AFM warns consumers about Ufunded

Ufunded operates in the Netherlands without the required license

Ufunded operates as an inviteonly platform, this means that customers can only join by invitation from one of Ufunded’s partners. Ufunded cooperates with at least one party that primarily targets Dutch consumers. This party receives compensation from Ufunded for referring clients.

The AFM has determined that Ufunded’s activities qualify as the provision of investment services in the Netherlands, namely executing client orders. In total, 1,279 Dutch investors have transferred more than €20 million to Ufunded, even though Ufunded does not have the required AFM license to offer investment services in the Netherlands. Ufunded also cannot rely on any exception or exemption from this requirement. Executing orders for clients without the required license is very harmful to consumers. The licensing requirement ensures that companies organize their services in a way that provides investors with the protection they are entitled to.

AFM classifies Ufunded’s funded trading as investment services

Ufunded claims to offer its customers the opportunity to trade using ‘funding’ (Funding) in assets such as stocks, currencies, and commodities. Customers open an account with Ufunded and pay between €1,400 and €32,200. They then gain access to the Ufunded platform, where they can take leveraged positions using Funding ranging from $45,000 to $1,035,000 (30 times the paid fee).

By taking positions, customers speculate on whether the price of the underlying asset will rise or fall without owning the asset itself. The AFM has determined that this constitutes CFD trading and therefore qualifies as investment services, which require a license in the Netherlands.

Significant risks for investors

Moreover, Ufunded’s service model poses major risks for clients: customers enter into CFDs through Ufunded. These are highrisk products that are generally unsuitable for the average consumer. Customers trade the underlying assets on the Ufunded platform by taking positions – using the Funding – against Ufunded. They take highly leveraged CFD positions, which puts them at serious risk of exceeding the loss limit, being locked out of their account, and losing their entry fee. If clients want to regain access to the platform, they must pay the entry fee again. Because customers trade against Ufunded, and because they have to pay the entry fee again, Ufunded earns money whenever customers lose. Also, Ufunded imposes strict conditions on withdrawing profits, making it unlikely that clients can actually cash out their gains. Finally, Ufunded makes it seem that Ufunded and her customers share in profits.

Consumers with questions can contact the AFM Financial Markets Hotline at 08005400 540 (tollfree).

This decision by the AFM may be tested in the courts by Ufunded.

More information

Stand van zaken waarschuwing Ufunded (NL pdf, 136 kB)
Uitspraak 30 januari 2026 op rechtspraak.nl