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UFX Broker Review

  1. Established in 2007, UFX is a CySEC regulated Forex broker, offering over-the-counter (OTC) services in more than 250 financial instruments. UFX has won numerous recent industry awards, including the prestigious UK Forex Awards in 2016 for the ‘Best Forex Trading Tools’. Importantly, UFX provides impressive trading conditions with multiple account types, dedicated customer support and an attractive rewards program featuring a ‘cashback’ scheme and various bonus offers.

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    Our UFX review provides in-depth coverage of the most crucial aspects of the Forex broker’s services, including quality of customer support, and payment methods offered to clients registering a trading account.

    UFX Trading Account Features

    Clients can choose from six distinct types of trading account at UFX, each meticulously tailored to meet the requirements of every level of Forex trader from beginner to experienced ‘pro’. Spreads offered on financial instruments are fixed according to the trading account class. Nevertheless, we found spreads relatively high for EUR/USD, from 4 pips on the Micro account, falling to 2 pips on the Platinum account. Moreover, the minimum transaction size on the trading platform is $25, a high figure compared to many other online brokers. Importantly, UFX is an STP (straight-through-processing) broker transmitting customers’ orders to the best-priced execution venues over ECN (electronic communication network). This means that UFX supports the interests of its customers and does not trade against them. We were pleased to see that all clients are given 24-hour live support directly on the interface irrespective of account type as well as a personal trading consultant.

    UFX Micro/Mini Account

    • $100 minimum initial deposit
    • $250 minimum trading volume requirement
    • Access to daily market reviews
    • Access to the educational video library
    • Recommendations made daily to traders

    UFX Mini Account

    • $500 minimum first deposit
    • $5,000 minimum trading volume
    • Access to daily market reviews
    • Access to the educational video library
    • Daily recommendations
    • VIP trading support

    UFX Standard Account

    • $1,000 minimum first deposit
    • $10,000 minimum trading volume
    • Access to daily market reviews
    • Video library educational tutorials
    • Daily trading recommendations
    • VIP trading support
    • Exclusive updates

    UFX Gold Account

    • $5,000 minimum first deposit
    • $50,000 minimum trading volume
    • Access to daily market reviews
    • Video library educational tutorials
    • Daily trading recommendations
    • VIP trading support
    • Exclusive updates
    • Access to the MetaTrader4 Forex trading platform

    UFX Platinum Account

    • $10,000 minimum first deposit
    • $50,000 minimum trading volume
    • Access to daily market reviews
    • Video library educational tutorials
    • Daily trading recommendations
    • VIP trading support
    • Exclusive updates
    • Access to MT4 trading platform

    UFX Swap-free Islamic Account

    • $10,000 minimum first deposit
    • $100,000 minimum trading volume
    • Access to daily market reviews
    • Daily trading recommendations

    Does UFX Offer a Demo Account?

    Disappointingly UFX does not provide a demo account for risk-free practice trading. In our experience, demo accounts serve as invaluable learning tools, for risk-free practice trading and should be used wherever possible.

    Tip: Trade with IQ Option instead – the best regulated broker for South African traders with a minimum deposit of only $10!

    UFX Choice of Trading Software

    UFX offers competitive trading with leverage up to 400:1, in CFDs, indices, ETFs, stocks, currencies, and commodities. Clients can choose to trade on the innovative, ParagonEx proprietary web trader platform, accessible from any internet connected device, or the MT4 trading platform popular with Forex traders worldwide.  For seamless trading on the move, the UFX trading app is available free of charge for download to Android and iOS-powered mobile devices.

    ParagonEx Web Trader 4.0 Platform

    The UFX proprietary Web Trader platform, the ParagonEx 4.0, is the recently upgraded version of the original ParagonEx software. It was developed in-house, using the expert knowledge and experience of IT specialists, fund managers, and ‘seasoned’ financial professionals. Indeed, the ParagonEx browser-based trading platform featuring rapid execution speed has won awards for the easy to use trading tools offered on the platform. Notably, the platform is accessible instantly, from the browser of any device without software download, plug-ins or special setups.

    UFX Trading App

    Clients get all the features and advantages of trading with the UFX ParagonEx Web Trader by downloading the UFX trading app free from the Apple App Store or Google Play. With the trading app, customers can open and close positions, track their trading balance and get UFX rewards (including access to the cashback scheme). Importantly, the app gives traders access to the unique ‘MassInsights’ technology described below as well as advanced asset charts and innovative trading tools.

    MetaTrader4 Trading Platform

    Only traders with a Gold or Platinum account at UFX are permitted to access the MT4 Forex trading platform if they prefer not to use the ParagonEx web trader. The MT4 is the favorite Forex trading platform with traders living all over the globe, irrespective of their trading experience. At UFX, traders choosing the MT4 platform are allocated a personal VIP account manager and benefit from the lowest available spreads at UFX. Importantly, the MT4 platform is renowned for the user-friendly interface that’s fully customizable and has built-in, multi-lingual support. Also, a comprehensive range of analysis tools and charts, as well as the expert advisors automated trading features.

    UFX ‘MassInsights Technology’

    Customers can use the unique ‘MassInsights’ technology, a UFX registered brand name to assist them in tracking tradeable assets and aggregated trader behavior in financial markets. Importantly, with ‘MassInsights’ live streaming technology, clients can follow important asset movements in real time.

    • Trending – spots heavy Buy/Sell activity on individual assets.
    • Turnaround – identifies abrupt changes in asset trends.
    • Volatility spotted – tracks assets with high Buy/Sell activity, resulting in greater market movements and price volatility.
    • Increase in openings – shows when more traders than usual, open trading positions on a single asset.
    • Volume Growth – shows larger than normal growth in the trading volume of any individual asset.
    • Going Up – shows those assets displaying a rise in the trending market price.
    • Going Down – shows assets displaying a fall in the trending market price.
    • Financial events calendar – shows scheduled economic events, financial announcements, and reports.
    • Market news – notifies traders about important financial news and updates.

    UFX Customer Support

    UFX provides comprehensive support to its customers in various ways. The most direct method to contact the dedicated team is through the 24-hour live chat facility on the interface. However, national phone numbers for FREE multi-lingual telephone support are provided for customers in 25 countries including, Germany, Singapore, Cyprus, China, and Russia. For clients who prefer to set out their queries in writing, a support form is available on the contact page for submittal to the dedicated support teams located in support centers worldwide. Moreover, customers are invited to ‘take a tour’ even before opening a trading account with the broker. We found the in-depth explanation of the proprietary trading platform, mass-insights stream, and trading tools very impressive.

    UFX Payment Methods

    A broad range of easy and secure payment methods are supported by UFX, with step-by-step guides on how to deposit funds, provided with every payment option. Traders can fund their accounts rapidly using the credit/debit cards: Visa, Visa Electron, Maestro, Mastercard and Diners Card.  Alternatively, Neosurf, Skrill, Neteller, iDEAL, ELV, SOFORT, CUP, WebMoney, Qiwi, paysafecard, giropay, POLI, CashU. Local bank transfers are also accepted but may take up to 10 days for funds to appear in the customers’ trading accounts. We were pleased to see that UFX does not charge fees on money transfers made to and from trading accounts. Notably, all trading accounts are maintained in US Dollars only, with all deposits in other currencies converted to USD by UFX. Nonetheless, trading at UFX is free of trading fees or commissions. However, clients need to bear in mind that every three months, UFX reserves the right to charge a $50 maintenance fee on open accounts.

    Withdrawal requests are typically processed within 48 hours, as long as account holders have provided all the KYC/AML documents requested following account registration. To provide a safe trading environment and verify account ownership, customers are obliged to provide a color copy of a government issue ID document such as a passport or driving license as well as proof of residence with a bank statement or utility bill. Customers using a credit card to fund their UFX trading account must photocopy the front and back of the card after blocking the CVV code, and all but the last 4 digits of the card number.

    UFX is owned by UFX Global Ltd, a company incorporated in the Republic of Vanuatu, and UFX Europe (Reliantco Investments Ltd) with offices in the UK and Cyprus. Importantly, UFX Europe is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 127/10. As a regulated broker, UFX complies strictly with EU anti-money-laundering regulations (AML) and know-your-client policies (KYC). Moreover, the company protects customers by using encryption protocols and segregating clients’ funds from company funds, in tier-1 international banks. 

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