UFX Exchange Review
UFX Exchange Review
Trust Score: 10/10
Launched back in 2007, UFX is a trading platform that focuses mainly on Forex and Contract for Differences (CFDs). Registered, regulated and licensed by the Vanuatu Financial Services Commission, UFX has built up an extremely good reputation over the years and is considered to be one of the very best brokers around.
In fact, UFX has won numerous awards since its inception and is popular with traders due to being transparent, offering a wide range of trading options and for its focus on security and customer service.
All customer deposits are kept firmly apart from operating costs and kept in their very own accounts at some of the most secure European Banks.
As well as the excellent trading options they provide, UFX is also known for the way that they try to educate their traders, provide them with cashback incentives and leverage that can be as high as 400:1 depending on the assets traded.
In this review of UFX, you will find out every little detail that you want to know and can then make an informed decision on whether you wish to trade there. We certainly think it is well worth a try but continue reading if you are not sold on the exchanges of yet.
At UFX, not only are you able to enjoy your trading via your browser but you can also make use of an Android app which will allow you to trade more effectively on the go. There is no app for iOS devices as of yet but this is something that will possibly change in the future.
All mobile devices can still access their account and the website through the web browser, so all traders will not have to worry too much if there is not a mobile app for their device just yet.
- Monitor your trades and investments on the go
- Open or close any positions
- More efficient mobile trading
What Can You Trade at UFX
One of the biggest reasons for the popularity of UFX is without a doubt the vast range of currencies, commodities, indices, stocks, ETFs and cryptocurrencies that can be traded. In fact, there are more than 400 assets that you will find on UFX.
There are more than 50 trading pairs of fiat currencies that can be traded at UFX, with all of the common currencies such as USD, GBP, EUR, JPY, CAD, AUD etc.
There are five different commodities that can also be traded at UFX. These are Corn, Gold, Natural Gas, Oil and Silver SP.
There are eight different indices that can be traded at UFX. These are AEX25 Future, BEL 20 Future, CAC 40, DAX 30, Dow Jones, NASDAQ-100, Nikkei 225 and S&P 500.
As for stocks, there is a massive list of more than 100 that you can trade with at UFX. Apple, Facebook, Google and Twitter are just some of the stocks that you can enjoy through CFD trading.
You can also trade with ETFs (exchange-traded funds) on UFX and you have a choice of between eleven of them at this exchange site.
As for cryptocurrencies at UFX, there are thirty of them that can be traded. The leverage that can be used is 2 and each cryptocurrency will have its own spread (pips). Bitcoin, Ripple, Ethereum and all the rest can be found here.
Accounts at UFX
There are six different levels of trading accounts at UFX, each with their own minimum deposits and trading volumes.
- Micro Account
This is the default account which would be ideal for beginners or casual traders out there. It has a minimum deposit of $100 and a minimum trading volume of $250. You will have access to daily market reviews, the video library, daily recommendations and the 24-hour live support features.
- Mini Account
This is the next level up and you will be given access to all the same features as you are with the micro account but will have a $500 minimum deposit and minimum $5,000 trading volume.
- Standard Account
Again, this is a further level up and you will have two additional features that you are given access to alongside those that you get when you are on micro and mini account levels. These are VIP trading support and exclusive updates. Your minimum deposit is $1,000 and the minimum trading volume of $10,000.
- Gold Account
The gold and platinum accounts on UFX is where you will get full access to all features mentioned before and the remaining two of SMS trading alerts and access to the MT4 platform. With gold level, you will also have minimum deposit levels of $5k and a minimum trading volume of $50,000.
- Platinum Account
With platinum, you essentially get everything that you do with the gold level account but this time have a minimum deposit of $10,000 and a minimum trading volume of $100,000.
- Islamic Account
An Islamic account is basically a micro/mini account which takes into account Islamic laws when it comes to banking activities and interests. Here you have a minimum deposit of $1,000 and a minimum trading volume of $10,000.
Account Creation and Verification
Creating an account at UFX is very easy to do and requires little more than your full name, email address, phone number and a password. You will be asked to validate your email address which is very common.
The more difficult part is getting your identification verified. Without it, you will not be able to do too much on the exchange. You will still be able to trade but withdrawing will certainly not be possible until you have verified who you are.
You will need to send:
- A copy of your passport or other internationally recognized government-issued ID.
- A copy of a bill or bank statement that has your current address on it.
- A copy of each of the two sides of your credit card.
Once the team at UFX is happy that you are who you say you are, you will be permitted to use their exchange to its full capacity.
Trading Options on UFX
UFX is popular due to the wide variety that is on offer when it comes to trading options and the currencies, stocks, indices and crypto’s that it allows traders to trade with.
- CFD Trade
CFD trades can be made across an extensive range of assets at UFX. These are offered with good leverage options and spreads that are about as flexible as you will see anywhere else.
- Forex Trade
UFX also offers Forex Trading for its traders on both the MetaTrader 4 and ParagonEX 4.0 trading platforms. There are some excellent educational guides that can teach you about Forex trading if you are new to it.
- Crypto Trade
Traders can even make use of a number of trading pairs that contain cryptocurrencies. Furthermore, Bitcoin is actually a payment method on the exchange as well. This means that faster transactions and lower fees can be taken advantage of.
There are two different trading platforms that you can make use of at UFX and each of them will appeal to you for various reasons:
- MetaTrader 4
The MetaTrader 4 platform that is widely used across the many brokers online is a popular choice for traders due to the number of more advanced trading tools that it provides. There are some excellent charting options and there is a good selection of different order types that are supported.
- ParagonEx WebTrader 4.0
This trading platform has won numerous awards over the years and while some traders still prefer the MetaTrader 4 platform, this one is attracting more fans on a daily basis. This platform is completely web-based and therefore requires no downloading and it comes packed with some excellent features that traders will love.
Accepted Payment Methods
UFX offers a wide range of different payment and withdrawal methods that can be used such as credit cards, bank transfers, e-wallets and even Bitcoin. However, it should be noted that you can only withdraw from the exchange using the same method that you used to deposit.
- Credit & Debit cards
- Local Bank Transfers
- China UnionPay
What we like about UFX is that they do not charge any fees for withdrawals or deposits. Other brokers certainly charge some fees, so UFX does score highly in this regard.
There are no fees when depositing on UFX other than the fees that your payment method includes.
Again, UFX charges no fees for withdrawals and the only fees you might see will be from the payment methods you have chosen.
- Maintenance Fees
This is not made very clear on the UFX site but they say while they do not charge maintenance fees regularly, they do reserve the right to charge an account a fee of $50 every three months. This is a bit vague and does not really say either way.
- Fees on Inactive Accounts
If an account is left dormant after three months, UFX has the right to charge that account $50 for inactivating the account.
There is no official list of countries that are accepted on UFX but we can tell you that they have support representatives in 23 different languages at the exchange. This should tell you that most countries will be accepted. We know for sure that residents of the following countries will certainly be accepted:
Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg and Qatar.
Unfortunately, however, US residents are not accepted to trade on UFX.
We have to admit that the customer service and other support services at UFX are up there with the best we have seen at the many exchanges that we have reviewed. Their customer support can be reached via email, live chat and a wide variety of different phone numbers. At other exchanges, you are made to feel like you should be thankful to be able to contact them via email or by submitting a ticket.
Additionally, not only does UFX offers good levels of customer support, they also try their best to educate their traders as well. This is done via their all-inclusive educational centre that provides everything from tutorials, videos, analysis and a daily market review.
As UFX is regulated, they offer up far more security than most other forex brokers. They have little choice due to this regulation and therefore ensure that trader funds are kept in a secure European bank away from that of any operational costs/funds.
They also make use of SSL encryption technology to ensure that all transactions and private and personal data are kept safe and secure.
There are a number of reasons why UFX is seen as one of the very best brokers out there but among the main ones are the fact that it has a good reputation, is regulated and its platform is extremely trader-friendly.
With six different accounts to choose from and even a demo account that will help you to get an understanding of the trading options on offer at UFX, this is a platform that will suit anyone whether a beginner or an experienced trader.
On top of all that, there is so many different assets and trading options for traders to take advantage of. Furthermore, you even have a choice of two different platforms to use, which is something that you do not see everywhere.
We highly recommend UFX and suggest you check it out if you value quality and reputation above anything else from a broker.