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UFX review and ratings

Established 2007
Location Cyprus Vanuatu
Regulation CySEC, VFSC
Offices Limassol, Port Vila, Prague
Broker type MM
Leverage up to 1:400
Deposit from 100 USD
Spreads high  high
Platforms Web MetaTrader 5 Specific Social Platform
Instruments Currencies Indices Metals Energies Stocks ETFs
Funding methods Wire Transfer Credit Cards Skrill Neteller UnionPay WebMoney Qiwi iDeal Sofort POLi Giropay PaySafeCard CashU

Company information

UFX group includes 2 related companies.

UFX CY - located in Cyprus, regulated by the Cyprus Securities and Exchange Commission (CySEC).
UFX VU - located in the Republic of Vanuatu, regulated by the Vanuatu Financial Services Commission (VFSC).

Be aware, CY company has some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.
At the same time, VU company accepts European traders, so one can open a trading account there.

Availability

UFX group accepts clients from all over the world, excluding USA and some countries where restrictions apply.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

50+ Currency Pairs Based on major and minor world currencies.
6 Indice Futures Based on baskets of different blue-chip stocks.
2 Metal Spot CFDs Based on Gold and Silver.
2 Energy Futures Based on Crude Oil (WTI) and Natural Gas.
380+ Stock CFDs Based on shares of US, UK and EU companies.
40+ ETF CFDs Based on exchange-traded funds containing various tradable assets.

Comprehensive review

UFX is a forex and CFD brokerage company with offices in both Cyprus and Vanuatu. Both offices are regulated under their respective jurisdictions, and trading conditions thus vary significantly between them. For example, the Cyprus-based branch limits trading leverage to just 1:30 in accordance with European regulations. Meanwhile, the Vanuatu-based branch of the broker allows leverage to go all the way up to 1:400.

UFX offers a range of different instruments for trading. A large part of these instruments are stock CFDs, with nearly 400 largely American and European companies available for share trading. In addition, the broker also has a pretty good lineup of currency pairs for trading, with more than 50 major, minor, and exotic currencies.

Other than stocks and forex, UFX offers trading in a range of major equity indices, metals, energies, as well as soft commodity CFDs.

All assets can be traded both on the broker’s own proprietary trading platform (UFX Web Trader), as well as on the widely used MetaTrader 5 (MT5) platform.

In short, the UFX Web Trader is a trading platform that comes with lots of interesting features for traders. The platform offers live stream of market prices via the broker’s own MassInsights technology, and makes trading easy with big icons, dynamic charts, and an easy-to-use overview of various markets.

Also worth noting about this broker is that it uses the dealing desk (also known as market maker - MM) model. What this means is that all trades are matched internally by the broker essentially taking the other side of all trades. Although this model is often criticized because of the apparent conflict of interest that arises between the broker and the client, a dealing desk model also ensures that there is always sufficient liquidity in the market to buy or sell any instrument.

When it comes to trading accounts, UFX offers its clients six different options to choose from; Mico, Mini, Standard, Gold, Platinum, and Islamic account. The accounts require varying levels of minimum deposits, ranging from USD 100 for the Micro account, to USD 10,000 for the Platinum and Islamic accounts.

The main benefit of going with one of the more elite account types is that they offer tighter spreads on all trading instruments. Truth be told, however, dealing desk brokers usually don’t offer very tight spreads anyway, and the same is also true for UFX. Traders with larger trading accounts may therefore find it more suitable to trade with a broker using the ECN (electronic communications network) model.

In terms of funding methods, UFX accepts a wider range of options than we typically see from other forex & CFD brokers. In addition to the usual methods like bank transfer, Visa & MasterCard, and the standard e-wallet platforms Skrill and Neteller, this broker also accepts the Australian payment service POLi, as well as credit cards like Maestro, Diner’s Club, and American Express (AmEx). Unfortunately, cryptocurrency deposits are not accepted.

In conclusion, it should be pointed out that dealing desk brokers like UFX are not the most suitable for large and professional traders due to the wide spreads on all trading instruments. For beginners and those trading with rather small trading accounts, however, this broker may be a decent choice.

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