UFX Review: a Forex Broker on the Limit

WARNING

This Broker remains uncertain to us, which is why we strongly recommend that you turn to a platform like IQ Option (our review) to TRADER. A highly secure platform that is highly appreciated by its users.

Trade on IQ Option

 BrokersRating 
number 00e9ro 1eToro logo★★★★★★★★See Site (*)
number 00e9ro 2IqOption logo★★★★★★See Site
number 00e9ro 3BDSwiss logo★★★★★★See Site
number 00e9ro 4XTB logo★★★★★See Site
number 00e9ro 5AvaTrade logo★★★★See Site


UFX or formerly UFX Markets is a well-known operator in the trading sector, and this is simply because it has been present on the market since 2007. However, many traders do not know more about this broker, which is nevertheless recognised in Europe. So what are the trading offers offered by this broker? And is it a trusted operator? Here is our test on UFX:

UFX: A Forex and CFD specialist

UFX Markets is an online broker offering trading on Forex and CFDs. A wide range of assets are available for trading on the portal, including Forex currency pairs, equities, indices, commodities, as well as ETFs.

Shares of major global companies such as Facebook, Apple, Coca Cola, Adidas and Google are tradable on the platform, as are the most popular pairs such as EUR/USD, USD/JPY and GBP/USD.

In addition, there are the main commodities and metals, such as gold, silver, oil, wheat and corn; international indices such as the Nasdaq, DAX 30, Nikkei and the famous CAC 40, as well as some ETFs.

The complete list of assets is available on the broker’s website, with their characteristics and trading times. The offer is attractive but we will see lower than there are a few hiccups!

ufx review

UFX: A minimum first deposit of $100

UFX Markets stands out from other brokers by its great ease of access. Welcoming beginners as well as professionals, this Forex broker offers different types of accounts, adapted to everyone’s needs.

Beginning traders can start with a demo account or open a Micro account with only $100 of deposit, while intermediate traders can purchase a Mini account for $500 or a Standard account for $1,000. Experienced traders, on the other hand, can open a Premium or Platinium account, starting from $5,000 of deposit.

ufx trading account

These pro accounts provide access to various advantages such as a 24-hour technical analysis room and automated trading functions. The microphone account seems to be interesting to start with but unfortunately really too weak to enjoy forex trading. The Mini account remains the real first price for this type of offer at UFX.

UFX: MetaTrader 4 for trading

For several years now, MetaTrader 4 has been one of the most reliable trading platforms on the market. In order to offer comfortable trading to its traders, the broker has opted for this platform, which can be adapted to beginners as well as expert traders. Novices can limit themselves to basic features such as click position openings or graphic tracking, while professionals can use other features such as automatic order processing, among others.

ufx metatrader 4

UFX Markets also has MassInsights technology, which allows it to monitor market movements in real time. This greatly facilitates decision-making.

UFX: Zero commission trading

As far as trading costs are concerned, UFXMarkets is remunerated only via spreads and does not take any additional commission. The broker applies fixed spreads, the values of which depend on the asset and the type of account subscribed by the trader.

ufx mobile applicationPremium account holders obviously benefit from tighter spreads. Especially for the EUR/USD pair, the spread applied is 4 pips for Micro and Mini accounts, while it is only 2 pips for professional accounts. UFXMarkets also allows you to bet with a leverage effect. Depending on the type of trading, it is possible to use leverage up to 400.

We can see that there is a double standard. The 4 pips spread is huge for the weakest accounts while the so-called “pro” accounts benefit from a much better offer. But in the end, if we consider competition, UFX is far from being competitive and the argument without costs is not admissible. As a Market Maker, UFX must generate margins, but it is clear that there is a real risk for small accounts.

UFX: A very responsive customer service

One of the main advantages offered by UFX is its customer support. As soon as they register on the site and throughout their transactions, the broker’s members can, in fact, be assisted at any time. Customer service can be reached directly by chat, phone or email, and can answer any questions you may have.

ufx mass insights

UFX Markets also has a large network of personal trading advisors and, as an added bonus, all the practical points on transactions, account management and the basis of trading in general are already covered in the FAQ section of the site.

So far so good, but we have to take into account the feedback from Internet users and the many complaints made in previous years about the broker’s silence when unexpected losses occur or when withdrawals are requested. On our side we have not noticed any problems but we are still suspicious.

UFX: Regulation on the European market

What you also need to know about UFX is that it is a well regulated broker in Europe. Although its headquarters are in Limassol, Cyprus, this brokerage company is present in various European countries, including the United Kingdom, where it is registered with the CAF or Financial Conduct Authority. It is also recognised by the Banque de France (a study by its parent company on Regafi will show that the ACPR recognises UFX) and, in the context of its activity, it is in full compliance with the European MiFID directive. Traders should not normally have any concerns about the security of their money.

webtrader ufx

UFX has not always been a reliable broker for its traders. This image can be very important to him, knowing that in addition to that, the broker’s parent company was sanctioned by CySEC in 2015. We remain suspicious of UFX, which explains the broker’s low score. However, we believe in redemption and will continue to observe this broker to see if his practices improve.