Every trader, whether an experienced or a novice, should think about employing a reputable forex broker. Currency traders will want the appropriate support of reputable brokers to assist them in buying or selling foreign currencies. UFX has made a big contribution to the global forex trading community and is one of the most reputable brokers in the world, as claimed in UFX forex broker review. The UFX broker, who manages their trading activity in the entire foreign exchange market, has thousands of currency traders as partners.
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What is UFX?
It is owned by Reliantco Investments Limited, a privately held company with its main office in Limassol, Cyprus. Since December 2010, the company has had a license from Cyprus to operate UFX. With the company registration number FC031723, the business has likewise been operating there since November 2013.
UFX is a company that offers financial services and acts as an online broker for trading various kinds of financial assets. Its online brokerage is officially recognized by the UFX Global organization. The main component of the UFX Global Company is the UFX brand. UFX, which was established in 2007, has developed into a top forex trading platform.
According to UFX forex broker review, in 2021 UFX was a Straight-through-Processing (STP) operator, providing broker services. It offers top-tier trading platforms to its customers, enabling them to accomplish their trading objectives and make quick gains. The business is renowned for providing aggressive spreads on the exchanges.
You must first register with UFX and sign up in order to begin trading with them. Then complete all the necessary fields. By phone, email, and live chat, UFX representatives are always accessible to help you at every stage. You are prepared to begin trading with UFX once your account has been funded.
What does it Offer?
In terms of services, UFX is one of the top forex brokers for managing clients’ trading activity across a variety of financial instruments. The main assets for these instruments, which fall under numerous asset classes, are forex pairs and CFDs. Commodities, stock market indices, individual stocks, and ETFs can all be traded with UFX, as mentioned in UFX forex broker review.
UFX facilitates the trading of more than 60 currency pairs as a forex broker. Additionally, seven other kinds of market indices are supported for trading. Plus, it offers the trading of 29 different stock kinds, 7 different commodity types, and 10 different ETF funds.
UFX Trading Platforms
For its customers, the organization also provides a number of trading platforms and tools, as mentioned in UFX forex broker review. These systems are not exclusive broker products. The UFX MassInsights service, one of the distinctive features offered by these platforms, is highly beneficial for beginners. However, access to these platforms and automated trading solutions is not available with all trading accounts.
Before continuing with this UFX forex broker review, there is one thing you should be aware of: UFX offers three trading platforms, notably the ParagonEx WebTrader, MetaTrader 4, and web-based trading software. It does not need to be downloaded or installed since it is a web-based program.
It contains a number of built-in charts that provide crucial market information and assist clients avoid losses when trading risky products. Additionally, it offers real-time news feeds. The platform is accessible in its most recent 4.0 edition, which includes ground-breaking MassInsightsTM Technology for top-notch information on current trading market trends. Multiple accolades have been given to this cutting-edge technology for its unparalleled effectiveness.
MetaTrader 4
For UFX clients, MetaTrader 4 is the main platform. It is possibly the most used platform in the world for trading CFDs and currencies. Nearly all of the other brokers in the industry have adopted it and it is free to use. To help brokers and their clients make the most of this platform’s sophisticated trading tools, online trading forums have delved deep into it.
MetaTrader 5
The improved MetaTrader 5 is made available by UFX. It is a comprehensive platform that combines all trading operations into a single, user-friendly interface. The trading platform has a strong feature set that includes user-friendly menus, stable platforms, intuitive tools, and high-end performance. Customers can select between hedging and netting systems with the assistance of the trading platform, which also offers flexible trading. Customers can personalize their trading styles thanks to its four alternative order execution modes.
By offering UFX clients professional-level technical analysis, the trading platform lowers the substantial risk of losing money while trading CFDs, as in UFX forex broker review. This trading platform can guarantee that UFX clients do not lose money when trading forex thanks to the over 100 charts shown over 21 periods.
Additionally, MetaTrader 4, MetaTrader 5, and ParagonEx WebTrader 4.0 are available for mobile trading. On iOS and Android smartphones, MetaTrader 4 and MetaTrader 5 are accessible. ParagonEx WebTrader 4.0 is fully compatible with mobile browsers like Google Chrome and Safari.
Pros & Cons
In this UFX forex broker review, UFX has been investigated from a variety of perspectives, exposing both its most notable advantages and its unnoticed drawbacks. The benefits and downsides of the UFX broker are outlined in the summary that follows.
Pros | Cons |
There are several accounts available for trading | No bonus is offered for creating an account |
| The Cyprus Securities and Exchange Commission has strict regulations, making it safe for EU clients
| Some nations have regulatory limitations (US clients are not admitted) |
| Access to Trading Central research and MassInsights technologies | Only accounts with the gold or platinum level have access to MassInsights Technology |
Access to ParagonEx WebTrader 4.0, MetaTrader 4, and MetaTrader 5 |
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Demo accounts with all functionality are available |
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| Investment guidance is offered in real-time |
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Trading is possible via mobile |
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Deposits, Withdrawals, Commissions, and Spreads
UFX offers its clients a variety of payment processing choices, in contrast to other brokers. These processors aid clients in opening new accounts with brokers and making deposits. They also aid in the withdrawal procedure, which enables customers to conveniently cash out their winnings. According to UFX forex broker review, to handle payments, the platform has integrated a number of gateways, including bank transfers, wire transfers, credit cards, and debit cards. It offers online payment channels like Skrill, ELV, Neteller, giropay, SOFORT, iDEAL, China UnionPay and etc.
The broker additionally offers details regarding each of these payment services’ dependability. There are no fees associated with processing funds, as stated in UFX forex broker review. However, depending on the AML requirements and the number of cash, clients may experience different processing delays. The names on the payment processors and the UFX account must match exactly.
Commissions
A swap fee is assessed by the broker when a position is moved to the following day. Islamic traders have the option to open an Islamic account and reject interest.
An essential metric for determining how advantageous the trading circumstances are is the average fee. The experts at the Traders Union calculated the average Commission of UFX is $25, which is high, comparing to other brokers.
Spread
The firm offers its consumers affordable solutions that are comparable to the trading spreads provided by other brokers. The UFX spreads for the EUR/USD pairings range from 2.0 to 4.0 pips in comparison to other forex brokers, as claimed in UFX forex broker review. The swap rates only apply to overnight leveraged positions. The UFX website provides more information on these swap rates.
Fine
If there is no trading activity for more than 45, the business levies a $100 punishment. A cost for hedging of 0.1%.
UFX still has plenty of room to improve its pricing environment for clients in comparison to other leading brokers.
Is UFX a Regulated Broker?
UFX is a broker that is heavily regulated and is registered with the business Reliantco Investments Limited, as mentioned in UFX forex broker review. It is a financial service that is permitted by the rules of the Cyprus Securities Exchange Commission. The company’s CySEC identification number is 127/10. Since December 2010, UFX has operated in accordance with the Financial Instruments Directive 2014/65/EU, also known as the Markets in Financial Instruments Directive (MiFID), as reported in UFX forex broker review.
Additionally, it complies with the EU’s Fourth Anti-Money Laundering Directive. Clients of UFX are insured by the Investor Compensation Fund (CIF) in accordance with EU Directive 2014/49/EU. The CIF will only pay out up to €20,000 in investor funds.
Conclusion
Several supporting details regarding the broker are highlighted in this UFX forex broker review, including its operational and legal standing. Since 2007, Reliantco Investments Limited has privately owned UFX, a Cyprus-based online brokerage. The organization meets nearly all of its clients’ needs, from offering a test account with a wealth of features to having the most sophisticated trading accounts.
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