📈 Popular:

Broker of the month

Top 27 Regulated Forex Brokers

Forex No Deposit Bonuses


⚡ Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

Best Brokers

1st Place

2nd Place

3rd Place

4th Place

5th Place

UFX Review


UFX Review



UFX is established online forex and CFD trading broker company in Cyprus.

Finding a reputable UFX review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth review regarding UFX to help you make an informed decision before opening your account or trading on their platform.

UFX offers its ParagonEx platform along with 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. It offers over 500 tradable instruments in Forex, commodities, stocks, indices, and more.

Trades are executed via Straight Through Processing (STP) which provides traders with direct market order execution.

UFX has been in operation since 2007 and today has its headquarters in Limassol, Cyprus.

The broker was formerly known as UFX Markets and acquired 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 to UFX and it also registered in Vanuatu, under UFX Global, regulated by the Vanuatu Financial Services Commission

UFX has offices situated in countries such as Germany, Czech Republic, the United Kingdom, UAE, to mention but a few.


Awards and Recognition

In the world of forex broker companies, it counts much for the company’s reputation if it has been honored with awards from esteemed organizations or publications.

Since its inception, UFX has received several awards. The most recent ones are the following:

  • 2017 – UK Forex Awards winner, Best Forex Trading Tools
  • 2017 – The European FX Director of the Year, Dennis de Jong
  • 2017 – The European FX Broker of the Year
  • 2016 – UK Forex Awards, Best Forex Trading Tools
  • 2016 – The European FX Director of the Year, Dennis de Jong
  • 2016 – The European FX Broker of the Year
  • 2016 – FX Report Awards. Best Trader Loyalty Programme
  • 2016 – FX Report Awards, Best Trading Platform
  • 2015 – The European FX Broker of the Year
  • 2015 – The European Financial FX Director of the Year, Dennis de Jong
  • 2015 – UK Forex Awards, Best Value Forex Broker
  • 2014 – UK Forex Award, Best Forex Customer Service
  • 2014 – The European, Director of the Year
  • 2014 – The European Broker of the Year
  • 2014 – FX Report, Best Broker Western Europe
  • 2014 – FX Report, Best Professional Trading Platform
  • 2014 – FX Report, Best Customer Services
  • 2013 – The European, Broker of the Year
  • 2013 – QFX Broker of the Year
  • 2013 – MENA Forex Show, Most Transparent Forex Broker
  • 2013 – QFX Best Islamic Account
  • 2013 – UK Forex Awards, Best Forex Affiliate Scheme
  • 2012 – World Finance Foreign Exchange Awards, Best New Forex Broker in the EU
  • 2012 – New Europe Magazine, Best Platform
  • 2012 – UK Forex Awards, Best Forex Promotion


UFX Accounts

A forex account is a trading account held by a trader with a company like UFX, that is issued with the primary purpose of trading through its platforms. The number and type of accounts that a trader can open with a broker company usually differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.



Types of Accounts and Their Features

UFX does not offer traders the choice of a demo account on any of its live accounts. Demo accounts usually allow traders to explore the broker’s offer on trading conditions in a risk-free environment.

It also helps beginner traders to practice with virtual money with the broker’s accounts and trading platforms, learning to navigate a live trading environment in a risk-free manner without risking funds.

The following live account types can be opened with UFX:

  • Micro Account, with spreads from 4 pips on EUR/USD
  • Mini Account, with spreads from 4 pips on EUR/USD
  • Standard Account, with spreads from 3 pips on EUR/USD
  • Gold Account, with spreads from 2 pips on EUR/USD
  • Platinum Account, with spreads from 2 pips on EUR/USD
  • Islamic Account, with spreads from of 2 pips on EUR/USD

UFX offers the Islamic Account as a separate, stand-alone account and not as an option to which any other account can be converted too.

The process to open an account can be started from links on the company website. Click on the option to open an account and a form will pop up that needs to be completed with your personal details, a username, and a password.

Validate your account by submitting supporting documentation to verify your identity and proof of residence. This process is mandatory for all traders who sign up for a live account.

As soon as the broker has verified your details you will be notified and can fund your account and start trading.

It can neither be confirmed nor denied whether UFX supports a variety of deposit currencies as the only mention made of such is that all UFX accounts are in USD. This may mean that multiple currencies are supported, but currency conversion fees may apply.


Deposits and Withdrawals

UFX requires the following minimum deposits to open the different types of accounts:

  • Micro Account – $100
  • Mini Account – $ 500
  • Standard Account – $1 000
  • Gold Account – $ 5 000
  • Platinum Account – $ 10 000
  • Islamic Account – $ 10 000

The following methods can be used to fund accounts or make withdrawals with UFX:

  • MasterCard
  • Visa
  • Visa Electron
  • Maestro
  • Diners Club
  • Local Bank Transfer
  • Skrill
  • Neteller
  • Sofort
  • ELV
  • Giropay
  • iDEAL
  • Neosurf
  • China UnionPay
  • CashU
  • Qiwi
  • WebMoney
  • POLi
  • Paysafecard

UFX does not charge deposit or withdrawal fees despite the payment method used in either, but additional fees may be added by their payment provider depending on the payment method and transaction size.

No further information is given on how long it takes for funds to reflect into an account whether it is being deposited or withdrawn.


Cost and Fees, Commissions and Spreads

The cost of trading depends on different factors like commissions, spreads, and margins.

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.

Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.

While contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, it’s trading on shares will incur commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

UFX offers commission-free trading but it does charge an inactivity fee of $50 should the trading account become and remain dormant for up to three months.

Trading costs at UFX consist of fixed spreads for forex trading and vary depending on the type of account established.

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. It drops to 2 pips on the Gold and Platinum accounts.



UFX allows a maximum leverage ratio of 1:400.

The amount of leverage is expressed as a ratio, for instance, 50:1, 200:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 200 000 USD/JPY, that leverage will equate to 200:1.

Leveraged product trading magnifies a trader’s potential profit – but of course, also increases the potential loss. This facility enables traders to get a larger exposure to the market than the amount they deposited to open a trade.



Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.

Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.

The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit about the marketing, distribution, or sale of a CFD, thus ruling out the offering of such bonuses.

UFX offers cashback rewards for every trade made. Traders just need to trade on the preferred assets and earn cashback for every position opened. The more your trade, the more cashback you earn. Terms and conditions apply.

It does not offer any welcome bonuses, probably in accordance with ESMA regulations.


Trading Platforms, Software, and its Features

The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

Some companies provide an own proprietary platform, while others prefer well-known platforms. If there is a choice, the trader should keep in mind what he would like to trade.

UFX offers two trading platforms, namely the ParagonEx Web Trader and MetaTrader5. MT5 is the best-known and used platform and is the revised version of the popular MetaTrader4.

ParagonEx Web Trader, on the other hand, includes features such as Massinsights™ award-winning technology, market analysis along with trading signals from Trading Central, and an economic calendar, among others.

The ParagonEx Web Trader can only be accessed through web browsers, while MT5 can be downloaded onto desktops, android, and iPhone devices, and accessed through web browsers.

Both these trading platforms are described as user-friendly, intuitive, and customizable, with charting tools and news, analysis reports, and financial calendars.

It is stated that the platforms are available in multiple languages which usually include English, French, German, Spanish, Dutch, Portuguese, Arabic, Farsi, Chinese, Japanese, Turkish, Greek, and Russian. It could not be denied or confirmed on the UFX website in which language the platforms are available.


Markets, Products, and Instruments

UFX offers over 49 forex pairs that include majors, minors, and exotics. Other instruments available to trade in are 4 commodities, 7 indices, 409 stock CFDs, and 41 ETFs.

Most brokers offer all or some of the following market instruments for trading:



Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.



As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.



Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes that measure the value of a specific section of a stock market.


Precious metals:

This involves the trading of gold, silver, and other precious metals as hard commodities that are contract-based tradable.



The high volatility of energy prices due to political, environmental, and several other factors, is a typical feature of this product, making it a popular trading choice.



Safety and Regulation

Before deciding to join a broker and start trading, a potential trader needs to establish whether a broker like UFX is safe to trade with. One of the surest benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watchdogs over its actions.

UFX is strictly regulated and authorized by both CySEC and VFSC with client funds kept in segregated accounts apart from that of the broker.

UFX further ensures security by making use of VeriSign Secure Socket Layer (SSL) with the purpose of data encryption to ward off hackers and other cybercriminals.

The broker also follows the strict anti-money laundering, and ‘Know Your Client’ processes in a further effort to validate clients and ensure a safe and secure trading environment for all traders.


Customer Support

Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.

UFX customer support is given in real-time by either completing an online request form on the broker’s website or using the live chat function.

According to the brokers’ website customer support is given in your language of preference 24/7. It also lists several telephone numbers that could be used to contact the broker in different countries.

Some of the telephone numbers are:

  • Cyprus: +357 2503 0314
  • United Kingdom: +44 20 8150 0778
  • Germany: +49 303 080 8240
  • United Emirates: +800 035 702 407



Potential traders need to do as much as possible research about speculative trading before commencing to do it and while trading. Trading successfully relies heavily on knowledge and understanding of the markets, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.

UFX does not have a link on its website that takes you to research tools. It does, however, provide daily market news, MassIngsights™, an economic calendar, and the option to use Trading Central.


Education and Training

Before starting to trade, potential UFX clients should arm themselves with all possible information and trading skills needed to be successful in the world of forex and commodity trading. If UFX’s website itself does not provide enough means, a trader should explore other information sources to obtain that skill and knowledge.

The only assistance UFX gives beginner traders on educational tools is a comprehensive FAQ section that covers a variety of questions and queries that traders may have.



UFX is registered and regulated through CySEC and VFSC than gives the assurance that clients’ funds are safe and secure.

The broker offers competitive trading conditions through several accounts and the popular MT5 trading platform along with ParagonEx Web Trader.

Although trading fees are high it comes without commission and there are no charges on deposits or withdrawals.

There are unfortunately no educational tools or resources and when considering this along with the high trading fees, it would suggest that UFX is not well-suited for all beginner traders but more for traders with some level of skill, experience, and knowledge of trading.



While UFX promises to make all efforts to fill a trade at the requested price, trading on-line does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

CFDs are leveraged products that incur a high level of risk and can result in the loss of all your capital and may therefore not be suitable for all investors.

You should not risk more than you are prepared to lose and before deciding to trade, please ensure you understand the risks involved, consider the level of your experience, and seek independent advice if necessary.

UFX strictly does not provide trading advice. Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.


UFX at a Glance

Broker’s name UFX
Headquarters Limassol, Cyprus
Year founded 2007
Regulating authorities CySEC and VFSC
Countries not accepted for trade United States
Demo account No
Islamic account (swap-free) Yes
Institutional accounts No
Managed accounts No
Maximum leverage 1:400
Minimum deposit $ 100
Deposit options MasterCard, Visa, Visa Electron, Maestro, Diners Club, Local Bank Transfer, Skrill, Neteller, Sofort, ELV, Giropay, iDEAL, Neosurf, China UnionPay, CashU, Qiwi, WebMoney, POLi, Paysafecard
Withdrawal options MasterCard, Visa, Visa Electron, Maestro, Diners Club, Local Bank Transfer, Skrill, Neteller, Sofort, ELV, Giropay, iDEAL, Neosurf, China UnionPay, CashU, Qiwi, WebMoney, POLi, Paysafecard
Platform(s) provided ParagonEx Web Trader, MetaTrader5
OS compatibility Web browsers, Windows, Desktop, Android, iPhone, tablets
Tradable assets Forex, commodities, indices, stock CFDs, ETFs
Languages supported on the website Multiple languages
Customer support languages Multiple languages
Customer service hours 24/5




Trading Environment


How many instruments can I trade with UFX?

You can trade over 500 trading instruments with UFX, including:

  • 49 Forex pairs including majors, minors, and exotics.
  • 4 commodities
  • 7 indices
  • 409 stock CFDs, and
  • 41 ETFs


Which platforms are supported by UFX?

ParagonEx Web Trader and MetaTrader5


Does UFX offer leverage?

Yes, UFX offers leverage of 1:400.


What spreads can I expect with UFX?

Spreads from 2 pips.


Does UFX charge commission?

No, UFX offers commission-free trading.


Is UFX regulated?

Yes, UFX is well-regulated through CySEC and VFSC.


Is UFX a recommended forex trading broker for experts and beginners?

No. UFX is recommended for traders who have had some experience in Forex Trading.


What is the overall rating out of 10 for UFX?





What is the difference between a demo and a live trading account?

A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.


Does UFX offer a demo account?

No, it does not


Can I convert my demo account to a live trading account with UFX?

Not applicable


Which live trading accounts does UFX offer?

  • Micro/Mini Account
  • Mini Account
  • Standard Account
  • Gold Account
  • Platinum Account
  • Islamic Account.


What are the available deposit currencies for a live trading account?



Deposits and Withdrawals


What is the minimum deposit for UFX?



How do you make a deposit and withdrawal with UFX?

UFX offers the following deposit and withdrawal methods:

  • MasterCard
  • Visa
  • Visa Electron
  • Maestro
  • Diners Club
  • Local Bank Transfer
  • Skrill
  • Neteller
  • Sofort
  • ELV
  • Giropay
  • iDEAL
  • Neosurf
  • China UnionPay
  • CashU
  • Qiwi
  • WebMoney
  • POLi
  • Paysafecard


Does UFX charge withdrawal fees?

No, but fees from a financial institution may apply.


How long does it take to make a withdrawal?

It is not indicated on the website how long withdrawals take to reflect into the trader’s account. Traders should note however that depending on a specific bank service it may take several days for the money to be available in a client account.


Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

You might also like


Overall, FINEXO is regulated by two tier-1 regulators, two tier-2 regulators, and four tier-3 regulators respectively. It has a high trust score of 97 out