UFX Review

Review

UFX, founded in 2007, is one of the leading brokers in the Forex industry. In 2011, UFX became regulated in the European Union, MIFID, and in 2013 it received additional recognition by Belize’s International Financial Services Commission for its high ethical standards, customer protection and security of funds.

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Accounts

There are 5 different accounts to choose from at UFXMarkets. The Micro account requires a minimum deposit of only $100, the Mini $500. The Standard account can be opened with $1000 and the Gold account with $5000 while the Platinum account needs a starting deposit of $10,000.

UFX Account Types

All the accounts have access to daily market reviews, 24-hour live support, daily trading recommendations and the use of the video library. Unique to UFX is its personal trading training which is available to all traders, no matter how much experience they have or which account they hold.

Platinum and Gold account holders receive SMS trading alerts and Access to the MT4 trading platform.

UFX offers leverage of up to 400:1.

UFX also offers an Islamic account which is available for those who adhere to the principles of Islamic law regarding banking activity and Riba (interest).

A Demo account funded with virtual money is designed to give traders an opportunity to learn how to trade the Forex market in a completely risk free environment without risking their own hard earned capital.

UFX does not charge regular maintenance fees. However, it does reserve the right to charge a US$50 fee on open accounts once every six months.

Bonuses/Promotions

The UFX Rewards Cashback program has replaced the old 30% deposit bonus structure, and is currently their primary promotion.

They continue to offer a $50 bonus upon phone verification. UFX does offer other promotions from time to time but they tend to be limited time offers and are not permanently available.

Features

UFX has recently added a new feature to their lineup. MassInsights™ Stream is a unique trading technology, bringing together a live stream of real-time market events and aggregated trader behavior and displays that information in a single easy-to-read stream, enabling traders to see what matters on the spot.

One of the elements of this new technology allows the program to spot heavy BUY or SELL trend activity on a specific asset, in real-time, and display it in the MassInsights™ Stream.

A Turnaround is displayed on the MassInsights™ Stream when a certain asset abruptly changes its direction. The Volatility Spotted feature is shown when the system detects rapid BUY/SELL activity on a specific asset. These assets tend to be more volatile and have sharper and bigger market movements and an increase in Openings is displayed on the MassInsights™ Stream when more traders than usual decide to open trading positions on a specific asset.

Additional displays include Volume Growth, Going Up and Going Down. An economic calendar of events and market news is posted live.

UFX offers a long list of assets to trade including commodities, stocks, indices and CFD’s. They use fixed spreads, negative balance protection and all funds are kept in segregated accounts.

Deposits/Withdrawals

Funding and withdrawals can be done via the usual methods including bank transfer, credit cards Moneybookers, Skrill, Neteller, Sofort, Webmoney, Qiwi, CashU and other online payment systems.

A minimum amount of US$50 is required for deposits, and a minimum amount of US$70 is required for withdrawals.

Customer Support

Chat is provided 24/5 and telephone support is available in more than 15 different locations. Email contact is also provided. The UFX website can be accessed in more than 25 languages.

Conclusion

UFX is a well -rounded Forex broker. The platform is user-friendly and the features are numerous. UFX can be accessed on Facebook and there are often interesting promotions offered through this social media venue.

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Features

The numerous features at UFX make it stand out in the Forex arena. The many different account types offer traders opportunities to start trading with as little as $500 and the fact that there are both demo and Islamic accounts is a clear indication that this broker tries to accommodate all kinds of traders from every walk of life and with all levels of trading experience. This together with the regulations under which it functions, UFX gives traders a sense of trustworthiness and transparency.

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Platforms

ParagonEx WebTrader 4.0

UFX uses the ParagonEx platform, a solid, versatile platform that allows users access from around the world. The platform uses an integrated charting system, live support and direct news feeds and works from any web browser without any additional installation.

The 4.0 version of the platform is the smartest and most advanced version yet of the ParagonEx Web Trader platform. It is accessible through any web browser and no download is required.

The main feature of the new ParagonEX Web Trader 4.0 platform is the ability to use the Mass Insight technology capabilities in order to see and follow the trend taken by other traders. The aggregated trade behavior is fed directly to the platform and is posted directly alongside the relevant chart.

The ParagonEX platform has won several awards, including the 2014 Best Professional Trading Platform from FXReport.

Mobile

UFX’s has now combined the UFX web platform with their Mass Insight technology into the UFX Trader app which is easily downloadable to all IOS and Android devices.

MetaTrader 4

Premium account holders at UFX can also use the standard MetaTrader 4 platform which can be downloaded free of charge straight from the MetaQuotes web site or through UFXMarkets. Traders with different open accounts at UFX can upgrade to Premium and then sign up for MetaTrader 4.

MT4 offers advanced charting, automated trading, sophisticated technical analysis, and a host of other trading tools.

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User Reviews

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