UFX Review: a CySEC regulated CFD Broker

UFX Review

Stocks, Currency Pairs, Cryptocurrencies, Commodities, ETFs & Indices

  • CySEC regulated ✔
  • Cryptocurrency CFDs
  • Fixed FX STP spreads from 2
  • Trader Friendly grade: A
  • MassInsights
  • Micro lot trading
  • Minimum deposit: $100
  • Premium & Islamic accounts
Forex & Cryptocurrency CFD Trading • Crowd Trading • UFX

UFX Review

UFX offers the ParagonEx Web Trader with a number of features including insights on trader behavior and is a straight through processing (STP) broker, providing CFD trading. UFX also offers MT4 for a higher minimum deposit. UFX may be compared with other brokers.

STP

UFX says it provides Matched Principal Trading, which is also known as Straight Through Processing (STP). In Matched Principal Trading the broker takes the client's order and matches it with an order from a liquidity provider, without taking any trading risk themselves. The liquidity providers are on the ECN (Electronic Communications Network). UFX does restrict trading styles, it does not allows scalping. However UFX also says it can reject orders, differing it from brokers which have no dealing desk execution and do not reject orders.

Cryptocurrency CFDs

UFX offers trading in Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, NEO, Monero, Dash, Bitcoin Gold, EOS, IOTA, Ethereum Classic, OmiseGO, Zcash, Aventus, QTUM, YOYOW, ETP, Santiment, Streamr, Eidoo and QASH CFDs. This is a relatively large offering for a CFD broker.

Recent Award

UFX won 'Best Forex Trading Tools' at the 2017 UK Forex Awards.

Account types

UFX provides six account types, Micro/Mini, Mini, Standard, Gold, Platinum and Islamic. All accounts are in USD. UFX does not open accounts for residents of the USA. The minimum trading volume for the Micro/Mini account is $250, the minimum trading volume for the Mini account is $5000, the minimum trading volume for the Standard account is $10,000, for the Gold account it is $50,000 and for the Platinum account it is $100,000. For the Islamic account the minimum trading volume is $10,000.

To put it another way, the Platinum account requires a minimum of full lot sizes, the Gold account requires sizes of at least half a lot, the Standard and Islamic accounts are mini lot accounts, the Mini account allows half a mini lot trade size and the Micro/Mini account is a quarter of a micro lot account.

All account types have daily market reviews, a video library, daily recommendations and 24hr live support. All accounts except for the Micro/Mini account have a personal trading coach. Standard, Gold and Platinum accounts also have VIP trading support and exclusive updates. Gold and Platinum also have SMS trading alerts and access to MT4.

ParagonEx trading platform

For all account holder, ParagonEx is available. This trading platform shows rows of markets, in a clear box layout, with details such as the current price, the price high and low, the change in price and a trader's sentiment indicator, showing the percentage of positions being taken.

There is also a small line chart which when clicked, brings up a chart with time frames from tick to 1 month, 12 chart types (candlestick, OHLC, line, hollow candles, Heikin-Ashi, Bar Forest, area, HLC, coloured bar HLC, line dot and dot chart) and over 50 technical indicators. There are also different colour schemes to choose from. All in all, the platform is visually easy on the eye and the charting is sharp and easy to see.

As an STP broker, UFX says it does not take the other side of trades, and sends orders directly to the market. UFX says that it uses negative balance protection. UFX

MT4 trading platform

For a higher minimum deposit, MT4 is available. This offers the ability to use automated trading, with Expert Advisors.

Markets

UFX has 450+ CFDs, covering a range, namely Stocks, Currency Pairs, Cryptocurrencies, Commodities, ETFs and Indices, including around 50 Currency Pairs on ParagonEx. UFX is an STP broker, and for such brokers this is a relatively large number to offer. On MT4, 30+ Forex, Indices, Metals and Stocks CFDs are offered.

MassInsights

On the ParagonEx webplatform, UFX provides an enhanced newsfeed, with features which aim to capture trader behavior. This feed is called MassInsights, and provides news, with details of aggregated trader reactions to this news. For example, there can be news about earnings, with details included of buying or selling activity and how the price has altered compared to its earlier state.

Scalping policy

UFX defines scalping as opening and closing positions within seconds. At UFX there is a one minute minimum time after a position has been opened until it can be closed.

Spreads

UFX offers fixed spreads under normal market conditions which vary depending on the account type, with the lowest spreads available for the Platinum account. UFX says that custom spreads may be available through the personal trading coach (who is available for all accounts except the Micro/Mini account).

  • For the Micro/Mini, Mini and Islamic accounts EUR/USD spreads are 4, for the Standard account EUR/USD spreads are 3 and for the Gold and Platinum account EUR/USD spreads are 2.
  • For the Micro/Mini accounts Gold spreads are 0.75, for the Mini and Islamic accounts Gold spreads are 0.70, for the Standard account Gold spreads are 0.65, for the Gold account spreads are 0.55 and for the Platinum account Gold spreads are 0.50.
  • For the Micro/Mini account Crude Oil spreads are 0.11, for the Mini and Islamic account Crude Oil spreads are 0.08, for the Standard account Crude Oil spreads are 0.07 and for the Gold and Platinum accounts Crude Oil spreads are 0.05.

Leverage is up to .

Minimum deposit, fees and funding

The minimum initial deposit starts at $100 for the Micro/Mini account. The minimum deposit goes up from here, to $500 for the Mini account, $1000 for the Islamic and Standard accounts, $5000 for the Gold account and $10,000 for the Platinum account. Following this, the minimum deposit amount is $50 and the minimum withdrawal amount is $70.

While UFX does not charge an account maintenance fee, UFX still reserves the right to charge a $50 fee on open accounts every six months. For accounts which have been inactive for three months, UFX reserves the right to charge a $50 fee, provided that there is at least $50 in the account.

Deposit methods include credit/debit card, bank transfer, Skrill, Neteller, Sofort, ELV, Giropay, iDeal, Neosurf, CashU, Qiwi, WebMoney, Poli, paysafecard and Bitcoin. UFX does not charge for withdrawals.

Regulation

UFX is a trading name of Reliantco Investments Limited, a Cyprus Investment Firm authorized and regulated by the Cyprus Securities Exchange Commission (CySEC), license number 127/10, which is incorporated and located at 139 Makarios Avenue, Zavos Business Center, 3rd Floor, 3021 Limassol, Cyprus.

Summary and grade

UFX updated its platform to give traders a new modern look and added functionality. Its fixed spreads are competitive for higher account types. UFX provides a range of account types, and allows micro lot trading.

UFX does not provide a particularly large number of markets, but for an STP broker, this is a relatively large offering. There is a range of markets offered, including Bitcoin and other cryptocurrencies. The MassInsights feature is something which may be a useful addition to the arsenal of traders, as it provides an added depth and dynamism to news by referencing it to trader behavior and market reaction.

UFX's visually pleasing platform, along with its innovative features, its provision of a wide range of account types with different minimum trade sizes widening trader choice, and its STP order execution helps give UFX a Trader Friendly grade of A.

Pluses and minuses

  • UFX is an STP desk broker
  • UFX does not allow scalping
  • UFX has a minimum deposit of $100
  • To access MT4, requires a minimum deposit of $5,000
  • ParagonEx requires a minimum deposit of $100
  • UFX provides crowd trading
  • UFX offers fixed spreads
  • UFX's spreads can be lower with higher account types
  • UFX has a relatively wide range of cryptocurrency CFDs available
  • UFX is CySEC regulated