UFX Review (2023)

Is UFX a scam or a legit broker?

The UFX Markets offering, the company is not officially registered with any industry authority to offer trading services, while its performance is not overseen or supervised by anyone. Moreover, the broker was previously listed as a trading scam while investors were warned by its unregulated nature and use of marketing techniques to attract traders.

What is UFX?

UFX Global Limited is a company incorporated in the Republic of Vanuatu that operates under the trading name UFX Markets or UFX, yet confuses investors with the statement about its offices in Germany, Czech and UK. UFX is an online trading brokerage specialising in currencies trading, and commodities, stocks, and indices in the form of CFDs. The UFX broker claims it’s providing a secure trading environment as #1 priority, while all clients funds are always held in segregated accounts. In addition, the broker states the numerous industry awards that recognize them as an “FX Broker of the Year” or “Best Trading Platform and Tools”.

Licenses & Regulation

Is UFX regulated?

UFX is owned by UFX Global Limited which is an offshore company registered in Vanuatu and claims to be registered with a Vanuatu Financial Services Commission (VFSC) license.

The Vanuatu jurisdiction gained its popularity among the investors and business owners in the Forex industry looking to become a regulated broker, yet obtain its status through a simplified process and operate almost without supervision. The VFSC regulator does not require strict proof of the company background, nor check on the implementation of the secure fund management or operation guidelines, does not require regular reporting and further on never impose fines in case of the fraud operation. You can read more about Forex Trading: Why Avoid Brokers from Vanuatu in our article.

New Zealand’s regulator Financial Markets Authority has issued a warning against UFX:

“We believe the registration and regulation information claimed on the website is false and misleading. We are concerned that UFX Global Limited could be involved in a scam. It (www.ufx.com) is based overseas with no presence in New Zealand and does not appear to be subject to regulation by an overseas regulator.”

UFX in India

UFX does not offer its services in India. Most likely this is because it is not regulated in India, and cannot process payments. Traders from India are blocked from opening an account with UFX.

UFX in the USA

UFX does not accept traders residing in the US at this time.

Deposit & Withdrawal

UFX offers a wide variety of international and local deposits methods, including credit cards, debit cards, Skrill, CashU, Neteller and Wire Transfer. In order to enjoy all essential services, the required minimum deposit is US$100 for Micro account. With leverage of 400:1 (Also read about MEX Exchange’s leverage by link), this gives traders control of $200,000 in trading capital. UFX does not charge fees on deposits.

Withdrawals can only be processed and transferred via the payment method traders used to make their deposit. Withdrawals take 3-10 business days to process. UFX does not charge fees for withdrawals. However, any transfer fees imposed by banks are the trader’s responsibility.

Also read about Fortrade pros and cons by link.

Apps

UFX offers both MetaTrader4 (MT4) and the award-winning ParagonEx Web Trader. The ParagonEx trading platform was designed in-house, is recognised as the best in the market and provides traders with all the advantages of MetaTrader in a very simple and intuitive way. UFX provides a mobile trading platform for the traders convenience which they can trade anytime.

Conclusion

The negative reviews and “guilty” verdicts in UFX reputation is something common as well, while it all seems the broker still attracts vast investors.

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.

You can also share your trading experience with UFX by commenting on this review.