This UFX review explores a highly reputable, well-regulated STP broker. UFX is a leader in the retail trading industry and offers its services to clients all over the world.
This broker provides you with a wide range of trading opportunities across a variety of asset classes, making it an excellent choice if you are looking to expand your portfolio.
UFX has also developed proprietary technology that offers you all the information you need to be an effective trader. Combined with outstanding platforms and a variety of accounts, this broker provides a unique trading environment to hone your strategies, regardless of your level of experience.
Continue reading our in-depth UFX review to discover more about how you can start trading with this broker.
- Numerous trading instruments
- An award-winning proprietary platform
- Highly advanced analytical tech
- Access to expert analysis
- Spreads are somewhat high
- Does not accept clients from the US
UFX was founded in 2007 and has since grown to become an award-winning firm in the retail trading industry, serving customers from across the globe.
The UFX team is made up of IT specialists, experienced financial professionals, and hedge fund managers, which gives them a unique perspective. This broker knows exactly what you need as a trader to increase your chance of making a profit.
The UFX team constantly strives to provide an excellent trading experience by developing outstanding proprietary research tools, a top-quality trading platform, and much more.
Our UFX review team also learned that this broker has won a series of impressive awards over the years, including The European Global Banking & Finance Awards’ FX Broker of the Year award from 2013 to 2016, the FX Report Awards’ Best Trading Platform award in 2016, and the UK Forex Awards’ Best Forex Trading Tools award in 2016.
UFX is registered with the Cyprus Securities and Exchange Commission (CySEC), under license number 127/10. They are also registered with many different European regulatory agencies, including the UK’s Financial Conduct Authority (FCA), Italy’s Commission Nazionale per le Societa e la Borsa, Germany’s Federal Financial Supervisory Authority (BaFin), and France’s Autorité des marchés financiers (AMF).
CySEC imposes a set of rules designed to ensure that you are protected in your relationship with the broker.
For example, UFX holds all client funds in segregated accounts, meaning that your money is kept separate from the broker’s operational funds. Therefore, in the unlikely event that the broker becomes insolvent, your funds cannot be used to cover any outstanding debts the broker might have.
CySEC also imposes that all the brokers they regulate join the Investor Compensation Fund. This insurance policy ensures that you are covered up to EUR 20,000 if the broker goes bankrupt.
UFX also takes serious measures to ensure you enjoy a safe trading experience by making certain that your data is always safe. These measures include:
- two layers of firewall
- advanced Verisign SSL for authentication
- separate servers for trading and transaction data
- armed guards to provide physical protection for the data center.
Our UFX review team has concluded that this is a broker who takes your safety seriously. The high level of regulation also makes this one firm that we are happy to recommend to any trader.
Opening an account with UFX
Opening an account with UFX is straightforward and in line with other popular brokers. This broker offers a range of account types and a reasonable minimum deposit, making it accessible for any trader, regardless of your investment budget.
What is the minimum deposit at UFX?
The minimum deposit at UFX is $100, which is quite accessible. It should be noted that the minimum deposit changes based on account type.
How to open an account at UFX
Opening an account with UFX is very simple. You only need to fill in some basic information at first to set up a demo account. Subsequently, you can go through the rest of the process to start trading live.
- Step 1: Fill in your name, email address, and phone number. This will set up your demo account.
- Step 2: Click on the menu and then on Go To Knowledge Test and answer the questions.
- Step 3: In the menu, click on Trading Profile.
- Step 4: Fill out personal information such as full name, date of birth, nationality, and address.
- Step 5: Answer questions about your financial situation.
- Step 6: Reveal your trading experience and knowledge.
- Step 7: Verify your account by providing proof of identity and address.
- Step 8: Fund your account.
The information you will have to provide includes:
- Name, address, email, phone number, date of birth, country of birth, and nationality.
- Income, net assets, trading goal, trading experience, and knowledge.
- A valid passport, national ID, or driving license, a utility bill or bank statement.
Our UFX review team discovered that UFX offers five different retail account types tailored to your trading style and experience. They also offer an Islamic account and a professional account.
Retail trading accounts
The Micro/Mini account features a minimum deposit of $100 and a minimum trading volume of $250. As a Micro/Mini account holder, you will be granted access to UFX’s daily market reviews, video library, daily recommendations, and 24-hour live support. Spreads for the EUR/USD currency pair start at 4 pips.
The Mini account has a minimum deposit of $500 and a minimum trading volume of $5,000. As a Mini account holder, you will receive access to everything the Micro/Mini account offers along with VIP trading support. Spreads for the EUR/USD currency pair start at 4 pips.
The Standard account has a minimum deposit of $1,000 and a minimum trading volume of $10,000. With this account, you get access to everything the Mini account provides, as well as Exclusive updates. Spreads for the EUR/USD start at 3 pips.
The Gold account comes with a minimum deposit requirement of $5,000 and a minimum trading volume of $50,000. With this account, you will receive everything that is included in the Standard account as well as access to the MetaTrader 5 platform. Spreads start at 2 pips for the EUR/USD currency.
The Platinum account features a minimum deposit requirement of $10,000 and a minimum trading volume of $100,000. Otherwise, the Platinum account is identical to the Gold account. The only differences are in the spreads for certain stocks.
All accounts offer leverage of 1:30, which is due to the broker being regulated by CySEC. Spreads are fixed.
The sixth type of account UFX offers is the Islamic account. This account offers Muslim traders the same benefits as a Micro/Mini account but has a minimum deposit of $10,000 and a minimum trading volume requirement of $100,000. The spreads on this account are the same as those offered on the Platinum account.
As a European retail trader, you are limited to leverage of 1:30 by law. However, UFX offers special accounts for professional traders who are not limited by the same regulations. With a professional account, you will be able to enjoy leverage of 1:400.
To open a UFX professional account, you will need to prove that you are a professional trader, which will include answering a few questions to prove your knowledge. You’ll also have to meet certain conditions imposed by law, including having a significant trading portfolio and a high trading volume.
If you are eligible, the minimum deposit for a professional account with UFX is $1,000.
If you want to test this broker’s services, our UFX review team is happy to report that an unlimited free demo account is available. You will receive $100,000 in virtual money to trade with.
UFX trading costs
After reviewing UFX, our team concluded that the spreads charged by this broker are a little on the high side for certain account types. However, the other fees and costs are in line with what other popular brokers charge.
Trading Fees* Type of Fee Cost Minimum Order Size .01 lots Average Spread USDEUR (pips) 3 Commission (%) 0 Commission on Islamic Accounts (%) 0 Non-Trading Fees Type of Fee Yes or No Inactivity Fees Yes Deposit Fees No Withdrawal Fees No
*Based on Standard account type.
In terms of trading fees, UFX does not charge commissions on trades, but they do charge spreads. Our team of experts concluded that the spreads this broker practices are not competitive. While the spreads narrow with higher deposits, they are still a little steep.
However, when you consider all the great tools and benefits this broker offers, you’ll find that it’s more than worth the additional cost.
UFX charges rollover fees that are in line with the market average. Considering that the broker charges (or pays) interest only on positions that are still open at 00:00 GMT, you can easily avoid the added cost by closing any open trades before the trading day closes.
UFX does not charge any deposit or withdrawal fees. Any fees charged by your bank or payment processor, however, are your responsibility, which is to be expected.
UFX reserves the right to charge certain non-trading fees. For example, any hedging positions you have open might be charged an administration fee of 0.1% of the total volume per day.
This broker also reserves the right to charge a maintenance fee of $100 for inactive accounts every 45 days. An inactive account is one that has not had any sort of movement for 45 days.
If the account has less than $100, after 45 days, UFX can charge a lower administrative fee but will close the account 10 days after sending you a notification.
UFX payment methods
Our team of UFX review experts was pleased to find that this broker offers plenty of payment options for you.
You will be able to fund your account via Visa or MasterCard credit cards, as well as Maestro and Diners Club International. You can also do so through local bank transfers and quite a few e-wallets, including Skrill, Neteller, Giropay, iDEAL, Neosurf, China Union Pay and many more.
You can use the same methods to make withdrawals. However, note that you can only withdraw money using the same system you used to fund your account. So, if you deposited via Skrill, you can only withdraw to Skrill.
Also, withdrawals to credit cards can only be made in the amount you deposited. Anything over that amount will be sent to your bank account. For example, if you deposited $500 via credit card, and want to withdraw $750, only $500 will be sent to your credit card. The remaining $250 will go to your bank account.
When making a withdrawal, you will have to supply a valid photo ID and proof of address. When withdrawing to a credit card, you will also have to provide a copy of the front and back of the card you used to make the deposit.
Bank wire withdrawals can take up to 3 business days to reach your account, while e-wallet can take up to 5 business days. Credit card withdrawals can take up to 10 business days. The minimum amount you can withdraw is $25.
UFX trading bonuses
UFX does not offer trading bonuses, but this is because they are not allowed to. Brokers regulated by EU-based agencies are not permitted to offer incentives by law.
However, our UFX review team is pleased to inform you that this broker organizes trading competitions from time to time.
UFX trading platforms
While conducting our UFX broker review, we discovered that this firm offers two trading platforms: ParagonEx Web Trader and MetaTrader 5.
ParagonEx Web Trader
ParagonEx Web Trader is a proprietary forex trading platform developed by UFX. A very user-friendly platform, ParagonEx offers all the tools you need to trade effectively.
Customizable charts, multiple timeframes, charting tools, and indices are all available via the web trader, offering an outstanding trading experience.
What sets ParagonEx apart and our UFX review team found impressive is the integration of MassInsights. Another of UFX’s proprietary trading technologies, this system provides valuable information on a variety of assets that will help you make better trading decisions.
UFX’s trading platform also provides detailed asset analysis on a single page, including everything from Advanced Charts with historical data to Daily Ranges and more. You can also access Trading Central directly from the platform, as well as an economic calendar, which makes for an excellent trading experience.
MetaTrader 5 is a highly popular trading platform that provides a wide range of benefits. It comes with a user-friendly interface, excellent performance, and an extensive range of charting and analytical tools.
You can conduct professional level technical analysis. MT5 allows you to open over 100 charts at the same time and has 21 timeframes. It comes with more than 80 indicators and allows expert advisors or automated trading.
MT5 is considered one of the best trading platforms on the market for good reason. It is highly customizable and comes with programming that you can use to build indicators and EAs.
Please note that our UFX review team discovered that this broker only offers MT5 for Gold accounts and above.
What is the execution policy at UFX?
UFX is a straight-through-processing or STP broker, which means this broker passes on your order directly to their liquidity provider without going through a Dealing Desk. Therefore, any orders you place will be executed automatically without any requotes.
However, UFX does state that, at certain times, it might not be possible to send your execution order at first market price. This is generally at times of very high volatility and rapid price movements. If this occurs, UFX will execute the order at the next best price.
While reviewing UFX, our team of experts found that this broker offers fraction pip pricing. The broker quotes prices with up to five or three decimals, depending on the currency pair. This means, generally, that spreads and quotes will be far more accurate.
UFX markets and products
Our UFX review team was pleased to discover that this broker offers an extensive number of trading instruments across a variety of asset classes, thereby offering you plenty of opportunities to make a profit.
UFX Markets and Products Instrument Number Currency Pairs 60 Indices 7 Cryptocurrencies 1 Stocks 449 ETFs 42 Commodities 5
UFX offers 60 currency pairs. While other major forex brokers might offer more currency pairs, you’ll find that UFX offers more than enough profitable opportunities. Furthermore, they offer all the most popular currency pairs, which is more than sufficient for most traders.
This broker offers major pairs, such as the GBP/USD and USD/JPY, as well as various crosses, like the EUR/CAD and CAD/JPY. You’ll also find some options that are a little more exotic, like the USD/TRY.
UFX’s offering for cryptocurrencies is a little limited. You can only trade bitcoin in a cross against the USD. You might also not be able to trade BTC at all, depending on your country of residence.
However, our team doesn’t consider this a major issue seeing as there are plenty of other trading instruments available.
If you are interested in trading indices, then UFX has more than enough options for you to diversify your trading portfolio. This broker offers 7 of the most popular indices, including the S&P 500, the DAX 30, and the WIG20.
UFX provides you with the opportunity to trade a wide range of company stocks too, as they offer shares from 449 different companies from all over the world. These include Tesla Motors, Facebook, Boeing, Fenerbahce, and plenty more.
While not quite on par with some other highly reputable forex brokers, UFX also offers a limited number of commodities for you to trade with. The commodities you can trade are among the most popular, namely crude oil, gold, platinum, silver, and natural gas. If you want to expend your trading portfolio, you can’t go wrong with UFX’s commodity offering.
If you want to try your hand at trading ETFs, then UFX is the broker for you as they have quite a significant offering. With 42 ETFs to choose from, including EWN, XLP, GDX, and FEZ, you have plenty of opportunities to make a profit.
While conducting our review of UFX, our team of experts learned that this broker doesn’t offer social trading. This broker truly caters to traders who want to be in complete control of their trading. Therefore, instead of trying to do multiple things mediocrely, they’ve opted to cater to one type of trader with outstanding services.
The UFX website is mobile-responsive, which means that it works flawlessly on any mobile device, regardless of the platform. You can also easily trade on your mobile device with UFX as this broker offers a mobile version of their ParagonEx trading platform and MT5.
While you can use both ParagonEx and MT5 via your mobile device’s web browser, they each also have a downloadable app, making them even easier to use.
After reviewing the UFX forex broker, our team of professionals concluded that this broker truly shines in terms of the research tools they provide.
Besides providing access to Trading Central, this firm has also developed proprietary analytical technology to ensure you have all the information you need to trade effectively.
MassInsights offers a live stream of market events and aggregated trader behavior. You’ll be able to see what assets are trending among other traders. The platform also shows information such as when an asset abruptly changes direction in trend, increasing volatility, spikes in open positions, and volume growth.
This platform also shows a financial events calendar with notifications for upcoming economic events. The stream also notifies you of important market updates and news as they occur to ensure you are up to date with the financial markets at all times.
All this information is available right in your ParagonEx Web Trader, which makes this trading platform incredibly powerful.
UFX has also partnered with Trading Central, which is one of the most important providers of financial research.
Access to Trading Central means that you will receive vital market information that has been gathered and analyzed by leading financial specialists. It’s the ideal tool to enable you to make well-informed decisions, ensuring an incredible trading experience.
However, access to Trading Central is only available if you deposit $1,000 or more in your account. While it might seem a little steep, the fact is that access to such powerful information can significantly improve your results.
Education and training
Our UFX review team discovered that this broker does not offer any educational or training materials whatsoever.
While somewhat disappointing, educational materials are available practically everywhere online. On the other hand, proprietary technology like MassInsights is far more difficult to find. It’s also worth far more to beginner and veteran traders alike than just educational materials.
UFX customer support
One essential aspect for any top-quality broker is customer support, so our team tested UFX to see how their staff fared. We’re pleased to report that this broker’s customer service team is outstanding. The representatives we spoke to were quick to respond, eager to help, and very knowledgeable.
You can reach customer support via live chat, email, phone, and a ticketing system. Email is available in multiple languages, including Vietnamese, German, Hungarian, Malay, French, Suomi, and more. The support team is on standby 24/7.
UFX is a reliable and highly reputable broker that is committed to providing you with everything you need for an excellent trading experience.
From a user-friendly proprietary trading platform to the excellent analytical technology this broker has developed, you will truly have all the tools you need to succeed as a trader at your fingertips.
Our UFX review team is pleased to recommend this broker to all forex traders, regardless of your level of expertise.
Start trading with UFX by signing up for an account with this excellent broker now. It’ll only take a few minutes before you’re up and running.