UFX Review 2022
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UFX Global is a leading forex and CFD trading platform that is owned by Reliantco Investments LTD. The company was established in 2007 and is based in Cyprus. In this 2022 review, we explain how to trade on the firm’s mobile app and explore the breadth of financial products, alongside any payments and fees.
With state-of-the-art trading platforms, UFX aims to meet all its clients’ trading needs while offering stable and competitive spreads. The broker operates a Straight-through-Processing (STP) business model and, as such, does not take opposing positions to that of its clients’ trades.
The company’s head office is situated at 139 Makarios Avenue, Zavos Business Center, 3rd Floor, 3021 Limassol, Cyprus. Its Czech Republic branch address is Na Hřebenech II 1718/8, Building B, 140 00 Prague 4.
The CEO, Thomas Johansen, joined the company’s ventures in 2014. He also serves as an Account Manager at Investing-Academy. Prior to that, Thomas worked at Deutsche Bank as the Vice President of institutional sales.
The broker offers traders two main types of trading platforms: ParagonEx Web Trader 4.0 and MetaTrader 4 (MT4).
The MT4 platform is the most popular forex and CFD trading platform in the industry. It has been adopted by the majority of brokers in the market. The platform is also well-liked by investors in the online trading community, offering a wide range of powerful investing tools.
MT4 comes with an advanced charting package and a large library of technical indicators. It supports multiple order types and automated trading through Expert Advisors (EAs). The platform is also available in various languages while the user interface itself can be customized to suit trader needs.
ParagonEx WebTrader 4.0
The alternative platform is the ParagonEx WebTrader 4.0. This trading outlet is a versatile web-based platform and requires no software download or installation on your desktop.
It has integrated charts and supports real-time news feeds. Version 4.0, adopted by UFX, is the latest version of the ParagonEx WebTrader and uses the innovative MassInsights™ Technology to provide trades with information about prevailing trends in the markets.
There is also a mobile trading option for those who prefer to trade on the move.
Assets & Markets
With UFX, you can trade a vast array of assets including 58 forex pairs, 8 market indices, 40+ ETF funds, 500+ stocks, and 5 types of commodities. This is an impressive range and means there are plenty of options for aspiring investors. The only noticeable absence is cryptocurrencies, which continue to grow in popularity.
Spreads & Commissions
UFX does not charge a commission on each trade. However, the broker charges a rollover fee (also known as an overnight swap). When a trader has a position open beyond 00:00 GMT, the rollover cost is assessed.
Forex spreads are priced at 2 – 4 pips, depending on the account. Gold, Platinum, and Islamic accounts are charged 2 pips; Standard at 3 pips; and Micro and Mini at 4 pips.
Accounts with no trading activity for 45 days are charged a $100 inactivity fee, as well as a 0.1 percent hedging fee.
The maximum forex leverage available to retail traders is 1:30. In comparison, the highest available to professionals is up to 1:400. CFDs have a top leverage of 1:10, and professionals can unlock 1:30.
Note, higher leverage rates can lead to larger losses so beginners should be careful. See our guide to risk management for tips.
With the UFX mobile investing app, traders can trade financial markets directly from their smartphones or mobile devices. It also comes with MassInsights™ Technology and numerous advanced tools, including easy-to-follow stock quotes.
The mobile investing solution is available free of charge and can be downloaded directly to iPhone from the Apple App Store and to Android devices from Google Play Store (APK). You can even download it as an iPad app.
UFX Payment Methods
To facilitate the deposit and withdrawal of funds, UFX provides support for several payment methods. This includes transfers by credit cards, eWallets, and bank wire. Major credit cards such as VISA, Mastercard, Diners, Maestro, and American Express are accepted. For eWallets, traders can use Neteller, Skrill, Sofort, ELV, iDEAL, CUP, Qiwi, WebMoney, Paysafecard, Neosurf, Giropay, CashU, Bitcoin Payments, and POLi.
Note that UFX has a minimum payment requirement for deposits and withdrawals. For deposits, the minimum amount is $100 while for withdrawals, it is $25.
The transfer of funds is free and can take up to 10 business days to process. Day traders should be aware that their payment method or bank may choose to charge a fee.
The broker offers a $10,000 virtual cash demo account. You can utilize the demo account to hone your trading strategy. It provides complete access to all professional tools, including a live stream of market events and aggregated trader behavior.
To get started, load the UFX.com login page and ensure that your Personal Menu is set to Demo. You will then be credited with virtual cash, allowing you to trade UFX’s extensive asset selection.
Bonuses & Promos
While UFX does not offer trading bonuses to its clients, it does have a loyalty scheme called the “Cashback” program. The more you trade, the more you earn in rewards. In addition, the brokerage holds regular competitions where investors can win attractive prizes, including sports cars.
Regulation & Licensing
In terms of regulatory oversight, UFX comes under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC). The broker is regulated under the license number 127/10.
As for the reputation that UFX earned over the years, the broker has been recognized by leading industry reviewers for its outstanding services and product offerings.
For users who deposit upwards of $1,000, the broker offers access to Trading Central, a market leader in independent third-party research. The Daily Market Review offered with all account types is a daily trading suggestion service based on Trading Central research.
New joiners have a choice of six different types of live accounts:
- Video library access
- 24 hour live support
- Daily Market Review
- Daily recommendations
- Minimum deposit of $100
- Minimum trading volume of $250
All features from the Micro account plus:
- VIP trading support
- Minimum deposit of $500
- Minimum trading volume of $5,000
All features from the Mini account plus:
- Exclusive updates
- Minimum deposit of $1,000
- Minimum trading volume of $10,000
All features from the Standard account plus:
- Minimum deposit of $5,000
- Minimum trading volume of $50,000
All features from the Gold account plus:
- Minimum deposit of $10,000
- Minimum trading volume of $100,000
All features from the Micro account plus:
- Minimum deposit of $10,000
- Minimum trading volume of $100,000
The broker also offers a Professional account. This unlocks further benefits such as lower leverage restrictions and an account manager. However, clients will lose their eligibility for the Investor Compensation Fund (ICF).
Advantages of opening a live UFX investing account include:
- 500+ stocks
- Trading Central
- Six different account types
- Low minimum withdrawal
- Demo account competitions
Downsides of registering with UFX include:
- No cryptocurrency
- Restricted in several countries
- No negative balance protection
- The website is dated, with pages and information missing
The platform is available to traders 24/7, but the assets only trade when the respective markets are open.
The currency market is open from 5 PM EST on Sunday to 4 PM EST on Friday. The FX market’s capacity to operate 24 hours a day is thanks, in part, to the existence of many time zones.
On weekdays, the US stock markets regular trading hours are 9:30 AM to 4:00 PM EST, including the New York Stock Exchange (NYSE) and the Nasdaq Stock Market (Nasdaq). The London Stock Exchange (LSE) is open between 3 AM to 11:30 AM EST.
Customer support at UFX is available 24/7 through the live chat logo, web contact form, and the telephone icon located on the broker’s website. The team are able to help with any complaints traders have when they sign up, login, or even for users who wish to delete their account.
In terms of localized telephone support, UFX has a support representative in three different countries:
- Cyprus +357 2503-0314
- Germany +49 303-080-8240
- Czech Republic +420 228-881-495
UFX also has won many awards such as “FX Broker of the Year” and “Best Forex Trading Tools – MassInsights™ Technology”.
UFX has an encryption layer for money transfers and stores clients’ funds in tier 1 institutions. The broker provides 3D secure payment processing to customers and is completely PCI compliant. They also utilize Verisign SSL technology and tiered backup systems in secure data centers in various locations.
With that said, potential day traders should be aware that some UFX London reviews suggest investors have had issues accessing and withdrawing profits.
UFX Global has a huge asset offering of 500+ stocks, which makes it appealing to aspiring day traders. The brokerage also has 24/7 customer support, a demo account, access to Trading Central, and six account types. Yet compared to other providers, such as Plus 500, the company still has a lot to improve on to make it a top-rated income generator, including crypto trading and the suite of analysis tools.
UFX accepts traders from Australia, Thailand, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use UFX from United States, United Kingdom, Canada.
Compare UFX with similar brokers that accept traders from your location. Among available brokers these are the most similar to UFX:
- InstaForex – InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, and energy, as well as stock indices. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
UFX Comparison Table
|Markets||Forex, Stocks, Commodities||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto|
|Minimum Deposit||$100||€200 to €50,000 (depending on account type)||$10||£250||$100|
|Minimum Trade||$1||0.01 Lots||$10||0.1 lots||$1|
|Regulators||CySEC||CySEC||FCA, CySEC, ASIC, FSA||FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin||CySEC, IIROC, NFA, CFTC, FCA, CIMA|
|Leverage||1:30||1:30 for retail clients, 1:500 for professional||1:30 EU||1:30||1:200|
|Detailed Comparison||–||UFX vs InstaForex||UFX vs eToro||UFX vs IG Group||UFX vs Forex.com|
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UFX vs Other Brokers
Compare UFX with any other broker by selecting the other broker below.
What Is The Minimum Deposit To Open A UFX Account?
The minimum deposit requirement at UFX is $100 for the Micro trading account. As you move up the account tiers, a higher initial payment is needed.
How Fast Will My UFX Withdrawal Request Be Processed?
The processing time for withdrawals depends on the method used. However, the typical time needed to process a withdrawal payment is 3-10 business days. This is considerably longer than some leading trading firms.
Is UFX A Legit Broker?
Yes, UFX is a reliable broker, operating since 2007. In addition, it is regulated by the CySEC – a trusted financial watchdog.
What Kind Of Trading Platform Does UFX Have?
There are two types of trading platforms available at UFX: MetaTrader 4 and the ParagonEx Webtrader. Both are suitable for new and experienced investors.
Does UFX Charge A Withdrawal Fee?
No, UFX does not impose a fee for withdrawals. However, traders may still be liable for any fees charged by the third-party payment provider or bank.
Is The UFX $50 No Deposit Bonus Still Available?
No – the UFX 50$ sign up bonus has now expired. The brokerage used to offer a 50 USD dollar bonus for all new traders.
Can You Still Trade On UFX?
Although investors from the UK, Canada, and the USA aren’t accepted, day traders from Dubai, UAE, Qatar, and many other countries are. See the official website for a list of restricted countries.
|UFX are forex trading specialists that also offer popular stocks, ETFs, indices, and commodities. Offering tight spreads and one of the best ranges of major and minor pairs, they are a great option for aspiring FX investors.|