Founded in 2007, UFX is a Forex broker regulated by the Vanuatu Financial Services Commission under licence number 14581. UFX provides competitive trading conditions and has won an award for their propriety ParagonEx trading platform. UFX Global Limited, which owns and operates UFX is a company incorporated in Republic of Vanuatu, located at T19, 1st Floor, Tana Russet Plaza, Kumul Highway, Port Vila, Vanuatu. In the UFX review that follows, we’ll delve into what makes this broker tick and help you decide if this Forex broker is right for you.

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Account Types

The five provided account types are: Micro/Mini, Mini, Standard, Gold, Platinum and Islamic. Each of these requires a different deposit amount and each requires a specific trade volume. The specifics for each of these account types are provided below.

MICRO/MINI

Minimum Deposit: $100
Minimum Trade Volume: $250
Daily Market Reviews: Yes
Video Library: Yes
Daily Recommendations: Yes
24-Hour Live Support: Yes
VIP Trading Support: No
Exclusive Updates: No
Access to MT4 Platform: No

MINI

Minimum Deposit: $500
Minimum Trade Volume: $5,000
Daily Market Reviews: Yes
Video Library: Yes
Daily Recommendations: Yes
24-Hour Live Support: Yes
VIP Trading Support: Yes
Exclusive Updates: No
Access to MT4 Platform: No

STANDARD

Minimum Deposit: $1,000
Minimum Trade Volume: $10,000
Daily Market Reviews: Yes
Video Library: Yes
Daily Recommendations: Yes
24-Hour Live Support: Yes
VIP Trading Support: Yes
Exclusive Updates: Yes
Access to MT4 Platform: No

GOLD

Minimum Deposit: $5,000
Minimum Trade Volume: $50,000
Daily Market Reviews: Yes
Video Library: Yes
Daily Recommendations: Yes
24-Hour Live Support: Yes
VIP Trading Support: Yes
Exclusive Updates: Yes
Access to MT4 Platform: Yes

PLATINUM

Minimum Deposit: $10,000
Minimum Trade Volume: $100,000
Daily Market Reviews: Yes
Video Library: Yes
Daily Recommendations: Yes
24-Hour Live Support: Yes
VIP Trading Support: Yes
Exclusive Updates: Yes
Access to MT4 Platform: Yes

ISLAMIC

Minimum Deposit: $10,000
Minimum Trade Volume: $100,00
Daily Market Reviews: Yes
Video Library: Yes
Daily Recommendations: Yes
24-Hour Live Support: Yes
VIP Trading Support: No
Exclusive Updates: No
Access to MT4 Platform: No

Platforms

As mentioned previously, UFX does offer their own proprietary trading platform which is offered in both WebTrader and app formats. The apps can be downloaded from Google Play or in the Apple app store. They do make the MetaTrader 4 platform available to some clients, dependent upon account type. Only Gold and Platinum level account holders will be able to access and use MT4, so do keep this in mind if you plan to trade with this Forex brokerage and do not want to use their proprietary platform. Among the primary perks of the UFX platform is the inclusion of MassInsights™ technology, which provides traders with access to a live stream of market events and allows one to view aggregated trader behaviour.

Elements of the MassInsights™ stream include:

  • Trending Prices
  • Turnaround (Prices changing directions)
  • Volatility Spotted
  • Increase in Openings
  • Volume Growth
  • Uptrends & Downtrends
  • Financial Events Calendar
  • Market News

UFX has partnered with Trading Central, a leading provider of financial research to offer clients information and analysis from some of the market’s top experts. Note that Trading Central is only made available to clients who deposit $1,000 or more in their account on their initial deposit. For reference, a $1000 deposit would provide one with the ‘Standard’ account type and thus access to the perks associated with that account level.

UFX is a full STP (Straight-Through-Processing) broker, using ECNs (Electronic Communications Networks) to transmit orders to the best priced execution venue. There is no trading desk and the broker does not trade against their clients.

Leverage

The maximum leverage offered by UFX is 400:1. With leverage of 400:1, the minimum deposit of $500 would provide you with access to $200,000 in trading capital. The maximum leverage remains the same regardless of the type of account that is chosen and it can be lowered at the clients request. The industry average maximum is 500:1, so the maximum here is not much lower and should not be much of an issue for those who do trade with leverage.

Trade Sizes

Rather than providing a minimum trade size in lots, as we often see most FX broker do, UFX requires a minimum position size of $25. The actual number of lots (or fraction of a lot) that this will be will vary widely, depending on the the chosen asset and rates at the time. They do not place any limitations as to maximum trade sizes. Do consider using a demo account to see examples of exactly what trade sizes would equal to with various assets using the $25 minimum.

Trading Costs

UFX does not charge any commissions or trading fees. UFX does not charge regular maintenance fees, however, it does reserve the right to charge a $50 fee on open, inactive accounts that have not been used for a period of three months. This broker, like most, does charge a rollover fee (also known as an overnight swap). The rollover fee is calculated when a a position remains open past 00:00 GMT. At that point, the trader will pay or receive the interest rate on the currency pairs they hold. At the end of each trading day, traders can see on their account statement if they were charged or received a rollover fee. On regular weekdays, rollover is charged for the past trading day. As there are five days in the trading week, on Wednesdays, rollover interest for the next weekend is charged for three days.

Assets

UFX offers a variety of assets, including currencies, stocks, commodities, ETFs and indices. In total, there are over 300 assets to choose from, which should be more than enough for even the most advanced of traders.

Their asset list includes:

  • 50 Currency Pairs
  • 4 Commodities
  • 6 Indices
  • 200+ Stocks
  • 40 ETFs

While they do not provide a list of cryptocurrencies for trading, UFX does include Bitcoin in their currency pairs list and does allow trading on this one, single digital asset at this time. Those wishing to trade on a broader variety of cryptos will need to consider either trading elsewhere or trading with more than one Forex broker.

Spreads

UFX offers fixed spreads that are based on account type. Premium account holders receive the tightest fixed spreads. As this broker does not charge any commissions on trades, you can expect that their spreads will be slightly higher than their competitors who are charging commissions. UFX does provide a comprehensive list of spreads on each asset, broken into the various account types on their website, but we’ll provide one example for the EUR/USD pairing below.

  • Micro – 4 pips
  • Mini – 4 pips
  • Standard – 3 pips
  • Gold – 2 pips
  • Platinum – 2 pips
  • Islamic – 2 pips

While considered uncommon, spreads can vary during extreme trading conditions or during non-trading hours. Should you attempt to trade under these conditions, the current spreads will be presented in advance of trading. For custom spreads, the broker asks that you contact their customer support team.

Minimum Deposit

UFX asks for a minimum deposit of $500. While this is clearly more than the minimum required by many other brokers, we often make it clear that it is extremely tough (if not impossible) to trade with a $10 deposit and can even be a challenge with a $100 deposit. Even when leverage is factored in, one must have a properly funded account in order to avoid limitations. The old saying, “it takes money to earn money” is most certainly true in the case of Forex trading.

Deposit Methods & Costs

The accepted deposit methods include:

  • Visa
  • MasterCard
  • Diners Club
  • Bank Wire
  • Skrill
  • Neteller
  • SOFORT
  • ELV
  • Giropay
  • iDEAL
  • Neosurf
  • China UnionPay (CUP)
  • CashU
  • Qiwi
  • WebMoney
  • POLi
  • paysafecard

UFX does not charge fees on deposits, regardless of the chosen deposit method. UFX does not accept third party deposits and will only pay out withdrawals using the payment method or methods which were used to fund the account. Do keep this in mind when funding an account.

Withdrawal Methods & Costs

The same payment methods accepted for deposits are available for withdrawals. UFX does not charge any withdrawal fees, regardless of the number of withdrawal requests made each month, which is excellent. If you do see a charge on a withdrawal, it would be that assessed by your payment provider. For example, banks often charge a fee on incoming wire transfers. The lowest accepted withdrawal request is $25 and the system will automatically reject any request that is less than this amount. To submit a withdrawal request, sign into your account and click on the profile avatar in the top right corner. After that, choose “Withdraw Funds” from the drop down menu and enter the required information.

Withdrawal Processing & Wait Time

Withdrawals take 3-10 business days to process. Most brokers do make every attempt to process withdrawals within two business days, so ten days is a bit extreme. Withdrawals can only be processed and transferred via the payment method that was used to make a deposit. For example, if you deposited funds with a credit card, the withdrawal amount will be transferred to the credit card account from which the deposit was made. Any additional funds exceeding the deposit amount(s) will be paid out via bank wire transfer.

Bonuses & Promotions

UFX has offered trading competitions in the past, giving away a Aspen White Lotus Elise in the summer of 2014, but as of this writing does not have any live promotions running. They have also offered deposit bonuses in the past, but are not offering them as of this writing. In instances where deposit bonuses are offered, there will be terms and conditions which must be met in order to withdraw those funds. The broker will provide the specific information for such offers.

Educational & Trading Tools

Daily market reviews and an economic calendar are available on the site. As for trading tools, please see the ‘Platforms’ area of this review for more information on the many analysis tools and alerts that are offered. UFX’s frequently asked questions area and website does provide some educational information. The FAQ area goes so far as to provide definitions of many trading terms. All traders, regardless of account type, will have access to a video library containing content on how to trade, strategies and much more.

Customer Service

UFX offers 24/7 live support to all clients. They do offer live chat, along with a plethora of contact numbers for a variety of locations (shown below). A contact form is provided on the site for those who would like to open a support ticket. Up to 5 files can be attached to support tickets. Those who have questions or concerns regarding their compliance documents can reach the compliance department directly by sending an email to: compliance.department@ufx.com. Compliance documents can be submitted via fax using the following telephone number: +44-207-681-1810.

Demo Account

UFX does offer demo accounts for both platform types. In addition, it is possible to view their platform live (without actually being able to trade within it) by clicking on ‘Trading Platform’ from the drop-down options on the homepage. This option will allow you to view real-time pricing, sort by asset and change platform views. For those who are already well-versed in the workings of FX trading, this is an excellent way to view the proprietary platform to see if it is to your liking without having to use a demo account to do so.

Countries Accepted

There was a time during which U.S. and Canadian clients were unable to use UFX as their broker. In fact, most of the older UFX reviews available online still state this. However, it seems that this has changed now that they have a branch which is located and regulated with the Republic of Vanuatu. For more information on location restrictions for your specific area, contact the UFX support team using any of the contact methods mentioned above.

Conclusion

There’s plenty to like about UFX, with the brokerage having the awards to back up this fact. There are a few elements that will be considered drawbacks, such as the larger minimum deposit and the requirement to hold a higher tier account if you want to use MT4 as your platform. These are countered by advantages though, such as commission-free trading, plenty of funding methods being accepted and a host of extra trading tools being provided. Overall, UFX is the complete package and should be in a position to meet or exceed the needs of most Forex traders.

 

 

 

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