UFX Review
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Forex
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Contact Details Demo account Regulation Special Offers Action
UFX request a callback click for contact Maximum Leverage - 1:400
Minimum Deposit - $500
Minimum Deal Size - 1000 units
Negative Balance Protection
V CySEC 30% bonus upon deposit click

UFX Review – Where Trading Makes Sense

 

Even though UFX has been established since 2007 it can still be considered to be one of the new Forex brokers out there.   What came as quite a surprise to us was that the team here help to make the trading experience an enjoyable one.  

 

UFX is regulated by the Cyprus Securities and Exchange Commission, which allows you to have peace of mind as you trade. With its specially built trading platform and a wide selection of accounts to choose from you'll find that they offer something for every kind of trader.  

To see whether this brokerage can offer you what you want then please read our full review below. 

 

General Information:

 

Founded In:  2007

Headquarters: London, UK

Maximum Leverage: 1:400

Minimum Deposit: $500

Minimum Deal Size: 1000

Languages Available: English, Arabic, Chinese, Czech, French, German, Italian, Japanese, Portuguese, Russian, Spanish, Swedish, Turkish, Urdu, Hindi, Thai, Georgian, Romanian

 

Trading Platform

 

Many brokers will attempt to repackage the standard MetaTrader4 platform as their own.  But when it comes to UFX, they use their own unique platform (ParagonEX Trader).  You will find that this is quite a refreshing change as it is rather easy to use.  Right at the top of the screen you'll find a list of instructions.  As for switching between different Forex trading commodities you'll find this easy too as their platform comes with straightforward navigation features.

 

This platform also isn't comprised of several screens as MetaTrader4 is.  It comes with just one screen so you are able to focus on the execution at hand without any unwanted distractions taking place. 

Throughout we've found executing trades using this platform relatively fast, but there were exceptions to this.  Whilst frustrating they don't limit our enjoyment of trading using it. 

But if you prefer you can also use MetaTrader4 as well.  Plus they also provide you with the ability to trade on the go as they have apps now available for use on Apple and Android devices.

 

Features

 

If you are looking for a Forex broker that can offer more than just a straight up trading platform then UFX should be right at the top of your list.  One of our favorite features is their Daily and Weekly Market Reviews report.  It allows you to analyze trends in the market as well as movements in it without having to wade through a whole lot of jargon.  

 

Another thing that we've found useful and has ensured that you’ll make more informed decisions when it comes to trading is their 1 on 1 personal coaching.  Also mentoring is available and is available through their Personal Trading Coach.   Each of the coaches here are all experts in the Forex market and will help you to build up a customized trading strategy.   This is something that will really help to meet your needs and get a better understanding of how this market works.

 

At UFX they also cater to the needs of more experienced traders as well.  These include trading signals that are provided with their more advanced accounts, which are slightly more expensive.  Also they include tools that enable you to chart what is happening in the market.  These are available when you sign up to their Platinum Account, which requires a minimum deposit of $10,000.  

Although only Platinum Account holders have access to their charting tools, there are plenty of other free options available.  So this is something that really wasn't a bother to us.  

What we finally like about UFX is that they offer benefits to those Forex traders who suggest other platforms to use to other traders.  Okay the minimum deposit was somewhat on the high side for new traders.  More experienced ones might not have a problem with this kind of referral, and I appreciated the gesture.  This is because not many other brokerages offer such for referrals made.

 

Customer Service

 

Although UFX headquarters are in London they have offices that are strategically placed around the world.  So you are able to call, email or chat live with any one of their experts 24 hours a day during the trading week and in a number of different languages. They now offer offices in both Cyprus and Romania. 

Another feature of their customer service that I like is that they offer a single email address on which to contact them.  This is far better than the several different ones that other brokerages offer for the various departments you may have to deal with. But what you might find a little disconcerting is that UFX supplies only an online contact form.

 

Ease Of Use

 

The first thing that I noticed on visiting UFX is the various different accounts they offer.  Details of which have been clearly explained so you are able to decide easily which one to start with.  

 

Mini Account - This is for traders looking to invest $500 to $5,000.  They come with the lowest minimum trade size and are perfect for those who are just getting involved in the Forex market, ideal for honing your trading skills.

 

Standard Account - The minimum amount you can deposit here is $1,000.  You'll find that this account offers better spreads than the mini one.  Plus, it provides you with additional support.

 

Platinum Account - Minimum amount you are able to deposit here is $10,000.   With this one you have access to both trading platforms.  Also you get provided with SMS trading alerts and exclusive updates. 

 

Islamic Account - For those traders who need an Islamic Forex Account they will find it at UFX.  They function in much the same way as a standard Forex account, but you need to deposit a minimum of $1,000 into this one.

 

We were surprised to find that we didn't need to provide any personal details to be able to open an account.  You won't need to provide an address or details of your current income.  Nor did you need to tell them if you have previous trading experience.  As a result of this the whole process of registering with them took only a matter of seconds. 

As for making deposits this can be done via wire transfer, credit card, MoneyBookers or cashU.  When it comes to withdrawing funds you'll find that it takes no longer compared to other Forex brokers.  The time it takes can be between 48 hours and 5 days dependent on which withdrawal method you use.  In order to make a withdrawal you will be asked to provide identification.

 

Conclusion

 

UFX have clearly put a great deal of thought in to the way their website was designed along with the usability of their trading platforms.  This brokerage offers competitive spreads that may not be the lowest we've seen, but are still reasonable.   

Being able to execute trades fast using their one click system is the perfect choice for short-term traders who like to make decisions quick regarding trading.

Forex
brokers
Contact Details Demo account Regulation Special Offers Action
UFX request a callback click for contact Maximum Leverage - 1:400
Minimum Deposit - $500
Minimum Deal Size - 1000 units
Negative Balance Protection
V CySEC 30% bonus upon deposit click