The profits made from trading currency pairs and CFDs are highly lucrative. Forex trading is one of the most profitable options for investors. It is also a venture that deals with the high risk of trading CFDs and forex pairs. Historical data shows that more than 60% of retail traders lose money trading CFDs and forex pairs. And one of the main reasons factoring their loss is the absence of a reliable forex trading broker.
|Product Offered||Forex, Stocks|
|Minimum Initial Deposit||$500|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||No|
|Inactivity fee||$100 inactivity is charged every 45 days for accounts|
|Supported currencies||AUD, USD, CAD, JPY, EUR, & more|
|Customer Support||24/5 live chat, web contact form, and telephone|
Be it a beginner or an expert; every trader should consider using the services of a trusted forex intermediary. In 2021, currency traders need the proper assistance of reputed brokers in helping them sell or buy foreign currencies. Among the list of trusted brokers globally, UFX has contributed significantly to the global forex trading community. Thousands of currency traders partner with the UFX broker, who handles their trading activities in the overall foreign exchange market.
However, before selecting UFX as a forex broker, traders must have in-depth knowledge about its financial services. This review aims to provide this information by assessing all aspects of UFX, from its customer support efficiency and trading instruments to its various trading accounts and competitive spreads. In this review, UFX has been evaluated based on industry standards for being a forex trade specialist.
Read our comprehensive UFX review on trading CFDs and forex pairs in 2022.
What is UFX?
UFX is a financial service provider that operates as an online broker for trading different types of financial instruments. Its online brokerage is registered under the UFX Global company. The UFX brand is the primary entity of the UFX Global company. Founded in 2007, UFX has evolved as a leading forex trading platform. As of 2021, UFX offers its broker services as a Straight-through-Processing (STP) operator. With this business model, the broker does not take any market positions opposing the trading positions of its clients. It provides its clients with best-in-class trading platforms, which help them meet their trading goals and gain profits in a short time. The company is also known for offering competitive spreads on the exchanges.
It is owned by the privately-held firm Reliantco Investments Limited, which is headquartered in Limassol, Cyprus. The firm holds a granted license for UFX operation from Cyprus since December 2010. The company has also been operational in the United Kingdom since November 2013, bearing the company registration number FC031723. Hence, as a service, UFX is registered under the laws of the Republic of Cyprus and the UK. It is regulated by the Cyprus Securities and Exchange Commission as a broker registered under the company number HE 270726 and the license number CySEC 127/10. UFX also has a fully-functional branch office in the Czech Republic. These offices are helping UFX provide their services and customer support to clients from multiple countries. We hope that this UFX review might be useful for you before you start trading with it.
UFX – What Does it Offer?
In terms of services, according to our UFX review, it is one of the best forex brokers to handle the trading activities of clients for a wide range of financial instruments. These instruments have been categorized under multiple classes of assets, with forex pairs and CFDs being the primary assets. With UFX, traders can also trade commodities, market indices, individual stocks, and ETFs. As a forex broker, UFX helps trade more than 60 currency pairs. It also supports trading seven different types of market indices. It further supports the trading of ten ETF funds, seven types of commodities, and twenty-nine types of stocks.
Traders need to open a UFX account to trade these instruments. There are different trading accounts offered by the company. Before selecting the trading account, florida sports betting users must follow a simple process of opening a florida sports betting account on UFX. It is a digital process conducted online on the official website of the company. Traders need to fill an online application that states their personal information and contact information.
Open New Account at UFX
After submitting this application, an online verification process is conducted under the standard operating procedure. New traders may receive calls from the UFX back office as a part of the strict AML/KYC policy adhered by all CySEC regulated brokers. In this process, the company asks for a copy of valid ID proof and a valid proof of address. For proof of ID, traders must submit a copy of their valid passport or valid driver’s license. For proof of residency, the traders can submit copies of their utilities for the past three months. Continue reading our UFX review to discover more about how you can start trading with it.
UFX Trading Accounts
Once the florida sports betting accounts are registered, UFX offers its florida sports betting members the option of choosing from six different types of trading accounts. Here’s an overview of the UFX trading accounts:
- Micro Trading Account: This is the basic trading account designed for beginners. To open a micro trading account, traders need to make a minimum deposit of $100. It provides all the basic features of the brokerage, including 24-hour live customer support, access to a video library, daily market reviews, and daily trading recommendations.
- Mini Trading Account: As a mid-level trading account, traders need to make a minimum deposit of $500 to use the UFX mini trading account. It provides real-time support to its clients and comes with all the features provided by the micro trading account. This account also offers personal coach privileges to its users.
- Standard Trading Account: It is designed for professional traders and requires a minimum deposit of $1000. This account can handle high trading volumes. Unlike the mini and micro trading accounts, the standard trading account offers exclusive market updates and VIP support to its users.
- Gold Trading Account: It helps advanced traders in running large-scale trading activities. With the gold trading account, UFX traders get access to the ParagonEx WebTrader 4.0, MetaTrader 4, and MetaTrader 5 platforms, which is an essential tool for advanced trading. It also offers the privileges of its preceding accounts, followed by SMS alerts. A minimum deposit of $5000 needs to be made to activate this account.
- Platinum Trading Account: This is a top-end trading account offered only to eligible expert traders. It provides all the features offered by the gold trading account. The minimum deposit for opening a platinum account is $10,000.
- Islamic Trading Account: This forex account offers selective trading services to its users. It is developed for Islamic traders and follows the principles of Islamic finance stated in the Quran. It provides broker services for trading in the Islamic markets only. A minimum deposit of $100 is required to run the Islamic account, which comes with all the features offered by the mini account.
UFX Trading Accounts
Each of these accounts gets access to all the financial instruments supported by the company. Clients can also use a demo account to test these features. A demo account comes with the same features listed above. However, UFX does not offer any sign-up bonuses or rewards to its clients. There is a loyalty program called “Cashback,” which rewards the traders based on the high volumes of trades they execute. UFX also holds recurring competitions among its traders, which offer attractive prizes such as a Lotus Elise sports car. Other forex brokers in the market are less likely to offer such rewards.
UFX – MassInsights Technology Enabled Trading
The company also offers a set of trading platforms and tools for its clients. These platforms are not proprietary products of the broker. One of the unique features provided by these platforms is the UFX MassInsights service, which is very useful for beginners in trading. However, some trading accounts do not provide access to these platforms and automated trading solutions, which is a major downside compared to other UK forex brokers.
UFX Trading Platforms
Before we go further with this UFX review, here’s one thing you need to know about UFX that there are three trading platforms provided by the company, namely the ParagonEx WebTrader, MetaTrader 4,web-based software for trading. Being a web-based application, it does not require download or installation. It has several integrated charts that offer critical market analysis, helping clients not lose money when trading volatile instruments. It also provides real-time florida sports bettings feeds. The platform is available in its latest 4.0 version, equipped with innovative MassInsights™ Technology for high-quality information on prevailing trends in the trading markets. This advanced technology has received multiple awards for its industry-leading efficiency.
MetaTrader 4 is the primary platform for UFX clients. It is arguably the world’s most popular platform for forex and CFD trading. It is free to use and adopted by almost every other broker in the industry. Online trading communities have explored the depths of this platform, helping brokers and their clients leverage the power of its advanced trading tools. The advanced charting package and a wide range of technical indicators provided by MetaTrader 4 can support not only multiple types of orders but also automate their trading. The trading platform is designed to cater to florida sports betting as well as expert traders. It also provides investment advice on different markets and through multiple languages. On top of that, the platform has a fully-customizable UI for the convenience of its users.
UFX provides the upgraded version of the MetaTrader 5. It is an all-in-one platform that unifies all trading activities in a single, easy-to-navigate interface. The trading platform comes with a superior feature set, comprising intuitive tools, easy-to-use menus, robust platform stability, and high-end performance. The trading platform supports flexible trading and helps clients choose between hedging and netting systems. It offers four different modes for executing orders, which allows clients traders to customize their trading styles. The trading platform provides UFX clients with a pro-level technical analysis, mitigating the high risk of losing money when trading CFDs. With over 100 charts displayed across 21 timeframes, this trading platform can ensure that UFX clients do not lose money when trading forex. There are over eighty technical indicators to track every detail of the market. The trading platform also pacifies the high risk of investing in forex pairs by offering important florida sports bettings reports that improve the financial decisions of UFX clients. Advanced traders may receive alerts on trading signals which decode the trends and patterns in the market. The VPS hosting of the platform instruments remote server virtualization for UFX clients.
MetaTrader 4, MetaTrader 5, and ParagonEx WebTrader 4.0 are also available for mobile trading. The MetaTrader 4 and MetaTrader 5 mobile applications are available on iOS and Android devices. ParagonEx WebTrader 4.0 is a web app that runs perfectly through browser applications such as Google Chrome and Safari on mobile devices.
UFX Review – Pros & Cons
In this review, UFX has been explored from different angles, revealing its biggest benefits as well as its hidden shortcomings. The following summary showcases the pros and cons of the UFX broker.
|Multiple accounts are available for trading.||No bonus available for opening an account.|
|Well-regulated under the Cyprus Securities and Exchange Commission (safe for EU clients).||Regulatory restrictions in some countries (US clients not accepted).|
|Access to MassInsights technology and Trading Central research.||MassInsights Technology is available for gold and platinum accounts only.|
|Access to MetaTrader 4, MetaTrader 5, and ParagonEx WebTrader 4.0.|
|Demo accounts available with all features.|
|Real-time investment advice is provided.|
|Mobile trading available.|
UFX Customer Support & Research
As part of our UFX review, we reviewed customer service options of UFX & we found that, Unlike several other brokers, every UFX trader gets access to responsive customer support, available 24-hours on all five business days. The company does not provide real-time support to the clients on the days when the markets are closed. However, the live chat, telephone, and web contact options are available 24/7. The turnaround for localized telephone support and live chat is pretty impressive. UFX has representatives in nearly 23 different countries, covering millions of clients around the globe. It has been awarded as a best-value forex broker by several market regulators for its impeccable customer service.
In terms of research and education, it supports the clients by providing an exclusive database of trading videos and market research articles. This research is developed by Trading Central, who is a leading independent third-party research company for investors. However, this high-value content is available to UFX clients only at or above a minimum deposit of $1,000. New accounts make more substantial deposits to get access to this data. The Daily Market Review feature is one of the key examples of how UFX offers profound daily trading recommendations. It also maintains and updates an economic calendar based on the clients’ trading criteria. A limited and free of cost research is also offered to beginners daily, based on their trading needs.
UFX Review – Deposits, Withdrawals, and Spreads
Compared to other brokers, UFX provides its clients with multiple options for processing their payments. These processors help the clients in depositing funds and opening florida sports betting accounts with the broker. They also help in the withdrawal process, wherein clients can encash their earnings conveniently. The platform has integrated several gateways to process the payments, including bank transfer or wire transfer, credit cards, and debit cards. Like other brokers, it also supports online payment gateways such as Skrill, ELV, Neteller, giropay, SOFORT, iDEAL, China UnionPay, Neosurf, CashU, WebMoney, Qiwi, Paysafecard, and POLi. The broker also provides information about the reliability of each of these payment services. There are no fees charged on the processing of funds; however, clients may face varying processing times depending on the AML stipulations and the volume of funds. The UFX account name and the name on the payment processors must be identical.
Compared to the trading spreads offered by other brokers, the company provides inexpensive options to its clients. Compared to other forex brokers, the UFX spreads for the EUR/USD pairs range from 2.0 to 4.0 pips. The swap rates are applied only on leveraged overnight positions. More details on these swap rates are explained on the UFX website. The platforms also provide precise information on the trading costs. The company offers its services on equity and index CFDs trading, which is why corporate actions of stock splits and dividends are also applicable. The company charges a $100 fine on the inactivity of more than 45 days and for no trading activity under 45 days. A 0.1% fee charged for hedging. Compared to other top brokers, there is still quite scope for UFX to make its pricing environment more generous for its clients.
Is UFX a Regulated Broker?
Registered under the company – Reliantco Investments Limited, UFX is a highly-regulated broker. It is a financial service authorized by the Cyprus Securities Exchange Commission regulations. The CySEC number of the company is 127/10. Since December 2010, UFX has operated under the Markets in Financial Instruments Directive (MiFID) or the Financial Instruments Directive 2014/65/EU. It is also compliant with the 4th Anti-Money Laundering Directive of the European Union. As per the EU Directive 2014/49/EU, UFX clients are protected by the Investor Compensation Fund (CIF). The CIF covers a maximum coverage of €20,000 in investor funds.
Over the years, the reputation of UFX has been positively recognized by leading industry reviewers. It is known for its outstanding services and product offerings, which debunk the “UFX scam” rumors. Since 2012, the UFX – one of the best forex broker Australia has been winning considerable recognition for its services to the industry. This showcases the legitimacy of UFX. Australia, the United Kingdom, and South Africa are among the key markets where UFX provides its services. Asian countries such as Thailand, Singapore, India, and Hong Kong, are also legally available for the company. It is also operational in European countries such as France, Norway, Germany, Sweden, Denmark, Luxembourg, and Italy. The United Arab Emirates, Kuwait, Saudi Arabia, and Qatar are some of the Middle East countries where the broker is legally operational. Please note that UFX is not available in Canada and the United States.
UFX Review Summary
In this UFX review, there are several underlying facts about the broker that highlight its operational and regulatory status. UFX, a Cyprus-based online brokerage privately owned by Reliantco Investments Limited, has been in the business since 2007. The UFX trading service is operated under a registered license number authorized by the securities commission in Cyprus. This proves that the broker is a legit company. Further, into the review, the broker has been analyzed based on its trading platform offerings and types of accounts. From providing a feature-rich demo account to having the most advanced trading accounts, the company covers almost every need of its clients. While the top-tier accounts are expensive, they offer the benefits of its proprietary MassInsights Technology and other trading tools. Access to ParagonEx WebTrader 4.0, MetaTrader 4, and MetaTrader 5 is a significant advantage for its clients.
All trades brokered by the company are reported and regulated under the EU directives. The company is a verified financial service provider, having executed over 2.8 million unique trades every year since 2018. The secure trading environment of UFX is also supported by its reliable customer service. The company holds a positive performance through its technical support system. It also comes up as a solid broker for advanced investors as well as beginners. However, it is a bit overpriced and underpromising with its asset selection. The company is also not adept at handling diverse trading conditions. There is a lack of educational service, and the research features come only at or over $1,000 minimum deposit.
At the time of this UFX review, traders had access to the MetaTrader 5 platform and market research features of Trading Central. However, these features came only after the minimum deposit of $5,000 or more. This broker also offers its proprietary MassInsights Technology, which helps traders in the non-competitive trading conditions. To sum it up, UFX is a promising broker but certainly has room for betterment. In 2022, it is likely to stay more attractive for established traders in the forex and CFD markets. This review of the UFX platform is informative and detailed. If you are interested in trading with UFX, please take out some time to read and research the whole UFX review. But, if you are a beginner in trading with UFX, you can also read, do your own research and analyze other UFX reviews before start trading with this broker.
Is UFX trading safe?
UFX is fully licensed and also regulated with CySEC. The company operates under laws that protect and promote safe-practice trading. So, trading with UFX is safe.
Is UFX trader a good broker?
Yes, UFX is a good and reliable broker because UFX is a CFD and Forex trading broker. Also, it gives traders access to major markets like currencies, indices, cryptocurrencies, commodities, and shares.
How can I start trading with UFX?
To start trading with UFX, first you need to sign up with UFX. And then fill out all the required information. UFX representatives are always available to assist you at every step, via phone, email, & live chat. Once your account is funded, you are ready to start trading with UFX.
What is the minimum initial deposit?
To enjoy all essential services, the required minimum deposit is US$500. With the leverage of 400:1, this gives you control of $200,000 in trading capital.
Does UFX trading platform charge a withdrawal fee?
No, UFX does not charge any withdrawal fees. However, any transfer fees imposed by banks are your responsibility.