UFXMarkets Review

Quick Facts

Background

UFXMarkets offers traders a wide range of account options and a specially built trading platform that gives you a clear, easy to use picture of the market. The company is based around the philosophy of keeping their clients informed and helping to cultivate satisfied and enthusiastic traders. To achieve this goal, they offer support and help that other foreign currency brokers simply can’t match. For new traders that want a simple, easy to use platform and support, UFXMarkets is a great place to get started. However, more advanced traders that want access to MetaTrader or another advanced platform may need to look at our other forex broker reviews to find a better match.

Features

UFXMarkets offers a wide range of tips and training available to all their traders, regardless of account level. The training that you can access includes:Daily outlook videos, Market reviews, Trade recommendations and tips, One on one training, Forex articles, Strategies and Tutorials.

If you want a change from forex, UFXMarkets also offers trading in commodities, CFDs, and indices. Some of the securities you can trade include:Gold, Silver, Oil, Dow Jones, Nasdaq, S&P 500, DAX, FTSE 100, CAC40 and various stocks and bonds.

Platforms

UFXMarkets uses a specially built trading platform for all traders. Unlike many other foreign currency brokers covered in our forex broker reviews, they do not offer access to MetaTrader 4 or 5. This may turn off some advanced traders, but the platform is fast and easy to use for newer traders.

There is a list of instructions at the top of the screen to help out if you need it and you can easily switch between forex, commodities, indices, and contracts for difference (CFDs). Unlike other platforms, which open multiple windows that can clutter your screen, the UFXMarkets platform gives you a single window, so you can see what you’re trading without any other distractions.

Overall, trading execution with the platform is fast, although there are some instances when a trade has a slower execution time. Most beginning traders won’t notice this, however advanced traders and scalpers may find the platform limiting.

Account Types

Like many foreign exchange brokers, UFXMarkets offers free forex demo accounts. These accounts let you practice trading on the platform risking only virtual money to let you test drive the service. If you’re new to trading, forex demo accounts are the first place that you should start to see if you can be consistently profitable. Other accounts are determined by your deposit amounts.

Mini Account
– $100 Minimum deposit
– Fixed Spreads
– No download platform
– 200:1 leverage
Standard Account
– $1000 minimum deposit
– One click trading
– 45 Currency pairs
Premium Account
– $5000 minimum deposit
– $10,000 Minimum position size
– Trade stock, commodities, indices CFDs
– 30% Deposit bonus

Spreads

Spreads for all accounts at UFXMarkets are fixed. They start at four pips for mini and micro accounts for major currency pairs and can get as low as two pips for standard and advanced account holders.

Regulation

UFXMarkets has been online since 2007 and is a brand of ReliantCo, an investment firm headquartered in Cyprus. They are currently regulated by CySEC.

Deposits and Withdrawals

Deposits are handled by MasterCard, Visa, and other credit cards as well as Moneybookers, CashU, and wire transfer. Withdrawals take 3-5 days and are credited back to the same method you deposited with.

Customer Support

UFXMarkets offers phone support in England, Egypt, Singapore, and Hong Kong. They also offer 24 hour chat and email support. Live chat support has fast response times, however some emails may take a day or more for a response.

Conclusion

UFXMarkets offers a great deal of support and service along with an easy to use platform that will appeal to newer traders. However, if you’re an advanced trader, the platform may feel a little restricting and have you switching to another forex broker after a few trades.