UFX Review 2023 Is it a Scam or Legit Forex Broker ️

UFX is a solid, albeit overpriced broker operating out of Cyprus. While the asset selection is adequate for retail traders and most advanced traders alike, the trading conditions provided are unacceptable. Proper research requires a $1,000 minimum deposit, and an Islamic account is only granted above $10,000.

Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering.

The company operates under laws that protect and promote safe-practice trading. MetaTrader 4, MetaTrader 5, and ParagonEx WebTrader 4.0 are also available for mobile trading. The MetaTrader 4 and MetaTrader 5 mobile applications are available on iOS and Android devices. ParagonEx WebTrader 4.0 is a web app that runs perfectly through browser applications such as Google Chrome and Safari on mobile devices. Trading FX or CFDs on leverage is high risk and your losses could exceed deposits. The UFX Mini Account offers the spread of 5 pips on USDJPY, 10 pips on AUDCAD, 210 pips on Gold, 750 pips on Silver, 550 pips on German DAX30, and 142 pips on Alibaba share.

What fund withdrawal methods are available with UFX?

After submitting this application, an online verification process is conducted under the standard operating procedure. New traders may receive calls from the UFX back office as a part of the strict AML/KYC policy adhered by all CySEC regulated brokers. In this process, the company asks for a copy of valid ID proof and a valid proof of address.

Lastly, Dennis de Jong, the firm’s Managing Director, wants to establish a dialogue directly with you by posting his plans for UFX for the coming year right on the website. Find another forex brokerage house CEO willing to state publicly his commitment and confidence for inquiring eyes to see. Compared to the trading spreads offered by other brokers, the company provides inexpensive options to its clients. Compared to other forex brokers, the UFX spreads for the EUR/USD pairs range from 2.0 to 4.0 pips.

UFX offers reliable customer support from Monday to Friday, 24 hours a day. Account registration is easy, and deposits can be made using major credit and/or debit cards, along with banking wire transfers. UFX also supports a variety of other local payment methods, as well. Withdrawals will be processed promptly over a 48-hour period, as long as internationally mandated KYC/AML documentation is on file, current, and in order.

Is UFX trading safe?

The bank’s FOREX reserves went up from 100 million to 737.1 billion kroner last month, according to a central bank statement. Officials said they did not have to intervene after selling 275 billion kroner worth in its own currency during the first two months of 2015. The central bank of Denmark refrained from intervening in its currency last month after record selling of the kroner surpassed speculations it will give up its cap on the euro currency.

The technology relies on changes in trading activities, turnarounds, and volatility to come up with detailed sentiment data. This brokerage offers a broad range of research and education resources. Some resources provided by UFX include FXStreet-powered headings and a dependable economic calendar. Traders can also trade precious metals including copper, platinum, and gold.

UFX is a Forex broker founded in 2007 in Vanuatu and provides online trading services worldwide with the exception of the USA and some other countries where restrictions apply. A $1,000 minimum deposit is necessary to receive access to proper research at UFX. Also, they offer a demo account to practice and test their service.

Forextraders’ Broker of the Month

UFX offers traders a web-based trading platform and a mobile trading platform, as well as MT4 and MT5 trading platforms. The web trading platform opens your browser and starts trading with lightning speed, with no download or installation required. The mobile trading platform supports native mobile apps for iOS and Android, and traders can also log in and trade through their mobile browsers. MT4 and MT5 offer a range of superior features, intuitive, easy-to-use interface, rock-solid stability, and superb performance. 21 timeframes and over 80 technical indicators that can be easily tracked down to the smallest detail. Unfortunately, UFX uses this promise of research to lure new accounts with more substantial deposits.

Trading costs at this market maker are on the high side, with spreads for the EUR/USD ranging between 2.0 and 4.0 pips. Details are listed on the company’s website, and the trading platform should provide precise trading costs. Since equity and index CFDs are offered, corporate actions like dividends and stock splits apply.

Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing. This account offers Muslim traders the same benefits as a Micro/Mini account but has a minimum deposit of $10,000 and a minimum https://forexhero.info/ trading volume requirement of $100,000. The spreads on this account are the same as those offered on the Platinum account. The Gold account comes with a minimum deposit requirement of $5,000 and a minimum trading volume of $50,000.

If the account has less than $100, after 45 days, UFX can charge a lower administrative fee but will close the account 10 days after sending you a notification. For example, any hedging positions you have open might be charged an administration fee of 0.1% of the total volume per day. Any fees charged by your bank or payment processor, however, are your responsibility, which is to be expected. CySEC also imposes that all the brokers they regulate join the Investor Compensation Fund. This insurance policy ensures that you are covered up to EUR 20,000 if the broker goes bankrupt.

Since 2012, the UFX – has been winning considerable recognition for its services to the industry. Australia, the United Kingdom, and South Africa are among the key markets where UFX provides its services. Asian countries such as Thailand, Singapore, India, and Hong Kong, are also legally available for the company. It is also operational in European countries such as France, Norway, Germany, Sweden, Denmark, Luxembourg, and Italy.

You should consider whether you are fully aware of the risks involved and the high probability of losing your money. UFX Markets referrals are rewarded, with a clear and straightforward concept compensating up to 10 levels of referral. Although there’s a high minimum deposit, the program is really valuable, especially for the experienced traders. We consider this a great business move and these UFX Markets bonuses are a great incentive for new traders to join and promote the broker. The UFX Markets broker company is focused on the ease of use for the traders as end customers. The approach is personal and really simple, with a clean look and easily accessible and practical platform.

UFX offers competitive spreads, good leverage and good live chat support as well as personal account managers to help the clients to the best of their abilities. UFX Markets accepts 18 different payment methods and charges no commission or fees, except for the spread. At the time of this UFX review, traders had access to the MetaTrader 5 platform and market research features of Trading Central. However, these features came only after the minimum deposit of $5,000 or more. This broker also offers its proprietary MassInsights Technology, which helps traders in the non-competitive trading conditions. To sum it up, UFX is a promising broker but certainly has room for betterment.

The swap rates are applied only on leveraged overnight positions. More details on these swap rates are explained on the UFX website. The platforms also provide precise information ufx com forex trading on the trading costs. The company offers its services on equity and index CFDs trading, which is why corporate actions of stock splits and dividends are also applicable.

Our UFX review team is pleased to recommend this broker to all forex traders, regardless of your level of expertise. After reviewing the UFX forex broker, our team of professionals concluded that this broker truly shines in terms of the research tools they provide. Please note that our UFX review team discovered that this broker only offers MT5 for Gold accounts and above.

What sets ParagonEx apart and our UFX review team found impressive is the integration of MassInsights. Another of UFX’s proprietary trading technologies, this system provides valuable information on a variety of assets that will help you make better trading decisions. However, when you consider all the great tools and benefits this broker offers, you’ll find that it’s more than worth the additional cost. You only need to fill in some basic information at first to set up a demo account. Subsequently, you can go through the rest of the process to start trading live. For example, UFX holds all client funds in segregated accounts, meaning that your money is kept separate from the broker’s operational funds.

• All information on 55brokers.com is only published for general information purposes.
• The user needs to go through compliance checks by answering a few basic questions.
• Lastly, Dennis de Jong, the firm’s Managing Director, wants to establish a dialogue directly with you by posting his plans for UFX for the coming year right on the website.
• The Platinum account features a minimum deposit requirement of $10,000 and a minimum trading volume of $100,000.

This broker provides you with a wide range of trading opportunities across a variety of asset classes, making it an excellent choice if you are looking to expand your portfolio. If you have an account there, we recommend withdrawing all of your funds immediately. Before choosing a broker, we recommend that you read the reviews of UFX, as well as see our rating of Forex brokers. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. It offers updated news from international agencies, fundamental analysis, and VPS.

From stat-arb and trend-following CTA to fixed-income relative value. Firm’s he has worked at include big banks like Citi, and prominent hedge funds including D. UFX’s trading platform also provides detailed asset analysis on a single page, including everything from Advanced Charts with historical data to Daily Ranges and more. You can also access Trading Central directly from the platform, as well as an economic calendar, which makes for an excellent trading experience. UFX is not officially registered with any industry authority to offer trading services, and its performance is not overseen or supervised by anyone. Moreover, the broker was previously listed as a trading scam while investors were warned by its unregulated nature and use of marketing techniques to attract traders.

Data from the country’s labor market could be noteworthy for the AUD exchange rate. Fluctuations in the AND-NZD currency pair are expected following release of data on New Zealand card spending as well as retail card spending stats. These will be followed by credit card purchases/balances from Australia. The weekly consumer confidence can also affect the local currency movements.

Compared to other brokers, UFX provides its clients with multiple options for processing their payments. These processors help the clients in depositing funds and opening new accounts with the broker. They also help in the withdrawal process, wherein clients can encash their earnings conveniently. The platform has integrated several gateways to process the payments, including bank transfer or wire transfer, credit cards, and debit cards.

A published declaration regulates amount of US dollars that Venezuelan citizens can get at a certain exchange when going out of the country. Some analysts believe this can save $2.8 billion in terms of hard currency for 2015. At the same time, Hamada also announced consumption in the country will increase as stocks go up along with monetary policies working perfectly in his country.

There is a good range of account types available with UFX, and the Mini account requires just a $500 deposit. The minimum trading volume is $5,000 and there is a good selection of benefits. These include daily market reviews, access to a video library, daily recommendations, 24 hour live support, and the services of a personal trader.