|Gold, Currencies, CFDs, Stocks, BitCoin and MT4 Platform|
UFX is the trading name of Reliantco Investments Ltd, an investment firm located in Cyprus, that is authorized and regulated by CySEC. UFX was initially founded in 2007, but it wasn’t until 2011 that the brand became regulated in the EU. UFX also operates in compliance with the Markets in Financial Instruments Directive (MiFID). All of which should put your mind at ease if you’re considering a trading career with this particular broker.
However, we feel we should add a word of caution, as we found many negative reviews when undertaking the research for this UFX Forex brokers review. If the operations and services of UFX are as bad as some disgruntled customers claim, they wouldn’t have a license. So we took all the comments on board, as you should too, and then continued with our careful research.
While UFX has been in business since 2007, many of its awards are recent. Such as The European 2015 FX Broker of the Year, The European 2015 Financial FX Director of the Year, and the UK Forex Awards 2015 Best Value Forex Broker.
Web, mobile or download – The trading platform options from UFX
Many traders will be pleased to see that UFX offers the MetaTrader 4 trading platform, after all it is one of the most popular platforms currently available. However, while many other Forex brokers offer MT4 to all their traders, UFX has restricted its use to UFX Gold and Platinum Account holders only. Which means a sizeable deposit will have to be made, which we thought was a little disappointing.
So what is left for all the other traders? ParagonEx Web Trader 4.0 powered by MassInsights™ Technology is the alternative for new and low budget traders. It can be accessed through any web browser, and there is no need for a download. It is a trading platform unique to UFX, and is actually rather easy to use. For those who prefer to trade on the move there is a mobile trading option.
Different accounts for different traders, with UFX Forex brokers
- Mini – Minimum deposit of $500, and a minimum trading volume of $5,000. Includes daily market reviews, access to a video library, daily recommendations, 24 hour live support, and a personal trading trainer. Check the Mini account now!
- Standard – Minimum deposit of $1,000, and a minimum trading volume of $10,000. All the previously mentioned features are available, along with VIP trading support and exclusive updates.
- Gold – Opening a gold account will require a minimum deposit of $5,000, and a minimum trading volume of $50,000. Additional features to those already mentioned for other accounts include SMS trading alerts and access to the MT4 trading platform.
- Platinum – For clients with $10,000 to invest and with a minimum trading volume of $100,000 there is a platinum account option.
- Islamic – For Islamic clients this account adheres to the principles of Islamic law regarding banking activity. The minimum deposit is $1,000 and minimum trading volume is $10,000.
UFX offers cashback with a rewards programme
This could possibly be the only loyalty programme currently being offered in the world of Forex, so is definitely worth a mention. Cashbacks are awarded with every trade made. There are also redeposit bonuses up for grabs, and a number of exciting competitions with great prizes. Want an example of the kind of prizes you stand a chance of winning? An Aspen White Lotus Elise, if you happened to guess the closing price of gold or oil, with the closest guess winning the prize.
Trading conditions and instruments with UFX Forex brokers
We wouldn’t say that the trading conditions at UFX are particularly competitive, as they offer a fixed spread of four pips on the EUR/USD, which isn’t particularly appealing. However, tighter fixed spreads are available for gold and premium account holders. Leverage can be as much as 1:200. Positions must be open for a minute or more and scalping is strictly forbidden.
There are 32 currency pairings, and a range of stocks, indices and commodities available for trading. All the major currency pairs are available, but the range of less favorable pairings is rather limited, especially when compared with other brokers. With regards the other instruments there are a number of options, but again is still rather limited.
There are a wide range of payment methods including Visa, Mastercard, and Maestro, along with Skrill, and Neteller. Rather cheekily, their FAQs page states they reserve the right to charge a maintenance fee of $50 on open accounts once every six months And there is also the possibility of a further fee if the account becomes inactive for 3 months. So we’d advise any newcomers to make sure all the FAQs are read carefully and completely understood.
Customer service is available 24/7, with the option to pick up the phone and contact one of the many global offices, complete a contact form on the website, or send a text message via Whatsapp or Viber.
While UFX has a lot to offer traders with a bit of knowledge, we didn’t feel it was very helpful for complete beginners. There is no education center like many of the other popular Forex brokers, just a round of questions and answers in the FAQs section.
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