UFX Markets Review
| Leverage | 1:200 |
| Minimum Deposit | $100 |
| Minimum Lot Size | 0.01 Lots |
| Broker Type | Market Maker |
| Deposit methods | Credit/Debit Cards; Moneybookers; Bank Wire |
| Spreads/Commission | Fixed. From 4 Pips on Micro Accounts and 2 Pips on Platinum Accounts |
| Regulation | N/A |
| Trading Platform | ParagonEX (Browser based trading platform) |
| Islamic/Swap Free Accounts | Yes |
UFX Markets is an online forex broker that was established in 2007. UFX Markets replaces the hitherto popular UFX Bank trading platform. UFX Markets is powered by ParagonEX trading platform that makes for an easy to use browser based trading platform and was developed by the CEO of UFX Markets.
Offering fixed spreads, UFX Markets is a Market Maker and offers a range of financial trading products that include Forex, Commodities, CFD’s and Indices. Made up of veterans, UFX Bank boasts of a rich mix of technology and forex expertise. A variety of deposit methods ensures that clients can easily manage their deposits and withdrawals. Overall, UFX Markets makes it easy for traders at all levels as can be aptly seen by their different types of trading accounts offered by UFX Markets.
UFX Markets – Types of accounts
UFX Markets offers 4 types of trading accounts that makes it easy for forex traders at all levels to choose a trading account that suits them the most. The primary difference between the different trading accounts at UFX Markets is the spreads and the minimum deposit that varies between the different types of trading accounts. The UFX Markets account types includes:
- UFX Markets Micro Account: The micro account is best suited for entry level traders or if you want to sample the UFX Markets trading conditions and the forex trading platform. The minimum deposit for a Micro Account at UFX Markets start at $100 and gives access to over 45 currency pairs as well as other instruments. The spreads on UFX Markets Micro Account starts at 4 Pips.
- UFX Markets Mini Account: The mini account from UFX Markets requires a minimum deposit of $500 and gives access to the entire list of trading instruments. The spreads is almost the same as with a Micro account, except for a few pairs such as XAG/USD, which is 750 Pips (50 pips less than a micro account).
- UFX Markets Standard Account: The minimum deposit requirements for a Standard Account at UFX Markets is $1000. The spreads with a Standard account starts at 2 Pips and gives access to a UFX Markets personal account manager as well.
- UFX Markets Advanced Account: The minimum deposits for a UFX Markets advanced account starts from $5000 and gives access to a personal manager who will assist the client in executing the trades as well as trade recommendations. The lot size for an Advanced account is 0.1 Lots. Advanced account holders at UFX Markets also get access to SMS trade signals as well, that are delivered in real time
UFX Markets – Trading Platform
The UFX Markets trading platform is different to what most forex brokers have to offer. If traders are accustomed to the MT4 trading platform, then UFX Markets isn’t the right choice as they employ a custom forex trading platform built by ParagonEX. This browser based trading platform from UFX Markets offers a single window interface unlike the usual chart windows one gets to see with an MT4 platform. The advantage with UFX Markets trading platform is in the fact that traders can pretty much access their portfolio from just about any computer with internet connection. This makes it easy and hence the trader does not have to be tied up to a computer neither will there be a need for using a forex VPS service.
UFX Markets – Customer Support
Traders at UFX Markets can contact support via Phone with local numbers from UK, Egypt, UAE, Singapore and Hongkong and via the Live customer support chat that is multi-lingual and is available 24 hours a day.
Trading with UFX Markets
UFX Markets makes for a simple and easy forex broker to trade with. A range of different accounts makes it easy for traders to pick and choose a trading account that best suites their trading style as can be aptly seen in their difference in spreads across the different types of accounts. UFX Markets has a policy towards inactive or dormant accounts. An inactive account at UFX Markets is defined as not having any transactions in a 6 month period. Dormant accounts at UFX Markets are charged an annual maintenance fee of $50 or the full amount of the free balance in the account if the free balance is less than US$50. Trading Accounts with no balance would be automatically closed.
