Bitcoin Chargeback

Сharge back your stolen funds


    It has been reported by multiple users that one of the brokers, ULTRA CRYPTOCOIN FX / ULTRA CRYPTOFX, is linked to multiple cases in which people lost money. The case is a clear case of fraud, but we could not find a history of these alleged cases in the marketplace in the database. However, there are many other examples of this type of activity. ULTRA CRYPTOCOIN FX / ULTRA CRYPTOFX is such a fraudulent bitcoin trading marketplace that it has earned itself the label of "Bitcoin Fraud Exchange".


    As of 2013, the Bitcoin Bitcoin exchange was advertised as an easy way to buy bitcoins and quickly shipped. However, it was quickly discovered that this broker has never delivered the bitcoins to its customers and may have intentionally misrepresented their operations.


    While the majority of the ULTRA CRYPTOCOIN FX / ULTRA CRYPTOFX complaints are related to the scam claims stated above, there are also legitimate complaints about the service. This is not actually owned by the person who used the nickname {{peeps-074}} on the subreddit. This person owns an alias and it was not from one of the exchanges associated with this broker. In fact, we can find numerous instances of people trying to use this person’s “infamous” name to sell their bitcoins, which is why we’ve kept the account name intact.

    What is a regulated broker?

    Regulated brokers are accredited financial institutions, such as banks or securities firms, with significant experience in money transfer and trading. Regulated brokers are financial institutions that have been issued a license by the state of New York. You can use the same interface as if you were to trade on a personal account by adding your name, username and password to an account. A regulated broker or an online trading platform (OEP) is a division of a bank or financial services company that is supervised by a governmental authority. A broker license provides that a person is either a non-bank entity or has an exempt entity as its holding company. This type of license is distinct from a standard broker license. They need to be highly regulated for a reason. They are, in effect, deemed “bank-like” as they are required to hold clients’ funds in FDIC-insured accounts and to execute trades in compliance with all rules and regulations.

    That said, regulation is not always foolproof, as we have noted in many instances where licensed entities have been found to be operating as illegal Ponzi schemes, money laundering operations, and even running gold-buying scams.


    We ran an analysis on ULTRA CRYPTOCOIN FX / ULTRA CRYPTOFX's website, and found that only 18% of the company’s website clearly states that the business is unregistered. Also, the fine print on their website makes the argument that because the company is not based in the United States, it is not subject to U.S. regulations, but the problem is that it is not regulated by any entity at all. Bitcoin is in a grey area. It is legal in many places but illegal in others, so we decided to include non-American companies in our rankings because we wanted to include every bitcoin trading broker. The flip side of this is that some of these companies have launched for U.S. customers, even though it is not legal in the United States.

    As with any licensed brokerage firm, there are quality control procedures, supervision, and data recording to protect the clients of a regulated firm. {{mpg_broker}} failed to do any due diligence on who they traded with. Many investors have reported that they simply gave the company their funds, and {{mpg_broker}} did not do any credit checks or use any reliable vetting process.

    The alleged abusive practice made headlines in a recent document that has gone out to investors, as the document is titled “Investors are being scammed by Bitcoin Broker".

    ULTRA CRYPTOCOIN FX / ULTRA CRYPTOFX uses dangerous algorithms

    When asked about the presence of ULTRA CRYPTOCOIN FX / ULTRA CRYPTOFX as a bitcoin trading service, one prospective customer said, “They sell annuities for buying bitcoins, and it is a scam. You must be careful when buying cryptos.” Another customer reported: “I was stuck with a $65,000 loss in bitcoins traded in the past month. I reached out to [them] multiple times via phone and e-mail, but no one answered.”

    many users have complained that they made the mistake of trading too many bitcoins for the platform’s payment of $10. That probably would cause ULTRA CRYPTOCOIN FX / ULTRA CRYPTOFX to move a lot and that may require a refund, so we advise you to contact them as soon as possible if you believe you were misled by their online trading platform.

    Certified bitcoin brokers are a good option if you want to buy and sell bitcoin without the hassle of meeting with someone face to face or exchanging cash for bitcoins. These brokers are regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Generally, CFTC and NFA brokers are regulated by the U.S. government and don’t have any activity-based regulations, meaning they aren’t able to operate in a certain market until they receive official approval.

    How to avoid {{mpg_broker}}

    If you encounter the dreaded internet voice-mail, hang up and try a different phone or email address. Even if you have a customer service ticket open, no one can help you if you can’t reach them. Most retail bitcoin exchanges and payment processors have an active customer service team, but even if you haven’t heard back, be patient. Things will work out, though. If you decide to stick it out with the company, some good things can happen.

    Trustpilot reviews confirm that investing in bitcoin (BTC) is a risky and somewhat difficult process. And even though bitcoin prices have soared in the last year, they’ve been fraught with technical glitches and wild fluctuations, too.


    Over at reviews website Trustpilot, 42% of the online users who filed complaints on Bitcoin-related sites in July said they’d experienced poor customer service.


    • ULTRA CRYPTOCOIN FX / ULTRA CRYPTOFX hasn’t been updated in a year or more.
    • ULTRA CRYPTOCOIN FX / ULTRA CRYPTOFX can’t be found in our database.

    Also, remember to never use a broker who:

    • Is using a government reference number that is similar to a real federal agency’s.
    • Offers consumers large commissions.
    • Offers binary options and unregulated foreign exchange trading.
    • Does not provide you with an account number or proof of identity.

    You can still receive payouts from your bitcoin deposit. At least some companies allow you to get out of an existing deposit obligation by waiting an undetermined amount of time.


    The company and its owner/investors will probably deny the allegations against them, but there is a good chance they will change their ways in the future, such as wiping the malware that was used to open up your account.

    Don’t reuse passwords

    Overall, it is not surprising that the initial results of our survey showed an imbalance of bitcoin users. As a currency, bitcoin is widely misunderstood and its adoption rate is considered very low. Although we believe there are many opportunities to grow bitcoin and its use among consumers, we believe the best way to make a lasting impact is by getting the message of bitcoin and bitcoin-based currency out to consumers. Bitcoiners need to take the bull by the horns and take action by spreading awareness and spreading adoption.