UFX Review

UFX provides traders with an unparalleled online trading experience for participating in the global financial markets by offering favorable trading conditions and sophisticated trading platforms and advanced trading and analysis tools.

UFX review
Overall

Introduction

UFX is a large and successful international online trading brokerage with extensive experience in the financial markets. The brokerage is very well-established as they were founded in 2007 and have been competently providing STP (Straight-Through-Processing) brokerage services to both retail and institutional traders and investors from around the world.

The UFX brokerage is based offshore in the Republic of Vanuatu with their headquarters located at Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Vanuatu. As such UFX is licensed and regulated by the Vanuatu Financial Services Commission (VFSC) under licence number 14581. Since UFX is an offshore trading brokerage, we should probably be skeptical due to the questionable practices of offshore trading brokerages. However, UFX has built up a viable reputation and have won numerous awards for their excellence over the years.

Therefore, how do you know if the UFX trading brokerage can be trusted? And how is the quality of their trading services compared with other reputable trading brokers? Find this out and more in our extensive UFX Broker Review where we analyze all aspects pertaining to this lucrative trading brokerage.

Overall Rating

Products & Fees
3
Security
3.5
Tools
4.5
Desktop Experience
4.5
Mobile Experience
5
Banking
4
Customer Support
3
Education
1

Pros

  • Choice of Trading Accounts

    Traders can choose the trading account that best suits their needs.

  • Extensive List of Tradeable Assets

    Traders have access to an extensive number of tradeable assets across the global markets.

  • State of the Art Trading Technology

    Traders have access to sophisticated trading platforms as well as unique trading technology developed by UFX.

Cons

  • Offshore Regulated Broker

    UFX is licensed and regulated by one of the weaker regulatory authorities.

  • Customer Support is Lacking

    Traders do not have access to educational material or resources and customer support can be slow with responses.

Our core values are: devotion, determination and excellence, so rest assured that we will deliver whatever it takes for you to be 100% focused on your goal – making money in the financial markets.

Commissions & Fees

One of the more unfortunate aspects of the UFX trading broker is their relatively high trading fees which are incorporated into the spread. All spreads at UFX broker are fixed across all account types. See the spreads for the most popular tradeable assets for different account types below.

Micro

  • Forex: EUR/USD spreads from 4
  • Commodities: Gold spreads from 75
  • Indices: S&P 500 spreads from 150
  • Stocks: Apple spreads from 146
  • ETFs: XLK spreads from 47
  • Cryptocurrencies: Bitcoin spreads from 42000

Mini

  • Forex: EUR/USD spreads from 4
  • Commodities: Gold spreads from 70
  • Indices: S&P 500 spreads from 120
  • Stocks: Apple spreads from 142
  • ETFs: XLK spreads from 44
  • Cryptocurrencies: Bitcoin spreads from 40000

Standard

  • Forex: EUR/USD spreads from 3
  • Commodities: Gold spreads from 65
  • Indices: S&P 500 spreads from 100
  • Stocks: Apple spreads from 138
  • ETFs: XLK spreads from 41
  • Cryptocurrencies: Bitcoin spreads from 38000

Gold

  • Forex: EUR/USD spreads from 2
  • Commodities: Gold spreads from 55
  • Indices: S&P 500 spreads from 150
  • Stocks: Apple spreads from 134
  • ETFs: XLK spreads from 38
  • Cryptocurrencies: Bitcoin spreads from 35000

Platinum

  • Forex: EUR/USD spreads from 2
  • Commodities: Gold spreads from 50
  • Indices: S&P 500 spreads from 50
  • Stocks: Apple spreads from 130
  • ETFs: XLK spreads from 35
  • Cryptocurrencies: Bitcoin spreads from 33000

Islamic

  • Forex: EUR/USD spreads from 2
  • Commodities: Gold spreads from 50
  • Indices: S&P 500 spreads from 50
  • Stocks: Apple spreads from 130
  • ETFs: XLK spreads from 35
  • Cryptocurrencies: Bitcoin spreads from 50000
Commissions & Fees
Stock
ETFs
Forex Spreads
CFDs
Metals
Cryptocurrency
 
UFX
From 130
From 35
From 2
From 50
From 50
From 33000
XTB
From 0.3 pips
0.08% minimum $8.00 USD
From 0.1 pips
0.08% minimum $8.00 USD
From 0.3 pips
Spreads vary
AvaTrade
Average 0.13%
Average 0.13%
From 1.3 pips
From 0.13%
From 0.4pips
0.75% to 1.5% Over Market
EasyMarkets
N/A
N/A
From 1.8 pips
From 5 pips
From 45 pips
Spreads from $45
Vantage FX
N/A
N/A
From 0.0 pips + $3 commission per 1 lot
N/A
From 0.23 pips
N/A

Platform & Tools

ufx platforms

The UFX trading brokerage provides traders with their proprietary web-based trading platform called ParagonEx. This award winning trading platform is highly sophisticated and utilizes UFX’s unique MassInsights™ technology which offers a live stream of market events & aggregated trader behaviour.

In addition to the ParagonEx platform, traders can also trade on the ever popular MetaTrader 4 (MT4) trading platform. This platform accomodates the need of nearly every type of trader and features an advanced charting package as well as automated trading via Expert Advisors (EAs).

Both trading platforms mentioned above are very high performing and each offer unique features that appeal to different types of traders.

Platform & Tools
Desktop Platform (Windows)
Desktop Platform (MacOS)
Web Platform
MT4
MT5
Research & Analysis
Social trading
Education
Demo account
 

Mobile App

UFX features a free mobile trading application known as the UFX Trading App. The app can be downloaded for free from the Apple App Store and the Google Play Store for iOS and Android mobile devices. The trading app is essentially the same as the ParagonEx trading platform, only it is fully optimized for mobile devices. Traders can use advanced asset charts and trading tools, the MassInsights™ Technology, and can facilitate lightning fast trade executions. All in all, the UFX mobile trading app is of premium quality and is sure to appease any busy traders needs.

Account Types

UFX offers traders a wide array of account types, each with slightly different features and aspects. See the account types overviewed below.

Micro

  • Minimum initial deposit of $100
  • Minimum trading volume of $250
  • Daily Market Reviews
  • Video Library
  • Daily Recommendations
  • 24h Live Support

Mini

  • Minimum initial deposit of $500
  • Minimum trading volume of $5000
  • VIP trading support
  • + all Micro account features

Standard

  • Minimum initial deposit of $1000
  • Minimum trading volume of $10,000
  • Exclusive Updates
  • + all Mini account features

Gold

  • Minimum initial deposit of $5000
  • Minimum trading volume of $50,000
  • Access to MT4 trading platform
  • + all Standard account features

Platinum

  • Minimum initial deposit of $10,000
  • Minimum trading volume of $100,000
  • + all Gold account features

Islamic

  • Minimum initial deposit of $10,000
  • Minimum trading volume of $100,000
  • The same as Micro account features

Deposits & Withdrawals

UFX provides their traders with a variety of fast, easy, and secure deposit methods. Most of the deposit methods offered feature instant deposit times and are free of charge. See the available deposit methods listed below.

  • MasterCard
  • Visa
  • Visa Electron
  • Maestro
  • Diners Club
  • Local Bank Transfer
  • Skrill
  • Neteller
  • Sofort
  • ELV
  • Giropay
  • iDEAL
  • Neosurf
  • China Union Pay
  • CashU
  • Qiwi
  • WebMoney
  • POLi
  • Paysafecard

As for withdrawals at UFX, traders can withdraw their funds via the same methods as deposits up to the amount that the trader initially deposits. After that, any additional funds must be withdrawn via bank wire transfer.

Deposits & Withdrawals
Minimum deposit
Withdrawal Time
Withdrawal Fee
 
UFX
$100
Up to 10 business days
Free
XTB
$250
N/A
Free
AvaTrade
$100
1 - 2 business days
Free
EasyMarkets
€100
3 - 10 business days
Free
Vantage FX
$200
3 - 10 business days
Free

Customer Support

UFX customers can contact support representatives via email, live chat, or telephone. The brokerage has 21 local telephone numbers to contact, each from a different country speaking a different language. Additional methods of support include reaching out to UFX over social media as they keep an active presence on Twitter, Facebook, YouTube, and Google+.

Security & Fairness

Though UFX is located offshore and is regulated by a questionable regulatory authority, the brokerage remains to be seen as a safe, secure, and fair online trading brokerage. UFX takes security very seriously and encrypts all of their processes involving the transmission of data using advanced SSL technology and layered backup systems. As well, UFX runs their services off of secure data centres in separate locations to ensure further security.

Furthermore, client funds are held in secure and segregated tier 1 bank accounts and UFX only works with the best industry partners for the transferring of funds and overall security. UFX also offers clients 3D secure payment processing and are fully PCI compliant. As well, the Vanuatu Financial Services Commission (VFSC) ensures that UFX maintains fair and transparent trading practices. All in all, UFX customers can rest assured they are dealing with a fair and secure online trading brokerage when trading with the UFX broker.