PROS / UFXMarkets provides 24-hour chat support, Islamic accounts, 200:1 leverage and daily video posts. Clients also have access to Barclays Signals mobile and email alerts.
CONS / Due to American federal trading regulations this broker cannot accept U.S. citizens as clients.
VERDICT / With UFXMarkets, you can exchange more than 45 currency pairs as well as commodities and stocks. The company also offers numerous withdraw methods, including UFXMarkets debit cards.
Editor's Note: This review has been removed from our side-by-side comparison because it no longer ranks as a top 10 product. The original review is below, but check out our current top 10 about Forex Brokers here.
UFXMarkets is operated by ReliantCo Investments Limited, a Cyprus-based investment bank that is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). UFXMarkets is also regulated by the Markets in Financial Instruments Directive (MiFID). MiFID regulates investment services across the 30 member states of the European Economic Area (EEA). Because UFXMarkets is authorized to operate within the EEA, the company is registered with the largest regulatory bodies in Europe, including the Financial Services Authority (FSA) in the United Kingdom, the Federal Financial Supervisory Authority (BaFin) in Germany, and the Banque de France. This broker has been in business since 2007; however, it obtained most of its accreditations in the last few years. UFXMarkets is not available to traders in the United States.
This forex broker provides access to more than 45 currency pairs. New clients can open an account with as little as $100 USD. Keep in mind that even though many brokerages use USD as the standard currency, that does not necessarily mean they can take American clients. That is true for this broker as well. It is not able to take U.S. clients, but it can accept clients from most of the world. UFXMarkets offers micro, mini, standard and advanced accounts. The advanced accounts are available in Gold and Platinum levels and provide services such as fixed spreads, one-click trading, VIP dealing offers and customized reports.
UFXMarkets is a market maker broker, which does not collect commissions, but rather collects compensation via the bid/ask spread, which is often manipulated to the broker's advantage to ensure profitability. As all forex brokers do, UFXMarkets also charges rollover fees for positions held overnight. It provides Islamic accounts with no interest charges that conform to Sharia law in terms of banking activity.
The trading platforms UFXMarkets provides include MetaTrader and ParagonEx. Gold or Platinum trading accounts can use ParagonEx to directly place trades from the trading signals presented from the trading platform. Traders also have the option to download the Trade UFX mobile trading app and trade on the go using an iPhone or Android device. To provide secure trading, UFXMarkets uses an advanced SSL (Secure Sockets Layer) by VeriSign to authenticate users and protect data transfers. Firewall protection is at the server level as well as the application level.
UFXMarkets provides a wide range of customer support and education depending on the account type. The company provides telephone, email and chat support in numerous languages during all market hours. In its education center, there are video reviews, tutorials, FAQs, a glossary and personal coaching via remote assistance. UFXMarkets also provides advanced charts, trading analysis, financial calendars and market reviews.
UFXMarkets is now regulated to accept clients in most locations outside of the United States. It is regulated by the MiFID and CySEC. It provides a wide range of account types, access to more than 45 currency pairs and mobile trading apps. The company also provides free, one-on-one coaching to Platinum members