UFX.com Review – different conditions for different traders

UFX.com is a forex broker that offers CFDs on stocks, indices, commodities and ETFs for trading in addition to currency pairs. The company is licensed in Europe by CySEC, the Cypriot regulatory authority, so the broker can legally offer its services to citizens from the Czech Republic and Slovakia. The minimum deposit for UFX.com is set at $500. The broker also offers Czech language support.

UFX.com – Broker Overview

Minimum deposit500 USD
Regulated brokerYes
RegulationCySEC
Trading platformMT5, own
Demo accountYes

UFX.com – Trading Platforms

UFX.com offers its clients a total of 2 trading platforms: MT5 and its own. The MT5 platform needs no introduction as it is the successor of one of the most popular forex platforms on the market (MT4). Both platforms can be accessed from a web browser or downloaded to a computer or smart device. In addition, MT5 also supports automated trading systems (EAs).

UFX.com has MT5 trading platform.
UFX.com forex trading platforms

UFX.com Fees (spreads)

Like any other CFD broker, UFX.com charges a spread fee. For the current value of this fee, please visit the UFX.com website. We have prepared a small comparison table here, where you can find the amount of UFX.com spread fees on popular currency pairs compared to 2 other popular CFD brokers.

Plus500** 0.6 0.7 1.1 0.6Β XTB** 0.8 1.4 2.0 1.7

EUR/USDUSD/JPYGBP/USDAUD/USD
UFX.com*4.05.05.05.0

*Spready for micro and mini account. Spread data was taken from the broker’s website on 27.10.2019 at 9:00 GMT.
**Spread data was taken from the broker’s trading platform on 26.09.2019 at 12:26.

UFX.com Review Summary

UFX.com must adhere to the strict regulatory guidelines of the CySEC regulatory authority. The broker offers its own trading platform and MT5 (however, this is only available to traders who deposit at least $10,000). Traders owning a basic micro or mini account must pay very high spreads at UFX.com. You can read more about spreads on their website. There are better conditions only for such gold account, which is from a minimum deposit of $10 000, where the spread on the currency pair EUR/USD is 2 pips.

This is such an interesting fact. While the Czech language version of the site informs traders that the minimum deposit with the broker is $500, the English site talks about a deposit of $100. (Similarly, the gold account is available for Czech traders from $10 000, but English speakers have better conditions for the gold account from half deposit, i.e. $5 000.) This seems a bit strange to me, I would have expected it to be rather the opposite (that the broker would have higher minimum deposit requirements after the British).

Compare UFX.com with other brokers on our website.

Pros

  • regulated broker
  • Czech language support

Cons

  • ambiguities on the websites
  • high minimum deposit to use MT5 platform
  • high spreads
Our Score

Leave a Reply