UFX Review

UFX Overview

Founded 2007
Platform MetaTrader4, ParagonEX, Windows, Android app, Apple iOS app
Minimum account size £100
Minimum lot size 0.01
Tradable assets 400+
Maximum margin 1:400
Spread on EUR/USD 2 pips
Payment methods Credit Cards, Debit Cards, Skrill, CashU, Neteller, Wire Transfer
Demo account Yes
Accepts UK traders Yes
Regulated VFSC (Vanuatu)
Support Phone, Email, Live Chat, WhatsApp, Viber
Website www.ufx.com

 

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Pros

  • Regulated
  • Over 400 instruments
  • Plenty of ways to contact support
  • Extensive educational services

Cons

  • To enjoy all essential services, minimum deposit must be £500

 
UFX started its operations in 2007 and is owned by UFX Trade Limited which is authorised and regulated by the Vanuatu Financial Services Commission. According to their website, they offer “the most comfortable trading environment coupled with the finest trading conditions”. Sounds promising but are these claims accurate? You may continue reading this review to find out:

Platform

Aside from the well-known MetaTrader4 for serious traders, UFX also offers the ParagonEx Web Trader 4.0 which comes with MassInsights Technology so you can get access to a live stream of market events and aggregated trader behaviour. A Trade UFX mobile trading app is also available for both iPhone and Android users which is ideal for those who are always on the go. In terms of performance, it was very responsive and stable when I did my test and I never encountered any technical issues while using it. For this I am giving this broker a Platform score of 9/10.

Design

All the platforms have well-designed layouts and interfaces making it very easy to get used to even if you’re a novice in trading forex and CFDs. This is the reason why they notched a Design score of 4/5.

ufx platform

Minimum Deposit

Opening an account at UFX only requires a minimum deposit of £100 which at par with the the industry standards but if you want to enjoy all essential services then the minimum deposit must be £500. This warrants UFX with a minimum deposit score of 4/5.

Minimum Lot Size

Trades can be set with a minimum lot size of 0.01. This range is generally good as it also lowers the risks and opens the opportunity for you to effectively manage them. This deserves a Minimum Trade Score of 4/5.

Tradable Assets

Over 400 assets can be found on this broker. This number is considerably high and opens a lot of opportunities for making a profit since there are a lot of available options. It’s also notable that most of the forex, commodities, CFDs, indices, ETFs and stocks that they offer are the most profitable ones and for this reason, they earned a Tradable assets score of 5/5.

ufx assets

Payouts

Making money is the very basic reason why people trade forex which is why having a good pip value is important because it will measure the amount of possible profit or loss that can be made on a single trade. The spreads at UFX are fixed but they are tiered depending on the type of the account that is used. For the EUR/USD currency pair there is a spread of 4 pips for Micro, Mini and Islamic accounts, 3 pips for Standard accounts and 2 pips for Gold and Platinum accounts. Such spreads are dynamic and have been adjusted and for this, UFX earned a Payouts score of 8/10.
 

Withdrawal Time

There is £25 minimum withdrawal amount per payment method and processing may take 3 to 10 business days. Based on the actual withdrawal request that we did, it only took around 4 days and this is within the range that they promised. This deserves a Withdrawal Time score of 8/10.

Deposit and Withdrawal Methods

Banking at UFX is pretty easy thanks to the wide coverage of payment methods such as credit cards, debit cards, Skrill, CashU, Neteller and Wire Transfer. For this coverage, I am giving this broker a Deposit and Withdrawal Methods score of 5/5.

ufx deposit

Customer Support

The speed and quality of service that is provided by the support team is very important since they are the ones that you need to contact for questions or if you need any kind of assistance. Good thing UFX has a 24-hour support team that can easily be reached by a local UK phone number, email, live chat and instant messaging platforms including WhatsApp and Viber. It’s also worth mentioning that they have personal account managers who are very good in giving recommendations on what account type to choose and which assets to invest on. Overall, the quality of the answers that they provided to us were generally good which is why they are getting a Support score of 13/15.

ufx support

Quoting Accuracy

Even when the markets are rapidly moving, UFX rarely experienced slippages. Most of the trades that are based on the price that I entered are synchronized with real-time executable prices. This means that the orders quickly reaches the broker since there in no difference between the prices that I saw when I made the purchase and because of this I am giving UFX a Quote Accuracy Score of 9/10.

Reputation

UFX is regulated by the Vanuatu Financial Services Commission and this is a strong indication that they can be trusted because they were able to get a license from a reputable financial authority. Their credibility in the market remains untarnished even in the UK with a significant number good reviews about their services online. Not only that, they have also received a lot of recognition and awards which proves that they have a well-established name in the online trading arena and this is the basis why they received a Reputation score of 15/20.

ufx reputation
ufx reputation
ufx reputation

Conclusion

UFX has developed an online trading environment that has finest trading conditions while still following strict regulatory standards. The enhanced platforms with real-time calendar event notifications and market news plus a personalized customer support that is easily accessible over a number of communication methods will definitely give you a more rewarding trading experience.

Final Score: 85/100

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