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Would you Like to be Inspired, Excited and Rewarded? Read our UFX Forex Broker Review.
If you’re looking for excitement, inspiration and rewards, UFX promises to provide it. Whether this is true or not is something you can really only decide for yourself. The purpose of this UFX review is to provide you with some of the most pertinent details so that you can come to a decision on your own. We can share our own experiences, but the truth of the matter is that the best way to find out about a broker is to try them out. That doesn’t mean our reviews are worthless, though. On the contrary, in fact, as we try to give an honest and unbiased opinion every time.
- UFX Rewards: Cashback for every trade
- Max Leverage: 1:200
- Spread: 2
- Forex Licences: CySEC, MiFID, FCA
A brief introduction to UFX
UFX is owned and operated by Reliantco Investments Ltd, and is licensed and regulated by CySEC. This also means that it operates within the strict standards laid down in the Markets in Financial Instruments Directive (MiFID). UFX entered the online trading market in 2007, but didn’t receive its EU licence until 2011.
UFX is an STP (Straight Through Processing) broker, which means it will never take the opposing side to your trades, and offers fixed spreads.
Take part in the cashback programme and get your UFX bonus.
UFX has decided to reward loyal clients with a cashback programme, and it claims that it is currently the only offer of its type given in the world of Forex trading. For every trade you make, UFX will award you a certain amount of cashback, depending on the type of asset. UFX allots you a trading target once you’ve made your first deposit. Once this target has been reached you will be able to redeem your cashback award. And don’t worry about losing track, because you can keep an eye on your progress via your UFX Reserve.
UFX also chooses to say thanks by running a number of different competitions. We have to agree it is a pretty smart idea, and certainly adds another level of enjoyment. The prizes are certainly very appealing: So far UFX have given away a Lotus Elise, and exclusive entry to Mike Tindall’s Celebrity Golf Classic.
There are also a number of smaller UFX bonuses offered from time to time, and you can check the latest offers on the company website. Last Christmas the following were given away:
- $100 Amazon Gift Card for every $500 investment
- GoPro Action camera when you invested $2,000 or more
- DJI Phantom 3 RC drone for investments of $3,500 or more
- Apple iMac for every $6,000 investment
- $3,000 Four Seasons gift card when you invested $15,000 or more
- Breitling Bentley Barnato racing watch for investors depositing $50,000 or more
UFX platforms are easy to use.
Many of you will be pleased to learn that UFX offers MetaTrader 4 as one of the options, which as you all know is a very user-friendly platform. It is however, restricted to Gold and Premium account holders. Also available is ParagonEx Web Trader 4.0, which can be accessed through any Web browser. This latest Web Trader version makes use of MassInsights Technology to provide you with a unique experience. There is a comprehensive live stream of market events and accumulated trader behaviour, so you can see what is important in real time. The UFX mobile app allows you to trade on the go, is compatible with iOS and Android devices, and is completely free to download.
UFX provides five different types of trading account.
There is a good range of account types available with UFX, starting with the Mini account, which 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. You get all of these benefits, as well as VIP trading support and exclusive updates, if you open a Standard account with a minimum deposit of $1,000. The minimum trading volume for a Standard account is $10,000. Next step up is the Gold account with a minimum deposit of $5,000. Minimum trading volume is $50,000 and you get to benefit from SMS trading alerts and access to the MT4 platform. The Premium account is aimed at the serious trader and requires a minimum deposit of $10,000. The minimum trading volume for this account is $100,000. Last but by no means least is the Islamic account, with a minimum deposit requirement of $1,000.
A wide range of deposit and withdrawal methods are accepted including Visa, Mastercard, Skrill, Neteller, Diners Club International, local bank transfer, and a selection of other local options. The process, timeframe and cost of individual methods is clearly explained in the payment methods page of the UFX website.
Customer support is offered on very personal level.
All UFX newcomers are provided with the services of a personal account manager who is available to help beginners learn the basics of trading, as well as to answer questions from more experienced traders. Customer service is available 24 hours a day throughout the trading week, and options include live chat, toll-free phone numbers and email. It is obvious that UFX takes the education of its customers very seriously, as there is a good range of educational material available. There are daily video reviews, a financial calendar, daily market reviews, educational tutorials, and analysis.
UFX was formerly known as UFXMarkets, but it has come on in leaps and bounds from its previous incarnation. One-to-one customer support, a Web-based trading platform, a variety of tradeable assets, and competitive spread pricing are some of the things that make it stand out from the crowd. In view of some of the negative reviews we’ve come across, though, we would advise you to be cautious with your trading, and preferably start off by opening a demo account.
|Company||Reliantco Investments Limited|
|Languages||English, Vietnamese, Malay, Indonesian, Arabic, Chinese, Turkish, Spanish, Czech, French, Italian, Dutch, German, Polish, Swedish, Japanese, Hindi, Romanian, Russian, Portuguese, Hungarian, Finnish, Danish, Norwegian.|
|Deposit Methods||Visa, Maestro, Mastercard, American Express, Diners Club, Skrill, Neteller, Poli, Sofort and more|