de | cn | ru

UFX Review - Is it scam or safe?

UFX Review - Is UFX.com scam or safe?

RATING: 3 / 10 REVIEWS UFX
FIND BETTER FOREX BROKER

RECOMMENDED FOREX BROKERS


Account Types

 

Account Type Minimum Deposit  Minimum trade size Maximum leverage Spreads (fixed)  Access to MT4
Micro  $100 0.01 1:400 4 pips EUR/USD No
Mini $500  0.05 1:400 4 pips EUR/USD No
Standard  $1 000 0.1  1:400 3 pips EUR/USD No
Gold  $5 000 0.5 1:200 2 pips EUR/USD Yes
Platinum  $10 000 1 1:200 2 pips EUR/USD Yes
Islamic $1 000 0.1  1:400 4 pips EUR/USD  No

 

While most forex brokers offer clients a choice of several basic account types, UFX provides six, in order to suit the needs of traders of all levels of experience and preferences. All account types offer fixed spreads and wide range of financial instruments to trade. Micro lots are available for trade on Micro and Mini accounts.


What is more, there is a special Islamic account available to Muslim investors, which is swap-free.


The Company. Security of Funds


UFX (formerly UFXMarkets, UFX Bank) is an international broker, offering trading in broad-based array of asset choices: around 50 currency pairs, various CFDs on commodities, indices, and stocks, as well as a number of ETFs.


Founded in 2007, UFX is the trading name of Reliantco Investments Limited, a company which is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) since 2011.


The Cypriot financial watchdog applies a set of rules and requirements to license holders, such as the minimum capital requirement and the clients’ money rule.


The CySEC requires Cyprus-based forex brokers to hold at least €1,000,000 as a proof of financial stability and to keep clients’ money separated from the brokerage’s operational funds. Furthermore, CySEC applies a compensation scheme as an additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, able to provide compensations to a maximum of 20,000 EUR per person in the event that the broker is at default. Similar compensation schemes also apply in other jurisdictions.


In addition, as CySEC is part of the European MiFID regulations, all companies regulated in Cyprus are free to operate in all EU Member States.


Trading Conditions


Minimum Initial Deposit
The minimum initial deposit for UFX’ clients is $100, however in order to enjoy all essential services, the required minimum deposit is $500. In comparison, easyMarkets, another Cyprus-based brokerage, requires 2$5 from traders to open an account.


Average Spreads & Commissions
Spreads with UFX are fixed, varying by account classification. However, we find them comparatively high, as they amount to 4 pips for the EUR/USD pair on most accounts. The best spreads with this broker are on the Gold and Platinum accounts – 2 pips on EUR/USD, however one has to deposit at least $5 000 in order to be able to use them. In fact, fixed spreads of 2 pips are average for the forex market and according to us, premium account types (such as Gold and Platinum ones) with high minimum initial deposits are expected to offer better pricing.


In comparison, the fixed spreads offered by easyMarkets on their Standard account type (accessible with just $25) amount to 3 pips.


Like most fixed-spread brokers, UFX does not charge any commission, as it gets its remuneration through the spread. Keep in mind, however, that UFX charges inactivation fee of $50 when a client account has been inactive for a period of three months.
You may look up real-time spreads of 15 leading brokers here


Leverage
The maximum leverage level provided by this broker is 1:400, which is considered high, although most FX brokers offer similar or higher ratios. easyMarkets, for example, also offers maximum leverage rates of 1:400. You can check out a list of forex brokers, offering leverage equal to or higher than 1:500 here.


Trading Platforms


UFX offers its clients a choice of two trading platforms: its proprietary ParagonEx Web Trader, and the most widely used forex software, MetaTrader 4.


Accessible through any web browser and with no download required, ParagonEx 4.0, puts the most popular assets front and center. There is also a Single Asset Page option that provides traders with all the information they need on a specific asset.


UBX' proprietary platform - ParagonEx Web Trader. Click to enlarge


What we like most about UFX’ in-house platform, is the MassInsights™ Technology, located in the right side of the screen, It is a unique trading technology that offers a comprehensive live stream of market events and aggregated trader behavior.


Of course, if you prefer to stick with the good old MT4, that option is also available. MetaTrader 4 is preferred by most traders, because it is equipped with an advanced charting package, a number of technical indicators, extensive back-testing environment and Expert Advisors (EA). Here is a list of more forex brokers offering MT4 platform.


Scalping is allowed with this broker, however keep in mind that UFX has a one-minute minimum time to close a deal after it has been opened.


Promotions
UFX looks like a generous broker. At the time of writing this review, it offers on-deposit, Refer-a-friend and Practice Mode Bonus.


30% on deposit bonus up to $10,000, which can be withdrawn after the required trading volume is reached.


Refer-a-friend bonus of $100, if the New Account Referral makes an initial deposit between $500 to $1,000, or 10% bonus from the New Account Referral’s deposit if the initial deposit is between USD 1,000 to USD 10,000. The bonus will be credited directly to the Referrer’s account and will be subjected to USD 1 million of trading volume for each USD 100 bonus to become withdrawable.


Practice Mode Bonus up to USD 60 is also available to demo account holders.


Furthermore, UFX offers Rebate Bonus, Pip Spread Bonus, Happy Hour Bonus and other promotions.


Methods of Payment


UFX offers its clients a wide range of payment methods: bank to bank wire transfer, via credit/debit card, Skrill, Neteller, SOFORT, ELV, iDEAL, CUP, Qiwi, WebMoney, paysafecard, Neosurf, Giropay POLi CashU, and Bitcoin.
UFX trader accounts use US Dollars only.


The broker does not charge fees on money transfers, but keep in mind that withdrawals take from 3 to10 business days to process.


Conclusion


UFX is a reliable and well-regulated FX & CFD broker that utilizes both its in-house web-based platform and the popular MetaTrader 4. It claims to be a pure STP broker, however it offers only fixed spreads, which are not quite competitive. To sum up the above, here are the advantages and drawbacks in relation to this broker:

 

Pros  Cons
Well-regulated Only fixed spreads offered, comparatively high
Choice of trading platforms, MT44 availabe MT4 available only with high initial deposit
Commission-free trading
Advanced trader sentiment technology (MassInsights) on ParagonEx Web Trader  
Various bonuses available   
   

 

Latest news about UFX
No news about UFX . Check back later.
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for UFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Horrific

I signed up to UFX after following a scam news article about bitcoin on the dragon's den. I stupidly took the article at face value and signed up, depositing the minimum $250 which was much more than I could afford but I was there because finances are difficult at the moment following sickness, and they prey on your vulnerability and naivity with the markets.

As soon as I entered my credit card details and agreed to the $250 payment for UFX and downloaded app, I tried to go back to the Dragon's Den news story because it wasn't obvious what I was now supposed to do - the website had dissapeared and a quick google search revealed that this was a total scam and I'd been taken in. I entered 'withdraw $250' and called my bank who said they couldn't do anything about it because the payment still hadn't gone out (I didn't understand that) but they said they would help me appeal once it did.

I then got an email from UFX saying that in order to withdraw my money they would need my personal documents (passport, driving licence, utility bill) - I wasn't going to do that.

A day later I got a phone call from someone at UFX, at first he was very plausible and friendly and built a good rapport. He convinced me that UFX was not actually a scam and was regulated and I breathed a sigh of relief thinking that even though the website was a scam, I must have somehow got through to a legitimate company. He tried very hard to get me to cancel my withdrawal of the $250 and that they would help me make lots of money on it. He talked about legistlation of cannibis and the impact of that on the markets and wanted me to invest in that. He then tried convining me to put an additional $90 in to have a UFX advisor because I am a novice. He was very convinving but used aggressive sales tactics and wouldn't take no for an answer. I kept saying we literally didn't have the money to do this as good as it sounded. My husabnd heard a lot of the conversation and was geting visibly annoyed at the pressure this person was putting on me - about 30 minutes into the call he spoke with the rep and ended up hanging up on him after 40 minutes because there was no other way to end the call.

I then got an email from the rep saying he didn't deserve to be 'hanged up in the face on' and trying again to get me to deposit and additional $90. I explained why we had hung up. I have been bombarded with phonecalls from that 0300 code since then, every time I block a number, they use a different one to call me. OVer 24 hours I had about 12 missed calls that I knew of but had blocked about 8 numbers so don't know how many times after these were tried. I also had texts, another email from UFX re giving them my personal documentation and several emails from the rep, Owen, about investments and again trying to get me to invest as his client- that he wants me to make money etc etc. I have now said that the communication is tantamount to harassment and I want my money back (I never cancelled the withdrawal). He replied saying "no you aren't, my clients make money".

It's awful scam and I've read horror stories since where people have been scammed out of tens of thousands with the same aggressive and convinving sales tactics. Stay away from this scam - if my husband hadn't been in the kitchen I think I would have got way over my head with this.

Lauren Jones 03/19/2019

scammers not honest and thefts

I become a victim in a matter of 6 weeks they broke my eyebrows to the skin Every time phone call from how training me he calls every day to give me directions. What to buy. What happened is he told me to buy gold in tow different positions one is buy and one is sale. I my opinion it is not right and the same time ask me to buy oil. In big numbers. Than in a matter of ten minutes all of your money is gone and you account is gone to zero before they take your account to zero thay try to ask you for more money. Terrible experience I hope one day they close ufx because scammers not honest and thefts. Don’t use ufx at all be careful.

Walid 03/19/2019

UFX Big Scam .Beware!

It has been months since I lost over 20k in ITS and I am still in huge financial difficulty because of that.

UFX SELL dreams, they will do all they can to get you to invest as much money as possible and promise that you will get it all doubled, tripled, quadrupled and more. Eventually, they take it all.

I can never forget what UFX, especially the agent Ali Al Rifai did to me and my family.

Lamia 12/22/2018

Ufx big scam company

I advise all people not to deal with them and those who deal with them to ask to withdraw large amounts and see the reaction. Conditions of dealing with them are all bad and against the customer

Omar mahmood 05/15/2018

UFX the THIEF!!!

Scam is an understatement. UFX is more like a THIEF!!!!Thief!!! Thief!!! Please, don’t do any business with UFX..This Company is just out to steal from you.. I lost my entire life savings and they won’t even pick my calls or reply my email. This company will never know peace.

The clown that always harass me with calls and email is called “Adam Connor“... He hasn’t picked my calls or reply my emails since.. I regret ever doing any business with them.

Niyi 01/17/2018

Manipulations in pricing

UFX is a scam trader. On the paragonEx platform they are able to manipulate prices. Their traders are scam artists. My experience with them BAD. Manipulated the prices of a deal closing it out though the price prevailing were nowhere near the price quoted by UFX. Lost $115,000 though there were gracious enough to return my investment, which suggests to me knowledge of wrongdoing.

Lakshman Reddy 12/22/2017

السعوديه

الشركه نصابه احذروا منها ويتعمدوا خسارتك ويلحوا عليك بشكل مقرف ويومي بزياده راس المال انا خسرت عندهم بتلاعبهم 5000 دولار

Translated by Google:

The company was warned of them and deliberately lose you and hurting you in a disgusting and daily increase capital I lost 5000 dollars in result of their manipulations.

جمال 12/19/2017

UFX: total scam

I'm limited with words how daunting the last 3 weeks have been. The overwhelming stress of losing over $280,000 in a trading scam has led to loss of sensation in my right leg and numbness in fingers.
I normally never post personal stuff on Facebook however im hoping by sharing this message you will kindly help report/share a scam trading company called UFX which has taken $280,000 from me.
Beginning of June I started trading with this company called UFX (ufx.com).. by myself I made small daily gains and within 2 weeks I made $35,000 profit. Then a trader at the company named Jane Michaels got in touch on afternoon of Friday 16th June and encouraged me to make larger investments reassuring me I will see a bigger return on investment... within 2 hours of making this investment I saw a significant loss... by the same Friday evening (just before the market closed for the weekend) I was in -$40,000 loss. I waited for Monday morning when the market reopened and saw I was in loss of over $150,000.... in fear of losing all my money I decided to close all my positions however Jane called me and quote her words "stop behaving like a woman, things will turn around quickly and not to close my positions" .... as I no longer had any personal savings left she persuaded me to borrow finance to cover me temporarily.... so I borrowed additional £30k from banks and £80k from family and friends .... she continued manipulating and pressuring me to invest more and more... by Tuesday 20th June I had lost everything.... over $280,000 in total.
The shock of not only losing my own money but that of my sisters and friends and financial debt was beyond overwhelming... I still am having difficulties processing what's happened... I have been in touch with financial ombudsman to report this company. Please can you share this and report UFX company... the more people who can share/report this means that at the very least Jane will lose her trading license... if not I'm sure she will ruin other people's life as she has mine.
Her details are
Jane Michaels
Email: [email protected]
Company website www.ufx.com
Registered account name: Reliantco Investments Ltd

ameer ghalib 07/02/2017

first class customer service!!!! :)

UFX customer service is first class. Had a guy phone me from their local branch and he managed to help me with any and all technical issues that I had. Deposit and withdrawal was accomplished without a hitch at an acceptable pace.

JackM 04/23/2017

UFX Review - Great Experience

I've started trading with them not so long ago but so far it's a good experience and the trading platform is quite comfortable to use.

thomas holand 03/22/2017
de | cn | ru