly ask you to please work with us, let us focus on dealing with the high volume of bounce backs and messages we have to clear at the moment - we really want to keep communication lines open with clients but cannot keep up, hence this message to try and cover all points.
We urge you to please stay away from the Chinese whispers and rumors on social media websites such as Facebook. This message we hope has covered all points - clients with individual questions please feel to reach out to us - we will respond as fast as we can.
We will be sending regular updates like this to keep you informed.
Lastly, a kind request...we ask you to acknowledge that exceptions cannot be made - all UTM clients are treated equally and we will have to work with the current limits and rules for all clients.
Regards from the UT Markets team.
------------------------------------------------------------
Guess what, no one is answering any queries, phones dead. Excuse: Staff all on leave.
In the words of Queen, it seems "Another one bites the dust...."