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UGL Exchange Review - is it scam or safe?

UGL Exchange Review - is uglexchange.com scam or good forex broker?

RATING: 2.2 / 0 REVIEWS UGL Exchange
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Trading Accounts and Conditions

 

Trading account  Min. deposit Min. trade size Max. leverage Average Spread
Standard  $100  0.01 1:20 2.4 pips
Pro  $1 000  0.01 1:20 1.3 pips
VIP  $5 000 0.01 1:20 1.1 pips

 

With CySEC- regulated UGL Exchange you can trade forex, indices, stock and commodities CFDs (Contracts for Difference) via the above account types. All of them are said to offer variable spreads and leverage up to 1:20 on the MetaTrader4 (MT4) platform.  

 

Note that UGL Exchange Limited does not provide services to residents of specific jurisdictions amongst which Canada, Cuba, Iran, Iraq, Japan, North Korea, Sudan, Syria, Turkey and the United States.

 

 

UGL Exchange Advantages


  
Solid regulation (CySEC)
When we weighted the advantages of UGL Exchange, one that stands out is the fact that the broker is regulated in Cyprus and across EU and the EEA. The brand is owned by UGL Exchange Limited (previously Baynet Ultrasimple Global (CY) LTD), which is licensed by the Cyprus Securities and Exchange Commission (CySEC).

 


 
MetaTrader4 trading platform
As we mentioned in the beginning, UGL Exchange provides access to the global financial markets via the highly praised MT4 platform. Developed by MetaQuotes, this piece of trading software offers amazing functionalities, such as advanced charting, support for automated trading systems and multiple ways to copy trades. Besides, it is available as a desktop application, a mobile app and a web version.

 


>> Check out a list of MT4 brokers <<


 

Reasonable initial deposit required

One can start trading with UGL Exchange by depositing just $100 – a sum that pretty much everyone can afford to invest.

 

 

UGL Exchange Disadvantages


Demo accounts not available

The website of UGL Exchange does not include an option for registering a demo account and one cannot download the MT4 either. Most forex brokers offer free demo accounts for “paper money trading” as a way to introduce clients to their service, without the need for an investment. The availability of a free testing service also shows that the broker is transparent with its pricing.

 

  
Rather high spreads

According to the information on UGL Exchange’s website, the broker offers spread averaged 2.4 pips for the EUR/USD pair on Standard account types. This is simply unacceptable in the current day and age. In order to get a decent spread with UGL Exchange, one has to deposit at least $1000 and open a Pro account.

 

While the spread shouldn’t be your main concern, other brokers offer much better trading conditions. Check out our dedicated spread comparison platform for the full picture.

 


>> Compare the spreads of some top brokers here <<

 

Leverage up to 1:20

While the maximum leverage broker can provide to retail clients in Europe is 1:30, UGL Exchange provides a ratio that is slightly lower than that. Considering that some traders actually like using levels significantly higher than 1:20 or 1:50, this is a disadvantage.

 

Acts as a Market Maker

In its Client Agreement the broker admits it might execute client orders as a principal to principal against the client, i.e. that it acts as a Market Maker, which creates huge potential for conflict of interest.

 

 

 

Conclusion



UGL Exchange is a CySEC-regulated forex broker that supports the well-known MT4 platform, but sadly we could not test. Yet, the spreads announced on its website are rather high. We have a few other issues with the company, such as the low leverage levels provided, as well as the fact that the broker acts as a Market Maker.


That being said, UGL Exchange still has a major advantage over a lot of other brokerages – the CySEC license. The financial and technological environment on this sunny island is quite healthy. Forex brokers in Cyprus have to meet a set of requirements, which provide good assurance for the security of their clients’ funds. More importantly, CySEC-licensed companies offer a compensation scheme, which protects client investments, up to €20.000, in case of broker insolvency.

 


>> Looking for a better Cypriot  broker? <<

 


To sum up the above:

 

Pros Cons
Regulated in Europe (Cyprus) MT4 nor freely downloadable
MT4 supported Spreads rather high
Reasonable initial deposit required Leverage up to 1:20
  Acts as a MM

 

Latest news about UGL Exchange
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Traders` reviews for UGL Exchange

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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