Introduction
UFX is a large and successful international online trading brokerage with extensive experience in the financial markets. The brokerage is very well-established as they were founded in 2007 and have been competently providing STP (Straight-Through-Processing) brokerage services to both retail and institutional traders and investors from around the world.
The UFX brokerage is based offshore in the Republic of Vanuatu with their headquarters located at Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Vanuatu. As such UFX is licensed and regulated by the Vanuatu Financial Services Commission (VFSC) under licence number 14581. Since UFX is an offshore trading brokerage, we should probably be skeptical due to the questionable practices of offshore trading brokerages. However, UFX has built up a viable reputation and have won numerous awards for their excellence over the years.
Therefore, how do you know if the UFX trading brokerage can be trusted? And how is the quality of their trading services compared with other reputable trading brokers? Find this out and more in our extensive UFX Broker Review where we analyze all aspects pertaining to this lucrative trading brokerage.
Overall Rating
Pros
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Choice of Trading Accounts
Traders can choose the trading account that best suits their needs.
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Extensive List of Tradeable Assets
Traders have access to an extensive number of tradeable assets across the global markets.
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State of the Art Trading Technology
Traders have access to sophisticated trading platforms as well as unique trading technology developed by UFX.
Cons
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Offshore Regulated Broker
UFX is licensed and regulated by one of the weaker regulatory authorities.
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Customer Support is Lacking
Traders do not have access to educational material or resources and customer support can be slow with responses.
Our core values are: devotion, determination and excellence, so rest assured that we will deliver whatever it takes for you to be 100% focused on your goal – making money in the financial markets.
Commissions & Fees
One of the more unfortunate aspects of the UFX trading broker is their relatively high trading fees which are incorporated into the spread. All spreads at UFX broker are fixed across all account types. See the spreads for the most popular tradeable assets for different account types below.
Micro
- Forex: EUR/USD spreads from 4
- Commodities: Gold spreads from 75
- Indices: S&P 500 spreads from 150
- Stocks: Apple spreads from 146
- ETFs: XLK spreads from 47
- Cryptocurrencies: Bitcoin spreads from 42000
Mini
- Forex: EUR/USD spreads from 4
- Commodities: Gold spreads from 70
- Indices: S&P 500 spreads from 120
- Stocks: Apple spreads from 142
- ETFs: XLK spreads from 44
- Cryptocurrencies: Bitcoin spreads from 40000
Standard
- Forex: EUR/USD spreads from 3
- Commodities: Gold spreads from 65
- Indices: S&P 500 spreads from 100
- Stocks: Apple spreads from 138
- ETFs: XLK spreads from 41
- Cryptocurrencies: Bitcoin spreads from 38000
Gold
- Forex: EUR/USD spreads from 2
- Commodities: Gold spreads from 55
- Indices: S&P 500 spreads from 150
- Stocks: Apple spreads from 134
- ETFs: XLK spreads from 38
- Cryptocurrencies: Bitcoin spreads from 35000
Platinum
- Forex: EUR/USD spreads from 2
- Commodities: Gold spreads from 50
- Indices: S&P 500 spreads from 50
- Stocks: Apple spreads from 130
- ETFs: XLK spreads from 35
- Cryptocurrencies: Bitcoin spreads from 33000
Islamic
- Forex: EUR/USD spreads from 2
- Commodities: Gold spreads from 50
- Indices: S&P 500 spreads from 50
- Stocks: Apple spreads from 130
- ETFs: XLK spreads from 35
- Cryptocurrencies: Bitcoin spreads from 50000
Platform & Tools
The UFX trading brokerage provides traders with their proprietary web-based trading platform called ParagonEx. This award winning trading platform is highly sophisticated and utilizes UFX’s unique MassInsights™ technology which offers a live stream of market events & aggregated trader behaviour.
In addition to the ParagonEx platform, traders can also trade on the ever popular MetaTrader 4 (MT4) trading platform. This platform accomodates the need of nearly every type of trader and features an advanced charting package as well as automated trading via Expert Advisors (EAs).
Both trading platforms mentioned above are very high performing and each offer unique features that appeal to different types of traders.
Mobile App
UFX features a free mobile trading application known as the UFX Trading App. The app can be downloaded for free from the Apple App Store and the Google Play Store for iOS and Android mobile devices. The trading app is essentially the same as the ParagonEx trading platform, only it is fully optimized for mobile devices. Traders can use advanced asset charts and trading tools, the MassInsights™ Technology, and can facilitate lightning fast trade executions. All in all, the UFX mobile trading app is of premium quality and is sure to appease any busy traders needs.
Account Types
UFX offers traders a wide array of account types, each with slightly different features and aspects. See the account types overviewed below.
Micro
- Minimum initial deposit of $100
- Minimum trading volume of $250
- Daily Market Reviews
- Video Library
- Daily Recommendations
- 24h Live Support
Mini
- Minimum initial deposit of $500
- Minimum trading volume of $5000
- VIP trading support
- + all Micro account features
Standard
- Minimum initial deposit of $1000
- Minimum trading volume of $10,000
- Exclusive Updates
- + all Mini account features
Gold
- Minimum initial deposit of $5000
- Minimum trading volume of $50,000
- Access to MT4 trading platform
- + all Standard account features
Platinum
- Minimum initial deposit of $10,000
- Minimum trading volume of $100,000
- + all Gold account features
Islamic
- Minimum initial deposit of $10,000
- Minimum trading volume of $100,000
- The same as Micro account features
Deposits & Withdrawals
UFX provides their traders with a variety of fast, easy, and secure deposit methods. Most of the deposit methods offered feature instant deposit times and are free of charge. See the available deposit methods listed below.
- MasterCard
- Visa
- Visa Electron
- Maestro
- Diners Club
- Local Bank Transfer
- Skrill
- Neteller
- Sofort
- ELV
- Giropay
- iDEAL
- Neosurf
- China Union Pay
- CashU
- Qiwi
- WebMoney
- POLi
- Paysafecard
As for withdrawals at UFX, traders can withdraw their funds via the same methods as deposits up to the amount that the trader initially deposits. After that, any additional funds must be withdrawn via bank wire transfer.
Customer Support
UFX customers can contact support representatives via email, live chat, or telephone. The brokerage has 21 local telephone numbers to contact, each from a different country speaking a different language. Additional methods of support include reaching out to UFX over social media as they keep an active presence on Twitter, Facebook, YouTube, and Google+.
Security & Fairness
Though UFX is located offshore and is regulated by a questionable regulatory authority, the brokerage remains to be seen as a safe, secure, and fair online trading brokerage. UFX takes security very seriously and encrypts all of their processes involving the transmission of data using advanced SSL technology and layered backup systems. As well, UFX runs their services off of secure data centres in separate locations to ensure further security.
Furthermore, client funds are held in secure and segregated tier 1 bank accounts and UFX only works with the best industry partners for the transferring of funds and overall security. UFX also offers clients 3D secure payment processing and are fully PCI compliant. As well, the Vanuatu Financial Services Commission (VFSC) ensures that UFX maintains fair and transparent trading practices. All in all, UFX customers can rest assured they are dealing with a fair and secure online trading brokerage when trading with the UFX broker.
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The InvestorGreg Editorial Team is a group of financial writers and analysts who cover the worlds of finance and investment. Read more