UFX Review: a CySEC regulated CFD Broker

UFX Review

Crowd Trade On ParagonEx

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

UFX Review

UFX offers the ParagonEx Web Trader with a number of features including insights on trader behavior with its crowd trading news feed and is a straight through processing (STP) broker, providing CFD trading. UFX also offers MT5 for a higher minimum deposit.

STP - UFX order processing

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).

Recent Award

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

Demo account - test out the platform

UFX lets the trader try out ParagonEx with a demo account, letting the trader test out its features and practice trading. UFX

Account types - a range of accounts with different minimum deposits and features

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 deposit for the Micro/Mini account is $100, for the Mini account is $500, for the Standard account is $1000, for the Gold account is $5000 and for the Platinum and Islamic accounts is $10,000.

All account types have daily market reviews, a video library, daily recommendations and 24hr live support. Mini, Standard, Gold and Platinum accounts also have VIP trading support. Standard, Gold and Platinum have exclusive updates. Gold and Platinum also have access to MT5.

Minimum trade sizes - from small to larger position sizes

Minimum trade sizes depend on the account types. 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.

MassInsights - a crowd trading news feed

On the ParagonEx web platform, UFX provides an enhanced newsfeed with crowd trading information. 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. UFX.

ParagonEx trading platform - user friendly platform with crowd trading

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, a range if chart price types 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 has negative balance protection.

MT5 trading platform - MetaTrader 5 and its features for a higher minimum deposit

For a higher minimum deposit, MT5 is available. MT5 is the successor to MT4 and at UFX offers the ability to use trading signals and a VPS, and has 80+ technical indicators.

Markets to trade

UFX has 450+ CFDs, covering a range, namely Stocks, Currency Pairs, Commodities, ETFs and Indices, including around 50 Currency Pairs on ParagonEx.

Stock CFd trading

UFX lets the trader trade Stocks CFDs, with 100s of Stocks CFDs to choose from. UFX Stocks CFDs

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 - fixed spreads under normal market conditions

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 .

Fees and funding

Following the minimum initial deposit, the minimum deposit amount is $50 and the minimum withdrawal amount is $25.

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, ChinaUnionPay, Qiwi, WebMoney, Poli and paysafecard. 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's is arguably user friendly and has a range of functionality from charting analysis to crowd trading. Its fixed spreads are competitive for higher account types. UFX provides a range of account types, and allows micro lot trading. However on its Micro account, UFX allows very small trade sizes, dwon to 0.0025 lots.

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 broker
  • UFX does not allow scalping
  • UFX has a minimum deposit of $100
  • To access MT5, 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 is CySEC regulated

Why UFX ?

With UFX, traders who deposit $100 gain access to a user friendly online trading platform which has a crowd trading news feed. Thus traders can access information about the crowd of other traders and use this to inform their trading. As well, there is a range of other charting tools, such as technical indicators and graphical object which let the trader analyse markets themselves. The crowd trading news feed is also a news feed, with information about markets which the trader can use along with news about the behaviour of the crowd of traders. So this potentially makes for a range of ways to analyse markets.

UFX provides a range of account types with different features for higher minimum deposits, including different minimum trade sizes, thus traders who want to trade with very small trade sizes can do so as well as traders who want to trade with larger position sizes.

For a higher minimum deposit UFX also provides MetaTrader 5 (MT5), thus letting the trader access the features of this platform, the successor to MT4, including the capacity to use a VPS for traders who want to run robots 24/7. Thus UFX can be seen as supporting a range of trading styles and traders from beginners to more advanced.

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