» Quasi ECN broker
» Pending NFA registration
» New Broker to market, mostly unknown
» No MT4 or other charting feed
UFX Bank Review rate: 4.00
Regulated by NFA, UFXBank is an emerging forex broker, which hails from London and has its roots in Cyprus. The rapid rise of UFXBank amongst the preferences of several well-established traders has already made it seem another great competition for the forex brokers prevailing in the market.
The simplistic and easy-to-navigate feel of the website is a great indicator of the system offered by UFX Bank. The registration, deposit and withdrawal processes are all impeccable. Withdrawals usually take 3-10 business days. A “no commission” policy is another impressive initiative taken by the broker.
UFXBank supports more than 80 currency pairs, where 2 pips averages for the major fixed spreads. There are myriad of options available to traders for deposits that include NeTeller, MoneyBookers, Western Union, PayPal, WebMoney, Wire Transfer, along with almost all major credit cards, like MasterCard, Visa and DinerClub, however American Express is not accepted. $500USD is the minimum initial deposit amount to get started with trading with UFXBank. The leverage is the appropriate 100:1, as higher leverage implies higher risk.
ParagonEX powers the UFXBank trading platform. This is a web-based platform that offers a charting package and has now also introduced a free demo account, which was not made available previously. It may delight you to know that “Free rates” button with this platform allows easy trade entries as well as exits. So, trader is given 3 seconds for opening and closing positions without having to fear about requites, which often happens with platforms provided by other brokers.
A disclaimer is also mentioned against the Freeze feature, which says that all trades made are “pending platform approval.” Trailing stops are not offered by this trading platform. Although you may not be able to host the trading platform on your PC, this downloadable platform is very advanced and a great feature packed package. Support has also been recently added for the MT4 trading platform.
Multiple exclusive commentary and analysis channels are offered on every trading day by the UFX Bank, for the beginners. Extensive information is offered to the clients as the expert trading staff at UFX Bank explains the causes that lead to market movements, the choices that clients have, and other related things in great detail. The broker is thereby the best choice especially for hesitant novice traders who prefer a gentle introduction to the wild forex market currents and are not willing to shell out bucks to pay a professional forex instructor.
Saxo bank and Deutche Bank are the liquidity partners for the UFXBank client accounts. Minimum time in one trade position is limited to 60 seconds in order to keep a check on scalp trading. There is also a 10 per month limit on the trading account withdrawals.
At present, traders can rejoice with the 50% refund policy that they are offering on the news trading accounts. The only reason UFX Bank scores a little less is due to the lack of mobile application for its platform and its no downloadable platform, which is otherwise commendable.
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