Bonus: $50 No deposit
Regulation: CYSEC, MIFID
Instruments: Gold, Currencies, CFDs, Stocks, BitCoin and MT4 Platform
What qualities are you looking for in a CFD broker? Would you want to choose one which promises to make it an enjoyable experience? Or would you prefer to pick a broker which promises to provide the basics but little else? Online trading can be a stressful form of investment so an obvious choice could be one which keeps stress levels to a minimum and makes it as much fun as possible. Our UFX review should be able to shed some light on what you can realistically expect from this broker, and give you all the details to allow you to make a more informed choice.
Introducing UFX – A broker with a lot to offer investors
UFX is owned by Reliantco Investments Ltd and was originally founded in 2007. However, it didnâ€™t become an EU regulated broker until 2011. With its center of operations located in Cyprus, it is licensed and regulated by CySEC. As such, it also operates under the guidelines set by the Markets in Financial Instruments Directive. Certainly worth knowing, if youâ€™re looking for a trustworthy CFD broker. It has recently received some prestigious awards including European 2015 FX broker of the Year, the UK Forex Awards 2015 Best Value Forex Broker, and Best Forex Customer Service. UFX provides very competitive trading conditions with fixed spreads and no surprises. You even get to benefit from the help of expert personal trading consultants who will work with you on a one-to-one basis to increase your knowledge and help you to become a professional trader. UFX offer 32 currency pairs and a selection of indices, stocks, and commodities for trading and while the spreads arenâ€™t too competitive there are tighter fixed spreads available for gold and premium customers.
UFX rewards clients with a great loyalty program
UFX has chosen to concentrate on rewarding loyal clients, rather than enticing new customers with high-value bonuses. You are given the chance to earn cashback rewards for every trade you make. Whatever asset you choose there will be a certain amount of cashback awarded for each open position. It works using a series of targets and you are able to check your progress every step of the way.
Choose from five different account types with UFX
UFX believes anyone can become a successful trader with the right set of tools and support. All account options receive daily market reviews, access to a video library, daily recommendations, 24-hour live support and the services of a personal trading trainer. On top of these benefits, there are more individual features for each type of account.
Mini account – Minimum deposit $500, minimum trading volume $5,000
Standard account – Minimum deposit $1,000, minimum trading volume $10,000, plus VIP trading support and exclusive updates
Gold account – Minimum deposit $5,000, minimum trading volume $50,000, plus VIP trading support and exclusive updates, SMS trading alerts, and access to MT4 platform
Platinum account – Minimum deposit $10,000, minimum trading volume $100,000, plus VIP trading support and exclusive updates, SMS trading alerts, and access to MT4 platform
Islamic account – Minimum deposit $1,000, minimum trading volume $10,000 and includes all the basic features of the mini account.
Leverage is provided of up to 400:1. A range of payment methods are accepted including Mastercard and Visa, Skrill, Neteller, Diners Club, and local bank transfer. UFX does not charge any fees on deposits or withdrawals. However, withdrawals can take anywhere from 3 to 10 business days to process.
UFX offers MetaTrader 4 as a trading platform but only for gold and platinum account holders
We know many of you reading this UFX review will be pleased MT4 is one of the options. However, you may be disappointed to learn it is only an option for gold and platinum account holders. The rest of you will have to be content with using ParagonEx. Powered by Massinsights Technology it is a great alternative for new traders as well as those on a limited budget. There is no need for any complicated or time-consuming download and it can be accessed through any web browser. This particular software is exclusive to UFX but donâ€™t think this is going to make it difficult to use. On the contrary, as it is very user-friendly and easy to navigate. There is a UFX mobile version for those who prefer to trade away from the desktop, and itâ€™s compatible with most mobile devices.
UFX will give you your own personal trading consultant
Nowadays, it is a very rare occurrence to receive a personalized service. It just isnâ€™t common practice anymore. However, UFX is doing things a little different by offering all customers access to complimentary training services, tailored to suit your own needs. And this personal support doesnâ€™t disappear as soon as you become competent. They will be with you every step of the way. We didnâ€™t really have enough time to get the full value of this feature, but weâ€™re pretty sure itâ€™s a useful service. Especially when you read some of the customer comments. We were disappointed to see there is no educational center, especially for beginners. But being able to contact your own personal consultant should make up for that. There are plenty of frequently asked questions provided, and we actually found the FAQs section to be comprehensive. One thing we should point out is the maintenance fee of $50 you may be required to pay every six months. There is also the possibility of being charged an additional amount if your account becomes inactive for more than 3 months. Our advice would be to spend some time looking at all the questions and answers before signing up and investing your cash. If you need to get in touch with someone for further support there is a dedicated team waiting around the clock. You can use the online contact form or call one of the global representatives, send a text message via Whatsapp or Viber. There is also an online chat option.