UFXMarkets

UFX Markets may be counted among the newest Forex brokers on the market, but when it comes to creating an enjoyable trading experience, there’s no question that the UFX Markets team is comprised of veteran traders. UFX Markets is operated by ReliantCo Investments Limited, which is regulated by CySEC and authorized by MiFid, regulations which should allow Forex traders to trade with peace of mind.  With a specially-built trading platform and a wide range of account options to choose from, UFX Markets tries to offer something for every type of trader. Read our full UFX Markets review to see if this brokerage offers something for you.

General Information

Founded in: 2011
Headquarters: Cyprus
Maximum leverage: 1:200
Minimum deposit: $100
Minimum deal size: 500 (with a micro mini account)
Languages available: English, French, Arabic

Trading Platform

Although many Forex brokers try to repackage the standard MetaTrader4 platform as their own, UFX Markets has its own unique platform, which we found to be a refreshing change. The platform was rather easy to use, with a list of instructions at the top of the screen, and a straightforward left navigation where traders can switch easily between Forex trading, commodities, indices and other options. Unlike the MetaTrader4 which has multiple screens for different currencies and charting tools, the UFX Markets trading platform offers a singular window through which traders can focus only on the execution at hand, without unnecessary distractions.

Throughout our UFX Markets review we found the trade execution to be adequately fast, with a few exceptions of slower executions, which, while frustrating, are common with even the top Forex brokers such as AvaFX and eToro.

Features

If you’re looking for a Forex brokerage that offers more than just a straight up trading platform, UFX Markets should be high on your list. One of our favorite features was a daily Forex news video, which we could listen to while completing other tasks, without wasting the time necessary to read a news article. UFX Markets also offers a range of other Forex learning tools for new traders.

More experienced traders can take advantage of other offerings that are geared for advanced traders. Examples include Forex trading signals which are available with any Advanced Account (and, presumably, more expensive accounts), and charting tools which are available with any Platinum Account (minimum initial deposit of $10,000). Although it was surprising that only Platinum traders could use the charting tools, there are so many free options available that we were willing to overlook this inconvenience.

Finally, we appreciated that UFX Markets offers referral benefits for Forex traders who suggest the platform to other traders. Although we found the minimum deposit for this service to be on the high side for new traders, experienced traders who know other traders may have no problem making this type of referral, and we appreciated the gesture, as most other brokerages don’t offer any appreciation for referrals.

Customer Service

UFX Markets offers phone support in 4 countries (England, Egypt, Singapore and Hong Kong), as well as round the clock chat and email support. Throughout our UFX Markets review, we chatted with the support team 3 times, and were satisfied by the speed and accuracy of the responses. When we emailed the company, however, we were distressed to see that we did not receive a response within 24 hours. Interestingly, we also did not receive an email confirmation, though we did receive a confirmation on the website itself when the email was submitted.

Unlike most other Forex brokers such FxPro which offers different email addresses for each different department, or those such as FXPRIMUS which offer a singular contact email, UFX Markets supplies only an online contact form, which may be disconcerting for some traders.

Ease of Use

One of the first things we noted upon visiting UFX Markets is that they offer various different accounts, each of which is explained clearly, so that traders can easily determine which account they want to begin with.
UFX Markets account types are as follows:
Micro Account – Available for deposits from $100-$499, these accounts have the lowest minimum trade size ($500), and are a good place for novice traders to hone their skills.

Mini Account – For traders looking to invest $500-$999, Mini Accounts require a minimum deal size of $1000. As an advantage over a Micro Account, Mini Accounts offer regular market updates.

Standard Account – Traders depositing a minimum of $1000 qualify for a standard account, which offers better spreads than smaller accounts, and additional support for traders.

Advanced Account – As its name suggests, Advanced Accounts are suitable for the most experienced traders since they require a minimum deposit of $5000 or more. However, these accounts offer the lowest spreads and the advantage of a dealing room where traders can benefit from other trader’s knowledge. Some Advanced Accounts even offer personal trading assistance from the experts at UFX Markets, though we found this rather ironic, since traders using such expensive accounts aren’t as likely to need the help as those opening smaller accounts.

Islamic Account – Traders who require an Islamic Forex account can find what they’re looking for at UFX Markets. While these accounts function similarly to standard Forex accounts, they require a $1,000 minimum deposit.

We were surprised to see that we did not need to provide any personal details in order to open an account. We did not need to submit an address nor mention our current income, and we did not need to state whether we had any trading experience, as most other brokers ask. For this reason, the registration process was completed in seconds, rather than minutes, which was most enjoyable.

Deposits can be made via wire transfer, credit card, MoneyBookers or cashU. Withdrawals take slightly longer than withdrawals with other Forex brokers, and the wait time can range from 48 hours to 5 days depending on the method of withdrawal. Identification is required to make a withdrawal.

Final Thoughts

UFX Markets clearly put thought into the design of their website and the usability of their trading platform. The brokerage offers competitive spreads which, though not the lowest we’ve seen, are certainly reasonable. Fast execution and one-click trading make UFX Markets a good choice for short-term traders who enjoy making quick trading decisions.