UFX is an online broker that offers forex and CFD assets, such as indices, commodities, stocks, and ETFs for trading online. They provide clients with their proprietary platform and the MetaTrader 5 (MT5) trading platforms. The broker states that it uses a straight-through processing (STP) model that routes all clients’ orders directly to the market.
UFX was founded in 2007 with its head office in Cyprus, and it has won over 25 brokerage awards in different areas of operations, such as trading tools, trading platform, customer service, and overall services.
UFX Review Introduction
In this UFX review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support and broker regulation.
You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare forex brokers including UFX.
UFX Platforms & Tools
The broker provides clients with its proprietary and award-winning trading platform known as ParagonEX WebTrader. It is accessible from the UFX website and requires no downloads or installations; it runs directly in most modern web browsers such as Chrome, Safari, Firefox, and Edge. The ParagonEX also has a mobile trading platform, available as Android and iOS mobile apps that can be downloaded from the respective app stores.
UFX also provides clients with the MetaTrader 5 platform, which is robust, flexible, and easy to use. The MT5 platform’s features can be expanded by developing plugin apps with MQL5 language using the built-in editor. It is available as a desktop application for Windows and Mac computers and mobile apps for iOS and Android devices.
Clients also benefit from additional trading tools, including Daily Market Review, MassInsights, Economic Calendar, and Trading Central.
UFX Research & Education
There are no educational materials on the broker’s website at the moment.
UFX Trading Accounts
UFX offers their clients multiple account types, which are dependent on the client’s trading capital. The account types are as follows:
- Micro/Mini Account: The minimum deposit required is $100, and the EURUSD spread is 4 pips.
- Mini Account: The spread for the benchmark EURUSD pair is 4 pips, while the minimum deposit required is $500.
- Standard Account: The least deposit required to operate this account type is $1000, whereas the spread for the EURUSD is 3 pips.
- Gold Account: The minimum deposit required is $5000, and the EURUSD spread is from 2 pips.
- Platinum Account: $10,000 is the minimum deposit required to operate this account, while the EURUSD spread is from 2 pips.
- Islamic Account: The minimum deposit is $10,000, and the EURUSD spread is 2 pips.
The maximum leverage is 1:400 (1:30 for EU residents). Gold and Platinum account holders have access to trade on the MT5 platform.
UFX Account Funding
The broker accepts the following payment methods: credit/debit cards, local transfers, electronic wallets, online banking, and prepaid cards. UFX does not charge deposit and withdrawal commissions. The transaction processing time depends on the payment method used.
UFX Customer Service
UFX broker lists about 12 phone numbers of customer support representatives in different countries. They can also be reached via instant web chat and a ‘contact us’ form. The FAQ page contains a lot of questions and answers on various areas of operations.
UFX Global Limited is a worldwide brand that is registered in the Republic of Vanuatu and regulated by the Vanuatu Financial Services Commission (VFSC) with license number 14581. The UFX European arm is operated by ‘Reliantco Investments Limited’, a Cyprus Investment Firm that is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 127/10.
UFX Review Summary
UFX is an experienced online broker that is regulated in two jurisdictions. They provide traders with robust online trading platforms and excellent brokerage services. They offer over 500 trading instruments and have also won multiple industry awards.
It is worth mentioning that some of the trading products and services in this UFX review may differ or not be available to traders in some countries due to regulations. As brokers terms can change over time, please verify all information is up to date directly from the UFX broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.