Editor’s Verdict
Overview
Review
Headquarters | United Kingdom |
|---|---|
Year Established | 2009 |
Minimum Deposit | $500 |
US Persons Accepted? |
UFXBank is a Forex broker that is based in the UK and in Cyprus. They have recently acquired multiple brokers, whose names are withheld, and thus were able to emerge as a new face on the retail Forex scene. When first encountering UFXBank, you will notice that their website is clear and easy to navigate, which is an indication of the kind of broker they are in general.
The registration, deposit, and even withdrawal processes were all seamless with customers able to withdraw their money within 3-10 business days. UFXBank offers a "no commission of any kind" policy, which is obviously a very positive initiative for the average trader.
This online Forex broker supports more than 80 currency pairs, with fixed spreads, the average being 2 pips for the majors. They “pass through” client trades to the interbank system, thus they do not take the other side of client trades, like retail dealing brokers. Several methods for account deposit are available including major credit cards, paypal, neteller, webmoney, moneybookers, and wire transfer. As little as $500USD can be deposited in order to start trading, but they do suggest that $1000USD is a more appropriate starting capital for trading Forex. They also offer trading in some metals.
The UFXBank trading platform, powered by ParagonEX, is web-based along with their charting package. The broker did not originally offer a free demo account to try out this new platform, but has now added one after listening to feedback, a positive sign about UFXBank. Some of the nice features include both trade entries and exits can be easily entered by using their “Freeze rates” button, giving the trader 3 seconds to open and close positions without the dreaded requotes that so often happen with other brokers’ platforms. There is a disclaimer to the Freeze feature, all trades are “pending platform approval”. The trading platform does not offer trailing stops. In general, their trading platform, although not hosted locally on your PC, is just as advanced and feature-packed as any downloadable platform. They have also recently added support for the industry leading MT4 trading platform.
UFXBank offers some Forex training to its clients as well as daily market analysis in both text and video formats. All in all, I found their site to be simple, but a little difficult to locate information regarding this broker’s background, services offered, trading platform and charting, or any basic answers to typical questions that new trading clients may have.
The online chat was very responsive and answered questions quickly and professionally. Deutche Bank and Saxo Bank are the liquidity partners for the client accounts. They do limit scalp trading by limiting minimum time in a trade position to 60 seconds. And, withdrawals on trading accounts are limited to 10 per month and may take up to 10 days to receive funds. They were recently approved by the NFA, so you can be more confident when trading with this broker.
Overall this broker receives 4 stars, due to lack of regulation, downloadable platform and the ability to trade on your mobile device.
UFXBank currently offers up to 50% refund on new trading accounts.