UpFX is an online Forex and CFD broker with its main offices in Sofia, Bulgaria. UpFX is actually the trading name of UniTrader EAD, which is regulated and licensed by Bulgaria’s very own Financial Supervision Commission. As such, UniTrader EAD is also EEA authorised by the FCA to offer certain services or products in the UK. It also operates under the MiFID set of financial guidelines, which is good news for anyone looking for a regulated and reliable Forex broker.
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What are the benefits of choosing UpFX?
Company created by real traders – With a good understanding of what is expected from a brokerage firm, eg. good service, hassle free trades, good prices
No requote policy
MetaTrader 4 trading platform
Withdrawals are quick and easy
Built in autotrading functionality
Leverage of up to 500:1
Phone trading a possibility – Via a trading desk for professional and institutional accounts
These are the advantages listed by UpFX itself, and they are certainly very attractive for both new and experienced traders. But let’s look at what is on offer in a little more detail.
UpFX provides one of the most popular trading platforms for its clients
MetaTrader 4 has shown itself to be the preferred trading platform for a large number of traders, so it’s really no surprise that UpFX have chosen it for their clients. It is perfect for trading Forex, analysing markets, as well as using Expert Advisors. It is extremely versatile and compatible with a number of operating systems, such as iOS, Android, Windows, and Linux. Using this software with UpFX does require a download, but once that has been done there are a number of additional services available such as technical indicators and signals.
UpFX offer a good range of accounts
It can often be confusing trying to decide on the right type of account, which is why we always like to feature a quick run down as part of our broker reviews. So here goes with an introduction to the range of accounts on offer from UpFX.
Micro account – Minimum deposit $50; Leverage up to 500:1; Spreads as low as 3.0 pips; Contract size (lot) 1000; No commission on Forex products; Minimum contract 0.01 lots; Hedging allowed; Swap free account an option
Mini account – Minimum deposit $100; Leverage up to 300:1; Spreads as low as 2.0 pips; No commission on Forex products; Contract size (lot) 10,000; Minimum contract 0.01 lots; Hedging allowed; Swap free account an option
Standard account – Minimum deposit $2,000; Leverage up to 200:1; Spreads as low as 0.5 pips; No commission on Forex products; Contract size (lot) 100,000; Minimum contract size 0.01; Hedging allowed; Option of an Islamic account
Professional account – Minimum deposit $50,000; Leverage up to 10:1; Spreads as low as 0.3 pips; No commission on Forex products; Contract size (lot) 100,000; Minimum contract size 1.0 lots; Hedging allowed; Islamic account an option
Institutional account – Minimum deposit $250,000; Leverage up to 50:1; Spreads as low as 0 pips; No commission on Forex products; Contract size (lot) 100.000; Minimum contract size 1.0; Hedging allowed; Swap free account an option
And we shouldn’t forget to mention there is a demo account so you can try UpFX for free, before risking any real money.
The current promotion is for a 15% deposit bonus
This special offer is open for both new and existing clients. UpFX are offering everyone, a generous 15% on all deposits made during the month. You have to have an account, either new or existing, and enrol in the bonus program. Make a qualifying deposit and you could receive as much as a $7,500 bonus.
Another great opportunity is to enrol in the UpFX Academy, where you get the chance to learn, starting with the very basics, and moving up to more expert courses covering more complex topics, such as MT4 charting tools, calculating profit and loss, margin trading and technical analysis.
When it comes to answering clients questions there are a number of telephone numbers and emails, depending on the query, a contact form, and the opportunity of live chat. However, not all that sure when the live chat option is manned, as we tried to get in touch during normal trading hours and there was no one available.
So what did we think of UpFX as a Forex broker? If all you want to do is trade foreign currency pairs, then there is nothing untoward about this broker. There isn’t anything special that makes them stand out from the crowd, but not everyone is looking for something unique. If you think you’d like to try them then first sign up for a demo account and you can get a better feel for yourself, without risking real money.