What is UFX Forex Broker?
UFX Global Ltd is an online exchange platform that mostly specializes in Forex and CFDs trading. It is part of Reliantco Investment Limited in Cyprus and was founded in 2007. Over the course of its years of operation, it has expanded rapidly, now having head offices located in Germany, the Czech Republic, the U.K., U.A.E., France, Russia, Turkey, Bahrain, Singapore, Spain, and Italy. This vast expansion has even led to their website being available in almost 24 different languages.
The online broker has won several awards for its innovation in trading tools, trading platform, customer service, and overall service quality. In addition, its managing director has also been recognized as “FX Director of the Year”, according to the UFX website.
Below, we will look into a more in-depth look into the offerings and various key aspects of UFX and see whether the exchange still lives up to its reputation as well as some of its pros and cons.
UFX: Services and Offerings
While UFX offers the following services to clients residing in almost any part of the globe, some offers may differ depending on the location of the client. Furthermore, clients residing in the United States may also not be able to gain full access to its services due to legal restrictions.
• Trading Instruments
UFX has a decent variety of financial assets including 49 Currency pairs spanning over Minor, Major, and Exotic pairs. In addition, UFX offers over 4 Commodities, 7 Indices, 409 Stock CFDs, and 41 ETFs.
• Account Types
UFX offers its clients five account types – namely, the Micro/Mini account, the Standard Account, the Gold account, the Platinum account, and an Islamic account.
The Micro/Mini account can be opened with a minimum $100 deposit. Its EUR/USD pairing can be traded with a spread of 4 pips. The Mini account can be opened with a minimum $500, while its EUR/USD pair with 4 pips.
Clients opting for the Standard account require a $1,000 deposit, and can trade with spreads starting from 3 pips. Clients opting for the Gold account require a $5,000 deposit, and can trade with spreads starting from 2 pips.
Meanwhile, its flagship Platinum account can be opened with a $10,000 and clients can trade with spreads staring from 2 pips.
The swap-free Islamic account can be opened with a $10,000 and clients can trade with spreads staring from 2 pips.
• Trading Platform
UFX mostly uses it proprietary trading platform, the ParagonEx Web Trader. It can be accessed through the broker’s official website only and does not need any additional downloads or installations to operate. It uses the broker’s proprietary Massinsight technology, patented by UFX and can be viewed in 24 languages. It is a fully customizable trading platform that comes with in-built charting systems. It provides users with market analysis and signals from Trading Central.
In addition, UFX implements the use of the MetaTrader5 (MT5) trading platform by Metaquotes. MT5 is one of the leading trading platforms in the industry, most notable for its easy-to-use interface, lightning-quick execution time, and flexible customizability. It features real-time market quotes as well as over 80 pre-installed technical indicators, charting tools, and automated trading options, among its other features.
The MT5 trading platform also boasts lightning-quick execution through its implementation of FIX-protocol, allowing client orders to be carried out within milliseconds.
MTrading’s trading platform is available in desktop, browser, and mobile versions.
• Payment Options
Payment options include credit/debit cards, bank wire transfers, and online payment services such as Neteller and Skrill. Deposits and withdrawals can also be done with cryptocurrency.
Withdrawals are usually processed within the same day, though it could take more if requests are done outside of business hours. Bank transfers usually take one to three business days to process, though some options can take a few seconds.
There are no fees for deposits; however, bank processing fees may apply depending on which service has been chosen. Online payment services may charge additional fees for deposits or withdrawals.
Most of the details is often subject to change and can be found in UFX’s official website.
UFX: Is it Safe?
Its international arm, UFX Global Ltd, is registered in the Republic of Vanuatu and is fully authorized and regulated by the Vanuatu Financial Services Commission (VFSC).
In Europe, which operates under the name of Reliantco Investments Limited, the UFX brand is authorized and regulated by the Cyprus Securities Exchange Commission (CySEC).
Furthermore, as security is an important aspect for UFX, the company protects its systems with the VeriSign Secured Socket Layer (SSL) technology. This ensures that all user data are encrypted before it is sent to the company’s servers, protecting sensitive information from hackers and cyber criminals.
In terms of security, UFX keeps its clients’ funds in segregated accounts in top-tier banks, preventing the online broker to use it for the company’s other obligations such as paying off debts, etc.
UFX has some of the best features that not many online brokerages are able to provide. With several innovative implementations to enhance its trading platforms and brokerage services, UFX is able to provide its client base a robust online trading experience.
However, one of the downsides of UFX would be its very high fees. This is especially true when its fixed-only spreads is 2 pips for the EUR/USD account on its highlighted Platinum Account, while other similar online brokerages usually start from just 0.2 pips.
In conclusion, while UFX is certainly a very competent broker, there are other similar online exchanges that can provide nearly the same service quality, but with highly competitive fees. Other than that though, if UFX sounds to par with your standards, its offerings and services are sufficient enough and can be a good start for Forex traders.