UFX Markets Review – Is UFX a Scam?

UFX Markets is a multi-asset broker that has been operational since 2010. They mainly focus on providing retail traders with access to forex instruments and the leverage offered is up to 1:400. On top of the traditional assets like forex, commodities, ETFs, and CFDs, their platform supports bitcoin trading too.

In short, when it comes to building a diversified portfolio, this broker will certainly not disappoint you. Nowadays, it is of utmost importance to select brokers who suit not only your trading needs and style but also the guidelines set by local financial regulatory bodies. After all, if you can’t ensure the safety of your funds, there is no use in getting involved with trading, right?

The UFX broker has got a lot of bad reputation lately and many popular forums such as Trustpilot and Forexpeacearmy are issuing warnings against them. The client feedback is highly concerning and as far as the credibility factor goes, their stand is getting weaker day by day. So, to know whether it is worth it to proceed with them or not, stick with us till the end.

UFX Markets Review
Regulation and License

UFX platform is owned by Reliantco Investments. They are regulated by the Cyprus Securities Exchange Commission and their license number is 127/10. All of their clients are protected by the Investor Compensation Fund for a maximum coverage of up to 20,000 Euros.

Trading through online mediums has become a norm for all of us, but remember to only indulge with regulated brokers and exchanges. It is true that unregulated offshore entities offer competitive spreads and commissions. However, using decades of data, we can almost say with certainty that it will never have a good ending.

Moreover, in case of unexpected events such as the black swans or flash crashes, if the brokers go bankrupt, then the clients will lose all the funds and there won’t be anything you can do to insure your portfolio.

Contact Details

UFX Retail offers its services in more than 180 countries. If you have any queries, then you can reach their support team via email, live chat on their official website, and mobile phone.

There are literally hundreds of phone numbers used by this firm, but below, we have listed the most used ones using which you can contact them.

United Kingdom – +44 20 8150 0778

Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.

    Spain – +34 910 754 783

    Italy – +39 069 480 0290

    Germany – +49 303 080 8240

    France – +33 18 721 0417

    Trading Platforms, Asset Class, and Leverage

    UFX Markets offers a proprietary web-based trading platform called MassInsights Technology. The default offering contains a lot of metrics, unlike other charting platforms. For starters, they provide active accurate estimates of the trade direction made by the participants of the markets.

    Clients can open more than one chart in a single window and as they are a STP broker, the spreads are not too concerning especially if you are taking swing positions. Knowing the market sentiment can always prove to be helpful. However, remember that it is not a foolproof system and if you have not implemented proper risk management, then chances are you will lose your capital sooner or later.

    This broker also supports the MT5 platform and as there are no strategies banned by them, users can employ any EA to trade the markets. Before you proceed, keep in mind that $5,000 is the minimum deposit to get an MT5 account which certainly is too steep for a lot of retail traders.

    As far as charting solutions are considered, the web-based interface is suitable for a lot of newbies, but if you use custom templates more, then going with the MT5 might be the best option for you. UFX Forex broker features all the major pairs along with commodities, ETFs, and CFDs which means you can build a complete portfolio using a single platform. The leverage offered will differ from one asset to another, but in general, they range between 1:30 to 1:400.

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    While leverage can amplify your profits, be very careful while dealing with them because it has the potential to bring down your capital substantially if it is used improperly.

    Account Types

    Like many reputable brokers who categorize their clients based on their trading objectives and capital, UFX also caters to the need of different types of traders. There are 6 account types offered by them at the time of writing this review. If you are a sophisticated trader, then going with the Platinum account will be the right thing.

    UFX Markets Account Types

    The minimum trading capital required to get started with a UFX retail account is $100 and there are a few trading volume restrictions on every account type. Generally speaking, the more expensive account type you opt for, the more features and exclusive updates you get. Below, we have listed all the features provided on this platform.

    • Daily Market Reviews
    • Video Library
    • Daily Recommendations
    • 24 Hours Live Support
    • VIP Trading Support
    • Exclusive Updates
    • Access to the MT5 Platform

    Education Centre

    The online investing and trading world has changed a lot over the past decade. Now, the brokers focus heavily on providing value because that is one of the ways to earn the loyalty of the clients and keep them on their platform for a long period of time. As a result, providing clients with educational content has become a new trend and it is a win-win scenario for all the parties involved.

    Traders can understand the different mechanics of the market by watching the tutorials on a number of topics and brokers will have high retention rates as the clients become more aware of the right methods to employ in the market. In simple words, both the service provider and the client will enjoy mutual benefits from the dedicated education center.

    Funding and Payments

    The minimum amount required to start your trading venture with UFX Markets is $100. They support a lot of payment methods which include popular options such as Skrill, Neteller, Bitcoin, Debit or Credit cards, POLi, Web Money, CashU, UnionPay, QIWI, SOFORT, Giropay, and Payeer. While there are no deposit or withdrawal fees, due to any incident or change in policy a cost arises, then clients are responsible for it.

    If any client does not place a single trade for more than 45 consecutive days, then he or she will incur an inactivity fee of $100. Depending upon your account type, the fees might be higher or lower than the initial amount displayed above.

    Processing time on withdrawals is said to be around 3 to 10 business days. Also, to be eligible for withdrawals, customers have to submit ID proofs and get their accounts verified.

    Client UFX Forex Scam Reviews

    If you want to know whether a firm is reliable or not, then the easiest way of finding an answer is by looking at client feedback. In this era, the truth just can’t be hidden for long and thanks to the advancement of the web, everyone can make better decisions based on hard data. UFX Forex doesn’t have a shortage of client feedback on top forums.

    Sadly, most of the comments are negative and once you go over them on sites like ForexPeaceArmy and Trustpilot, we are pretty sure that you will be concerned too. Have a firsthand look at some of the comments and then take a firm stance.

    They lost my money usd 40,000.00 in 2 months with their tips and the money goes to them as a profit. You should go court theystarted to scare and offering you. Be careful don’t use this company. They speak withy you like a family and then started to take all your money etc.

    Registered with them then checked reviews and unsavour behaviour. Did not invest after reading about their bad dealings . But one man , cannont mention his name from UFX continually phoned back when I hung up and sent emails. I have now blocked both . Be very careful with these people. I have had to change my review twice do to them complaining about the truth being posted

    UFX Markets Review Conclusion

    In theory, the UFX Markets platform does seem like a decent platform, but the entire perception changes once we look at the client feedback. Many people have lost tens of thousands of dollars in the name of asset management services offered by the firm.

    Moreover, there isn’t any feature or truly unique software provided by this broker which makes indulging with them worth the risk. So, we strongly advise all our readers to go with trusted and fully licensed brokers such as CMC markets or IG markets which ensure fair treatment and offer maximum security for your funds. 

    Did you lose money to UFX? Report your loss to recover your funds.

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