Founded in 2007, UFX Markets got rebranded as UFX in 2014. This broker out of the Republic of Vanuatu, has built a big name for itself through the last few years. The rebranding came to match the three-letter domain name they acquired. This broker operates with an STP or Straight-Through-Processing business model, that is MiFID compliant, and regulated through several financial regulatory agencies around the world.
Offering a variety of assets, and state of the art trading platforms, and account types, you will have the choice to trade the way you want to trade with UFX. Not only is the large amount of choices great but what this broker has done in a short amount of time is impressive.
While the cheapest minimum deposit required by UFX accounts starts at $100, each account type has a different minimum deposit requirement. There are 6 different account types you can pick from. These 6 accounts are:
- Micro Trading Account: With this account you will need a minimum deposit of $100, in return you receive 24/5 support, Daily Recommendations, Daily News, and Video Library Access.
- Islamic Trading Account: $100 minimum deposits, with everything the Mini Trading Account offers.
- Mini Trading Account: This account comes with a $500 minimum deposit offers all the tools that come with Micro Account plus a Personal Coach that will help you build a strategy perfect for you
- Standard Trading Account: A minimum deposit of $1000 will get you this account, and on top of everything you get with a Mini Account and Exclusive Updates and VIP Support.
- Gold Trading Account: For only $5000, you will get a Gold Account that comes with everything Standard Account provides plus, SMS Alerts and Access to the MT4 Platform.
- Platinum Trading Account: If you are a high-volume trader who has $10,000 in their account you will get a Platinum Account, with everything a Gold Account offers.
Type of trading platform you must use, will depend on your account type. There are two main choices to pick from with UFX, ParagonEx Web Trader 4.0 and the classic MetaTrader 4 (MT4) from MetaQuotes Software Corporation.
- ParagonEx Web Trader 4.0: UFX delivers with their own proprietary trading platform in ParagonEx Web Trader 4.0. This platform as stated by the name, has seen series of changes and upgrades through the years. With a smooth and easy to use interface, this platform is made for users of all experience levels. With charts powered by NetDania comes with 53 indicators and 21 drawing tools, and several other useful tools. You will also be impressed with the offering of the awarded MassInsights Technology provides traders with information on prevailing trends in the markets.
- MetaTrader 4: The go-to trading platform in the world on online trading, MetaTrader 4 or MT4 is used by 4/5 of all traders in the market. Offering countless tools for their traders, advanced charting packages and a vast library of technical indicators. This industry standard is used this much for a good reason. Don’t forget you will also get access to EAs or Expert Advisors who will allow you to trade automatically, with EAs you will be able to trade more than you ever could manually.
With UFX you will have a choice of mobile applications to choose from. Whether you are on an IOS or Android mobile phone you will have access to all the tools and technology offered through the computer-based platforms. With features such as MassInsights Technology, advanced asset charts and trading tools you will be covered when trading on the go.
When your account is setup you will need to fund it to decide your account type. To do this you can use one of the three options available for deposits, these options are:
- Credit/Debit Cards
- Bank Wire Transfers
- eWallets (Neteller, Skrill, Sofort, Poli)
Credit/Debit cards and eWallets will allow you to transfer your funds to your account instantly while wire transfers can take 1-3 days for the deposit to process.
You can use all three of these options for your withdrawal process as well. It is important to remember, unlike most of their competitors, UFX has a minimum account requirement of $50 for deposits, and $70 for withdrawals.
Spreads & Commissions
Spreads offered with UFX are fixed and are completely based on the trading account that you chose. The spread moves in perspective to your account. So, while your mini account starts with spreads around 4 pips for EUR/USD pairing, this continuously goes down as your account type moves up. For example, for your Standard account you will have a spread starting at 3 pips on the same currency pair and 2 pips for the Gold and Platinum account. More information on these spreads you can check out UFX’s website. One thing worth mentioning is UFX’s spreads are higher than most of their competitors.
When it comes to commissions, there Is technically none. UFX makes their money from a small added on the spreads offered.
Leverages are a very useful tool and offering of most brokers, they are a risky tool at your disposal. With A leverage of 400:1 is the max leverage offered with UFX you will have ability to make big money from your investments. It is important to remember however, as much as you can make you can also lose so make sure you do enough research and are experienced enough before going big on a trade on margin.
Regulations & Security
Since they are founded in Republic of Vanuatu, UFX comes under the jurisdiction in Vanuatu Financial Services Commission. Also, they are regulated by Cyprus Securities and Exchange Commission (CySEC) making them compliant with MiFID. MiFID compliancy permits UFX to function in all of Eurozone.
With award winning security systems and recognition for being reliable and trustable across the industry, you should feel safe taking your business to UFX. With over a decade of experience you really are in good hands with UFX.