Ubfx.co.uk Review Is UBFX A Legit Forex Broker Or Scam

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Ubfx.co.uk Review: Is UBFX A Legit Forex Broker Or Scam?

UBFX Review: this is the name of a Forex and CFD broker that is based in the offshore location of Vanuatu. Is it safe to trade with Ubfx.co.uk or not? It is unsafe to trade with brokers in Vanuatu, read this review to find out why.

The location provided for the broker on the page is an offshore location, Vanuatu. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is not duly licensed, pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

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Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

Advantages of UBFX

The website informs visitors that “money never sleeps”, this may be in a bid to advertise their 24 hours trading offer. Also, we find that they claim that all major markets are available and clients can get access to them. The UBFX App is advertised on the page as well and it is said to be an effective trading tool.

It is common for brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

UBFX Trading Platform

The website of the broker does not volunteer much by way of details and we could not find out what trading platform UBFX uses. We discourage traders from using web-based trading platforms and instead opt for brokers offering either MT4 or MT5. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments that are in use are: Currency pairs, commodities, indices, and CFD. Cryptocurrencies are not yet available with this broker. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverage offered to clients is 1:100 and while this may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are 1.5 pips on the EURUSD pairs.

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Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on UBFX

There is no mention of the means by which deposits and withdrawals are to be made for trading with this company on the website. This is discouraging because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is not disclosed and we cannot tell if it is the obtainable average of $100 – $250 among brokers or not. Withdrawal fees are not disclosed and we prefer the broker to mention if they apply or not.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is UBFX Licensed?

No. UBFX is not a duly licensed broker operating in a region where Forex trades are unregulated. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

There is no means made available on the website for interested clients to contact the broker or the customer care service.

Conclusion

As an unlicensed broker lacking proper registration, UBFX cannot be rated highly. The website of this company seems to have been abandoned and we cannot consider it to be serious. It offers the MT4 trading platform and we find this to be the only good thing about the brokerage.

Our advice is for traders to seek other legit brokers and avoid this one. If you have anything to add to this Forex broker review, do so via the comment section.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

UBFX review – Is ubfx.co.uk scam or good forex broker?

UBFX is an offshore forex and CFD broker, offering over 50 currency pairs and contracts for difference on various other assets like precious metals, energy commodities and indices with leverage as high as 1:400 and the MetaTrader4 platform.

Account type Min. deposit Max. leverage Spread s/ Payout
Standard Account $1 1,6 pips
Islam Account $1 1:400 1,6 pips
Corporate Account $50 000 1:400 0,5 pips
Raw Spread Account $50 000 1:400 0,1 pip

And the broker say to be registered with the Vanuatu Financial Services Commission (VFSC). Such an offshore license, however, is far from the standards established in the European Union, the U.S., Canada, Australia, Japan or any other major regulated market, so if you are considering investing your funds with them be sure to read the following paragraphs.

UBFX Advantages:

A variety of trading instruments

UBFX says to be offering over 50 currency pairs, as well as CFDs on precious metals, energy commodities and indices, but as the broker does not mention anything about crypto assets, here you may check as well our list of brokers trading with bitcoin CFDs:

As we already noted UBFX is an offshore broker, based on the tiny atoll of Vanuatu. If you have ever wondered where Vanuatu is, it is right in the middle of the South Pacific – several thousand miles off the shores of New Zealand. So basically you may guess why we are concerned about the legitimacy of a Vanuatu license. The Vanuatu Financial Services Commission (VFSC), although they raised the minimum capital requirement for forex brokers to 50 000 USD in July of 2020, from the previous required 5000 USD, simply lacks the capacity to oversee internationally operating brokers like UBFX.

As a comparison an EU broker, licensed and authorized by one of the official financial regulators of the Union like the Financial Conduct Authority (FCA) in the UK or let say the Cyprus Securities and Exchange Commission (CySEC) will be required to hold at all times no less than 730 000 EUR to cover all outstanding payments to clients.

On top of that EU regulated brokers are required to keep all clients funds in a protected from creditors trust account, to provide them with a negative balance protection, to file regular reports, to allow external audits and even to insure part of the trading capital.

So for example with a FCA broker you will get the protection of a client compensation fund that will grant the first 85 000 GBP in your account even in the unlikely event your broker files for bankruptcy. So that is why our general advise is to trade only with properly regulated companies. Here you may check our list of FCA regulated brokers:

No demo account directly available

Unfortunately we were not able to directly open a demo account, so we can not comment on UBFX spreads. Still, here you may also check our list of brokers offering tighter spreads:

UBFX is a law credibility, offshore broker, we can not recommend for obvious reasons – they are not properly licensed, which mans that your money will not be safe. And we will repeat our usual advise – you can rely only on brokers, licensed and authorized by an official regulator, such as the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

Zeal Capital Market Review: Is Zfx.co.uk A Legit Forex Broker?

Zfx.co.uk Review: this is the name of a Forex and CFD broker that is located in the United Kingdom. Is Zeal Capital Market a scam Forex broker? Lots of Forex brokers have turned out to be scams, to avoid falling victim, read this review first.

We start our reviews by checking if the firm under scrutiny is properly licensed in the location where it operates. For this brokerage, it is mentioned that it is located in the United Kingdom. All Forex brokers in this region are to have a license and be registered under the FCA. The website mentions this as well.

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On checking, we found the name of the company that owns the broker and that it is licensed by the Financial Conduct Authority (FCA). As a regulated broker, there are restrictions and rules that Zeal Capital Market must follow and not fall short of. Issues with this broker would be looked into by the authority as well.

Advantages of Zeal Capital Market or ZFX

Some of the advantages that comes with trading with this company are: generous leverage, tight spreads, no commissions, fast and reliable order execution. They also offer the no dealing desk and multi-lingual client support all in place to assist traders the best way possible.

It is common for brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Zeal Capital Market or ZFX Trading Platform

Zeal Capital Market offers traders the MT4 trading platform. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: currency pairs, CFDs on gold, silver, copper, and oil. Indices are also allowed and cryptocurrencies. There is no mention of stocks. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverage offered to clients is 1:100 and while this may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are 1.5 pips on the EURUSD pairs.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Zeal Capital Market

There is no mention of the means by which deposits and withdrawals are to be made for trading with ZFX. This is discouraging because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is not disclosed but an account can be created for free. This missing detail makes it impossible for us to tell if the amount required is within the average of $100 – $250. There is a link to read the terms and conditions. They are all categorized for easy and quick reading.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Zeal Capital Market Licensed?

Yes. Zeal Capital Market or ZFX is properly licensed and registered under the Financial Conduct Authority (FCA). The license it holds, authorizes it to trade in the region.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

If you want to get in touch with the broker or you want to get help from the customer support service, go to the support page via the “Support” link. Then choose the category of issue that you need resolved.

Conclusion

Zeal Capital Market or ZFX is a duly licensed brokerage that operates in the United Kingdom. This registration information gives the broker a good rating. However, we would encourage the team running the service to volunteer more information in future. The missing details we pointed out in this review is worrisome.

If you have anything to add to this Forex broker review, do so via the comment section.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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