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UFX Review 2023

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Our Rating

1 / 5

UFX is #109 in our CFD broker rankings.

No Customer Reviews Yet

We do not recommend UFX. We have received numerous complaints about Account Managers forcing deposits and trades, and the website also no longer functions properly. Avoid.

- Daytrading Review Team

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.

✓
Trusted

✓
Demo Account

✓
Award Winning

✓
Islamic Account

Minimum Deposit $100

Trading Platforms TradingCentral

Instruments ETFs, Commodities, Forex, Stocks, Indices, CFDs

Bonus Offer -

Account Currencies USD

Payment Options Bitcoin Payments, Credit Card, Debit Card, Neteller, Wire Transfer
and 14 more

All UFX Details

Compare UFX

Forex Trading

Trade over 60 forex pairs with advanced analysis tools.

Stock Trading

UFX offers 500+ assets from around the world. Spreads vary, but get tighter based on the account type, with Platinum offering the most competitive fees.

CFD Trading

Invest in various markets without owning the underlying asset. Also trade with leverage.

Awards

• Best Forex Trading Tools - MassInsights™ Technology - UK Forex Awards Winner 2016 & 2017
• FX Director of the Year - Dennis de Jong - The European 2016 & 2017
• FX Broker of the Year - The European 2016 & 2017
• Best Trader Loyalty Programme - UFX Rewards - FX Report Awards 2016
• Best Trading Platform - MassInsights™ Technology - FX Report Awards 2016

✓ Pros

• Regulatory oversight
• Full range of investments
• Multiple payment methods offered
• Low minimum deposit
• Demo account

✗ Cons

• No copy trading
• No MT4 integration

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 2023 review, we explain how to trade on UFX’s mobile app and explore the breadth of financial products, alongside any payments, fees, leverage and demo accounts. Find out if our expert traders recommend trading with UFX.

UFX Headlines

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.

UFX is regulated by the Cyprus Securities & Exchange Commission (CySEC), with license number 127/1.

ParagonEx WebTrader 4.0 Platform

The primary platform is the ParagonEx WebTrader 4.0.

While using UFX, we found the 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.

In addition, the broker has partnered with Trading Central to provide expert analysis and market insights.

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Assets & Markets

With UFX, you can trade an 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 cryptocurrency, which continue to grow in popularity.

Spreads & Commissions

UFX does not charge a commission on each trade.

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.

The broker also charges a rollover fee (known as an overnight swap). When a trader has a position open beyond 00:00 GMT, the rollover cost is assessed.

Accounts with no trading activity for 45 days are charged a $100 inactivity fee, as well as a 0.1 percent hedging fee.

Leverage Review

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 to risk management for tips.

Mobile Trading

With the UFX mobile investing app, users 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 also 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.

UFX Demo Account

The broker offers a $10,000 virtual cash demo account. You can utilize the demo account to hone your trading strategy and setu. 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 list of assets.

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. The online broker also segregates client funds.

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.

Additional Features

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. Here you can also get the definition and meaning of key trading terms and market dynamics explained.

Account Types

New joiners have a choice of six different types of live accounts:

Micro

• Video library access
• 24 hour live support
• Daily Market Review
• Daily recommendations
• Minimum deposit of $100
• Minimum trading volume of $250

Mini

All features from the Micro account plus:

• VIP trading support
• Minimum deposit of $500
• Minimum trading volume of $5,000

Standard

All features from the Mini account plus:

• Exclusive updates
• Minimum deposit of $1,000
• Minimum trading volume of $10,000

Gold

All features from the Standard account plus:

• Minimum deposit of $5,000
• Minimum trading volume of $50,000

Platinum

All features from the Gold account plus:

• Minimum deposit of $10,000
• Minimum trading volume of $100,000

Islamic

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).

Benefits

Advantages of opening a live UFX investing account include:

• 500+ stocks
• Trading Central
• 24 hour support
• Cashback deals
• Segregated client accounts
• Six different account types
• Low minimum withdrawal
• Demo account competitions
• Beginner-friendly platform interface

Drawbacks

When we used UFX, we also encountered several downsides:

• No cryptocurrency
• Restricted in several countries
• No negative balance protection
• The website is dated, with pages and information missing

Opening Hours

Our experts found that 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 market’s 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

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 various awards such as “FX Broker of the Year” and “Best Forex Trading Tools – MassInsights™ Technology”.

Security & Safety

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 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 Verdict

UFX Global has a large 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.

FAQs

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, with the Platinum account requiring $10,000.

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 other 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 is one trading platform available at UFX: ParagonEx WebTrader. This is 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 or our review for a list of restricted countries.

Accepted Countries

UFX accepts traders from Thailand, Singapore, Hong Kong, 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, Portugal, Australia, India, South Africa.

Payment Methods

• Sofort
• QIWI
• POLi
• Paysafecard
• Cashu
• Bitcoin Payments
• Diners Club
• Credit Card
• Debit Card
• Neteller
• Skrill
• Visa
• Mastercard
• Wire Transfer
• iDeal
• WebMoney
• Giropay
• American Express
• Maestro

Top 3 Alternatives to UFX

Compare UFX with the top 3 similar brokers that accept traders from your location.

1. IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
   Go to IG Group
2. Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
   Go to Just2Trade
3. Interactive Brokers – Interactive Brokers is a leading global brokerage that provides access to a comprehensive offering of stocks as well as forex, futures, metals, bonds and cryptos. The firm has over 40 years experience in the online trading industry and is heavily regulated by SEC, FCA, IIROC, and SFC. Traders use the proprietary Trader Workstation and can access powerful tools and data feeds as well as comprehensive educational resources.
   Go to Interactive Brokers

UFX Comparison Table

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Compare the markets and instruments offered by UFX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

UFX vs Other Brokers

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	Visit	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.
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.