UFX Broker Review: Company Reviews with Offshore Registration
Opening up the world of trading with UFX
When entering the UFX broker’s website, you will encounter a promise to become a professional trader, not just a trader. Such words are inspiring, considering that not every company is willing to invest in educating clients. Nevertheless, it is worth noting that the company’s office registration in the offshore jurisdiction of Vanuatu may raise some doubts.
Let’s consider whether UFX stands at the golden mean between a reliable broker and a scammer.
A brief history analysis
The UFX broker started its operations in 2007 and over the years has managed to earn a decent number of awards. It rightfully became recognized as the best forex broker. However, unfortunately, the latest achievements date back to 2017, indicating a decline in the quality of services provided.
UFX attracts attention with its diverse client base due to the availability of the website in 24 languages. However, the site’s navigation is simple, but lacking in information, which requires spending a lot of time searching for answers to arising questions.
The company’s operations are regulated by the Vanuatu Financial Services Commission, but the link to license No. 14581 turns out to be unexpectedly broken. Such obscurity pushes us to ponder about the honesty and reliability of the company.
Hidden facts
It’s surprising that even with a branch in the Czech Republic, information about its status and certifications requires clarification from a manager. Such an approach raises suspicions. Perhaps, details about licenses and the office in the Czech Republic are nothing more than a bluff.
Information about the broker’s founders is also almost nonexistent. The site only claims the presence of a team of professionals dedicated to educating other traders. However, there is no confirmation of these claims. Moreover, verifying the broker’s use of advanced Verising SSL technology and a multi-level backup system is difficult.
Technical support is available 24/7 via phone, chat, or email, although client opinions on the quality of service vary and raise doubts.
Wide range of trading possibilities
For successful trading on UFX, their proprietary platform, MassInsights, as well as the popular MetaTrader 5, are available. It is important to note that with MT5, there is a condition – an account must hold at least 5,000 euros. The minimum initial deposit amount is 100 euros, which is an attractive offer. However, the requirement to meet a minimum trading volume may not suit everyone.
UFX offers a variety of trading accounts for all trader categories, as well as different account funding methods. It is important to highlight that fund withdrawals are only possible from verified accounts and may take up to 10 business days.
Education or confusion?
UFX promises trading education, but the information on the site is limited to an economic calendar. There are no articles, videos, or online consultations. This creates inconvenience for newcomers who will have to independently search for the necessary trading information online.
Final assessment of UFX
With over 10 years of experience, the UFX broker is on the blacklist of unreliable companies. Numerous reviews and unreliable information diminish its reputation. We give UFX a rating of 5 out of 10 and doubt its reliability and honesty.
In the future, the situation may change, but at the moment, we find it difficult to recommend this broker for trading.