UFX Review: Is UFX a Scam Broker? Find Out In This UFX Review

Scam Broker Updates: 03/03/2019

Before moving on to decide whether UFX is a scam broker, let’s find out everything that you need to know about this broker in this UFX review.

Overview

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

Regulations

UFX Global operates under the jurisdiction of Vanuatu Financial Services Commission. It is regulated under license number 14581. Speaking of its reputation, we shall say that UFX 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 has won multiple recognition titles for its services to the trading industry.

Trading Platforms

UFX has to offer multiple trading platforms for its traders. It offers ParagonEx Web Trader 4.0 and the MetaTrader 4 (MT4) platform. Let’s see what they’ve got:

    • ParagonEx Web Trader 4.0:

      ParagonEx Web Trader is the prominent trading platform, and its latest version is adopted by UFX in which there is a variety of features and functions to fulfill traders’ needs. 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:

      UFX 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. It 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 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

[su_row][su_column size=”1/2″ center=”no” class=””] [su_box title=”Pros” box_color=”#00bf08″ radius=”4″][su_list icon=”icon: check-circle” icon_color=”#0cc33e”]
  • Simple user interface on ParagonEX web and mobile
  • Robust charting in the web platform powered by NetDania
  • Offers 30 cryptocurrency CFDs
  • Massinsight Technology
  • Added over 400 new CFDs in 2017 to broaden offering beyond forex
[/su_list][/su_box] [/su_column] [su_column size=”1/2″ center=”no” class=””] [su_box title=”Cons” box_color=”#bf000a” radius=”4″][su_list icon=”icon: ban” icon_color=”#bf000a”]
  • Wide spreads across all account types for forex
  • MT4 is not offered to micro and mini account holders
[/su_list][/su_box] [/su_column][/su_row]

Account Types

UFX offers six account types for its trader’s convenience and according to their experience. Let’s have a look:

          • Micro AccountIn this very basic account type, 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 AccountIn this basic account type, the initial minimum deposit required is $500 only. It also offers 24 hours live support, video library access, daily recommendations, and regular review, and there is even a personal coach for you to guide.
          • Standard AccountIn 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 AccountIn this gold account type, 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 AccountIn 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 AccountThis 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.

    Withdrawals and Deposits

    UFX supports several payment methods that include transfer by credit cards, eWallets, and bank wire transfers. UFX 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 if UFX 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.

    Is UFX a Scam Broker?

    The complaints regarding UFX scamming its traders called for an SEC audit where a couple of accounts managers were let go. UFX said it will not tolerate unethical behavior 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.

    Many Traders have been Scammed on numerous occasions by Unregulated Brokers. However, can you believe everything is available on the internet? Also, is UFX a Scam broker? 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, it was marked as a “scam broker” by some users who either lost money while trading or had accounts suspended for suspicious activity.

    Having done some more research, we discovered a person who was probably an ex-employee of UFX 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. 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 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, 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 and other brokers.

    It’s important to understand that UFX is 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 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 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 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.

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

    Always do your Research

    UFX might have bad reviews 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 be prepared to receive calls and promotional emails daily.

    REMEMBER! 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!

4.5/5 (8 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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