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UFX Review: Can You Trust Them?

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Last Updated on November 30, 2020

WARNING: We do not recommend UFX. This is due to a history of fines and sanctions in various countries. Please consider one of the alternative CFD brokers below.

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Overview

Risk Warning: Your Capital is at Risk

PLEASE NOTE: Currently, we do not recommend UFX (see why). Please consider one of our other regulated brokers.

UFX is an online straight-through-processing (STP) brokerage firm that provides customers with a trading platform for Contracts for Difference (CFD) trading. CFDs are derivative securities that allow traders to speculate on the price of assets without actually holding them in their accounts. UFX provides its customers platforms for trading forex and CFDs on indices, commodities, shares, ETFs and cryptocurrencies.

UFX traders have access to three platforms:

ParagonEx Web Trader 4.0: This web-based platform was developed by UFX for trading multiple classes of assets. ParagonEx Web Trader 4.0 incorporates MassInsights™ Technology, which is a UFX’s proprietary trading technology. It provides a complete live stream of market events and aggregated trader behavior. The idea is that traders can take the pulse of the market and see what’s moving different asset classes at any given time.

MetaTrader4 (MT4): An industry-standard platform with advanced charting features.

UFX Trading App: A mobile version of the UFX Web Trader platform.

UFX has received several awards from industry watchers:

  • 2020 & 2020 – Best Forex Trading Tools – MassInsights™ TechnologyUK Forex Awards
  • 2020 & 2020 – FX Broker of the YearThe European Global Banking and Finance Awards
  • 2020 – Best Trader Loyalty Programme – UFX RewardsFX Report Awards
  • 2020 – Best Trading Platform – MassInsights™ TechnologyFX Report Awards

UFX emphasizes its ParagonEx platform, multiple account options and competitive trading conditions as its strengths. Traders looking for a broker that is regulated across the European Union and offers access to CFDs across several major asset classes may want to investigate the offerings at UFX. Please remember that trading CFDs exposes traders to the possibility of losses, which can exceed deposits. CFD trading is for experienced traders.

This UFX review will cover all of the important details about the broker to help you make an informed opinion about its products and services.

UFX – Essential Information

www.UFX.com Overview CFD online trading broker with award-winning MassInsights™ Technology Our Overall Rating Broker Trust Rating 65/100 Founded 2020 Number of Customers 100,000+ Product CFDs Markets Indices
Cryptocurrencies
Commodities
Shares
ETFs Countries Served Over 150 Minimum Deposit Minimum deposit varies according to UFX account type Fees UFX is a no-commission broker. It makes money through the market bid/ask spread. UFX charge an inactivity fee of $50 and some overnight fees may apply. (See here for a full list of fees ) Regulator(s) Cyprus Securities Exchange (CySEC) Customer Support 24/5 customer support via phone, email and live chat Awards Best Forex Trading Tools in 2020 & 2020, among others Demo Account Yes

History of UFX

UFX is operated by Reliantco Investments Limited. The privately held firm based out of Limassol, Cyprus, was granted a license to operate in Cyprus on December 22, 2020. The firm was first established in the United Kingdom on November 30, 2020, under company number FC031723. It closed its UK presence on November 6, 2020.

UFX is duly registered under the laws of the Republic of Cyprus with Registration Number HE 270726, having the necessary license and authorization by the Cyprus Securities and Exchange Commission (CySEC) with license number 127/10.

UFX has headquarters at Reliantco Investments Limited in Limassol, Cyprus. The firm also has a branch office in the Czech Republic.

UFX offers customers 24-hour customer support during the trading week to customers in multiple countries. Traders can contact customer service by live chat, email or local phone numbers in the various countries UFX serves.

Where Does UFX Operate?

UFX is available in most major countries including the following:

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

IMPORTANT: CFDs are not available in the USA due to local regulation, and this regulated CFD broker does not accept US citizens or US residents as clients.

It is available in the following languages:

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

Can I Trust UFX?

Reliantco Investments Limited (Reliantco), which is the company that operates UFX, is regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 127/10. The Markets in Financial Directive (MiFID) allows the company to operate as a regulated entity throughout the European Union.

However, we would be remiss if we didn’t point out that Reliantco has been the subject of punitive regulatory actions by CySEC recently. On December 20, 2020, CySEC issued a financial penalty on the firm totaling €95,000.

The chair of CySEC made the following comments regarding the fine:

The fine imposed on the Company for their failings to act in the best interest of their customers follows CySEC’s initial supervisory action towards Reliantco. A fine is not an end-stop action for investment firms regulated in Cyprus, and CySEC will not hesitate to use all the supervisory tools at its disposal to limit consumer detriment.

– Chair of CySEC, Demetra Kalogerou

According to CySEC, the company violated three points in offering its services to clients:

Violation Fine Amount
Failure to act “fairly, honestly and professionally in relation to customer support services account managers provide to existing clients.” €40,000
“Failure to provide accurate, clear and non-misleading advertising materials to clients.” €40,000
“Failure to obtain all the necessary and complete information to ensure customer suitability checks authorized appropriate investment services to each individual client.” €15,000

Reliantco notes that these are legacy issues that relate to past problems that they have remedied. They say that further follow-up inspections by CySEC show that Reliantco and UFX are complying with CySEC directives.

In 2020, Reliantco settled with CySEC in the amount of €100,000 for other violations.

Regulator Countries Covered Protections Offered Additional Protections Offered
Cyprus Securities Exchange (CySEC) Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, The Netherlands, United Kingdom

CySEC also offers a provision of services to certain countries outside of the EU.

All client funds are held in a segregated client bank account The Investor Compensation Fund may provide up to €20,000 if UFX fails.

The Cyprus Securities and Exchange Commission (CySEC) is the financial regulatory agency of Cyprus.

Cyprus is a European Union member and is a financial services industry hub. Customers in countries regulated by CySEC are eligible for compensation of up to €20,000 if UFX fails. UFX is a trade name of Reliantco Investments Limited, which is authorized and regulated by Cyprus Securities and Exchange Commission (CySEC License no. 127/10).

Client funds at UFX are held in segregated accounts at top-tier banks. In addition, UFX uses Verisign SSL technology and layered backup systems in secure data centers in separate locations. As a result, UFX is able to secure customers’ personal information at all times.

Who Runs UFX?

The Chairman of UFX is Dennis de Jong.

Dennis de Jong – Image via YouTube

UFX Trading Products

UFX offers its customers financial instruments to trade that span six categories: currencies, commodities, cryptocurrencies, futures, stocks and ETFs.

1) Currencies

AUD/CAD
AUD/CHF
AUD/JPY
AUD/NZD
AUD/USD
CAD/CHF
CAD/JPY
CHF/JPY
EUR/AUD
EUR/CAD
EUR/CHF
EUR/CZK
EUR/GBP
EUR/INR
EUR/JPY
EUR/NZD
EUR/PLN
EUR/RON
EUR/TRY
EUR/USD
GBP/AUD
GBP/CAD
GBP/CHF
GBP/INR
GBP/JPY
GBP/NZD
GBP/USD
NZD/CAD
NZD/CHF
NZD/JPY
NZD/USD
USD/CAD
USD/CHF
USD/CNY
USD/CZK
USD/DKK
USD/HKD
USD/HUF
USD/INR
USD/JPY
USD/MXN
USD/NOK
USD/PLN
USD/RON
USD/RUB
USD/SEK
USD/SGD
USD/TRY
USD/ZAR

2) Commodities

  • Corn
  • Gold
  • Natural gas
  • Oil
  • Silver
  • Palladium
  • Platinum

3) Cryptocurrencies

Aventus
BCH/BTC
BCH/ETH
Bitcoin
Bitcoin Cash
Bitcoin Gold
BTC/EUR
BTG/BTC
DASH
DSH/BTC
Eidoo
EOS
ETH/BTC
Ethereum
Ethereum Classic
ETP
Iota
Litecoin
Monero
NEO
NEO/ETH
OmiseGO
QASH
QTUM
Ripple
Santiment
Streamr
YOYOW
Zcash
ZECBTC

UFX offers CFDs on futures contracts for the following products:

4) Commodities Futures

  • Natural gas
  • Oil
  • Corn

5) Indices Futures

  • BEL 20
  • CAC 40
  • NASDAQ 100
  • Nikkei 225
  • AEX25 Future
  • Dow Jones
  • DAX 30
  • S&P 500

6) Stocks

UFX offers CFDs on hundreds of international companies’ shares. Some popular companies include:

7) ETFs

UFX offers CFD trading on a number of popular ETFs, including:

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  • QQQ – NASDAQ Index
  • SPY – S&P 500 Index
  • FEZ – Eurostocks50 Index
  • GDX – Gold Mining Companies
  • USO – Oil Companies
  • UNG – Gas Companies
  • XLF – Finance Sector
  • XLE – Energy Sector
  • XLK – Technology Sector
  • XLV – Health Sector

UFX Account Types

UFX offers six types of live trading accounts. The number of live trading options seems excessive. We’re generally not a believer in brokers having too many confusing account options since these usually come across as gimmicky.

UFX Review

UFX offers its responsive ParagonEx platform alongside MT4 and caters to traders through its CySEC-regulated office in Europe alongside its offshore entity in Vanuatu. With fixed spreads across all its account types, low trading costs are not one of UFX’s strong points.

Review Sections:

Please Note: UFX was not included in the 2020 annual review. As a result, this broker’s ratings may be outdated. Read our Best Forex Brokers 2020 guide for a look at the top rated forex and CFDs brokers.

Founded in 2007, UFX (formerly UFX Markets) obtained regulation with the Cyprus Securities and Exchange Commission (CySEC) in 2020 under its Cyprus entity, Reliantco Investments Limited, which uses UFX as its trading name.

In 2020, the company rebranded from UFX Markets to UFX, to match its brand with the three-letter domain name it had acquired. The UFX brand also has an entity regulated in Vanuatu, under UFX Global, regulated by the Vanuatu Financial Services Commission (VFSC).

In addition to offering the popular MetaTrader4 (MT4) platform developed by MetaQuotes Software Corporation, UFX provides ParagonEx, its proprietary trading platform that features charts powered by NetDania.

In total, UFX offers traders access to over 500 instruments, including 49 currency pairs and CFDs on 30 cryptocurrencies, eight indices, 45 ETFs, 373 single stocks, five commodity contracts, and 10 expirable futures contracts.

Is UFX Safe?

UFX is considered high-risk, with an overall Trust Score of 66 out of 99. UFX is not publicly traded and does not operate a bank. UFX is authorised by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). Learn more about Trust Score.

Regulations Comparison

Feature UFX
Year Founded 2020
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses 0
Tier-2 Licenses 1
Tier-3 Licenses 0
Trust Score 66

Offering of Investments

The following table summarizes the different investment products available to UFX clients.

Feature UFX
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 49
CFDs – Total Offered 461
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

The trading costs at UFX consist of fixed spreads for forex trading and vary depending on the type of account established (there are five accounts to choose from, ranging from Micro to Platinum).

To trade the EUR/USD pair at UFX, fixed spreads are 4 pips on the Micro and Mini accounts, then 3 pips on the Standard Account. These drop to 2 pips on the Gold and Platinum accounts.

Despite the wide range of account options, including a Sharia-compliant Islamic account offering, trading costs are above the industry average, making UFX an expensive option across its fixed-spread offering.

Bottom line: while UFX offers its lowest spreads on its Gold and Platinum accounts, if the broker added a lower fixed spread or variable spread offering, this would help it compete in this category.

Feature UFX
Minimum Initial Deposit $100
Average Spread EUR/USD – Standard 3 (as of May 19)
All-in Cost EUR/USD – Active 2 (as of May 19)
Active Trader or VIP Discounts Yes

Customer Service

For our 2020 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.

Results:

  • Average Connection Time: >1 minutes
  • Average Net Promoter Score: 1 / 10
  • Average Professionalism Score: 0 / 10
  • Overall Score: 0.8 / 10
  • Ranking: 42 nd (43 brokers)

Research

UFX provides multiple resources for its research offering across its platform and website. These range from an economic calendar and headlines powered by FXStreet, to its proprietary MassInsights technology that analyzes client sentiment data.

MassInsights deciphers sentiment data in several ways beyond the typical buy and sell percentages displayed, by looking at changes in trading activity, including abrupt turnarounds, sharp spikes in volatility, and more than usual positions being opened by traders on a specific asset, among other sentiment-driven indicators.

MassInsight combines research alongside the trading experience on the ParagonEx platform – a welcome feature compared to platforms that have research segmented in a different section.

UFX further enhanced its research in 2020 by adding content from Alliance Signals, a trade name of iSignals based in Switzerland, as well as additional content in the form of daily market analysis videos.

Overall, UFX finished 19th out of 43 brokers for Research in our 2020 Review.

Feature UFX
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars No
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Social Sentiment – Currency Pairs Yes
Economic Calendar Yes

Platforms & Tools

UFX offers the MT4 platform suite from MetaQuotes Software Corporation, developer of the widely popular MT4 and MT5 platforms for desktop, mobile, and web (to learn more about MT4, read our full MetaTrader guide).

UFX also offers its own proprietary web-based trading platform, ParagonEX, which is I focused on for this review.

UFX has done nicely in creating a highly simplified user interface design in ParagonEx.

UFX has done nicely in creating a highly simplified user interface design in ParagonEx. The user experience is also smooth, even though the platform feels too simple initially; however, once the open position tab is expanded from the lower toolbar, managing open trades, including via the close all button, is easy.

Another neat feature during order creation is the maximum trade size you can make for the selected instrument. This is based on the available margin in the account and the selected leverage.

With the ability to sort across six available asset classes using various filters such as volatility and daily change, the watch list in ParagonEX acts as a screener for users. Users can also add favorites to the default “My Assets” watch list (instruments are added automatically each time a new position is opened). Positive aside, one primary weakness to security monitoring is there is no ability to create additional watch lists.

Moving to charting within the ParagonEX platform, charts powered by NetDania come loaded with 53 indicators and 21 drawing tools that can be used across a dozen time frames and just as many chart types.

In addition, zooming in and out and compressing prices vertically was a very fluid process. The only drawback with charting is the inability to switch instruments from within the chart windows, as a new separate window must be opened manually.

Overall, traders looking for a simple trading solution alongside integrated news and analysis tools may find the ParagonEx web platform suitable, while more advanced traders may find the range of order types limited and choose from the firm’s MT4 offering as an alternative. UFX finished 19th for Platforms & Tools in our 2020 Review.

Feature UFX
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
Charting – Indicators / Studies (Total) 53
Charting – Drawing Tools (Total) 21
Charting – Trade From Chart No
Watchlists – Total Fields
Order Type – Trailing Stop No

Mobile Trading

UFX offers the MetaTrader 4 mobile app, alongside its ParagonEx mobile app, and both have available iOS and Android versions available for download from the Apple iTunes store and Android Playstore, respectively.

For this review, I focused on the ParagonEx mobile app for Android running on a Galaxy S6 Smartphone.

It’s worth noting that the mobile app defaults to a live account, requiring users testing the demo version to go into the settings to switch to demo mode. Upon logging in to the ParagonEx mobile app, also known as UFX Trader, the layout and navigation resembled the web version of the platform, with syncing watch lists and a simple UI design.

Looking at charting, the experience was improved significantly since our review last year, with 63 indicators and 9 drawing tools now available in landscape mode.

All in all, the ParagonEx app has a good foundation and provides an experience that is consistent with its web counterpart. UFX finished 13th in our 2020 Review for Mobile Trading.

Feature UFX
Android App Yes
Apple iOS App Yes
Trading – Forex Yes
Trading – CFDs Yes
Alerts – Basic Fields Yes
Watch List Yes
Watch List Syncing Yes
Charting – Indicators / Studies 63
Charting – Draw Trend Lines Yes
Charting – Trend Lines Moveable Yes
Charting – Multiple Time Frames No
Charting – Drawings Autosave No
Forex Calendar No

Other Notes

In 2020, UFX expanded its range of cryptocurrency CFDs to a total of 30 crypto assets, making it one of the most extensive crypto offerings we saw while conducting our 2020 Review that included 43 forex brokers.

UFX provides execution on an agency basis, and as per its best execution policy, its sole execution venue is PXExchange Ltd, which is licensed by the International Financial Services Center (IFSC) in Belize as a List F “Trading in Securities Services” broker.

Final Thoughts

The broker offers a reasonable range of forex pairs, and significantly boosted its range of CFDs across ETFs, Single-Stocks, and Cryptocurrency CFDs. In 2020, UFX provides a crypto trading experience that is rivaled only be Swissquote.

Perhaps the biggest drawback with UFX – besides some small bugs on the mobile app – is its pricing options, with only fixed spreads available across all its account types. Considering that spreads across all its offered accounts types are generally high, this makes UFX less flexible than brokers offering variable spreads for price-sensitive traders.

Nonetheless, traders that have execution-sensitive strategies or who are not as cost sensitive may find the Gold and Platinum accounts more favorable, as fixed spreads are comparably lower than the other account types, helping UFX cater to a specific trader segment.

Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.

Forex Risk Disclaimer

“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.

UFX Review: Is UFX Trading Safe? Is UFX Scam Broker?

Table of Content

Scam Broker Updates: 11/08/2020

Before moving on to decide whether the UFX Forex broker is a scam or not, let’s find out everything that you need to know about this broker in this UFX review.

All you need to know about the Broker UFX

UFX Trading is a global firm for trading that has taken command of its reputation since it was established in 2007.

UFX Forex broker operates on a Straight-through-Processing (STP) business model and doesn’t take opponent positions in the market to that of their clients’ trades. According to the UFX markets review, it ensures to meet all of their clients’ trading needs. While at the same time, they are offering stable and competitive spreads for them.

UFX Regulations

UFX Global operates under the jurisdiction of the Vanuatu Financial Services Commission. In the case of UFX regulations, it synchronized under license number 14581.

Speaking of its reputation, we shall say that the UFX Forex broker has earned a lot of respect over the years. Leading industry reviewers have recognized the broker for its outstanding services and product offerings.

.Since 2020, UFX markets have won multiple recognition titles for their services to the trading industry.

Who Runs UFX?

The chairman of the UFX broker is Dennis de Jong.

Where Does UFX Operate?

Here is the full list, UFX trading is available in most of the countries including:

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

Key Note: In the USA, CFDs are not available because of local regulations. UFX broker does not allow US residents or citizens as clients.

UFX Forex is available in the following languages:

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

UFX Trading Platforms

UFX trading has to offer multiple trading platforms for its traders. Let’s see what they’ve got:

  • ParagonEx Web Trader 4.0: In UFX Forex, a variety of features and functions are available to fulfill traders’ needs to adopt its latest version.
  • Meta Trader 4: It supports and offers Meta Trader 4 to its traders, which is the prominent platform in the entire world right now.
  • Mobile Trading Platform:UFX provides a mobile trading platform for you through which you can trade anytime.

What is the ParagonEx Web Trader 4.0?

ParagonEx Web Trader is a prominent trading platform. And UFX Forex, in which there is a variety of features and functions to fulfill traders’ needs, adopts its latest version.

It uses the innovative MassInsights™ Technology to provide traders with all the required information about the prevailing trends in the Forex markets. Also, it is a web-based version, which means it doesn’t require any download of the software.

Traders can access it directly through the web from anywhere, anytime.

The Broker UFX uses Meta Trader 4

According to UFX trading reviews, it supports and offers Meta Trader 4 to its traders, which is the prominent platform in the world right now.

It provides a variety of features like; a charting package with a wide array of technical indicators. And it has language-customization, that’s why the traders are widely using it across the world in different countries with different languages.

Mata Trader 4 also allows automation trading with the use of Expert Advisors (EAs). To help traders execute a trade when they’re manually not able to do it due to any reason.

MetaTrader 4 is available in a desktop version and is available for different operating systems such as Windows, Linux, and macOS.

If you use desktop a lot, this is the best choice of the trading platform always as it is also adopted by 80 to 90 percent of the brokers in the world.

The broker also offers Mobile Trading Platform

If you’re the type of person, who is consistently on the move and still doesn’t want to miss the trading. No worries, UFX markets review provides a mobile trading platform for you through which you can trade anytime, anywhere in the palm of your hands.

Moreover, the good news is that you won’t miss the features of WebTrader Platform and MT4 Platform and also the functionality and features of MassInsights™ Technology and numerous other advanced trading tools that will fit on your Smartphone screen.

The mobile-based application for trading is available on Google Play Store and Apple App Store for download.

Likes & Dislikes

[su_row][su_column size=”1/2″ center=”no” ]

[su_box title=”Pros” box_color=”#00bf08″ radius=”4″][su_list icon=”icon: check-circle” icon_color=”#0cc33e”]

  • Simple user interface on ParagonEX web and mobile
  • Well regulated
  • Robust charting in the web platform powered by NetDania
  • Offers 30 cryptocurrency CFDs
  • Choice of trading platforms
  • Massinsight Technology
  • Multiple bonuses available
  • Added over 400 new CFDs in 2020 to broaden offering beyond forex

[su_column size=”1/2″ center=”no” ]

[su_box title=”Cons” box_color=”#bf000a” radius=”4″][su_list icon=”icon: ban” icon_color=”#bf000a”]

  • Wide spreads across all account types for forex
  • MT4 is not offered to micro and mini account holders

Account Types

UFX trading review offers six account types, let’s have a look:

  • Micro Account: The initial minimum deposit required is $100 only.
  • Mini Account: The initial minimum deposit required is $500 only.
  • Standard Account: The initial minimum deposit required is $1000 only.
  • Gold Account: The initial minimum deposit required is $5000 only.
  • Platinum Account: The initial minimum deposit required is $10000.
  • Islamic Trading Account: For Muslim traders, the initial minimum deposit is $100.

Trading Accounts

  • Micro Account: In this very basic account type of UFX Forex, the initial minimum deposit required is $100 only. It also offers 24 hours of live support, video library access, daily recommendations, and regular reviews.
  • Mini Account: In this basic account type, the initial minimum deposit required is $500 only. It also offers 24 hours of live support, video library access, daily recommendations, and regular review. And there is even a personal coach for you to guide.
  • Standard Account: In this standard account type, the initial minimum deposit required is $1000 only. It also offers 24 hours live support, video library access, daily recommendations, daily reviews, VIP support, personal coach for you, regular updates, and reviews that you’ll receive and a lot more.
  • Gold Account: In this gold account type UFX broker, the initial minimum deposit required is $5000 only. It also offers 24 hours live support, video library access, daily recommendations, daily reviews, VIP support, personal coach for you, daily updates, and reviews that you’ll receive and a lot more. You’ll get access to the MT4 platform and also the SMS alerts for free addition to the above features.
  • Platinum Account: In this platinum account type, the initial minimum deposit required is $10000. It offers all the features and functionality of the above account types. In fact, the trader will have all the privileges in this account type.
  • Islamic Trading Account: This Islamic trading account type is for Muslim traders from around the globe. It requires the initial minimum deposit of $100. And it also has all the features and functionality of the Mini Account.

Account Requirements

On the website of the UFX, once you click the green “Sign Up” button, you may be asked a few questions, such as your personal details and what type of account you want to open, etc. you are logged in to the UFX trading system once you have successfully entered this information.

Then, on the right side of the screen, you can go to the drop-down menu, to make the information available to the UFX what it requires to verify your identity. You may need to upload the following documents to verify your identity or maybe fax, scan, and email to the UFX broker.

  • A copy of your passport or any other document issued by your government for identification
  • A copy of your bill or statement, for an example bank statement or your telephone bill that has your current residential address mentioned on it
  • And a copy of your credit card both sides

The UFX team of compliance will instantly check all of your documents and notify you if any text is missing, unsuitable, or unreadable.

Traders are allowed to deposit as well as withdraw funds with UFX by using one of the several different methods:

  • Visa
  • Master Card
  • Diners Club
  • Maestro
  • Visa Electron
  • Skrill
  • SOFORT
  • Giropay
  • Neteller
  • Elv
  • iDEAL
  • CashU
  • WebMoney
  • Qiwi
  • Bitcoin

As you already informed that UFX never, charge deposit, fees, and third-party deposits are not allowed with this broker.

If you have made the initial deposit with a credit card, then you can only get a withdrawal from the credit card that used for the original payment with the UFX platform.

On the other side, if you have made an initial deposit through bank wire transfer, the UFX will send the withdrawal to the account that was used for the initial transfer originated.

UFX Trading Products

Six categories are offered from UFX to its customer’s financial instruments to trade:

Currencies

Massive range of UFX currencies are there such as AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CAD/JPY, EUR/GBP, EUR/INR, EUR/TRY, GBP/USD, NZD/CHF, USD/CHF and lots more.

Commodities

  • Natural Gas
  • Corn
  • Gold
  • Oil
  • Silver
  • Platinum
  • Palladium

Cryptocurrencies

According to the UFX markets review, it has loads of currencies, and similarly, it has cryptocurrencies on a broad array:

Aventus, BCH/BTC, Bitcoin, Bitcoin Cash, Dash, Bitcoin Gold, Ethereum, Litecoin, Ripple, and loads of more cryptocurrencies are available.

Commodities Futures

  • Oil
  • Corn
  • Natural Gas

Indices Futures

  • CAC 40
  • BEL 20
  • AEX25 Future
  • Nikkei 225
  • DAX 30
  • Dow Jones
  • S & P 500
  • NASDAQ 100

Stocks

According to UFX review, it offers CFDs on more than hundreds of international companies’ shares. Well, some well-known companies are;

UFX broker offers many ETFs to CFD trading, which includes:

  • SPY – S & P 500 Index
  • USO – Oil Companies
  • QQQ – NASDAQ Index
  • FEZ – Eurostocks50 Index
  • XLE – Energy Sector
  • UNG – Gas Companies
  • GDX – Gold Mining Companies
  • XLV – Health Sector
  • XLK – Technology Sector

UFX Spreads and Fees

On each instrument, UFX receives its compensation in the form of the market spreads. UFX broker is STP (Straight-Through-Processing, which means it never captures the reverse side of the trades of customers.

Instead, it evades the trades that it makes with the customers right away in the marketplace.

Fixed and stable spreads are offered with UFX broker. The ranges for trading vary by the particular financial instruments that are traded as well as the platform for trading.

Here are the spreads for the most used instruments by asset classes.

  • Currencies
  • Commodities
  • Cryptocurrencies
  • Indices
  • Stocks
  • ETFs

For custom spreads, you should contact Customer Support if you are a trader.

In particular regions, some currencies and commodities might not be available. No doubt it is uncommon, UFX spreads might vary during conditions of extreme trading or non-trading hours. On the platform of the relevant spreads, UFX will notify you, if you try to trade in these conditions.

Fee Information

Commissions: Only for each instrument spread on trades, UFX does not charge commissions.

Money Transfers: For money transfers, UFX will not charge fees.

Maintenance Fees: Regular maintenance fee is not charged with UFX trading. However, the platform has the right to charge a $50 US fee once every three months on open accounts.

Inactivity Fees: An inactivation fee of $50 US can be charged from the UFX platform when a client account has not been active for a specific time of three months.

Overnight Financing Charges: When a position remains open for a specific time, the overnight fee is added or subtracted from the account of the trader. At the UFX website’s Trading Conditions section, traders can have the information on overnight fees and funds.

Slippage: Slippage is a regular market practice as UFX review informs as well as it is a regular feature of the international exchange markets in conditions. These conditions include illiquidity and volatility because of the news announcements, market openings, and economic events.

Deposit Fees: On deposits, UFX does not charge fees.

Withdrawal Fees: For withdrawals too, UFX does not charge fees. However, transfer fees might be imposed on you from your banks.

Withdrawals and Deposits

UFX review supports several payment methods that include transfer by credit cards, eWallets, and bank wire transfers. UFX Forex accepts major credit cards such as VISA, MasterCard, Diners, Maestro and American Express.

For eWallet carriers, traders can use popular wallets such as Neteller, Skrill, Sofort, and Poli. As we’re now aware of UFX broker in this UFX review, let’s now move to the facts and figures of UFX scams to accurately find out whether UFX is a scam broker or not. Let’s find out!

After our initial article where we debated is UFX trading safe or it is a scam broker, even more, people are accusing the firm. We decided to do some research and update you with the changes happening internally and externally for UFX Forex.

Is UFX a Scam Broker?

The complaints regarding UFX scamming its traders called for an SEC audit where a couple of accounts managers were let go.

UFX com said it will not tolerate unethical behavior from its employees and will do everything necessary to clear their name.

On another note, if a person is persuaded to take a trade or open certain positions, that’s illegal. A

We are not sticking our hand in the fire but make sure you get in contact with a higher-up before going to so-called websites where you pay money in the hopes of recovering the money you lost from trading with the brokers believe to be a scam. Unregulated Brokers have defrauded many Traders on numerous occasions.

However, can you believe everything is available on the internet?

Also, is UFX a Scam broker?

Is UFX trading safe?

The first result you get after doing a Google search is “UFX a scam broker.”Primarily, let’s go ahead and investigate together if UFX is in fact, a scam broker.

How to recognize a Scam Broker?

The word scam stands for fraudulent or deceptive acts or operations. There is no doubt that some people may have encountered a scam broker when trading Forex.

Unfortunately, some things take a wrong turn. It usually starts with a phone call from explaining how they could make millions in a short time through trading. Regarding UFX trader, some users who lost money either while trading or had accounts suspended for suspicious activity marked it as a “scam broker”.

Having done some more research, we discovered a person who was probably an ex-employee of the UFX trading platform made one of the reviews online.

The person mentioned above started on May 6, 2020, with a full list of employees of UFX. He provided a complete list of over 70 people from owners to regular employees.

It seems somewhat like an act of revenge from an ex-employee trying to harm UFX Forex. Interesting enough, since the person doesn’t claim he lost money, it made me even more curious.

Also, he claims that he will take legal action against UFX markets and this information “is for everyone who lost money with UFX.” At the end of his post on the forex peace army, he said: “in the following week I will update my post and guide people to get their money back.”

Seven months have passed by, and we haven’t heard a word from our mysterious person. Funny enough, two days ago another user asked if he has any updates regarding UFX and his case. (With no answer, of course)

That’s only one of many so-called “SCAM Warnings.”

Moving along with some more swindle accusations towards UFX market reviews, we identify an overall miscommunication between parties. Comments such as “UFX scam, Be Wary, UFX is a scam broker” and “stay away” can be found.

However, very few share their experience after trading with UFX and communicated poorly with clear defamation attempts. In other websites, we come across some copies of previously made reviews where comparisons are made with other brokers.

There is no mystery that some do anything to provide misleading information to gain a competitive advantage. Examples of such headlines such as: “UFX a Scam Broker, but this X, Y, Z broker is not a scam” is the reality of today’s scam warnings.

These accusations come with the industry. There will be fake posts, and there will be clients that are genuinely upset about losing money from a broker. Keep in mind that those that will lose money will probably lose it again with another broker.

The Cruel Reality of Trading: 80% of the Clients Lose Money

Let’s filter out the information we have so far and face reality regarding UFX trading and other brokers.

It’s important to understand that UFX seems a fully regulated Forex broker operated by Reliant co Investments Limited.

Authorized and regulated by the Cyprus Securities and Exchange Commission, “CySEC” with license number 127/10.

Checking reviews about brokers are more often than not, a confusing process. However, it’s always a good thing to check UFX regulations that apply to the broker.

To see that information click the tab “About us” or “Regulation” where you can see a license or registration number. Depending on the entity, that regulates the broker directly, paste that number and check the information on the official regulatory website.[/alert]

MassInsights Technology

When people try the financial markets, they always tend to pick aside. They have to choose from Bearish or bullish, hawkish or dovish, short or long.

However, when so many traders act at the same time, they can have a significant influence on the market. Creating new trends and movements, this can shape out how the market reacts.

This information on how many people are trading, what professional market analysts have usually used on their trading and the direction of positions.

Similarly, billion-dollar hedge funds and Investment banks use it. UFX markets review introduced MassInsights Technology and allowed traders to see the market like never before.

MassInsights Technology shows you how other traders are trading and how many are buying or selling a specific asset.

How to Use the MassInsights Technology Platform?

You can join the majority of other traders and choose the more dominant direction, or you can go against it.

How does it work? UFX MassInsights Technology gathers trading insights from real active traders all over the world.

With a unique live stream that will alert you when a trend has been created or when the majority of trading positions shift in a different direction.

MassInsights technology can show you how many people are trading an asset in your own country or anywhere in the world.

UFX MassInsights Technology isn’t just a fancy title. It is a scientific fact, and the more diverse the traders are, the more accurate the stream predictions can be. That’s why Ufx’s massive community of global Traders is your best source for trading knowledge.

Conclusion

So, we’re concluding the UFX review with the facts and figure of the UFX scams that we’ve found out whether it is a scam broker in the trading industry. Primarily, complaints of unsatisfied clients can’t mark a company as a scam, and we emphasize this regarding clients that had a bad experience.

When it comes down to trading, bad experiences are usually because of misunderstandings between both parties. Imagine a trade going against you, and it keeps going for several hours or days.

If you have not imposed a stop loss, you may possibly be required to increase your margin to maintain the position. Although the broker is not benefiting from the money in your trading account, it is benefiting from the trades you’re carrying.

Ultimately, UFX trading and many other brokers make money on the spread. That means UFX Forex needs to provide the best services for clients to keep trading. If UFX market reviews were a scam, very few would trade with them.

Always do your Research

  • UFX reviews might be bad from upset traders that lost money. However, while considering the other positive reviews and the common complaints account for 8% versus the 92% positive reviews.
  • If you decide to join a broker and start trading, then get ready to receive calls and promotional emails daily.REMEMBER! Ultimately, you’re the one who registers for “SOMETHING” concerning investments, trading and making money online.
  • Like always, we wish you Happy Trading and Success!
Author: Haseeb

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©2020 Highway Media Group. All Rights Reserved.

* Disclaimer: Highway Media Group will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Currency trading on margin involves high risk, and is not suitable for all investors. Trading or investing in cryptocurrencies carries with it potential risks.

Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Cryptocurrencies are not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument or cryptocurrencies you should carefully consider your investment objectives, level of experience, and risk appetite.

Highway Media Group would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures), Forex and cryptocurrencies prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

Therefore, Highway Media Group doesn’t bear any responsibility for any trading losses you might incur as a result of using this data. Highway Media Group may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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