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UFX Review 2020 – Is it Legit?

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Author: Nica

UFX Review - Is...Is it safe to trade with UFX?

UFX, formerly known as UFX Markets, was established in 2007 by a group of industry professionals. It was created to make a new approach to forex trading. In 2011, the company was regulated by the Cyprus Securities and Exchange (CySEC) under Reliantco Investment Limited entity.

Our comprehensive review below has everything you need to know about UFX trading. You’ll get to know its special features, account creation process, fees, limits, accepted payment methods and many more. After knowing all these details, you’ll know if it is safe or not to trade with UFX.

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    What is UFX?

    UFX Review - Is...

    Due to its high ethical standards and customer protection, UFX was recognized by Belize’s International Financial Services Commission in 2013. In addition, it is also now regulated by the Vanuatu Financial Services Commission (VFSC) under the UFX Global entity.

    Apart from operating on the MetaTrader4 (MT4) platform, the company also offers a proprietary trading platform known as ParagonEx, which has charts powered by NetDania.

    Traders on UFX can access more than 500 instruments, including 30 cryptocurrencies, 49 currency pairs, 373 single stocks, 45 ETFs, 8 indices, 10 futures contracts and 5 commodity contracts.

    What are the Pros and Cons of Using UFX?

    Pros

    • Easy to use interface on both its web and mobile platforms
    • Regulated and recognized by international financial bodies
    • Web platform charts are powered by NetDania
    • Access to over 500 instruments
    • Two trading platform options
    • Various account choices
    • Straight-through-processing (STP) business model

    Cons

    • The MT4 platform is not available to micro and mini account holders

    Note: Make sure that you know first how trading works and have already mastered some basic trading strategies to minimize the risk of losing your hard-earned money.

    How To Sign Up On UFX

    sign up

    Unlike other forex brokers, the process of registration on UFX is straightforward, and anyone can do it.

    Below are the steps you need to take to create an account.

    1. Open the UFX website on your browser.
    2. On the top right corner, click the ‘sign up’ button.
    3. Fill in your personal information such as your first and last name, email address and telephone.
    4. Choose a password which should be between 6-20 characters and a combination of letters and numbers.

    To verify your identity, you will need to upload, fax, scan or email the following documents.

    • A copy of your passport, official ID or any other government-issued document for identification
    • A copy of bill or statement issued in the last six months as a proof of address
    • Both sides of your credit card with clearly visible names

    Once you have uploaded the documents, the UFX compliance team will go through them and inform you whether you have successfully registered.

    1. Fund your account and start trading.

    What are the Account Types on UFX?

    UFX Review - Is...

    • Micro account – This is the basic account type that requires only a minimum deposit of $100. It features a 24/7 live support, video library, regular reviews and daily recommendations.
    • Mini account – This account type requires a minimum deposit of $500. It comes with a 24 hours customer support, video library, daily recommendations and a personal coach.
    • Standard account -The initial minimum deposit required for this account is $1,000. It features more features than the previous accounts. For instance, it has VIP support, personal coach, regular updates and reviews, video library, etc.
    • Gold account – This account requires a minimum deposit of $5,000. It features 24/7 live customer support, video library, daily recommendations and reviews, VIP support and personal coach. Also, the trader gets access to the MT4 platform and SMS alerts.
    • Platinum account – The initial minimum amount required for this account is $10,000. Apart from the above features and functionalities, the trader has other privileges such as exclusive updates.
    • Islamic account – This account is specifically designed for Muslim traders. It comes with the features and functionalities of the mini account. However, it requires a minimum deposit of $10,000.

    What are UFX Tradable Securities?

    UFX offers its customers different categories of financial instruments to trade which include currencies, cryptocurrencies, ETFs and commodities

    Currencies: AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF,  CAD/JPY, EUR/GBP, etc.

    Commodities: Natural gas, corn, gold, oil, silver, platinum, palladium

    Cryptocurrencies: Aventus, BHC/BTC, Ethereum, Ripple, Bitcoin, Dash, Bitcoin cash, Bitcoin gold

    Futures: CAC 40, BEL 20, AEX 25, Nikkei 225, DAX 30, Dow Jones, S&P 500, NASDAQ 100

    ETFs: SPY-S&P500, QQQ-NASDAQ Index, FEZ-Eurostocks50 Index, XLV-Health Care Select Sector, UNG-Gas Companies, XLE-Energy Select Sector, GDX- Gold Mining, USO-Oil sector, XLK-Technology Select Sector

    Stocks available on UFX

    • Alibaba
    • Amazon
    • Coca-Cola
    • Renault
    • IBM
    • Facebook
    • Nike
    • Apple
    • Chevron
    • JPMorgan Chase

    What are UFX Special Features?

    UFX Review - Is...

    1. User-friendly interface

    UFX has one of the most user-friendly interfaces in the industry. For instance, traders can trade directly on the notification window without exiting the platform.

    2. Live stream of real-time information

    MassInsight technology provides real-time market trends and news to help the trader make better trading decisions.

    3. MetaTrader 4 platform

    There are numerous benefits of using the MT4 trading platform. It is free to download, and it is compatible with PCs, laptops, smartphones and tablets. Also, it features a wide range of languages.

    4. ParagonEX platform

    The best part of this platform is that it is web-based, which means you do not need to download it to start trading.

    5. Personal trading consultant

    There is a personal trading consultant to assist traders with the trading process starting from the mini account.

    What are the Promotions Run by UFX?

    Currently, UFX does not offer sign-up bonuses or promotions even though it did in the past.

    After the implementation of the MiFiD legislation in 2018, forex brokers regulated in the EU were disallowed to offer sign-up bonuses to lure new customers. This law is meant to offer traders with more transparency.

    What is UFX Minimum Deposit Requirement?

    The minimum deposit that UFX allows is $50. However, you’ll need at least $100 deposited in your account to start trading using your micro account.

    There are other account types that traders can make on UFX. These account types have different required minimum deposits and minimum balance.

    What Are UFX Trading Platforms?

    1. MetaTrader 4 (MT4)

    metatrader 4

    MT4 is the most prominent trading platform in the world and has been adopted by over 80% of brokers in the industry. The best part is that this platform can be downloaded for free through the UFX website.

    The MT4 platform is popular due to its wide variety of advanced trading tools. For instance, it features a charting package and numerous technical indicators. In addition, it allows multiple order types and automated trading. Furthermore, this platform comes with multiple languages to enable traders to customize the interface to their preferred language.

    2. ParagonEX WebTrader 4.0

    UFX Review - Is...

    This is a web-based trading platform which means it does not require any software installation or download to operate. You can access it anytime and anywhere.

    The ParagonEX platform comes with features and functions that make it easy for you to trade. For instance, it features MassInsight Technology that offers traders necessary information such as prevailing trends in the industry. Also, there is an aggregated trade behavior which is fed on the platform alongside charts.

    3. Mobile platform

    UFX Review - Is...

    A mobile platform is a good option for those who are on the move and don’t want to miss out on trading opportunities. The UFX mobile app is compatible with various mobile devices such as smartphones and tablets.

    This platform also features MassInsight Technology and other advanced trading tools. It can be downloaded for free from the Apple store and Google Play store.

    Which Countries Are Supported by UFX?

    Below is the list of some countries UFX supports.

    • Cyprus
    • Germany
    • United Kingdom
    • Romania
    • United Emirates
    • Russia
    • France
    • China
    • Bahrain
    • Turkey
    • Finland
    • Denmark
    • Singapore
    • Canada
    • Spain
    • Norway
    • Sweden
    • Czech Republic
    • Poland
    • Denmark
    • Hungary
    • Norway
    • Sweden

    Due to regulations in the US, CFDs are not available. Therefore, UFX does not offer its services to US residents.

    • United States

    What Are The Languages Supported By UFX?

    • English
    • Swedish
    • Norwegian
    • Finnish
    • Italian
    • French
    • Polish
    • Russian
    • Portuguese
    • Hindi
    • Dutch
    • Turkish
    • Spanish
    • Japanese
    • Vietnamese
    • Danish
    • Indonesian
    • Hungarian
    • Czech
    • Malay
    • Chinese
    • Romanian
    • German
    • Arabic

    How much are UFX Fees And Limits?

    • Commissions – UFX does not charge any commission but instead receive compensation in the form of market spreads.
    • Money transfer – Traders do not incur any charges when transferring money.
    • Overnight financing charges – An overnight fee is added or subtracted if a position remains open for a specific time.
    • Maintenance fee – The platform charges $50 once every six months.
    • Deposit fee – UFX does not charge any fee on deposits.
    • Inactivity fee – Traders are charged a fee of $50 for account inactivity of more than three months.
    • Withdrawal fee – Even though UFX does not charge fees on withdrawals, traders might incur transfer fee from their banks.
    • Slippage – This is a regular occurrence in the forex market, especially when there is high volatility due to news announcements and economic events.

    Payment Methods for Deposits And Withdrawals

    UFX supports a wide range of methods of payment methods to facilitate the deposits and withdrawals of funds.

    Traders can choose between credit cards, eWallets and bank wire transfer. Some of the major credit cards accepted include VISA, Diners, Mastercard, American Express and Maestro. In terms of eWallets, traders have the option of Skrill, Sofort, Neteller, WebMoney, etc. The minimum amounts for deposit and withdrawal are $50 and $70 respectively.

    Unlike other trading brokers, UFX does not charge a deposit or allow deposit from third-parties. Also, you can only withdraw funds using the method you used to deposit. For instance, if you used a credit card to make the deposits, you can only withdraw using the card. On the other hand, if you deposit using a bank wire transfer, the funds will only be sent to the account used to transfer the deposit.

    The maximum withdrawal depends on the method used to deposit. For instance, the maximum amount that can be withdrawn using a credit card should be equal to the total amount deposited using the card. If the amount exceeds the total deposit, the funds will be transferred to the trader’s bank account, which can take up to 10 business days for the transaction to complete.

    How to withdraw funds from UFX account

    The process of withdrawing funds from a UFX account is straightforward. Traders are required to complete specific steps to ensure the safest withdrawal process as possible. The minimum amount that can be withdrawn at any time is $25.

    As mentioned earlier, funds can only be withdrawn through the method used to make the payment. If funds exceed the initial deposit, the amount will be transferred through bank wire. It is important to note that payments can only be issued in the account holder’s name.

    Here are some of the methods used to withdraw funds with UFX.

    1. Credit card

    • First, log into your account by entering your username and password
    • Click on the ‘personal menu’ button on the top right to withdraw funds
    • Enter the amount you would like to withdraw and choose the credit card option
    • Click confirm
    • Submit valid photo ID, proof of address and copies of credit cards used to make your deposits
    • Inform your personal trading consultant that you have completed the withdrawal request

    2. eWallet

    • Sign-in to access your account
    • Click on withdraw funds
    • Enter the amount you would like to withdraw and choose ‘Other’ from the withdrawal method
    • Click confirm
    • Upload valid photo ID and proof of address
    • Notify your personal trading consultant that you have completed the withdrawal request

    3. Bank transfer

    • Log into your account
    • Under your personal menu, click on the withdraw funds
    • Enter the amount you would like to withdraw. On the withdrawal method, choose ‘Bank transfer.’
    • Click confirm
    • Download the bank details form
    • Fill the form with your personal details
    • Submit the bank details to the compliance department
    • Inform your personal trading consultant that you have submitted the withdrawal request

    Is UFX Customer Support Good?

    Yes. UFX provides excellent customer service to its traders.

    In case of any issue or question, traders can access customer care support through a live chat on the UFX website. Also, there is an option of contacting customer support through 24 toll-free numbers or email.

    Regulation and Safety of Funds on UFX

    UFX is a global forex broker that is committed to offering an excellent experience to its customers.  The company is regulated by the Vanuatu Financial Services Commission. This means UFX adheres to the highest level of professionalism and ethical standards.

    In terms of safety, UFX employs Straight-Through-Processing (STP), which does not capture the reverse side of the customer’s trades. In addition, the spreads offered are fixed and stable.

    In some regions, certain currencies and commodities might not be available. Also, although uncommon, spreads may vary during non-trading hours or extreme trading conditions. No matter the platform used, UFX will notify traders if they try to trade in these conditions.

    Education, Research and Data

    education

    UFX offers a wide range of educational and research resources to help traders have the best trading experience. One of the most prominent resources is the economic calendar and FXStreet-powered headings.

    The MassInsight Technology featured by UFX on their platforms can analyze trader feeling data. This technology depends on the changes in the market, turnaround and volatility to provide a detailed opinion data.

    Furthermore, UFX offers trading information and research insights from Alliance Signal and iSignals. The content is in the form of articles and videos to give traders more market analysis.

    On the UFX website, there is a daily market review and financial analysis section that indicate the main developments of the asset classes traded.

    Conclusion

    UFX is one of the best trading brokers on the market. The company has put a lot of effort to focus on the needs of their clients to ensure they get the best services. From the downloadable platform to the web-based platform, UFX ensures that you do not miss on trading opportunities. In addition, there is nothing to worry about since the company is regulated by the Vanuatu Financial Services Commission.

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    FAQs

    Is it safe to trade with UFX?

    UFX is a reliable broker that is regulated by the Vanuatu Financial Services Commission. The company has been in operation since 2007 and has received numerous awards such as ‘Best Forex Trading Tools’ by the UK Forex Awards and the ‘Best Trading Platform’ by the FX Report Awards.

    What is the minimum amount required to start trading with UFX?

    The minimum amount required to start trading is $100 for the micro account, which is suitable for beginners. Apart from the micro account, there are other types of accounts with varied minimum deposits to suit a wide range of traders.

    How long will I have to wait to get my money after withdrawing?

    The withdrawal process will depend on the method used. For instance, if the amount t exceeds the total deposit done by a credit card, you may have to wait up to 10 business days. Also, if you withdraw via the eWallet method, you will have to wait for 5 days for the funds to get to your account. Finally, if you use a bank wire transfer, the funds will be deposited into your account within 3 business days.

    What are the types of trading platforms offered by UFX?

    UFX offers two main trading platforms. These are MetaTrader 4 (MT4) and ParagonEX WebTrader trading platforms. The MT4 is downloadable while the ParagonEX is web-based.

    Is there a withdrawal charge on UFX?

    Traders do not incur charges when withdrawing from their accounts. However, they can be charged with transaction costs by their banks.

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    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
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    Nica is a BA Political Science degree holder who fell in love with writing after college. She specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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