In terms of trading fees, UFX does not charge commissions on trades, but they do charge spreads. Our team of experts concluded that the spreads this broker practices are not competitive. While the spreads narrow with higher deposits, they are still a little steep. After reviewing UFX, our team concluded that the spreads charged by this broker are a little on the high side for certain account types.
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Start trading with UFX by signing up for an account with this excellent broker now. However, access to Trading Central is only available if you deposit $1,000 or more in your account. While it might seem a little steep, the fact is that access to such powerful information can significantly improve your results. However, UFX does state that, at certain times, it might not be possible to send your execution order at first market price. This is generally at times of very high volatility and rapid price movements.
- The DFX Team at DailyForex is a group of veteran financial analysts, traders, and brokerage industry experts dedicated to producing in-depth broker reviews and cutting-edge market insights, plus analysis of market trends.
- UFX’s offerings are ideal for long-term investors and speculators.
- However, note that you can only withdraw money using the same system you used to fund your account.
UFX Free Stock Offer
Accounts are swiftly opened via an online application, the standard operating procedure. As a CySEC regulated brokerage, UFX adheres to a strict KYC/AML policy. New accounts require verification via a copy of the trader’s ID and one ufx broker proof of residency document.
The broker offers telephone support services in twenty-three different countries. Their commitment to providing high-quality customer support is the main reason they’ve been able to win many awards over the years. To make sure traders have an easy time depositing and withdrawing their funds, the broker supports various methods of payment. Some of these methods include bank wire transfers, credit cards as well as eWallets.
Trading Platform
This brokerage offers a broad range of research and education resources. Some resources provided by UFX include FXStreet-powered headings and a dependable economic calendar. Their fixed spreads are high and vary from one type of account to another. Traders can also trade precious metals including copper, platinum, and gold. UFX’s offerings are ideal for long-term investors and speculators.
CFD fees
A $100 inactivity is charged every 45 days for accounts with no trading activity for 45 days, and a 0.1% hedging fee is also levied. Broadly speaking, the pricing environment is not as generous as those provided by other top brokers. UFX has a long history in the financial markets—it’s been offering broker services to retail traders since 2007. It’s operated by Reliantco Investment Limited, a Cyprus-based and CySEC-regulated financial company.
As a Mini account holder, you will receive access to everything the Micro/Mini account offers along with VIP trading support. Simple swipes help switch between the variety of functions and areas of the UFX app and there is the capability of setting price alerts and accessing training videos or forums. UFX also offers useful functions such as alerts and notifications as well as portfolio and fee reports in order to help access your trade results.
- No underlying assets are exchanged on a CFD trade, it is purely a speculative deal on the up or down price movement on an aggreed financial asset between the trader and CFD broker.
- The OSC added UFX to its warning list, flagging the platform for engaging in activities that may endanger investor protection.
- Bank wire withdrawals can take up to 3 business days to reach your account, while e-wallet can take up to 5 business days.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The material does not contain (and should not be construed as containing) investment advice or an investment recommendation,or, an offer of or solicitation for, a transaction in any financial instrument. UFX have shown consistent levels of good service as well as fast response times with informative and relevant replies.One of the key points about UFX customer service is that it is available 24/7 and in a variety of different languages.
UFX provides you with the opportunity to trade a wide range of company stocks too, as they offer shares from 449 different companies from all over the world. These include Tesla Motors, Facebook, Boeing, Fenerbahce, and plenty more. Our team of UFX review experts was pleased to find that this broker offers plenty of payment options for you. However, when you consider all the great tools and benefits this broker offers, you’ll find that it’s more than worth the additional cost. If you are eligible, the minimum deposit for a professional account with UFX is $1,000.
Our UFX review team has concluded that this is a broker who takes your safety seriously. The high level of regulation also makes this one firm that we are happy to recommend to any trader. The UFX team is made up of IT specialists, experienced financial professionals, and hedge fund managers, which gives them a unique perspective.
Is UFX trading safe?
With UFX, there is the opportunity for certain experienced users to upgrade to a pro trading account. This account offers Muslim traders the same benefits as a Micro/Mini account but has a minimum deposit of $10,000 and a minimum trading volume requirement of $100,000. The spreads on this account are the same as those offered on the Platinum account. The Micro/Mini account features a minimum deposit of $100 and a minimum trading volume of $250. As a Micro/Mini account holder, you will be granted access to UFX’s daily market reviews, video library, daily recommendations, and 24-hour live support.
Excessive trading fees and an unusual approach to account specification stand out as significant errors by the management team. UFX offers mobile applications for both iOS and Android devices, enabling traders to manage their accounts and execute trades on the go. The mobile platforms mirror the functionalities of the desktop versions, ensuring a seamless trading experience across devices. While not quite on par with some other highly reputable forex brokers, UFX also offers a limited number of commodities for you to trade with.
