UFX Markets Forex Broker Review 2012 - Overview, Ratings, Likes, Dislikes, Comparison
Review and ratings of UFX Markets - Reliantco Investments Limited is available here. Compare it with other FX brokers and read/share your experience.
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Last review date: 3/19/2012 |
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Recommendation is based purely on our own opinion, but we try to be objective as possible!
| Commission Type: | Spread |
| Forex Trades Fee: | 30.00 USD |
| Execution Type: |
STP(MM)
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DD - Dealing Desk, STP(MM) - Straight Through Processing/Instant Execution, STP(DMA) - Straight Through Processing/Direct Market Access, ECN - Electronic Clearing Network |
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| Minimum Deposit: | 100 USD |
| Minimal Contract Size: | 1,000 |
| Maximal Leverage: | 1:200 |
| Account Base Currencies: | USD, EUR |
In case of absence of any trading activity on the Client's account within any six months period, the Company reserves the right to charge a fixed payment of USD 50 for account maintenance assuming that the account has these available funds. If the Client account is funded with less than USD 50 and has been inactive for the said period, the Company reserves the right to charge a lower amount to cover administrative expenses and inform the Client of the pending account closure within the next 10 business days after this notification.
| Spread Type: |
Fixed
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| EUR/USD: | 3.0 |
| GBP/USD: | 5.0 |
| USD/JPY: | 4.0 |
| USD/CHF: | 4.0 |
| AUD/USD: | 4.0 |
| USD/CAD: | 5.0 |
Spreads presented are valid for Standard account. Mini and Micro accounts have wider spreads, while Gold and Platinum accounts have thighter spreads. Though uncommon, spreads may change when the world market is not active or in extreme trading conditions.
| Islamic (Swap-Free) Acc.: | |
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| Segragated Accounts: | |
| Virtual Trading: | |
| Demo Account Duration: | Unlimited |
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| U.S. Citizens Allowed: | |
| Account Opening Type: | Online |
| Paper-Work Required: | |
| Notarization Required: | |
| Documents Delivery: | |
| Deposit Currencies: | USD, EUR |
| Withdrawal Fee: | 0.00 USD |
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| Prize Contest: | |
| 1st Deposit Bonus: | |
When you refer a friend who makes a deposit between $2,000-$10,000, you will be entitled to receive a 10% bonus to your account! |
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| Refer a Friend Bonus: | |
For each friend you have referred to us who activates their account and trades as per the terms and conditions of our program, we will happily reward you with a $200 bonus as our way of saying thank you. |
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| MetaTrader4 (MT4): | |
| VikingTrader (Currenex): | |
| PowerTrader (Currenex): | |
| MirrorTrader (Tradency): | |
| ZuluTrader: | |
| Forex: | |
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| No. of Currency Pairs: | 30 |
UFXMarkets offers a wide arrange of trading options including Forex currency pairs, commodities, CFDs, and indices like the Dow Jones and Nasdaq.
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| One-Cancels-Other (OCO): | |
| If-Then (Conditional): | |
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| 24/7 Support: | |
| Reliantco Investments Limited, Sozos Court, 3rd Floor, Office 301, 26 Makarios III Avenue, Mesa Geitonia, 4000 Limassol, Cyprus | |
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| Tool-Free Phone: | +44.208.150.0778 |
| International Phone: | +357.250.30315 |
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Stocks-For-Beginners.com is UFX Markets's affiliate and is being compensated for every new opened client's account. |
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UFX Forex Broker Review
UFX Markets is online Forex trading broker, where you can trade Forex, CFDs, currencies and commodities on average conditions.
Very Positive - They are very good in wide range of investments offered and provider research tools.
Could do Better - Although they believe to have one of the best trading platforms, it could be well improved with new types of orders and third party solutions.
Introduction
UFXMarkets is an online Forex broker which allows veteran Forex traders as well as beginners have an enjoyable trading experience. The company started its operation in 2007 and at the moment it functions as a brand of Reliantco, a Cyprus Investment Firm (CIF). Being an online broker comprising of financial experts boasting of more than fifty years of experience in the industry, their philosophy is the same as that of UFX Bank, i.e. to keep the clients satisfied, enthusiastic and abreast of the latest information.
This firm cares for its clients and to that effect it features an abundance of resources for them to use. These include market reviews, daily outlook videos, personal training, tips and recommendations pertaining to Forex trading, tutorials and informative articles. It is a leading player in the Forex market and strives to provide nothing but the best to its clients.
Investments Offered and Basic Conditions
While the Bank concentrates only on providing a single trade option, i.e. Forex, UFXMarkets provide a number of other trade options apart from foreign exchange. These are commodities, indices and CFDs or Contract of Difference. UFXMarkets offers its clients with the best possible spreads. In order to trade with this online broker it is mandatory to open an account with UFXMarkets. You have the option of selecting a mini account, a standard account or an advanced account.
Before you can become a client of this company, it would be mandatory for you to accept the 'risk disclosure' stated on the website. You need to agree with the fact that UFXMarkets would not be responsible for inaccuracy, interruption, delay or termination of any market information. The potential client also has to promise that he/she would not be 'deep linking' or redistributing the market information provided by UFXMarkets to those who aren't authorized by the company to receive such information.
Types of Accounts
If you were to open an account with Bank then you will find that you only have two options - you can either go for a Demo Account or open a Forex account. However things are different with UFXMarkets. You have six options to choose from here namely a demo account, a mini account, a micro account, a standard account, an advanced account and an Islamic account, which adheres to the principles of the Islamic law of banking activity.
Micro trade account allows a minimum deposit of USD 100 and a minimum trade size of USD 500 and this makes it the perfect choice for those who want the risk factor in their demo accounts. The Mini account is better than the Micro account because the benefits here are not as limited as the benefits offered by the latter. With Micro accounts, account holders have to provide a minimum deposit of USD 500 and the minimum trade size should be USD 1000.
A standard account is superior to Mini and Macro accounts. It requires you to deposit a minimum of USD 1000. The minimum trade size here is USD 4999 and needless to say, the advantages associated with this account are much more in comparison to the previous two accounts.
If you want something better than a standard account then you should go for an advanced account. This one has two options namely a gold account or a platinum account. The former requires you to have USD 5000 initially in your account while the minimum deposit for the latter is USD 10,000.
Opening an Account
Opening an account with UFXMarkets is as easy as opening an account with UFX Bank. It is a simple and extremely easy process. To do this online you will have to fill out your details so that you can register with the website. If you do not want to do it alone then you can contact the account managers of UFXMarkets to help you open an account.
Irrespective of what type of account you choose to open, you will have to provide them with a username, a password and personal details like full name, email address, contact number and location. Of course you also need to click on the box which declares on your behalf that you agree to the terms and conditions of the website.
Software
As regards trading platforms and software programs, UFXMarkets allows you to experience a refreshing change. While most of the other online brokers would be offering you MetaTrader 4 as a platform to engage in Forex trading, UFXMarkets offers you its own trading platform which is somewhat close to MetaTrader 4.
Something that makes this software program user-friendly and easy to use is the fact that it has a list of instructions at the top of the screen. The platform is convenience personified in the sense that it facilitates easy switching between trading in Forex, indices, CFDs and commodities. Although it does not have multiple screens just the single window which facilitates focusing on Forex trading suffices for the traders.
Trading Tools and Research
Since UFXMarkets offers more options to trade in than UFX Bank, it is only right that the trading tools and research resources offered are also comparatively more in number. Some of the tools which are offered are daily market review, daily video, advanced charts, advanced auto-charting, world interest rate, trading ideas, financial calendar, news and a 'Ask the Broker' service. In order to take a look at one or all of these tools you need to be a client of UFXMarkets and register with them.
Education
Just like how one cannot make financial investments without the right kind of knowledge, one can also not be good at trading without being adequately educated about the forex market. The website recognizes the need of offering educational resources to its clients and hence it offers Forex articles, tutorials, FAQs and tips for beginners as well as advanced Forex traders.
Awards
As a Forex broker, it has received appreciation from all over the world and it enjoys the status of being a world class and trustworthy Forex dealer in London, England. It has also won several awards throughout the years for being such a helpful and reliable online broker.
Promotions, Challenges and Bonuses
The company offers bonuses to its clients and potential clients from time to time. An example would be the offer of receiving a 30% bonus on opening a trading account. Once, the company also offered a 70% bonus of up to USD 1000 on the occasion of Christmas. In order to redeem the bonus, all that was needed by the aspiring trader was to make a deposit before Christmas.
What Makes UFXMarkets Different?
Like Bank, UFXMarkets is distinct from its competitors in many ways. This online broker offers one the chance to earn referral benefits by suggesting the services of the company to those who are interested. Moreover, it offers fixed spreads and a stable platform. Another factor that makes this broker different from the others is that you can open an actual trading account with an amount as low as USD 100.
UFXMarkets offer trading with 30 currency pairs: EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD, NZD/USD, EUR/GBP, AUD/NZD, AUD/JPY, AUD/CHF, USD/NOK, USD/SEK, CAD/JPY, EUR/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/NOK, GBP/CHF, GBP/AUD, GBP/CAD, GBP/JPY, GBP/NZD, CHF/JPY, CAD/CHF, AUD/CAD, NZD/CAD, NZD/CHF, NZD/JPY.
Customer Support
Like Bank, UFXMarkets too recognizes the need to pay attention to its clients and hence they have set up round the clock customer support in different languages. Additional customer support services like remote assistance, live chat and phone are also available and can be easily availed.
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Written by: Goran Dolenc
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