UFX

UFX Overview

Founded2007
PlatformMetaTrader4, ParagonEX, Windows, Android app, Apple iOS app
Minimum account size$100
Minimum lot size0.01
Tradable assets400+
Maximum margin1:400
Spread on EUR/USD2 pips
Payment methodsCredit Cards, Debit Cards, Skrill, CashU, Neteller, Wire Transfer
Demo accountYes
Accepts US tradersNo
RegulatedVFSC (Vanuatu)
SupportPhone, Email, Live Chat, WhatsApp, Viber
Websitewww.ufx.com

UFX started its operations in 2007 and is owned by UFX Trade Limited which is authorised and regulated by the Vanuatu Financial Services Commission. According to their website, they offer “the most comfortable trading environment coupled with the finest trading conditions”

UFX is regulated by the Vanuatu Financial Services Commission and this is a strong indication that they can be trusted because they were able to get a license from a reputable financial authority. Their credibility in the market remains untarnished with a significant number good reviews about their services online. Not only that, they have also received a lot of recognition and awards which proves that they have a well-established name in the online trading arena

Trading Platform

Aside from the well-known MetaTrader4 for serious traders, UFX also offers the ParagonEx Web Trader 4. 0 which comes with MassInsights Technology so you can get access to a live stream of market events and aggregated trader behaviour. A Trade UFX mobile trading app is also available for both iPhone and Android users which is ideal for those who are always on the go. In terms of performance, it was very responsive and stable when I did my test and I never encountered any technical issues while using it.

Platform and Website Design

All the platforms have well-designed layouts and interfaces making it very easy to get used to even if you’re a novice in trading forex and CFDs.

Minimum Deposit

Opening an account at UFX only requires a minimum deposit of $100 which at par with the industry standards but if you want to enjoy all essential services then the minimum deposit must be $500.

Minimum Lot Size

Trades can be set with a minimum lot size of 0. 01. This range is generally good as it also lowers the risks and opens the opportunity for you to effectively manage them.

Tradable Assets

Over 400 assets can be found on this broker. This number is considerably high and opens a lot of opportunities for making a profit since there are a lot of available options. It’s likewise notable that most of the forex, commodities, CFDs, indices, ETFs and stocks that they offer are the most profitable ones

Payouts

Making money is the very basic reason why people trade forex which is why having a good pip value is important because it will measure the amount of possible profit or loss that can be made on a single trade. The spreads in UFX are fixed but they are tiered depending on the type of the account that is used. For the EUR/USD currency pair there is a spread of 4 pips for Micro, Mini and Islamic accounts, 3 pips for Standard accounts and 2 pips for Gold and Platinum accounts. Such spreads will be dynamic and have been adjusted and for this.

Withdrawal Time

There is $25 minimum withdrawal amount per payment method and processing may take 3 to 10 business days. Based on the actual withdrawal request that we did, it just took around 4 days and this is within the range that they promised.

Deposit and Withdrawal Methods

Banking at UFX is usually pretty easy thanks to the wide coverage of payment methods such as credit cards, debit cards, Skrill, CashU, Neteller and Wire Transfer.

Customer Support

The speed and quality of service that’s provided by the support team is very important since they are the ones that you need to contact intended for questions or perhaps if you need any kind of assistance. Good thing UFX has a 24-hour support group that can easily be reached by phone, email, live chat and instant messaging systems including WhatsApp and Viber. They also have localized support for more than 20 countries which is a great advantage especially if you prefer someone who speaks your language. It’s as well worth mentioning that they have personal accounts managers who are very good in giving recommendations on what accounts type to choose and which usually assets to invest on. Overall, the quality of the answers that they can provided to us were generally good.

Quoting Accuracy

Even when the markets are rapidly moving, UFX rarely experienced slippages. Most of the trades that are based on the price that I entered are synchronized with real- time executable prices. This means that the orders quickly reaches the broker seeing that there in no difference between the prices

Pros

  • Regulated
  • Over 400 instruments
  • Plenty of ways to contact support
  • Extensive educational services

Cons

  • Doesn’t accept US traders
  • To enjoy all essential services, minimum deposit must be $500

Was this article helpful?

Related Articles

Leave A Comment?

You must be logged in to post a comment.

Thanks for submitting your comment!