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UFX Review - Is it scam or safe?

UFX Review - Is UFX.com scam or safe?

RATING: 3 / 7 REVIEWS UFX
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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
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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

 

 

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
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