UFX Review: All About UFX offshore broker
UFX Review: All About UFX offshore broker

As the broker registered in the Republic of Vanuatu since 2007 with a valid trading license should be trusted. But this broker voluntarily requested a renunciation of their license. Moreover, analyzing some UFX reviews we found many irregularities about this broker. Therefore, checking those can’t hurt anyone. By all means, we are looking for fair trading conditions and security for every trader.

Since UFX broker provides a bit questionable trading conditions we will check if that’s by laws and regulations.

Before we go any further, we suggest reading our brokerage reviews on Monaxa, DeltaStock, and NAGA Markets.

Broker status:Regulated Broker
Regulated by:Under examination for voluntary renunciation
Websites:Ufx.com
Regulators’ Complaints:N/A
Owned by:Reliantco Investments Limited
Headquarters Country:Republic of Vanuatu
Foundation year:2007
Supported Platforms:Web trader / MT5
Minimum Deposit:$100
Cryptocurrencies:Yes – BTC, ETH, LTC
Types of Assets:Forex, Commodities, Indices, Stocks, Cryptocurrencies,� ETFs
Maximum Leverage:1:400
Free Demo Account:Yes
Accepts US clients:No
Site Grid:N/A

Is UFX a Safe Regulated Broker?

UFX trading had a license from the trusted regulatory body CySEC However, some regulators like UK’s FCA have banned their services to UK clients in 2020. That is to say, not without a reason. Moreover, the UFX broker got some fines from CySEC for not meeting their regulatory rules and standards in amount to 100.000EUR.

As a result of those actions, some traders don’t find this broker attractive.

With a ban from the UK FCA regulator and a lot of negative reviews, traders find UFX brokers quite unattractive. The firm has an offshore entity, which should be considered when opening an account.

Reasons for Using a Regulated Broker for Trading

As our due diligence, we also wanted to check if they have some Tier 1 regulations that would make clients more comfortable. Thus, we couldn’t find any records of UFX brokers in the FCA, BaFin, or ASIC registers. Except for that ban from FCA.

Given these points, clients realize why Tier 1 Regulators are important because they are stricter and they control everything on a higher level.

Trading Software Is Available On The UFX Platform

Generally speaking, a trading platform plays a crucial role in choosing a broker. If the platform doesn’t provide advanced trading tools, social or copy trading, it’s practically useless. Therefore, traders prefer ones with those features available. Most of the time, they are looking for MT4/MT5 trading platform. Nevertheless, cTrader is as well one of their favorites.

MetaTrader Desktop For Windows and Mac

After all Meta Trader 5 the most advanced trading platform these days is preferred by beginners and professionals. Desktop and mobile versions provide all same features. Furthermore, for the desktop version of the program, both Windows and Mac users can enjoy its superiority. Comparatively, the biggest advantage of MT5 is algorithmic trading.

Paragonex

Ultimately, Paragonex web traders can make a huge benefit in trading decisions. It provides live streams of market events and traders’ behavior. Besides that, general asset data, charting, news and calendar are the features that any other platform has. If you check any UFX review, you will find negative comments about trading on their web trader. That’s why we recommend using trusted platforms like MT4/MT5.

UFX Trader Mobile

Nonetheless, the broker offers mobile versions of both platforms. However, Paragonex can be accessed only through a web browser. That is to say, a big disadvantage. Especially for experienced traders who like to grab the opportunity when they have it.

Trader’s Reviews of UFX

To emphasize the reliability of this broker you can check their UFX reviews on Trustpilot. Out of 180 comments, from traders all over the world, 46% come up as 1-star rated. That is a huge rate of negative comments for a licensed company. Surely you can check it yourself.��

UFX Trading Instruments

Comparatively, like many other online trading companies, they offer a vast of trading assets. They are divided into groups:

  • Forex� � � � � � � � � � USD/JPY, NZD/AUD, SEK/EUR
  • Commodities � � � � � � oil, platinum, natural gas
  • Indices� � � � � � � � � � � Nikkei225, DAX30, DJI
  • Stocks� � � � � � � � � � � Apple, AMD, Pfizer
  • Crypto� � � � � � � � � � � BTC, ETH, LTC
  • ETFs� � � � � � � � � � � � SPY, iShares Russel 2000, Invesco QQQ

In fact, it’s quite a long list of assets. Certainly, it can be considered as the positive side because you are given more opportunities to make money.

UFX Service Countries

Another key point is the countries where this company operates. Therefore, checking UFX reviews we found that they operate in the following countries:

  • US
  • UK
  • Canada
  • Brazil
  • Australia

The latest comment was from a customer in the UK 15 hours ago before writing this review. Must be remembered that FCA from the UK banned their services in 2020.

UFX Account Types

UFX Account Types

Furthermore, if you are looking still to trade with a UFX broker, here are the available account types:

  • Micro/mini � � $100
  • Mini� � � � � $500
  • Standard � � � $1.000
  • Gold � � � � � � $5.000
  • Platinum � � � $10.000
  • Islamic� � � � � $10.000

Firstly, higher account types bring you more educational programs, VIP support and exclusive updates. Secondly, you have a minimum required trading volume that ranges from $250 up to $100.000. With that in mind, traders should be very careful in choosing accounts.

Can Customers Create a Demo Account For Free?

Significantly, a big advantage is access to a demo account. UFX broker allows you to trade with virtual assets before you deposit the money. However, trading with virtual money is not recommended. Mostly due to the false picture presented about trading,

UFX’s Affiliate Program – What Does It Offer?

In this case, the program requires a trader to bring people to the UFX trading company. For every referred client they are rewarded with a certain amount of money. For instance, if the client deposits less than $1.000 referral gets $100. Comparatively, if they deposit more than $1.000 referral gets 10% of the amount deposited.

UFX Deposit and Withdrawal Policies

On the positive side, clients don’t pay for payment operations, maintenance of trading accounts or provision of terminals. Moreover, there are no deposit or withdrawal fees according to the UFX company. However, in some UFX reviews, we could see some clients having trouble during the withdrawal process.

Hence traders look for different and more reliable options.

Payment Methods Available

In either case, available options are a credit/debit card, bank transfers, and e-payments. For example, they accept Visa/Master/Diners cards. In terms of e-payments available are Skrill, Neteller, iDeal and many more. Given these points, clients can make an educated decision about choosing their broker.

UFX Terms & Conditions – What You Need to Know

Important to realize is that the UFX broker charges $100 for account deactivation.� Moreover, they don’t offer guaranteed stop/loss which is a huge disadvantage. On the positive side, they provide negative balance protection and hedging. To sum it up, fair and transparent trading conditions.

Leverage, Spreads, and Fees

On the contrary leverage and spreads are higher compared to other trading companies. For instance, leverage of up to 1:400 is violating any regulations for trading in the EEA zone. Spreads that start from 2 pips are already higher than a standard average of 1.5 pips. On the positive side, there are no additional fees.

What Should I Do If I Have UFX Problem?

All things considered, clients might have issues with the UFX broker. However, you can always reach their previous regulator. If that doesn’t help you our expert team can give you advice on the next step. Book a free consultation today!

FAQ

What Is UFX?

It is a Vanuatu-based broker that offers FX and CFD trading services since 2007. However, during that time UKs FCA banned their services in the UK.

Is UFX a Regulated Broker?

No.� They were regulated by CySEC which is a Cyprus-based regulator. However, they voluntarily requested a renunciation of their license.

Is UFX Available in the United States or the UK?

As per the company, they don’t provide services to the mentioned countries. However, UFX reviews are showing a different story.

Does UFX Offer a Demo Account?

Yes. As a big benefit for traders, they can test the services of UFX broker without depositing money first.

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