UFXBank has a stylish but easy-to-use website, with smooth deposit and withdrawal functions. Withdrawals can take between 3-10 working days depending on the withdrawal method used, however this is not an unusual length of time.
Pip: 4-7 on common pairs
Min Deposit: $100
Max Leverage: 1:500
UFXBank allows for trading in more than 45 currency pairs, with fixed spreads ranging from 2 pips for popular currency pairs on higher budget accounts, to 4-7 for popular currency pairs on lower budget accounts. Less popular currency pairs carry a higher spread (in some cases much higher than on other online forex brokers), but for popular pairs the spread is quite good value.
There may be some cases where certain currency pairs and/or commodities are unavailable in certain regions, but in general the trading options available at UFXBank are very good.
UFX Bank uses a web-based trading platform and charting package, which is powered by ParagonEX. This trading platform is not as well known as Meta Trader 4, but it is a good platform with many desirable features, including freeze rates which help traders to avoid falling prey to requotes. UFX Bank recently added a demo account option after receiving many requests for one.
Since the trading platform is browser based, it can sometimes suffer from a little slowness, but it is fully featured, and generally quite stable, offering access to all of the popular functions of desktop trading platforms. Sadly, there is not currently a mobile trading platform. This omission may not trouble you, but if you do value the ability to trade on the move then you will need to find a different broker. Now that smartphones are becoming increasingly common, the lack of mobile trading support is a serious omission. With that said, one nice thing that UFXBank does offer is trend information sent by SMS message. This is a relatively new offering, but it does show that they are dedicated to improving their offerings.
The training section of UFXBank offers both text and video tutorials, as well as daily market analysis. Finding the information can be time consuming, but there is a lot of valuable assistance provided for new traders, along with more detailed information for experienced and sophisticated traders and daytraders.
The free forex coaching is something that is offered on all of their accounts, including the Mini Accounts, which require only a $100 deposit. These accounts have fixed spreads, and can have a leverage of up to 1:200.
Leverages of up to 500:1 are permitted on bigger accounts, however users are encouraged to trade at lower leverage levels in order to minimise their risk. At the end of the day it is up to each individual trader to decide how much they can afford to risk, and indeed how much of their budget they are willing to risk. Standard accounts can access a 24 hour dealing room, and get more personal forex coaching.
The site’s Advanced Accounts require a deposit of $10,000 – however the benefits of this account are impressive, with spreads of just 2pips. Users of the advanced accounts can also enjoy 24 hour technical analysis, advanced training, and the benefits of a personal dealer.
There is an Islamic Account available for those that wish to ensure that their account operates under the specific requirements of Islamic laws relating to banking activity. This account has all of the important benefits of a standard account.
UFX Bank have a minimum trade time of 60 seconds, which prevents scalp trading. There are also limitations on the number of withdrawals that can be made per month, with a delay of up to ten days before funds are received, however they are reliable, and their recent regulatory approval only strengthens their reputation.
Support is available via online chat, and the support agents are generally helpful, knowledgeable, and quick to respond – at least with the general queries that we put to them.
There is a regularly updated news section that provides lots of information about world events that may have an impact on the forex market. Most serious traders like to set up their own news feeds, bringing in information from a lot of sources, but it’s still nice to have easy access to news via the UFX Bank site, no matter where you are at the time.
Before you choose to sample any online forex broker, it is a good idea to try out the free demo account, and also to speak to existing users via online forex communities. UFXBank offers a demo account with $10,000 of play money, which is a good way to check out the broker and see if it meets your needs. The market changes quickly, and you will get more up to date information from current users than from a review. That said, UFXBank has a good reputation as a solid trader. They are willing to listen to customer feedback, and are generally helpful when contacted. They are quite transparent about their security policy and the regulations that they trade under, so users can trade in comfort knowing that the site has sound policies and that their financial details should be safe. Of course, users are encouraged to choose secure passwords, and to change them regularly.
It would be nice to see UFXBank add a mobile platform, and a downloadable platform for those who prefer the speed and efficiency of a desktop client. However, the web platform is fairly serviceable, and the customer service, and low spreads, makes them an appealing option.
The site also offers some good rebates for new customers – at the time of writing they have a 30% bonus for new accounts. They also have an affiliate program for those that are interested in joining it.
Whether you are a new trader, or an experienced one, if you don’t require mobile trading features, then UFXBank is well worth a look. If mobile trading is a must, then why not let them know? They have a good record with it comes to listening to their customers, so may well add one in the near future.