ufx review

Regulators: VFSC, CySEC

Cryptocurrencies: YES

Minimum Deposit: $100

Maximum Leverage: 1:400

Spreads: Low

My Score: 5.5

UFX is a broker with international reputation, also known as UFX Markets or UFX Bank. Since 2007, the company has been offering online forex trading services. Today, the company’s official website has more than 500,000 visits a month. An important part of this visit is from European countries such as Spain, Germany, France. At the same time the website is available in 24 different languages ​​including common languages ​​such as English, French, Spanish.

There have been user complaints on forums and various blogs about UFX which has been serving forex market for many years. Should investors worry about these complaints? What are the sources of these complaints? In this UFX review, you can find detailed answers about all the questions you have in mind. In this article you can read about the types of accounts offered by UFX and their details such as spreads, minimum deposit and maximum leverage. You can also find information on deposit and withdrawal methods and regulation.

Regulation and Client Protection

UFX is a little weaker than its competitors in terms of regulation. There are 2 regulations that UFX investors offer: VFSC in Vanuatu and CySEC in Cyprus. UFX has been offering forex trading since 2007, but it won the CySEC license in 2001, which many european traders consider important.

CompanyCountryRegulation
UFX Global LimitedVanuatuVFSC
Reliantco Investments LimitedCyprusCySEC

The CySEC regulation has many strict rules. There are strict rules that any broker must follow in order to obtain a CySEC license. For example; CySEC-licensed brokers are obliged to keep at least €1 million in bank accounts for the proof of their financial stability. In addition, clients’ funds of CySEC-licensed brokers are under guarantee of Investor Compensation Fund up to €20,000 in the case of the broker goes bankrupt.

Account Types and Spreads Offered by UFX

I think, one of the reasons why UFX is among the most preferred forex brokers is the wide range of account types offered by UFX.

UFX offers 6 different account types, all of which are fixed spreads. In UFX, I can say that the account type option is quite diverse, but they fail to create the account type appropriate for each investor type. You can see the important differences in the table below.

Account TypeMinimum Deposit Maximum leverageSpreads (fixed) 
Micro $1001:4004 pips EUR/USD
Mini$500 1:4004 pips EUR/USD
Standard$1.0001:4003 pips EUR/USD
Gold $5,0001:2002 pips EUR/USD
Platinum $10,0001:2002 pips EUR/USD
Islamic$1,0001:4004 pips EUR/USD 

For example, micro lots are only available for mini and micro account types. Moreover, the minimum trade size is 0.05 lots. This situation is a major drawback compared to their competitors. It is possible to trade in micro lots in almost all forex brokers. Some forex brokers offer trading in nano lots with 0.001 lots. To learn more about the micro lot and nano lot and to see the lot types in more detail, you can read the article I wrote earlier on this topic.

The minimum deposit for the Micro account type is $ 100. So you can open an account with UFX for $ 100 and start trading. However, this account is not advantageous for you. Because micro and mini account types’ spreads are 4 pips on EURUSD. If you prefer a Gold or Platinum account, you can trade with tighter spreads. However, the minimum deposit for these account types is $ 5,000 and $ 10,000, which is quite high. Moreover, mini lot and micro lot are not available in Gold or Platinum account type.

The maximum leverage you can choose in UFX is 1: 400 but this leverage is not available in the Gold or Platinum account type, which is advantageous in terms of spread. Moreover, access to the MetaTrader4 platform is only available for these two types of advantageous accounts.

There is also a swap-free account option known as Islamic account for Muslim investors who do not want to earn or pay interest due to religious sensitivities.

Payment Methods at UFX

MethodsDepositWithdrawal
MasterCard
Visa
Visa Electron
Maestro
Diners Club
Local Bank Transfer
Skrill
Neteller
SOFORT
ELV
Giropay
iDEAL
Neosurf
China UnionPay
CashU
Qiwi
WebMoney
POLi
paysafecard
Bitcoin

One of the things that makes UFX good is the deposit and withdrawal methods. UFX offers a wide range of deposit and withdrawal methods. Of course, as with other brokers, the fastest method is to use the credit /debit card option. Besides this, almost all popular e-wallet systems can be available as a payment method. You can also make deposits and withdrawals with Bitcoin.

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UFX

5.5

Trust

7.0/10

Commissions and fees

5.0/10

Customer Service

5.0/10

Platform & Tools

5.0/10

Product Portfolio

5.5/10

Pros

  • Commission free trading
  • Various bonuses available

Cons

  • Only fixed spreads offered
  • Account types and its conditions are not user-friendly
  • Spreads are higher than competitor
  • MT4 is not availeble for all account types

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