UFX Review: Is UFX Trading Safe? Is UFX Scam Broker?

Scam Broker Updates: 03/03/2019

Before moving on to decide whether UFX Forex broker is a scam or not, let’s find out everything that you need to know about this broker in this UFX review.

What is UFX?

UFX Trading is a global firm for trading that has taken command of its reputation since it was established in 2007. UFX Forex broker operates on a Straight-through-Processing (STP) business model and doesn’t take opponent positions in the market to that of their clients’ trades. According to UFX markets review, it ensures to meet all of their clients’ trading needs, while at the same time they are offering stable and competitive spreads for them.

UFX Review/ ufx trading

UFX Regulations

UFX Global operates under the jurisdiction of Vanuatu Financial Services Commission. In the case of UFX regulations, it synchronized under license number 14581. Speaking of its reputation, we shall say that UFX Forex broker has earned a lot of respect over the years; leading industry reviewers have recognized the broker for its outstanding services and product offerings. Since 2012, UFX markets have won multiple recognition titles for their services to the trading industry.

Who Runs UFX?

The chairman of UFX broker is Dennis de Jong.

Where Does UFX Operate?

Well, UFX trading is available in most of the countries including:

  • Cyprus
  • United Kingdom
  • Germany
  • United Emirates
  • Romania
  • France
  • China
  • Russia
  • Finland
  • Turkey
  • Bahrain
  • Spain
  • Canada
  • Singapore
  • Denmark
  • Poland
  • Czech Republic
  • Sweden
  • Norway
  • Hungary

Key Note: In the USA CFDs are not available because of local regulation. UFX broker does not allow US residents or citizens as clients.

UFX Forex is available in the following languages:

  • English
  • Spanish
  • Turkish
  • Dutch
  • Hindi
  • Portuguese
  • Russian
  • Polish
  • French
  • Italian
  • Finnish
  • Norwegian
  • Swedish
  • Arabic
  • German
  • Romanian
  • Chinese
  • Malay
  • Czech
  • Hungarian
  • Indonesian
  • Danish
  • Vietnamese
  • Japanese

UFX Trading Platforms

UFX trading has to offer multiple trading platforms for its traders. Let’s see what they’ve got:

  • ParagonEx Web Trader 4.0: In UFX Forex a variety of features and functions are available to fulfill traders’ needs adopts its latest version.
  • Meta Trader 4: It supports and offers Meta Trader 4 to its traders, which is the prominent platform in the entire world right now.
  • Mobile Trading Platform: UFX provides a mobile trading platform for you through which you can trade anytime.

UFX Review/ ufx trading

  • ParagonEx Web Trader 4.0

ParagonEx Web Trader is the prominent trading platform, and UFX Forex in which there is a variety of features and functions to fulfil traders’ needs adopts its latest version. It uses the innovative MassInsights™ Technology to provide traders with all the required information about the prevailing trends in the Forex markets. In addition, it is a web-based version, which means it doesn’t require any download of the software. Traders can access it directly through the web from anywhere, anytime.

  • Meta Trader 4

According to UFX trading reviews, it supports and offers Meta Trader 4 to its traders, which is the prominent platform in the world right now. It provides a variety of features like; it has a charting package with a wide array of technical indicators, and it has language-customization, that’s why the traders are widely using it across the world in different countries with different languages. Mata Trader 4 also allows automation trading with the use of Expert Advisors (EAs) to help traders execute a trade when they’re manually not able to do it due to any reason. MetaTrader 4 is available in a desktop version and is available for different operating systems such as Windows, Linux, and MacOS. If you use desktop a lot, this is the best choice of the trading platform always as it is also adopted by 80 to 90 percent of the brokers in the world.

  • Mobile Trading Platform

If you’re a type of person who is consistently on the move and still don’t want to miss the trading, no worries, UFX markets review provides a mobile trading platform for you through which you can trade anytime, anywhere in the palm of your hands. Moreover, the good news is that you won’t miss the features of WebTrader Platform and MT4 Platform and also the functionality and features of MassInsights™ Technology and numerous other advanced trading tools that will fit on your Smartphone screen. The mobile-based application for trading is available on Google Play Store and Apple App Store for download.

Likes & Dislikes

Pros
  • Simple user interface on ParagonEX web and mobile
  • Well regulated
  • Robust charting in the web platform powered by NetDania
  • Offers 30 cryptocurrency CFDs
  • Choice of trading platforms
  • Massinsight Technology
  • Multiple bonuses available
  • Added over 400 new CFDs in 2017 to broaden offering beyond forex
Cons
  • Wide spreads across all account types for forex
  • MT4 is not offered to micro and mini account holders

Account Types

UFX trading review offers six account types, let’s have a look:

  • Micro AccountThe initial minimum deposit required is $100 only.
  • Mini AccountThe initial minimum deposit required is $500 only.
  • Standard AccountThe initial minimum deposit required is $1000 only.
  • Gold AccountThe initial minimum deposit required is $5000 only.
  • Platinum AccountThe initial minimum deposit required is $10000.
  • Islamic Trading AccountFor Muslim traders, the initial minimum deposit is $100.

UFX Review

Trading Accounts

          • Micro Account: In this very basic account type of UFX Forex, the initial minimum deposit required is $100 only. It also offers 24 hours of live support, video library access, daily recommendations, and daily reviews.
          • Mini Account: In this basic account type, the initial minimum deposit required is $500 only. It also offers 24 hours of live support, video library access, daily recommendations, and regular review. And there is even a personal coach for you to guide.
          • Standard Account: In this standard account type, the initial minimum deposit required is $1000 only. It also offers 24 hours live support, video library access, daily recommendations, daily reviews, VIP support, personal coach for you, daily updates and reviews that you’ll receive and a lot more.
          • Gold Account: In this gold account type UFX broker, the initial minimum deposit required is $5000 only. It also offers 24 hours live support, video library access, daily recommendations, daily reviews, VIP support, personal coach for you, daily updates and reviews that you’ll receive and a lot more. You’ll get access to the MT4 platform and also the SMS alerts for free addition to the above features.
          • Platinum Account: In this platinum account type, the initial minimum deposit required is $10000. It offers all the features and functionality of the above account types. In fact, the trader will have all the privileges in this account type.
          • Islamic Trading Account: This Islamic trading account type is for Muslim traders from around the globe. It requires the initial minimum deposit of $100. And it also has all the features and functionality of the Mini Account.

Account Requirements

On the website of the UFX, once you click the green “Sign Up” button, you may be asked a few questions, such as your personal details and what type of account you want to open, etc. you are logged in to the UFX trading system once you have successfully entered this information. Then, on the right side of the screen, you can go to the drop-down menu, to make the information available to the UFX what it requires to verify your identity. You may need to upload the following documents to verify your identity or maybe fax, scan, and email to UFX broker.

Documents Include: 

  • A copy of your passport or any other document issued by your government for identification
  • A copy of your bill or statement, for an example bank statement or your telephone bill that has your current residential address mentioned on it
  • And a copy of your credit card both sides

The UFX team of compliance will instantly check all of your documents and notify you if any document is missing, unsuitable or unreadable.

ufx review

Deposits

Traders are allowed to deposit as well as withdraw funds with UFX by using one of the several different methods:

  • Visa
  • Master Card
  • Diners Club
  • Maestro
  • Visa Electron
  • Skrill
  • SOFORT
  • Giropay
  • Neteller
  • Elv
  • iDEAL
  • CashU
  • WebMoney
  • Qiwi
  • Bitcoin

As you already informed that UFX never, charge deposit, fees, and third-party deposits are not allowed with this broker. If you have made the initial deposit with a credit card, then you can only get a withdrawal from the credit card that used for the original payment, with UFX platform. On the other side, if you have made an initial deposit through bank wire transfer, the UFX will send the withdrawal to the account that was used for the initial transfer originated.

UFX Trading Products

Six categories are offered from UFX to its customer’s financial instruments to trade:

Currencies

Massive range of UFX currencies are there such as AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/CHF, CAD/JPY, EUR/GBP, EUR/INR, EUR/TRY, GBP/USD, NZD/CHF, USD/CHF and lots more.

Commodities

  • Natural Gas
  • Corn
  • Gold
  • Oil
  • Silver
  • Platinum
  • Palladium

Cryptocurrencies

According to the UFX markets review, it has loads of currencies, and similarly, it has cryptocurrencies on a broad array:

Aventus, BCH/BTC, Bitcoin, Bitcoin Cash, Dash, Bitcoin Gold, Ethereum, Litecoin, Ripple, and loads of more cryptocurrencies are available.

Commodities Futures

  • Oil
  • Corn
  • Natural Gas

ufx review

Indices Futures

  • CAC 40
  • BEL 20
  • AEX25 Future
  • Nikkei 225
  • DAX 30
  • Dow Jones
  • S & P 500
  • NASDAQ 100

Stocks

According to UFX review, it offers CFDs on more than hundreds of international companies’ shares. Well, some well-known companies are;

  • Alibaba
  • Apple
  • Nike
  • Amazon
  • Chevron
  • Renault
  • Coca-Cola
  • IBM
  • Facebook
  • JPMorgan Chase

ETFs

UFX broker offers a number of ETFs to CFD trading, which includes:

  • SPY – S & P 500 Index
  • USO – Oil Companies
  • QQQ – NASDAQ Index
  • FEZ – Eurostocks50 Index
  • XLE – Energy Sector
  • UNG – Gas Companies
  • GDX – Gold Mining Companies
  • XLV – Health Sector
  • XLK – Technology Sector

ufx review

UFX Spreads and Fees

On each instrument, UFX receives its compensation in the form of the market spreads. UFX broker is STP (Straight-Through-Processing, which means it never capture the reverse side of the trades of customers. Rather, it evades the trades that it makes with the customers right away in the marketplace.

Fixed and stable spreads are offered with UFX broker. The spreads for trading vary by the particular financial instruments that are traded as well as the platform for trading. Here are the spreads for the most used instruments by asset classes.

  • Currencies
  • Commodities
  • Cryptocurrencies
  • Indices
  • Stocks
  • ETFs

For custom spreads, you should contact Customer Support if you are a trader. In particular regions, some currencies and commodities might not be available. No doubt it is uncommon, UFX spreads might vary during conditions of extreme trading or non-trading hours. On the platform of the relevant spreads, UFX will notify you, if you try to trade in these conditions.

Fee Information

Commissions: Only for each instrument spread on trades, UFX does not charge commissions.

Money Transfers: For money transfers, UFX will not charge fees.

Maintenance Fees: Regular maintenance fee is not charged with UFX trading. However, the platform has the right to charge $50 US fee once in every three months on open accounts.

Inactivity Fees: An inactivation fee of $50 US can be charged from the UFX platform when a client account has not been active for a specific time of three months.

Overnight Financing Charges: When a position remains open for a specific time, the overnight fee is added or subtracted from the account of the trader. At the UFX website’s Trading Conditions section, traders can have the information on overnight fees and funds.

Slippage: Slippage is a regular market practice as UFX review informs as well as it is a regular feature of the international exchange markets in conditions. These conditions include illiquidity and volatility because of the news announcements, market openings, and economic events.

Deposit Fees: On deposits, UFX does not charge fees.

Withdrawal Fees: For withdrawals too, UFX does not charge fees. However, transfer fees might be imposed on you from your banks.

  • Withdrawals and Deposits

    UFX review supports several payment methods that include transfer by credit cards, eWallets, and bank wire transfers. UFX Forex accepts major credit cards such as VISA, MasterCard, Diners, Maestro and American Express. For eWallet carriers, traders can use popular wallets such as Neteller, Skrill, Sofort, and Poli.

    As we’re now aware of UFX broker in this UFX review, let’s now move to the facts and figures of UFX scams to accurately find out whether UFX is a scam broker or not. Let’s find out!

    After our initial article where we debated is UFX trading safe or it is a scam broker, even more, people are accusing the firm. We decided to do some research and update you with the changes happening internally and externally for UFX Forex.

    Is UFX a Scam Broker?

    UFX Review

    The complaints regarding UFX scamming its traders called for an SEC audit where a couple of accounts managers were let go. UFX com said it will not tolerate unethical behaviour from its employees and will do everything necessary to clear their name. On another note, if a person is persuaded to take a trade or open certain positions, that’s illegal.                                                                                                                          A scam broker is not the company itself in many cases but some of its employees. We are not sticking our hand in the fire but make sure you get in contact with a higher-up before going to so-called websites where you pay money in the hopes of recovering the money you lost from trading with the brokers believe to be a scam.

    Unregulated Brokers have defrauded many Traders on numerous occasions. However, can you believe everything is available on the internet? Also, is UFX a Scam broker? Is UFX trading safe? The first result you get after doing a Google search is “UFX a scam broker.”

    Primarily, let’s go ahead and investigate together if UFX is in fact, a scam broker.

    What is a Scam Broker?

    The word scam stands for fraudulent or deceptive acts or operations. There is no doubt that some people may have encountered a scam broker when trading Forex. Unfortunately, for some things take a wrong turn. It usually starts with a phone call from explaining how they could make millions in a short time through trading.

    Regarding UFX trader, some users who lost money either while trading or had accounts suspended for suspicious activity marked it as a “scam broker”.

    Having done some more research, we discovered a person who was probably an ex-employee of UFX trading platform made one of the reviews online.

    The person mentioned above started on May 6, 2018, with a full list of employees of UFX. He provided a complete list of over 70 people from owners to regular employees.

    It seems somewhat like an act of revenge from an ex-employee trying to harm UFX Forex. Interesting enough, since the person doesn’t claim he lost money, it made me even more curious.

    Also, he claims that he will take legal action against UFX markets and this information “is for everyone who lost money with UFX.” At the end of his post on forex peace army, he said: “in the following week I will update my post and guide people to get their money back.”

    Seven months have passed by, and we haven’t heard a word from our mysterious person. Funny enough, two days ago another user asked if he has any updates regarding UFX and his case. (With no answer, of course)

    That’s only one of many so-called “SCAM Warnings.”

    Moving along with some more swindle accusations towards UFX markets reviews, we identify an overall miscommunication between parties. Comments such as “UFX scam, Be Wary, UFX is a scam broker” and “stay away” can be found. However, very few share their experience after trading with UFX and communicated poorly with clear defamation attempts.

    In other websites, we come across some copies of previously made reviews where comparisons are made with other brokers.

    There is no mystery that some do anything to provide misleading information to gain a competitive advantage. Examples of such headlines such as: “UFX a Scam Broker, but this X, Y, Z broker is not a scam” is the reality of today’s scam warnings.

    These accusations come with the industry. There will be fake posts, and there will be clients that are genuinely upset for losing money from a broker. Keep in mind that those that will lose money will probably lose it again with another broker.

    The Cruel Reality of Trading: 80% of the Clients Lose Money

    Let’s filter out the information we have so far and face reality regarding UFX trading and other brokers.

    It’s important to understand that UFX seems a fully regulated Forex broker operated by Reliant co Investments Limited. Authorized and regulated by the Cyprus Securities and Exchange Commission, “CySEC” with license number 127/10. Checking reviews about brokers are more often than not, a confusing process. However, it’s always a good thing to check UFX regulations which apply to the broker. To see that information click the tab “About us” or “Regulation” where you can see a license or registration number. Depending on the entity, that regulates the broker directly, paste that number and check the information on the official regulatory website.

MassInsights Technology

When people try the financial markets, they always tend to pick a side. They have to choose from Bearish or bullish, hawkish or dovish, short or long. However, when so many traders act at the same time, they can have a significant influence on the market. Creating new trends and movements, this can shape out how the market reacts. This information on how many people are trading, what professional market analysts have usually used on their trading and the direction of positions. Similarly, billion-dollar hedge funds and Investment banks use it. UFX markets review introduced MassInsights Technology and allowed traders to see the market like never before.

MassInsights Technology shows you how other traders are trading and how many are buying or selling a specific asset.

How to Use the MassInsights Technology Platform?

You can join the majority of other traders and choose the more dominant direction, or you can go against it.

How does it work? UFX MassInsights Technology gathers trading insights from real active traders all over the world. With a unique live stream that will alert you when a trend has been created or when the majority of trading positions shifts in a different direction.

MassInsights technology can show you how many people are trading an asset in your own country or anywhere in the world. UFX MassInsights Technology isn’t just a fancy title. It is a scientific fact, and the more diverse the traders are, the more accurate the stream predictions can be. That’s why Ufx’s massive community of global Traders is your best source for trading knowledge.

  • Conclusion

    So, we’re concluding the UFX review with the facts and figure of the UFX scams that we’ve found out whether it is a scam broker in the trading industry. Primarily, complaints of unsatisfied clients can’t mark a company as a scam, and we emphasize this regarding clients that had a bad experience. When it comes down to trading, bad experiences are usually because of misunderstandings between both parties.

    Imagine a trade going against you, and it keeps going for several hours or days. If you have not imposed a stop loss, you may possibly be required to increase your margin to maintain the position. Although the broker is not benefiting from the money in your trading account, it is benefiting from the trades you’re carrying.

    Ultimately, UFX trading and many other brokers make money on the spread. That means UFX Forex needs to provide the best services for clients to keep trading. If UFX markets reviews were a scam, very few would trade with them.

    Always do your Research

    UFX reviews might be bad from upset traders that lost money. However, while considering the other positive reviews and the common complaints account for 8% versus the 92% positive reviews. If you decide to join a broker and start trading, then get ready to receive calls and promotional emails daily.

    REMEMBER! Ultimately, you’re the one who registers for “SOMETHING” concerning investments, trading and making money online. Traders should understand, once they decide to trade, brokers are required because only they can provide a trading platform and liquidity.

    Like always, we wish you Happy Trading and Success!

4.6/5 (17 Reviews)

2 Comments

  1. I was ripped off by a bogus broker recently, it was difficult to get a withdrawal after many attempts. I had to hire a assets recovery firm to get my funds back.

    • Patricia Admin says:

      Oh Jean! We are very sorry to hear that.

      Would you mind sharing what broker did that to you?! We would like to warm our readers!!

      We wish you the best of luck and let us know how we can help!

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