7.4/10
  • UFX

  • Bonus: Available
  • Regulated: No
  • Rating: 7.4 / 10
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Broker Name: UFX
Platform(s): CFD, Crypto
Founded: 2016
Bonus: Available
Spreads: 1-2 pips
Leverage: 1:200
Regulated:   No
Demo Account: Yes
Minimum Deposit: 100
US Traders:   Not Accepted

UFX Review

by Martin Kay

UFX is an international brand of CFD broker that is committed to offering you the best possible experience on its trading platform, or so they say. UFX.com is a company incorporated in Republic of Vanuatu, located at Govant Building, Kumul Highway, P.O.Box 1276 Port Vila, Vanuatu. It is also associated with United Global Ventures LP, Suite 1, 4 Queen Street, Edinburgh, United Kingdom, EH2 1JE, which is a virtual office shared by over 400 other businesses.

 

Editor’s Note: Why does UFX Sucks in 50 Words?

Most bad complaints are about pushy marketing calls and misleading information about deposit sizes. I don’t like it.

 

Why UFX doesn’t Suck in 50 Words?

On the other hand, UFX gets good reviews and you can’t do better than that. It doesn’t get perfect reviews but there is a nice blend of satisfied customers that gives me a fuzzy warm feeling inside.

 

Is UFX A Scam?

UFX bears some hallmarks of a legit broker but the Vanuatu regulation is a bit dubious. The broker is a legally registered company but that’s about it, there isn’t an oversight of brokers to be sure so they could be a scam. On the plus side, they actually get some good reviews from real people so they must be doing something right. The bad news is that the terms, complaints of harassment, and wide spreads make it a broker better to avoid.

 

Warning!: Trading with a non-regulated broker carries risk. It is highly recommended to Start trading with a regulated broker.

 
 

Should I Open An Account With UFX.com

UFX is a CFD broker built on the ParagonEx platform. They offer four ways to trade; web-based, MT-4 interface, mobile, and Trade Central. Trade Central is an add-on feature that links market information to your platform. The trading set-up is clean, you can view about a dozen pairs at once or a single asset with a chart of live prices. The charting set up is decent, not the greatest I’ve seen, but more than adequate to trade with.

UFX.com offers several account levels with a varying degree of support, including Islamic accounts. The minimum deposit is a mere $100 but it comes with a volume requirement. This means you have to trade a certain amount to maintain your status which is basically a way to make you keep trading.

The asset list is small. There is a full range of assets but only a few forex pairs, stock indices, commodities, and cryptocurrencies in each category. When I was checking the platform all the listed assets were available for trading so that’s good. The spreads are a bit wide so you have to be careful with your entries. They do reserve the right to charge you $50 every 3 months so be sure to keep up your trading volume if you choose this broker.

 

UFX Complaints

UFX gets a lot of complaints but there are mitigated by an equal number of good comments. The complaints center around pushy salespeople and harassment, not much mention of fraud although some people are unhappy with the minimum volume rules and getting charge inactivity or low activity fees.

 

UFX Regulatory Warnings

7.23.14 – UFX.com was warned by the Ontario Securities Commission in 2014.

5.20.15 – UFX.com if fined by CySEC for compliance issues.

20.12.17 – CySEC fines UFX parent over legacy issues.

 

Trading Bitcoin With UFX

You can trade Bitcoin and a host of other cryptocurrencies at UFX.com. The broker offers over a dozen CFDs based on cryptocurrencies. Spreads are a bit wide but can be lowered with a larger deposit.

 
 

UFX Ratings

User Friendliness 15/20

The platform is decent but the complaints about harassment have me worried. There is a lot of information but some of it is very hard to find.

 

Number of Assets And Expiry 15/20

They have a wide range of assets, and cryptocurrency, so they score points here; there are only a few of each category so they get points taken away. Expiry is open-ended on spot positions and spreads are on the wide side.

 

Commissions, Support And Effective Return 14/20

The spreads are a bit wide so take that into account. Support is there but they want you to deposit more money to get tighter spreads. Returns are what you make them.

 

Deposit, Payment And Bonus 18/20

Deposit is easy and can be done by wire, eWallet or card. Payments will take the standard 7-10 days to show but are reliably paid (if you make the minimums and don’t lose your ass). They also have a bonus that is based on the trading volume you earn while you trade, much better than the old BS deposit bonuses.

 

Website Extra’s 10/20

Nothing is extra, we’ve seen all this before.

 

UFX Overall Rating: 74/100

Warning!: Trading with a non-regulated broker carries risk. It is highly recommended to Start trading with a regulated broker.
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