An emerging forex and Contract for Differences (CFDs) brokerage firm, UFX Global is a Straight-through-Processing (STP)-enabled system and provides clients access to competitive spreads and stable trading conditions.
Learn more about UFX and what it brings to the table by reading this broker review.
UFX Background & Safety
Reliantco Investments Limited owns and operates UFX. The company was established in 2007 in the Republic of Vanuatu. Looking at its regulatory certification, UFX is affiliated with Vanuatu Financial Services Commission. Aside from its regulatory compliance, the UFX brand has been recognized by leading industry reviewers highlighting its excellent services and product offerings.
On top of that, UFX has made a name for itself as it has been recognized for its contribution to the industry since 2012. Some of its recognitions include “FX Broker of the Year” and “Best Value Forex Broker”. One of its award-winning services is its customer support. UFX customer service is accessible 24/5 through live chat, web contact form, and telephone. UFX support representatives are in 23 various countries around the globe for localized telephone assistance.
Here are the jurisdictions where UFX provides trading services: Cyprus, United Kingdom, Germany, United Emirates, Romania, France, China, Russia, Finland, Turkey, Bahrain, Spain, Canada, Singapore, Denmark, Poland, Czech Republic, Sweden, Norway, and Hungary.
Due to regulatory restrictions, UFX does not provide trading services in the United States.
UFX Features & Fees
UFX offers an array of tradable assets covering six financial markets including currencies (over 60 currency pairs available), commodities (Natural Gas, Corn, Gold, Oil, Silver, Platinum, Palladium), ETFs (SPY, USO, QQQ, FEZ, XLE, UNG, GDX, XLV, XLK) futures (CAC 40, BEL 20, AEX25 Future, Nikkei 225, DAX 30, Dow Jones, S&P 500, NASDAQ 100), stocks, and cryptocurrencies.
UFX has several account options for traders to choose from including Micro, Mini, Standard, Gold, Platinum, and Islamic account. Let’s look at each account type’s account minimums and trading amenities.
Micro Account –The initial minimum deposit required is $100. Traders can access 24 hours of live support, video library access, daily recommendations, and regular reviews.
Mini Account – The initial minimum deposit required is $500. It also provides access to the same amenities including 24 hours of live support, video library access, daily recommendations, and regular review. What’s more, a dedicated account manager is with you to help you prosper in your trades.
Standard Account – The initial minimum deposit required is $1000. Traders are also given access to 24 hours live support, video library access, daily recommendations, daily reviews, VIP support, dedicated account manager, plus regular updates and reviews, and a whole lot more.
Gold Account – The initial minimum deposit required is $5000. Accessible trading amenities under this account type include 24 hours live support, video library access, daily recommendations, daily reviews, VIP support, dedicated account manager, daily updates, and reviews. In addition, traders get instant access to MT4 and free SMS alerts.
Platinum – The initial minimum deposit required is $10000. All trading amenities, features, and special functionalities are provided to users of this account.
Islamic Account – The initial minimum deposit required is $100. Traders observing the Shariah Law can sign up for this account type that provides the same set of trading amenities as the Micro Account.
Commissions and Other Fees
UFX does not charge commissions for each instrument spread on trades. Spreads for the EUR/USD pair range between 2.0 and 4.0 pips. UFX charges an inactivity fee of $50 for accounts that have not been active for three months. Overnight fees apply which can either be added or subtracted from the account of the trader.
The broker accepts funding by facilitating several payment options that include transfer by credit cards (VISA, MasterCard, Diners, Maestro, and American Express), eWallets (Neteller, Skrill, Sofort, and Poli), and bank wire transfers. UFX does not charge deposit and withdrawal fees.
UFX Trading Platforms & Tools
UFX is sporting two trading platforms: ParagonEx Web Trader 4.0 and the MetaTrader 4 (MT4).
As the most popular trading platform, it is known to many that the MT4 platform is equipped with an advanced charting package, as well as a large host of technical indicators. It supports multiple order types and automated trading as it is enabled by Expert Advisors. Multiple languages also support the platform so traders can customize the user interface to their native language.
On the other hand, ParagonEx WebTrader 4.0 is known as a more advanced trading platform. A versatile platform, Paragon is web-based and requires no software download or installation. It is equipped with charts and supports real-time news feeds. UFX adopted version 4.0 as it is the latest version of the ParagonEx WebTrader and uses the innovative MassInsights™ Technology to provide trades with information about the emerging trends in the markets. This trading platform is an award-winning trading solution that received multiple recognitions from leading industry reviewers. It has a mobile app version for mobile trading available on AppStore and Google Playstore.
Aside from its platform offering, UFX trading has nothing special to offer to traders. Its financial instruments are not that extended, albeit sufficient. Trading conditions are not at par with the industry leaders. Another major letdown is the broker’s lack of educational facility.