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Offering the online Straight Through Processing, the UFX serves its clients with CFD trading. If you are familiar with the derivatives securities and have some idea about making the right speculations then this platform could be a good option.
In addition to CFDs, UFX offers Forex trading on indices, shares, cryptocurrencies, commodities, and ETFs. The clients have the choice of using any of the three platforms and the ParagonEx Web Trader 4.0 is noteworthy as it exclusively designed by UFC to trade multiple asset classes. The platform uses the MassInsights Technology that serves with a live stream and trader behavior. Other available platforms include MetaQuotes and MetaTrader4 (MT4).
UFX is different in many ways from most of the trading platforms. Is it worth trying? We’ll have to see if this platform is legitimate. UFX scam verdicts from FPA do trigger the alarm but we don’t have to rely just on one source. Let’s go through a detailed review to reveal the truth.
UFX Broker Review Summary
Cost: $250+
Recommended: No (See Our Top Ranked Legit Program Here)
Rating: 0/100
Summary: Initially we though that the UFX broker might have actually been legitimate however upon taking a closer look and coming across new complaints about UFX we have decided to change our verdict and we do not recommend this broker as in our opinion it appears that they may be conning people out of their hard earned cash.
Quick Navigation
We conducted a thorough investigation into the UFX brokerage & so this review of them will be pretty detailed. To make things easier for you we’ve put together some links below which you can use to quickly navigate to the specific information that you came here looking for.
- UFX Background
- Is UFX Regulated?
- UFX Complaints
- UFX Withdrawal
- Is UFX a Scam?
- Our Verdict on UFX
- Been Scammed By UFX?
- A Better (And Safer) Way To Make Good Money
UFX Background
Dennis de Jong is the managing director at UFX, a company owned by Reliantco Investment Ltd., Limassol, Cyprus.
UFX started its journey from the United Kingdom, back in Nov. 2013 (FC031723). Before that, it was basically UFX markets, established in 2007.
After 4 years, on Nov. 6th, 2017 UFX packed up from the UK and moved to Cyprus.
There is also a branch office of the company in the Czech Republic. The 24-hour customer support served well to satisfy its clients over the years. The platform offers more than 500 instruments including eight indices, 373 single stocks, 10 expiable features contracts, 45 ETFs, 30 Cryptocurrencies for CFDs, and 49 currency pairs. Well, it is a seemingly awesome trading opportunity so far.
Is UFX Regulated?
Yes, UFX is regulated under CySEC (HE 270726, License # 127/10). The administration had to consider the replacement of UFX Markets with UFX to match it with the acquired domain name. Another UFX entity in Vanuatu, named UFX Global, is also regulated under VFSC.
Wait wait wait… here comes something extremely important that you can’t ignore. Back in December 2017, CySEC charged Reliantco with €95k and the fine, according to the CySEC representative, was imposed upon the firm’s failure to act in customer’s interest.
UFX Complaints
There are no recent complaints against UFX though, but historically, the company suffered from 3 guilty verdicts from FPA Traders Courts (Nov. 2012). We can’t make our decision on the basis of a single complaint. The company somehow managed to explain the incident by arguing that it was because of the newly hired Black Hat SEO service provider.
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Basically, the complaints were against posting fake reviews in favor of UFX. The opposing argument suggests that no established company would allow an SEO server to directly access the company’s servers. If it does, the company is not complying with the basic regulations about data security. Such SEO services can easily extract and misuse the client’s information. Some agencies also blame UFX for posting fake reviews from their virtual office in Israel.
These complaints are not as serious as we had witnessed in the case of many unregulated brokers. There is no complaint about the inability to withdraw funds. Nobody has blamed UFX traders for stealing their money or for accessing their accounts.
UFX Withdrawal
There is no withdrawal fee, a good sign to start with! The platform allows the traders to withdraw their funds by using the same method that has been used for the deposit. It could be a Wire Transfer or Credit Card.
The minimum withdrawal limit is $25, an encouraging lower bar because most of the traders don’t allow anything less than $100.
The withdrawal processing may take anywhere from 3 to 10 working days. So, it is a nice, fair and encouraging withdrawal policy for the clients. There is nothing fishy or no client has ever mentioned anything malicious.
Is UFX a Scam?
The website is often the major indicator when declaring a platform a scam or legit. We have witnessed a number of binary options brokers who prefer to shut down their website as run away. This is not the case with UFX, the website is still up and working. We don’t have any serious complaint against its brokers. We don’t have any complaint about the misuse of a client’s account. We didn’t find a hint where a UFX broker tricks a client into making a huge investment. We are fairly comfortable to conclude that UFX in NOT a scam.
UPDATE: See our updated verdict here (based on new complaints surfacing).
Our Verdict on UFX
We are happy to see a regulated broker, it happens rarely but feels pleasant. We recommend UFX for being regulated and offering innovative investment options for traders. The technology is updated, reliable and super-fast. The live steam makes things far better and comfortable for investors. On top of that, the ParagonEx Web Trader 4.0 makes things super easy when it comes to analyzing the trading behavior in order to speculate the upcoming trends.
You need to visit their website, carefully go through the policies, options, features, and Terms&Conditions. Make sure to carefully go through each and every aspect. We must remind you that UFX is best for CFD trading. Whenever you are looking to spend money, the first thing you need is to have a proper understanding of how the available opportunity works. If you know the basics and have no issues when analyzing and speculating the trends, then this platform might win you some money. It is better to find some investors who are already using this platform. It will help you to have a better idea of the platform.
UPDATE: See our updated verdict here (based on new complaints surfacing).
Been Scammed By UFX?
Since writing this review it has come to our attention that many people have reported actually being scammed by UFX, so we have changed our verdict on them after finding out this information & we no longer recommend them.
But what can you do if you feel you have been scammed by UFX? Can you get your money back? Well the answer is yes, with the help of our free money reclaim guide you can indeed get your money back.
Our guide shows you the exact steps that you need to take to do just that & to date it has helped thousands of people get reunited with their hands so we highly recommend you check it out if you have lost money.
You can get access to the guide for free by clicking here.
A Better (And Safer) Way To Make Good Money
Even though we initially though that UFX might have been a legit brokerage, we still don’t really recommend trading at all – especially not binary options trading as we believe it is just a big con.
We believe there are many better ways that can enable you to make good money online more safely & we’ve come across many legitimate opportunities that can help you do just that.
But out of all of the opportunities that we’ve come across there has been 1 in particular that has stood out from the crowd & we have crowned it our number 1 recommendation for working from home.
You can get access to it by clicking the link below:
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