UFX review

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:

Personal information

• Name, address, email, phone number, date of birth, country of birth, and nationality.

Regulatory information

• Income, net assets, trading goal, trading experience, and knowledge.

Documentation

• A valid passport, national ID, or driving license, a utility bill or bank statement.

Account types

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.

Islamic accounts

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.

Professional accounts

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.

Demo account

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.

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.

Mobile compatibility

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.

Research tools

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.

Our verdict

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.