What is UFX?
Established in 2007, UFX immediately made an impact on the forex scene with their quality of service and their innovative ParagonEX trading platform. The UFX brand grew off the back of outstanding initial client reviews and numerous industry awards, which enhanced their reputation and put them at the forefront of the forex marketplace. While its main headquarters are in Vanuatu, this company also possesses main offices in both London and Cyprus.
Our UFX review found that unfortunately, this brokerage does not offer trading services to US clients. This is because the main USA regulatory body, the SEC, does not allow contract for difference (CFDs) instruments to be made available to residents under their jurisdiction.
UFX is regulated by the Vanuatu Financial Services Commission under license number 14581. Unlike many of their competitors, they are not regulated in other jurisdictions around the world by other respected regulatory agencies such as the Cyprus Securities Exchange Commission (CySEC) or the Financial Conduct Authority (FCA).
Reliability and Security
While UFX has their operational practices overseen by just one regulatory body, they do possess a sterling reputation amongst the online trading community for the reliability of their trading platforms. In addition, their customer support is seen as one of the best within the forex broker industry. Further evidence of their trustworthiness can be seen in the numerous awards they have won, awards including ‘Best Forex Broker 2015’, ‘Best Forex Trading Tools 2017’, ‘FX Broker of the Year 2017’ and ‘Best Trader Loyalty Programme 2016’ to name but a few.
As far as security goes, UFX protects client data and personal information by using two layers of firewall protection, encrypted Verisign Secure Socket Layer (SSL) technology that authenticates customer information and data transfers, and separate servers to handle trader’s online activity and transactional information.
UFX Trading Platform
Our UFX trader review determined that, without a doubt, one of the major strengths of this forex broker is in the trading platforms that they provide to their clients. There are two excellent options for clients which are the ParagonEX WebTrader and the MetaTrader 4 Trading Platform. The benefits of both are discussed below:
- ParagonEX WebTrader – Possessing UFX’s unique and innovate MassInsights Technology, this trading platform provides a comprehensive live stream of market events and displays an instant overview of current trader behavior that illustrates the trades that may be of immediate interest. Additionally, this platform provides users with advanced charts, up to date market news and calendar event notifications.
- MetaTrader 4 – This trading platform provides users with many activity reports, advanced charting packages, live price feeds, real-time news, advisor support, many technical indicators and much more. Possessing a great, easy to navigate interface, MetaTrader 4 is considered the industry standard for forex trading platforms.
Mobile Trading Capability
Our UFX forex review also identified that the broker provides mobile trading capabilities to their clients in both iOS and Android form. This is ideal in the modern world for traders who are looking to execute trades while on the move. Like the desktop version, the mobile app possesses MassInsights Technology and provides advanced charting and trading tools.
UFX Trading Types Review
With UFX you can trade forex with over 50 currency pairings offered. In addition, the broker also provides their clients with the ability to trade over 372 stocks and indices. Furthermore, UFX allows trading of the popular cryptocurrencies. The cryptocurrencies available for trade against the USD are:
Check out our list of the best cryptocurrency exchanges 2018 here!
Our UFX forex broker review identified that there are five account types options available for the convenience of their retail client base. The account types on offer include:
Mini Trading Account: Requiring a $500 minimum deposit this account type provides the user with 24-hour support, video library access, daily market reviews and recommendations and access to a personal trading trainer.
The Standard Account: Possessing all the features of the mini trading account, this account type also offers exclusive market updates and VIP trading support but does require a minimum deposit of $1000 to activate.
The Gold Trading Account: For the more serious trader, this account type requires a minimum deposit of $5000 and provides access to the MetaTrader 4 platform as well as provided SMS trading alerts and all the features of the Standard Trading Account.
The Islamic Trading Account: Designed specifically for those looking to abide by the Islamic Shariah law regarding interest. Requires a minimum deposit of $1000.
In addition, potential traders have the option of trying out the ufx demo account which provides novice traders with $10,000 of virtual currency to practice and become familiar with the brokerage and their trading platforms prior to registering with a live money account.
Spreads and Commissions
UFX only offers fixed spreads to their clients. The amount charged varies on the type of trading account that the client has opened. For example, on the Mini Trading Account, the lowest spread starts from around 5 pips for GBP/USD. While the same currency pairing has a spread of 4 pips and 3 pips on the Gold and Platinum Trading Accounts respectively.
Our UFX bank forex review found that registration is simple and straight-forward and that deposits can be made conveniently using credit/debit cards as well as bank wire transfer. In addition, eWallet deposit payment methods are accepted using popular wallets such as Neteller, Skrill, and SoFort. Withdrawals can be processed using the above methods.
There is a minimum amount that can be deposited and withdrawn in a transaction. For deposit, the minimum payment is $50 and for withdrawals, the minimum amount requested is $70. No fees are charged for withdrawals.
Promotions and bonuses
Our UFX bonus review discovered that there are no bonuses offered to their clients upon initial registration. However, the brokerage does reward loyalty through their cashback program which provides an incentive to their clients to reap the benefits of continuous trading. The more you trade, the more the client earns in rewards.
Additionally, while no promotions were running at the time of writing this review, UFX does occasionally run promotional competitions where traders can win prizes by participating and succeeding on the trade market.
Customer support is provided to all clients of UFX in the form of live chat, telephone and via email. This support is available 24 hours a day during Monday-Friday. In addition, there is localized support offered to local clients in an astounding 23 countries, making UFX one of the most impressive brokers when it comes to customer support provided worldwide.
– Choice of two fantastic trading platforms
– UFX demo account available for beginners
– Cryptocurrency trading available
– High-quality customer support incl. localized support in 23 countries
– A wide range of choice for trading account types
– High spreads
– Minimum deposit is much higher than the market average
– No initial bonus offered
– US traders not accepted
Our UFX review has found that for the aspiring trader who wants the choice of two quality trading platforms then this is very likely the broker for you. Both ParagonEX WebTrader and MetaTrader 4 are high quality and have a lot to offer. UFX also provides incredible customer support and a wide range of trading accounts to suit their needs. With that said, those looking to enter the forex trading market at a low cost with low spreads might want to investigate one of the other brokers we have reviewed on this site as UFX’s minimum deposit required is quite high.