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UFX is a forex and CFD trading broker. They give traders access to major markets like currencies, indices, commodities and shares. For traders interested in cryptocurrencies like Bitcoin, UFX is one of the few brokers that also offer cryptocurrency CFDs.
- Doesn’t allow scalping (See alternatives)
- Inactivity Fee
- Not FCA Regulated (See alternatives)
To open a live account, you’ll need a minimum deposit of at least €500. Alternatively, UFX offers a demo account that you can use to practice and familiarise yourself with their platform.
Regulated by CySEC (Licence: 127/10). UFX puts all client funds in a segregated bank account and uses tier-1 banks for this. UFX has been established since 2007, and have a head office in Republic of Vanuatu.
Before we dive into some of the more detailed aspects of UFX’s spreads, fees, platforms and trading features, you may want to open UFX’s website in a new tab by clicking the button below in order to see the latest information directly from UFX.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
74.3% of retail investor accounts lose money when trading CFDs with UFX.
What are UFX’s spreads & fees?
Like most brokers, UFX takes a fee from the spread, which is the difference between the buy and sell price of an instrument.
The commisions and spreads displayed below are based on the minimum spreads listed on UFX’s website. The colour bars show how competitive UFX’s spreads are in comparison to other popular brokers featured on BrokerNotes.
|EUR/USD (Average: 0.7 pips)||4.0 pips||0.7 pips||0.1 pips|
|GBP/USD (Average: 1.1 pips)||5.0 pips||1.7 pips||0.1 pips|
|USD/JPY (Average: 1.1 pips)||5.0 pips||0.6 pips||0.1 pips|
|AUD/USD (Average: 0.8 pips)||5.0 pips||0.6 pips||0.2 pips|
|USD/CHF (Average: 2.3 pips)||10.0 pips||2.3 pips||0.2 pips|
|USD/CAD (Average: 2.9 pips)||6.0 pips||0.5 pips||0.3 pips|
|NZD/USD (Average: 3.6 pips)||7.0 pips||2.8 pips||0.3 pips|
|EUR/GBP (Average: 2.4 pips)||7.0 pips||0.5 pips||0.1 pips|
Spreads are dynamic and are for informational purposes only.
As you can see, UFX’s minimum spread for trading EUR/USD is 4.0 pips – which is relatively high compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with UFX vs. similar brokers.
How much does UFX charge to trade 1 lot of EUR/USD?
If you were to buy one standard lot of EUR/USD (100k units) with UFX at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $40. Here’s a rough breakdown of the fees and how this compares against XTB & AvaTrade .
|Spread from :||$ 40.00||$ 2.00||$ 7.00|
|Total cost of a 100k trade:||$ 40.00||$ 2.00||$ 7.00|
|$38 less||$33 less|
|Visit UFX||Visit XTB||Visit AvaTrade|
All fees/prices are for informational purposes and are subject to change.
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What can you trade with UFX?
UFX offers over 484 different instruments to trade, including over 49 currency pairs. We’ve summarised all of the different types of instruments offered by UFX below, along with the instruments offered by XTB and AvaTrade for comparison.
|FX / Currencies||UFX||XTB||AvaTrade|
|# of forex pairs offered||49||48||59|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes||Yes|
|Exotic forex pairs||Yes||Yes||Yes|
|# of commodities offered||0||21||16|
|Index & Stock CFDs||UFX||XTB||AvaTrade|
|# of stocks offered||372||1606||99|
|See UFX’s Instruments||See XTB’s Instruments||See AvaTrade’s Instruments|
What’s the UFX trading experience like?
1) Platforms and apps
UFX offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. UFX also offer their custom MassInsights platform.
UFX also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.
Still not sure?
2) Executing Trades
UFX allows you to execute a minimum trade of $125. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As UFX offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.
As a market maker, UFX may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
UFX also offers a number of useful risk management features, such as stop losses (with trailing stops), limit orders negative balance protection price alerts and much more. You can see all of the account features offered by UFX here.
Finally, we’ve listed some of the popular funding methods that UFX offers its traders below.
- Allows hedging
- Offers STP
- Offers Negative Balance Protection
- Demo account
- Micro account
- Mini account
- Standard account
- Islamic account
- Credit cards
- Bank Transfer
- American Express
3) Client support
UFX support a wide range of languages including Arabic, English, French, Portuguese, and Russian.
UFX has a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.
4) What you’ll need to open an account with UFX
As UFX is regulated by CySEC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.
While you might be able to explore UFX’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.
To start the process of opening an account with UFX you can visit their website here.
- Written by Marcus Taylor
- Founder & CEO
Marcus founded BrokerNotes in 2020 after trying hard to find a broker for himself to trade and struggling to compare brokers like-for-like. You can find more about BrokerNotes & Marcus here.
CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.ufx.com/ on 01/04/2020.
UFX not quite right?
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UFX 2020: Fees, Pros and Cons and Features
Last Updated: 18 February 2020
UFX is one of the leading forex and CFD brokers in the online trading industry. The broker has earned a positive reputation over the years by providing a reliable, safe and advanced trading environment. UFX also allows traders to connect your account with automated crypto trading robots such as Bitcoin Trader.
During our review, we have found many users who have invested through UFX and claim that it is a reliable CFD broker. We also have found many users who claim that the best way to trade with UFX is through one automated crypto trading robots such as Bitcoin Trader.
Forex.com : Best U.S. forex platform
- Spreads from just 1.2 pips
- Regulated by US bodies
- More than 90 forex pairs
We have carried out a review of this broker and can confirm that UFX is a legit and reliable online broker. In this review, you will find out about the services they offer and how to start trading with UFX through Bitcoin Trader.
Read ahead if you want to know more about this broker.
What is UFX?
Founded in 2007, UFX (formerly UFX Markets) is one of the leading forex and CFD brokers in the industry. The broker is owned and operated by UFX Global Limited, an international brand that is incorporated in the Republic of Vanuatu, located at T19, 1st Floor, Tana Russet Plaza, Kumul Highway, Port Vila, Vanuatu.
UFX allows traders to trade a variety of assets including currency pairs, commodities, indices, stocks and ETFs through a selection of two trading platforms, the in house UFX WebTrader platform and MetaTrader 5. The broker is also known to offer advanced trading tools and features such as MassInsight technology and Trading Central.
Yet, we must inform you that there is a moderate difference between online brokers and automated crypto trading robots. While online brokers like UFX provides traders to a platform that enables traders to manually buy and sell forex, stocks, indices, ETFs, and commodities, automated trading robots are fully automatic and allow traders to set the platform in auto trading mode and the software can automatically place orders in the market based on technical indicators and fundamental analysis.
These trading robots do not require a previous trading experience and are suitable for both beginners and experienced users that want to enter the crypto market. Some of these trading robots claim to have an accuracy rate of 90% and to be able to crack the market. Automated crypto trading robots such as Bitcoin Trader are not allowed to collect deposits and therefore must connect to robot brokers like UFX and automatically execute market orders through their trading platform.
Our review has revealed that UFX is a legit and reliable broker and that the most efficient way to trade on this broker is through Bitcoin Trader.
Click here if you want to trade on UFX through Bitcoin Trader.
UFX is an international brand regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14581, hence traders funds are safe in case UFX goes bankrupt.
Moreover, the broker is transparent and provides all the necessary information on its website. Other than regulation, UFX also provides trading conditions, risk management, company policy, risk disclosure, AML policy, site security, and terms and conditions.
The broker promotes the security of both traders’ information and funds and ensures a secure trading environment by taking the actions such as two layers of firewall, SSL secured website, armed guards protecting servers and more.
Is UFX Legit or Scam?
Following our review, we can verify that UFX is a reliable and trustworthy online broker. The broker was founded in 207 and is regulated by the Vanuatu Financial Services Commission (VFSC) under license number 14581. In addition, UFX is an STP (Straight-Through-Processing) broker, meaning that they do not take opposing trades to their clients, and offer fixed spreads. The website, the content placed on the website, and user feedbacks suggest that the broker is transparent and legit.
We must advise you that if you a beginner trader, trading on UFX directly might not be the best solution for you and you should consider trading on UFX through an automated crypto trading robot. Automated trading robots such as Bitcoin Trader are fully automatic which means that anyone can use regardless of one’s previous trading experience.
UFX offers traders a selection of more than 500 instruments, including currency pairs, commodities, indices, stocks, and ETFs. Take note that you can also trade cryptocurrencies on UFX if you open an account through BitcoinTrader, which is an automated trading robot.
UFX offers fixed spreads across all account types, which are a bit higher than some of its competitors. However, the fact that UFX operates as an STP (Straight-Through-Processing) broker is extremely important as traders can benefit a significantly higher speed of execution, better trading conditions, the removal of conflict between the trader and the broker.
When it comes to trading platforms, UFX is above the industry standard. The broker offers two trading platforms, the in house UFX trading platform which is available as a desktop application and as a web-based trading platform and the popular MetaTrader 5. Both trading platforms are available on mobile devices.
UFX also offers MassInsight technology, which is an additional feature in the platform that presents a live stream of market events, news, and market sentiment. For traders who deposited $1,000 or more in their account, UFX provides the Trading Central, a leading provider of financial research.
How to trade on UFX through Bitcoin Trader
As we mentioned previously in this review, the best way for beginners as well as experienced traders to start trading on UFX is through Bitcoin Trader. On this robot, you do not need to manually insert orders but to set your trading settings and allow the robot to automatically place orders in the market. Bitcoin Trader claims to have an accuracy rate of over 90% and to be able to use sophisticated technologies that identify trading opportunities in the crypto market.
The registration process can be completed within a few minutes. Here’s a step-by-step guide on how to register on Bitcoin Trader.
The first thing you should do is to sign up on Bitcoin Trader’s website. The sign-up process is simple and all you have to do is to click the ‘sign-up’ button on the top right corner of Bitcoin Trader’s homepage and fill in your personal details in the registration form. Then, y ou will then have to enter a confirmation code sent to your email address.
Now that you have finished the registration process, a pop-up window will ask you if you would like to deposit funds or move on to the trading dashboard. Note that you can deposit funds anytime at your convenience. Remember, the minimum deposit requirement is $250.
Bitcoin Trader is secured by SSL (https) so you can be sure that the data and information are secured.
Trading with Bitcoin Trader is simple and suitable for both beginners and experienced users. The trading set up requires two easy steps. At the top of the trading dashboard, you need to choose the trading mode, manual or automatic.
Once you have chosen the automatic trading mode, you will then have to adjust the trading settings – the level of risk, the amount of money you want the robot to invest in each trade, the maximum trades per session, and the amount of profit in a day you want to make. Once you are ready and feel confident with your trading settings, click on the “Start Auto Trading” button.
How to sign up on UFX directly (not recommended)
As we mentioned in the above section, the best way to trade on UFX is through Bitcoin Trader. Yet, if you prefer to trade on UFX directly, you can open an account on the broker’s website. You must consider the fact that you cannot use an automated trading robot if you decide to choose this option. Trading robots are based on cutting edge technology that allegedly are able to scan the crypto markets and place profitable orders. Bitcoin Trader, in particular, claims to have an accuracy rate of over 90%. To open an account on Bitcoin Trader, all you have to do is click here.
Yet, if you still prefer to open an account on UFX directly, you need to visit the broker’s website and complete a short sign up process. Whenever you are on the UFX’s website, click on the “Sign Up” button on the right top of the screen and fill in your personal details.
Account Types & Leverage
UFX offers a great selection of six account types – The Micro/Mini, Mini, Standard, Gold, Platinum, and Islamic account. The minimum deposit requirement for the Micro/Mini account is $250.
The Islamic account, also known as swap-free account, is in accordance with the Islamic Sharia law and is, therefore, an interest-free account.
The maximum leverage ratio offered by UFX is up to 1:400.
Education and Resources
UFX delivers high-quality educational resources and market analysis. Unlike other brokers in the industry, UFX has managed to provide its users with a range of cutting edge tools and features that can help traders with trading on the market.
First, the broker provides the daily market and financial analysis section on its website and the economic calendar that shows a forecast of all the upcoming events.
Furthermore, the broker offers MassInsight technology that presents a live stream of market events and aggregated trader behavior.
For traders who deposited $1,000 or more in their account, UFX provides Trading Central, which is is an industry-leading provider financial research, market analyses, and investment research.
At the time of writing, UFX does not offer any bonuses and promotions to its customers. However, we do believe that the broker does offer bonuses on a regular basis.
UFX has an outstanding customer support service available 24/5 through email, contact form, live chat, and phone. The broker offers a phone support line for the following countries.
Furthermore, the broker has an informative FAQ section that provides some valuable information.
UFX Pros and Cons
UFX is an international brand regulated by the Vanuatu Financial Services Commission (VFSC) The broker offers an Islamic account for traders that comply with the Sharia law The broker offers two professional trading platform that are also available as on mobile devices UFX offers top-notch trading tools including MassInsight technology and Trading Central UFX is a well-reputed broker with millions of users across the world
UFX Review 2020
UFX is an online forex and CFD trading broker that offers over 500 assets on its proprietary platform and MetaTrader 5 (MT5). They provide clients with daily market analysis, signals and a selection of other trading tools. However, they dont have the tightest spreads and their fees are very high when compared to other online brokerages.
UFX Review 2020, Pros & Cons
- Clients get access to the award winning ‘MassInsights™’ technology & tools
- Market analysis from Trading Central
- Multilingual customer support team available 24/5
- Multiple payment options & multiple account types
- Clients from USA are not accepted
- Spread charges are very high especially on mini accounts
- Additional account fees
- No training academy
- No MetaTrader 4 (MT4) platform
- Limited account currency options
- No variable spread accounts
In this detailed UFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
UFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including UFX.
UFX Review: Summary
UFX is an online broker that offers forex and CFD assets for trading online. The broker was founded in 2007 and has since improved its technology, growing in size and trading products offering. The head office is located in Cyprus while it has representative offices in Germany, Czech Republic, UK, UAE, France, Russia, Turkey, Bahrain, Singapore, Spain and Italy. The website is translated into 24 languages.
The UFX brand offers over 500 trading instruments for trading on cutting edge platforms. All spreads are fixed and no commissions are charged. Multiple account types are provided to cater for the differing budget, skills and types of trader. UFX states that it is a straight through processing (STP) broker that routes all clients’ orders direct to the market. They claim to only profit from the spread and not to interfere with clients’ orders. This usually means spreads will be higher than other brokers who also charge a small commission fee.
UFX has won over 25 brokerage awards in different areas of operations such as trading tools, trading platform, customer service and overall services. The company’s managing director has also been recognised as the ‘FX Director of the year’.
UFX Review: Broker Awards
UFX Review: Regulation
UFX Global Ltd is a worldwide brand that is registered in the Republic of Vanuatu and regulated by the Vanuatu Financial Services Commission (VFSC) with the license number 14581.
The UFX European arm is operated by “Reliantco Investments Limited”, a Cyprus Investment Firm authorised and regulated by the Cyprus Securities Exchange Commission (CySEC) with license number 127/10.
Clients’ deposits are kept in tier 1 banks. The funds are segregated and should therefore not be used by UFX for its own daily operations. This is in compliance to the regulatory provisions so that even if the broker becomes insolvent, client’s deposits should remain in the segregated bank accounts.
Security is of utmost importance to UFX. So, it has protected the digital environment with VeriSign Secured Socket Layer (SSL) technology. This helps to ensure that all user data are encrypted before transmission to the servers. The reason for doing this is to ward off hackers and cyber criminals. The broker has also implemented some of the best security practices and layered backup systems in separate data centre locations.
UFX is committed to the ‘Anti Money Laundering’ (AML) policy. Every client is subjected to a compulsory ‘Know Your Customer’ (KYC) verification. It requires a ‘proof of address’ and a ‘proof of identity’. If you wish to make a deposit with a credit card, the front and back copy of the card is also needed.
UFX Review: Countries
Clients from USA are not allowed to register for UFX accounts. Some UFX features and products mentioned within this UFX review may not be available to traders from specific countries due to legal restrictions.
UFX Review: Trading Platforms
ParagonEx Web Trader
This trading platform is accessible from the UFX website and requires no downloads or installations as it runs directly in most modern web browsers. It is UFX’s award winning proprietary trading platform. Here are some of the key features of the web trader platform:
- Available in 24 languages.
- Integrates the proprietary MassInsights™ technology.
- Market analysis and trading signals from ‘Trading Central’.
- Economic calendar to track latest news releases.
- Fully customisable with price alerts.
- 6 chart styles: Bar, Candle, Colored bar, Hollow candle, Line and Mountain.
- Charts can be displayed on 10 timeframes from 1 minute to 1 month.
- 114 technical indicators and over 20 drawing tools for conducting detailed chart analysis.
UFX Review: UFX Web Trader Platform
MetaTrader 5 (MT5)
This is a trading platform developed by Russian company ‘MetaQuotes Software Corporation’. It is a robust, flexible and free to use trading platform. The MT5 platform is fast, user friendly and comes with essential tools for trading and conducting thorough chart analysis. The platforms features can also be expanded by developing plugin apps with the MQL5 language using the built in editor. There are also numerous custom indicators, scripts and trading robots for MT5 available online. UFX MT5 can be downloaded on Windows desktop computers. It also has an Android and iOS mobile app which is downloadable from the respective app stores which can be useful for those who need to access their trading account and manage trades whilst on the go.
Here are some of the key features of the MT5 platform:
- It is available in over 50 languages.
- It has a customisable ‘market watch’ window which displays the live quotes of all the assets.
- Level 2 depth of market (DOM) pricing.
- It can display up to 100 charts at the same time.
- Each chart is displayable on 21 timeframes from 1 minute to 1 month.
- It comes preloaded with 38 technical indicators and 44 analytical objects.
- It supports the use of expert advisors (EAs) for automated trading.
- Multi-currency strategy tester for back testing EAs over historical data.
- Price alert notifications via SMS, email or platform pop-ups.
UFX Review: MT5 Trading Platform
Mobile Trading Platform
UFX has developed a mobile trading platform for its award winning ParagonEx. The platform is available as Android and iOS apps that can be downloaded from the relevant app stores.
Here are some of the key features of the UFX mobile trading app:
- Integrates the MassInsights™ technology.
- Can be used for account deposits and withdrawals.
- Supports charting of all the assets.
- Can be used to trade the markets.
- Access to full support.
- Customisable for alerts and push notifications.
- Supports demo mode which gives the trader a virtual amount of $10,000 for practice purposes.
UFX Review: UFX Mobile Trading Platform
UFX Review: Trading Tools
Daily Market Review
There is a market review of selected instruments provided by the broker most days. This review gives technical analysis of various instruments using annotated charts with technical indicators. The analysis comes courtesy of the award-winning analysis software ‘Trading Central’ and can be used to help inspire potential trade ideas.
This is UFX’s technology where important market sentiments are streamed to the trader in real time. MassInsights aggregates the trading pattern of traders. It consists of the following tools:
- Trending: shows the percentage of assets bought or sold over a given time.
- Turnaround: shows when a specified asset suddenly goes in the opposite direction.
- Volatility Spotted: This detects when an asset suddenly becomes volatile.
- Increase in Openings: shows when there is an unusual rise in opening positions of an asset in a small time period.
- Going Up: shows the uptrend on an asset.
- Going Down: show the downtrend on an asset.
MassInsights™ also give notifications of the economic calendar events. It also notifies the trader of important market news as and when it breaks.
UFX Review: UFX MassInsights Technology
This is a calendar that shows the dates and times of important news events that can affect certain tradable assets and markets. It also shows the forecasted analysts’ consensus, the history and actual values after the event. Traders can customise this calendar to show only their favourite countries, assets or dates. The economic calendar is available on the UFX website and is often used by online traders as part of the fundamental analysis of their trading strategies.
UFX Review: Economic Calendar
This is a reputable firm known for incisive analysis on the financial markets. Trading Central analysis covers a wide variety of trading instruments and is updated several times a day. UFX provides this service to only clients that deposit a minimum of $1,000 into their trading accounts. Many traders will find Trading Central very beneficial when it comes to analysing charts as it can save vast amounts of time and find potential trading opportunities.
UFX Review: Education
There are no educational materials on the UFX broker website or platforms. This is disappointing especially when compared to most other online brokers who will usually provide some form of educational resources to help traders improve their trading skills and knowledge.
UFX Review: Trading Instruments
The following instruments are available for trading on the UFX broker platforms:
- 49 FX Currency pairs including minor, major & exotic crosses
- 4 Commodities
- 7 Indices
- 409 Stock CFDs
- 41 ETFs
UFX Review: Trading Accounts & Fees
Multiple account types are available depending on the client’s trading capital. All spreads are fixed and no commissions are charged. This means that this broker has spreads much higher than other brokers and therfore does not offer the best trading conditions in our opinion. An inactivity fee of $50 is charged for accounts that have remained dormant for up to 3 months. The account types are as follows:
- Micro/Mini account: The minimum deposit required in $100 and the EURUSD spread is 4 pips.
- Mini account: The spread for the benchmark EURUSD pair is 4 pips while the minimum deposit is $500
- Standard account: $1,000 is required to open this account. The spread for the EURUSD is 3 pips
- Gold account: Minimum deposit required is $5,000 and EURUSD spread is 2 pips.
- Platinum: $10,000 is the minimum deposit and the EURUSD spread is 2 pips.
- Islamic account: The minimum deposit is $10,000 and the EURUSD spread is 2 pips.
The maximum leverage is 1:400. Gold and Platinum account holders have access to trade on the MT5 platform. All account holders have access to daily market reviews, 24 hour support and daily recommendations.
Demo accounts are free and unlimited. They enable users to test the different platforms and practice their trading strategies with virtual funds.
UFX Review: UFX Account Types
As broker fees can vary and change, there may be additional fees that are not listed in this UFX review. It is imperative to ensure that you check and understand all of the latest information before you open a UFX account for online trading.
UFX Review: Customer Service
UFX broker lists about 12 phone numbers of customer support representatives in different countries. This is good for support in the client’s local language. A ‘contact us’ form is available on the website which can be used to reach the support team. Instant web chat is also another fast way of getting help from the support desk. The FAQ page contains a lot of questions and answers on the various areas of operations such as account opening, trading, withdrawals, etc.
UFX brokerage firm is also on social media; Facebook, Twitter and YouTube. The support team can be reached 24/5 in over 10 languages.
UFX Review: Deposit & Withdrawal
- Credit/debit cards: The cards accepted are Visa, MasterCard, China UnionPay, Visa Electron, Maestro and Diners Club cards. Using cards to fund trading accounts is very fast and easy. The transactions are processed instantly.
- Local bank transfers: UFX have several representative offices in many locations. So, the broker supports local bank transfers between banks in the same local currency. Local transfers are usually processed within 1-3 days.
- Electronic Wallets: These are digital wallets used to hold currencies. Clients can deposit from their wallets to UFX wallet within the same provider. The accepted options are Skrill, Neteller, CashU, QIWI and WebMoney. They can be used for deposits and withdrawals.
- Online Banking: These are payment gateways that process payments from the clients’ bank accounts to UFX accounts. The accepted options are SOFORT, ELV, GiroPay, iDeal and POLi. The payments are usually processed instantly.
- Prepaid Cards: These are prepaid vouchers or cards that are used to make deposits into UFX trading accounts. The accepted options are Neosurf and paysafecard.
UFX does not charge deposit or withdrawal commissions. The minimum withdrawal is $25 and it generally takes 3 days or more to process a withdrawal. Please note that third party payment processors may charge fees of their own which you should be aware of.
UFX Review: Payment Options
UFX Review: Account Opening
If you choose to open a brokerage account to trade with UFX, you can visit the website and click on the ‘sign up’ button. The form below displays.
UFX Review: Account Registration Form
Fill the form and click ‘continue’. Immediately, you are logged on to the Web Trader where you can fund your account and commence trading when you are ready to do so. You will need to provide some form of identification for KYC purposes which is a normal part of the process when opening an online brokerage account.
UFX Review: Conclusion
UFX has years of experience, providing traders worldwide with robust online trading platforms and brokerage services. They have won multiple awards and are a regulated brand (although limited), that is committed to the AML policy, client satisfaction and security.
Over 500 trading instruments are offered to clients giving them a wide range of options. The two platforms available are intuitive, powerful and accessible to traders of all experience levels. The MT5 platform is a popular choice for both beginner and professional traders who use EAs, customised apps and complicated trading systems. However, they do not provide the even more popular MT4 platform which would be a requirement for many online traders.
Multiple payment options are available thereby accommodating many traders from across the world. The availability of several account types is also good so that a trader can choose an account type based on his capital and experience.
However, when compared to other brokers, UFX trading fees are very high. The fixed spread on the EURUSD is 2 pips on the flagship ‘Platinum account’ while for other brokers, the spread is around 0.2 pips and can even start from 0 pips.
Furthermore, it is difficult for STP brokers to offer fixed spreads since they only act as agents that are not in control of market volatility. But, UFX asserts that it is an STP broker that offers only fixed spreads and no commissions. We believe this is not always a sustainable model as the actual spreads from the liquidity providers (LPs) may be higher than those which the broker offers, thus causing them a potential loss.
To summarise, there are other online brokers with more competitive fees, trading conditions and offering educational materials to help traders improve their trading skills and knowledge.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with UFX. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Min $100 Deposit
UFX is an online forex & CFD trading broker that offers over 500 assets on its proprietary platform & MetaTrader 5 (MT5). Daily market analysis, signals & other trading tools are provided but the spreads & fees are very high when compared to other online brokerages.
Best Binary Options Broker!
Perfect Choice For Beginners and Middle-Level Traders!
Free Demo Account! Free Education!