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Overall

UFX offers its responsive ParagonEx platform alongside MT4 and caters to traders through its CySEC-regulated office in Europe alongside its offshore entity in Vanuatu. With fixed spreads across all its account types, low trading costs are not one of UFX’s strong points.

By Steven Hatzakis / April 3rd, 2018 / Updated: July 27th, 2018

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Trust Score
Dislikes
  • Wide spreads across all account types for forex
  • MT4 is not offered to micro and mini account holders

Review Sections:

Founded in 2007, UFX (formerly UFX Markets) obtained regulation with the Cyprus Securities and Exchange Commission (CySEC) in 2011 under its Cyprus entity, Reliantco Investments Limited, which uses UFX as its trading name.

In 2014, the company rebranded from UFX Markets to UFX, to match its brand with the three-letter domain name it had acquired. The UFX brand also has an entity regulated in Vanuatu, under UFX Global, regulated by the Vanuatu Financial Services Commission (VFSC).

In addition to offering the popular MetaTrader4 (MT4) platform developed by MetaQuotes Software Corporation, UFX provides ParagonEx, its proprietary trading platform that features charts powered by NetDania.

In total, UFX offers traders access to over 500 instruments, including 49 currency pairs and CFDs on 30 cryptocurrencies, eight indices, 45 ETFs, 373 single stocks, five commodity contracts, and 10 expirable futures contracts.

Trust Score

Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.

Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of UFX.

UFX
Trust Score70
Year Founded2011
Publicly-Traded Company (Listed) No
Regulated in Major Hub Yes
Regulated in Emerging Hub Yes
Authorised in the European Union Yes
CFTC Registered (USA) No
FCA Regulated (UK) No
IIROC Authorised (Canada) No
FINMA Authorised (Switzerland) No
ASIC Authorised (Australia) No
SFC Authorised (Hong Kong) No
MAS Authorised (Singapore) No
FSA Authorised (Japan) No
FMA Authorised (New Zealand) No
CySEC Authorised (Cyprus) Yes

Offering of Investments

The following table summarizes the different investment products available to UFX clients.

UFX
Minimum Initial Deposit$100
Currency Pairs (Total Forex pairs)49
CFDs - Total Offered461
Exchange Traded Securities: US No
Exchange Traded Securities: International No
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

The trading costs at UFX consist of fixed spreads for forex trading and vary depending on the type of account established (there are five accounts to choose from, ranging from Micro to Platinum).

To trade the EUR/USD pair at UFX, fixed spreads are 4 pips on the Micro and Mini accounts, then 3 pips on the Standard Account. These drop to 2 pips on the Gold and Platinum accounts.

UFX spreads account types

Despite the wide range of account options, including a Sharia-compliant Islamic account offering, trading costs are above the industry average, making UFX an expensive option across its fixed-spread offering.

Bottom line: while UFX offers its lowest spreads on its Gold and Platinum accounts, if the broker added a lower fixed spread or variable spread offering, this would help it compete in this category.

UFX
Average Spread EUR/USD - Standard3.00
All-in Cost EUR/USD - Active2.00
Active Trader or Premium/VIP Yes

Customer Service

For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.

Results:

  • Average Connection Time: >1 minutes
  • Average Net Promoter Score: 1 / 10
  • Average Professionalism Score: 0 / 10
  • Overall Score: 0.8 / 10
  • Ranking: 42nd (43 brokers)

Research

UFX provides multiple resources for its research offering across its platform and website. These range from an economic calendar and headlines powered by FXStreet, to its proprietary MassInsights technology that analyzes client sentiment data.

MassInsights deciphers sentiment data in several ways beyond the typical buy and sell percentages displayed, by looking at changes in trading activity, including abrupt turnarounds, sharp spikes in volatility, and more than usual positions being opened by traders on a specific asset, among other sentiment-driven indicators.

UFX research mass insights

MassInsight combines research alongside the trading experience on the ParagonEx platform – a welcome feature compared to platforms that have research segmented in a different section.

UFX further enhanced its research in 2017 by adding content from Alliance Signals, a trade name of iSignals based in Switzerland, as well as additional content in the form of daily market analysis videos.

Overall, UFX finished 19th out of 43 brokers for Research in our 2018 Review.

UFX
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Acuity Trading No
Social Trading / Copy-Trading Yes
Social Sentiment - Currency Pairs Yes
Client Webinars No
Client Webinars (Archived) No
Videos - Beginner Trading Videos No
Economic Calendar Yes
Calendar Includes Forecasts No
Economic News Sentiment No
Trade Ideas - Backtesting No

Platforms & Tools

UFX offers the MT4 platform suite from MetaQuotes Software Corporation, developer of the widely popular MT4 and MT5 platforms for desktop, mobile, and web (to learn more about MT4, read our full MetaTrader guide).

UFX also offers its own proprietary web-based trading platform, ParagonEX, which is I focused on for this review.

UFX has done nicely in creating a highly simplified user interface design in ParagonEx.

UFX has done nicely in creating a highly simplified user interface design in ParagonEx. The user experience is also smooth, even though the platform feels too simple initially; however, once the open position tab is expanded from the lower toolbar, managing open trades, including via the close all button, is easy.

UFX-ParagonEx-web-platform

Another neat feature during order creation is the maximum trade size you can make for the selected instrument. This is based on the available margin in the account and the selected leverage.

With the ability to sort across six available asset classes using various filters such as volatility and daily change, the watch list in ParagonEX acts as a screener for users. Users can also add favorites to the default “My Assets” watch list (instruments are added automatically each time a new position is opened). Positive aside, one primary weakness to security monitoring is there is no ability to create additional watch lists.

UFX_Cryptocurrencies web trader

Moving to charting within the ParagonEX platform, charts powered by NetDania come loaded with 53 indicators and 21 drawing tools that can be used across a dozen time frames and just as many chart types.

UFX ParagonEx Charting

In addition, zooming in and out and compressing prices vertically was a very fluid process. The only drawback with charting is the inability to switch instruments from within the chart windows, as a new separate window must be opened manually.

Overall, traders looking for a simple trading solution alongside integrated news and analysis tools may find the ParagonEx web platform suitable, while more advanced traders may find the range of order types limited and choose from the firm’s MT4 offering as an alternative. UFX finished 19th for Platforms & Tools in our 2018 Review.

UFX
Virtual Trading (Demo) Yes
Desktop Platform (Windows) Yes
Desktop Platform (Mac) No
Web Platform Yes
Social Trading / Copy-Trading Yes
Proprietary Yes
MetaTrader4 (MT4) Yes
MetaTrader5 (MT5) No
cTrader No
Currenex No
ZuluTrade No
MirrorTrader No
Charting - Drawing Tools (Total)21
Charting - Indicators / Studies (Total)53
Watchlists - Total Fields
Order Type - Trailing Stop No

Mobile Trading

UFX offers the MetaTrader 4 mobile app, alongside its ParagonEx mobile app, and both have available iOS and Android versions available for download from the Apple iTunes store and Android Playstore, respectively.

For this review, I focused on the ParagonEx mobile app for Android running on a Galaxy S6 Smartphone.

It’s worth noting that the mobile app defaults to a live account, requiring users testing the demo version to go into the settings to switch to demo mode. Upon logging in to the ParagonEx mobile app, also known as UFX Trader, the layout and navigation resembled the web version of the platform, with syncing watch lists and a simple UI design.

UFX ParagonEx mobile app

Looking at charting, the experience was improved significantly since our review last year, with 63 indicators and 9 drawing tools now available in landscape mode.

UFX Mobile charts landscape

All in all, the ParagonEx app has a good foundation and provides an experience that is consistent with its web counterpart. UFX finished 13th in our 2018 Review for Mobile Trading.

UFX
Android App Yes
Apple iOS App Yes
Charting - Draw Trend Lines Yes
Charting - Can Turn Horizontally Yes
Charting - Technical Studies/Indicators63
Watch List Syncing Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes

Other Notes

In 2017, UFX expanded its range of cryptocurrency CFDs to a total of 30 crypto assets, making it one of the most extensive crypto offerings we saw while conducting our 2018 Review that included 43 forex brokers.

UFX provides execution on an agency basis, and as per its best execution policy, its sole execution venue is PXExchange Ltd, which is licensed by the International Financial Services Center (IFSC) in Belize as a List F “Trading in Securities Services” broker.

Final Thoughts

The broker offers a reasonable range of forex pairs, and significantly boosted its range of CFDs across ETFs, Single-Stocks, and Cryptocurrency CFDs. In 2018, UFX provides a crypto trading experience that is rivaled only be Swissquote.

Perhaps the biggest drawback with UFX – besides some small bugs on the mobile app – is its pricing options, with only fixed spreads available across all its account types. Considering that spreads across all its offered accounts types are generally high, this makes UFX less flexible than brokers offering variable spreads for price-sensitive traders.

Nonetheless, traders that have execution-sensitive strategies or who are not as cost sensitive may find the Gold and Platinum accounts more favorable, as fixed spreads are comparably lower than the other account types, helping UFX cater to a specific trader segment.

Methodology

For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses."Learn more.


Steven Hatzakis

Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 19 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

UFX Competitors

Select one or more of these brokers to compare against UFX.


Ratings Overall

Summary

Commissions & Fees
Offering of Investments
Platforms & Tools
Research
Customer Service
Mobile Trading
Education

Best in Class

2018
35 of 43

Overall
  • Crypto Trading

Commissions & Fees

Commission Notes

The trading costs for forex consist of fixed spreads at UFX and vary depending on the six available account types. Examples using the EUR/USD pair are shown below:

UFX fixed spreads account types

    • Micro: Fixed spreads of 4 pips on the EUR/USD pair.
    • Mini: Fixed spreads of 4 pips on the EUR/USD pair.
    • Standard: Fixed spreads of 3 pips on the EUR/USD pair.
    • Gold: Fixed spreads of 2 pips on the EUR/USD pair.
    • Platinum: Fixed spreads of 2 pips on the EUR/USD pair.
    • Islamic: Fixed spreads of 2 pips on the EUR/USD pair.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All data was obtained from a published web site as of 4/03/2018 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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