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Updated on February 2, 2024

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Our Review Method ▲

In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding UFX due to the issues we've identified.


Is UFX Scam or Legit Broker? ▲

Our in-depth research into UFX’s operational and regulatory framework reveals significant concerns, leading us to advise caution and ultimately recommend against engaging with this broker. Notably, UFX lacks formal registration with any recognized financial authority, which raises serious doubts about its legitimacy and the safety of investors' funds. Historical alerts categorize UFX as a potential trading scam, highlighting not only its regulatory shortcomings but also questionable marketing practices aimed at attracting unsuspecting traders. Under the ownership of UFX Global Limited, the entity is based in an offshore jurisdiction in Vanuatu, boasting a license from the Vanuatu Financial Services Commission (VFSC). However, the VFSC’s regulatory oversight is notoriously lenient, allowing businesses to acquire regulatory status with minimal scrutiny, thereby facilitating operations with little to no actual supervision.


What is UFX? ▲

UFX Global Limited, operating under the brand names UFX Markets and UFX, is a company incorporated in the Republic of Vanuatu. It presents itself as an online trading brokerage, specializing in a wide array of financial instruments, including currency pairs, commodities, stocks, and indices, all available for trading as CFDs. Despite its claims of prioritizing a secure trading environment and segregating client funds, the regulatory backdrop of Vanuatu casts a shadow over these assertions. UFX boasts of receiving numerous industry accolades, such as “FX Broker of the Year” and “Best Trading Platform and Tools.” However, the VFSC’s regulatory framework does not enforce stringent checks on company backgrounds, secure fund management practices, or operational guidelines. Moreover, the absence of regular reporting requirements and the lack of punitive measures for fraudulent operations further exacerbate the risks associated with trading through UFX.


UFX in India ▲

UFX does not extend its services to traders based in India, likely due to its inability to conform to local regulatory requirements and to process payments within the region. Consequently, Indian traders are precluded from opening accounts with UFX.


Deposit & Withdrawal ▲

UFX facilitates a variety of deposit and withdrawal options, accommodating both international and local preferences. These include credit and debit cards, Skrill, CashU, Neteller, and Wire Transfer, among others. To access the platform’s full suite of services, a minimum deposit of US$100 is required for a Micro account, empowering traders with a leverage of 400:1 and control over $200,000 in trading capital. Notably, UFX does not impose deposit fees. However, withdrawals must be executed through the same payment method used for deposits, and although UFX does not levy withdrawal fees, any bank-imposed transfer fees fall on the trader.


Apps ▲

UFX’s technological offerings include the MetaTrader4 (MT4) and the proprietary ParagonEx Web Trader platforms. The latter, developed in-house, is lauded for its simplicity and intuitive design, purportedly offering the advantages of MetaTrader without its complexities. Additionally, UFX provides a mobile trading platform, ensuring traders can engage in trading activities from any location, at any time.


Conclusion ▲

Given the substantial concerns regarding UFX’s regulatory status, operational transparency, and historical warnings against it, we strongly advise against engaging with this offshore broker. The lack of oversight from a reputable financial authority poses significant risks to traders’ investments. We encourage traders to opt for brokers regulated by esteemed authorities, such as those in the UK or Australia, which adhere to stringent regulatory standards and have proven track records of reliability. Engaging with well-regulated brokers ensures a greater degree of security for traders’ funds and a more transparent trading environment. It is crucial for investors to remain vigilant and steer clear of entities like UFX, which, due to its recent inactivity and inaccessible website, further compounds the concerns surrounding its legitimacy and operational integrity.


When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.

UFX

IG

Swissquote

Ranking

Is it safe?

Advantages

None

No

Low Fees

Yes

⭐⭐⭐⭐⭐

Education

Yes

⭐⭐⭐⭐⭐

Compare UFX with its peers

UFX

IG

Swissquote

Ranking

Is it safe?

Advantages

None

No

Low Fees

Yes

⭐⭐⭐⭐⭐

Education

Yes

⭐⭐⭐⭐⭐

Compare UFX with its peers

UFX
Blank Image

In a Snapshot

Name: UFX

Website: www.ufx.com

Reason to avoid: Offshore License

Date: October 22, 2018

⚠️Caution: UFX operates as an unregulated broker, making it UNSAFE for trading activities.⚠️

UFX Review 2024

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