Retail forex trading has been with us since the late nineties, but it took roughly a decade for the cream to rise to the top and for new competitive offerings to take the industry to a higher level. One of the firms that participated in ratcheting up the level of quality of both order execution and customer service was UFX.com (formerly UFXMarkets.com). A group of industry professionals decided to band together and offer a new approach in 2007 that would incorporate the tools and service levels that they had come to expect. Apparently, the team got it right early on, because UFX began to grow by leaps and bounds, quickly amassing a global contingent of happy customers. Reviews and testimonials were highly favorable, followed by a host of industry awards that secured the reputation of this broker for the years to follow.
Aside from the professional look and feel of the firm’s website, its award winning ParagonEx trading platform was revolutionary. It is web-based, no downloads necessary, and it delivers excellent service via STP/ECN protocols. Speed of order execution is assured, and the lack of a dealing desk is always welcomed news. Spreads are competitive and fixed, but do vary by account classification, another benefit if you wish to participate at higher deposit levels. Of course, if you prefer to stick with the tried and true MT4 family of products, that option is also available. As an added benefit, the staff has developed a visually pleasing way to inform you of changing trends in market action and sentiment with what they call “MassInsights™ Technology.” This innovation provides “a live stream of market events, news, and aggregated trader behaviour – showing you what matters NOW.”
The UFX asset list, at this reading, totals out at nearly 250 items, including 51 currency pairs, 8 commodities, 7 indices, 171 stocks, and 12 ETFs. Lastly, Dennis de Jong, the firm’s Managing Director, wants to establish a dialogue directly with you by posting his plans for UFX for the coming year right on the website. Find another forex brokerage house CEO willing to state publicly his commitment and confidence for inquiring eyes to see. His desire is to maintain complete transparency, while “delivering a better experience and making online trading comfortable and convenient.” Unfortunately, U.S. clients are not accepted at this time.
Why trade with UFX.com? The firm lists these reasons:
- Founded in 2007 by a team of industry professionals;
- Headquartered in the British Virgin Islands with offices in London and Limassol, Cyprus;
- Client deposits safely segregated in Top-Tier European banks;
- Web-based proprietary trading platform, ParagonEx, for easy access from anywhere at anytime;
- Metatrader4 also offered as a downloadable version;
- Firm is a Straight Forward Processor (STP) and ECN shop that matches orders with global liquidity providers with no deal-making desk;
- Competitive fixed spreads that vary by account class;
- Leverage varies by asset type but can be as high as 400:1;
- Four account classifications, including free Demo and Islamic accounts;
- Account types vary by account balance:
- Mini – Minimum Deposit of $500 to $999
- Standard – Minimum deposit $1,000 to $4,999
- Gold – Minimum Deposit $5,000 to 9,999
- Platinum – Minimum Deposit $10,000
- Frequent promotions and bonus opportunities, including cash back on trades;
- A Personal Trading Consultant is provided to give you free forex coaching (more advanced support is provided for Platinum level);
- Quick trade executions prevent slippage and re-quotes;
- Extensive support materials, including daily video reviews, educational tutorials, a financial calendar, trading ideas, daily market review, news commentary, and analysis;
- Customer Service reps can be accessed via live chat, email, or by 24 toll-free numbers spread out over the globe.
Spreads and Leverage
Competitive spreads are fixed and vary by asset choice and by your individual account type. There are spread benefits for different levels of account, and these differences are posted on the website. Leverage can also vary by asset type, but, for major currency pairings, it can be as high as 400:1.
The UFX management team prefers that you try its proprietary award winning ParagonEx web-based trading platform. For those traders that prefer to remain with a familiar set up, UFX also supports the highly popular and downloadable Metatrader4 system. The firm also provides its unique “MassInsights™ Technology”, which keeps you abreast of market trends and where the action is. Mobile trading applications are also available. The back office uses STP (Straight Through Processing) protocols and ECN connections for high-speed order executions to ensure the best market price. Dealing desk conflicts of interest are not a problem at UFX. The staff is never working at cross purposes with your interests. The latest in 128-bit SSL encryption technology ensures the utmost security, privacy, and integrity of all pertinent data.
Deposits and Withdrawals
Account registration is easy, and deposits can be made using major credit and/or debit cards, along with banking wire transfers. UFX also supports a variety of other local payment methods, as well. Withdrawals will be processed promptly over a 48-hour period, as long as internationally mandated KYC/AML documentation is on file, current, and in order. Withdrawals will typically follow the same route as used for your deposit, although there can be exceptions, but only if the new account is in the same name as the original account documentation. No third-party transfers are permitted.
Beginners’ and Customer Support
A personal account manager will be assigned to help newcomers become traders quickly or answer queries from more experienced clients. Customer service can be accessed by live chat, by 24 toll-free phone numbers in a variety of global markets, or by email access on a “24X7” basis. The firm’s educational center is comprehensive and includes such things as daily video reviews, educational tutorials, a financial calendar, trading ideas, daily market review, news commentary, and analysis. At UFX, the staff truly wants to “break down important financial data and explain it in terms even novice traders can understand.”
At UFX (formerly UFXMarkets), every effort has been made to focus on you as a trader and to make your experience a truly enjoyable one. From their proprietary web-based trading platform, to one-on-one customer support, and from a broad-based array of asset choices, to competitive spread pricing via STP/ECN, you will definitely find a style of trading that is more comfortable and rewarding. The professionals at the firm come from major banks, hedge funds, and from trading floors and dealing rooms. They know what traders are looking for because they have been there and found solutions that worked for them. Now they bring them to you, fully regulated and in compliance with EU regulations. Multiple and frequent industry awards, along with the many favorable reviews and client testimonials, close the deal. The firm’s simple catchphrase says it all: “UFX – Where trading makes sense.”