The Forex market, as decentralized as it is, cannot be completely controlled. The good thing is that there are organizations out there that have taken this burden on their shoulders and try to create ideal market conditions for consumers. Another good thing is that many Forex companies are serious businesses who also want a functioning and fair market. The downside is that scammers can easily pretend to be Forex brokers because the business can be vague anyway. Some scammers are even properly licensed and operate under the name of a broker company. You have to run numerous background checks before you sign with a broker. This UFX review will reflect on the major characteristics of this broker and what they offer.
UXF History
The UXF was established in 2011 in Cyprus. As every other Cypriot broker, they are registered with CySEC, one of Europe’s most famous regulators. The company is also regulated by the MiFID Directive which means that they meet the EU standards. The company is relatively new in the business, but still, it made some headlines of one or the other kind. First, let’s focus on the service their offer.
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Trading Platforms
The company relies on both, the independent MetaTrader4 platform, which is the veteran of all platforms and the dearest to all of the clients, but and their own platform called the ParagonEx. They also launched a new version of the platform ParagonEx 4.0. The broker-owned platforms are web-based and can be opened in any browser. As already known, the MT4 offers many conveniences to traders like automated trading, free trading signals, hedging, etc. Regarding UFX’s in-house platform, it is considered very intuitive and suitable for trading. The platform gives clear instructions on trade executions; it is not overwhelmed with useless distracting feeds and has a clear interface which makes you focus on your trades. The accompanying UFX mobile app is also a part of the standard offer for both platform types. They are available for download for traders who want to trade all the time and leave nothing to chance.
Account Types with UFX
UFX offers several account types which can be listed in three categories.
The beginners’ accounts
- a.) Micro account which requires a minimum deposit of $100. This account is for beginners who need to acquire yet the trading skills. The account enables user free access to the video library and trading tutorials as well. It is similar to the Demo account, but traders have to invest their real money and are already trading for real from day one.
- b.) Mini account requires a $500 to $999 minimum deposit and offers more features than the Micro account, like an account manager, customer support, daily trading ideas and much more.
The Standard account
The Standard account is ideal for casual and experienced traders alike with a minimum deposit of $1000 up to $4999. This account offers competitive spreads, remote assistance, trading ideas, etc.
Advanced accounts
- a.) The Gold account is for advanced and passionate traders and requires a minimum deposit of $5,000. Features include very low fixed spreads, personal account manager who is also a personal tutor, access to Autochartist, etc.
- b.) The Platinum account requires a minimum $10,000 deposit. It includes additional extras like the lowest spreads, VIP account manager, customized trading analysis and much more.
They offer more than 45 currency pairs, and the maximum leverage is 1:200.
UFX Bonuses
The UFX $50 no deposit bonus seems very generous. You just have to make an account and apply for the bonus. The company also has a program called the UFX Rewards which represents a cashback with every trade made. Other offers include a redeposit bonus (under certain conditions) and various competitions at UFX.
Banking Options
You can deposit and withdraw funds via wire transfer, credit cards like Visa and American Express, eWallets like Skrill, Neteller, Sofort, and POLI. UFX does not charge any commissions or fees on deposits and withdrawals.
The Controversy
As we have already mentioned at the beginning, many broker companies have no intention to give you back your money. UFX has been accused several times of acting unprofessionally and delaying withdrawal requests. Also, some people state that the company tries to make them invest more when they ask for withdrawals. Many complained about the account manager who works against their benefit. We also know for sure that probably all broker companies have been accused of denying a payout at least once. Sometimes clients request payouts on no grounds and have to be denied. Still, other times they have the right to withdraw their money but the companies hinder the process. Regarding UFX, the story has two sides. There are those people accusing them of scams, while on the other hand, they have supporters who say that they are completely professional and that they have no problems with withdrawals. In fact, they say that it is the best broker they’ve ever had. UFX was also fined by CySEC in the amount of $8,000, which the company comments as a good thing. They are proud of CySEC for making them a better broker by making them obey the rules. As a trader, you should make your own decision whose side are you going to take. Carefully check out the company and see for yourself if it is worth your money.
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Customer Support
As a global company, UFX knows that a high-quality customer support is key and that the staff needs to be available to all customers. The UFX customer support is available around the clock and can be reached via e-mail, phone, Viber, or WhatsApp. They are available in 24 countries worldwide like Germany, Bahrain, France, Turkey, Singapore, India, Canada, Denmark, Norway, Hungary, etc. We hope that this UFX review was helpful to you as potential traders or investors who are looking for a new broker.
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