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UFX Bank Review

UFX Bank provides a decent level of service to their customers, from the customer support, to trading support and easy access to the dealing desk. Withdrawal of funds appears to be a bit disorganized but it does get done eventually, whether you are withdrawing profits or not. UFX Bank's trading conditions are such that the benefits of a UFX account are most pronounced for well capitalized traders, which makes it more worthwhile for larger investors than for small traders. This is a known predatory practice. Trading conditions get worse with the lower account types such as Standard, Gold or Mini, as they incur higher transaction costs, and the minimum deal sizes are too high for the amount of margin available in those accounts.

The UFX Bank trading platform offers decent execution. Some stability issues were experienced with the platform, however. Some professional level features are also missing, and charting is not great. This is easily fixed with an external charting package, which most serious investors should have anyway.

In conclusion, due to the many shortfalls, and no discernible advantage to trading with UFX Bank vs. many other brokers, we do not recommend trading with UFX Bank at this time.

NOTE: We had experienced some problems with withdrawals from UFX Bank in the past, but these have been resolved without any loss. Unfortunately, this does not do much to alter our opinion.

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Subjective Ratings

Charting: One star Charting Rating
Execution: Four star Execution Rating
User-friendliness: Four star User-friendliness Rating
Customer support: Zero Customer Support Rating
Transaction costs (spreads): Two and Half star Transaction Costs (spreads) Rating
Rollover interest rates: Four and Half star Rollover interest rates Rating
Withdrawal processing: One star Withdrawal processing Rating
Platform Functionality: One star Platform Functionality Rating
Platform Reliability: Three star Platform Reliability Rating
Average rating: Two and Half star Average Rating

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Business Details

Broker Headquarters: Israel
Regulated By: Unregulated
Client Account Segregation: No
Collect Taxes on Earnings: No
Accept US traders?:
Main liquidity providers: Various major European banks
Broker Capital as of 05-2009 Unknown
Also has offices in: Nicosia, Cyprus and Chicago, IL, USA
Registered Business Name: UFX Trade LLC
In business since year: 2009
Deposit/Withdrawal methods:
MethodDeposit FeeWithdrawal Fee
Diners Club $0 $0
MasterCard $0 $0
Moneybookers $0 $0
NETeller $0 $0
PayPal $0 $0
Visa $0 $0
WebMoney $0 $0
Western Union $0 $0
Wire Transfer $0 $0

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Trading Conditions

Browser platform: UFX Bank by ParagonEX Trading Solutions
Downloadable platform: None
Mobile platform: UFX Bank by ParagonEX Trading Solutions
Phone dealing: Yes
No Dealing Desk Execution: Not available
Fixed spreads: No
Guaranteed stop losses? Yes, all stop-loss and take-profit orders are guaranteed by UFX Bank against slippage.
Hedging capability: Yes
Trading Hours: Sunday 9 pm GMT until Friday 9 pm GMT
Timezone GMT
Scalping allowed: Minimum time to close a deal after opening it is 1 minute.
Account currencies available: USD
Platform languages: Arabic, English, French, Portuguese, Spanish
Support languages: English
Demo account: Yes
Live chat support: Yes, during UFX Bank trading hours
Promotions & tournaments: 25% up to $5,000 free on new client deposits. Bonus must be traded 15,000 times in volume before withdrawals can be made.
Swap-free accounts  - swap-free accounts are charged slightly higher spreads
Typical spread on EUR/USD: 2 pips (0.0002) for Platinum Accounts, 3 pips (0.0003) for Gold Accounts, 4 pips (0.0004) for Standard Accounts, 5 pips (0.0005) for Mini Accounts
Order processing: Market Maker
OCO orders available: No
Trailing Stops: None
If/then orders available: No
Account Types
Account Maximum
Leverage
Minimum/Maximum
deposit:
Minimum/Maximum
trade size:
Notes
Gold Account 200:1* $5,000/$9,999 5,000/2,000,000 units
Standard Account 200:1* $1,000/$4,999 5,000/1,000,000 units
Mini Account 200:1* $500/$999 5,000/200,000 units
Platinum Account 200:1* $10,000/unlimited 10,000/20,000,000 units
Tradeable Instruments: 40   
Automated Trading: No
Depth of market view (Liquidity): No depth of market view available
Interest on Margin: No
Pending Orders Away from Market:

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* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.

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