UFXMarkets became prominent as an online FOREX trading platform. The unique features of UFX includes currency pair trading, indexes, Contract for Differences (CFDs), and commodities. The objective is to help new and seasoned traders in achieving profitable foreign exchange markets. UFXMarkets covers 40 currency, commodity and index pairs. Traders can choose from standard and advanced accounts. An added feature includes free creation of a demo account to explore the platform.
Account Types and Minimum Deposits
UFXMarkets offers account types for multiple expertise levels. The following options include:
Standard Accounts – Minimum deposit starts at $1,000 up to $4,900. Said account fits neophyte traders who are determined to pursue this career. The account’s major components are:
- Daily market reports
- Competitive spreads
- Daily trading ideas
- Remote assistance
Advance Accounts –
Gold – Minimum deposit starts at $5,000 up to $9,999.
Gold account members get more benefits than their counterparts. This account is designed for advanced traders. The features consist of the following:
- Extremely low fixed spreads
- Minimum deal of $10,000
- Personal account manager with FOREX tutorials
- Access to Auto chartist
Platinum Account – The minimum deposit is $10,000.
It is meant for highly experienced FOREX traders with Gold Account benefits as well as access to all features, personalized trading analysis and VIP account manager.
Micro Accounts – Minimum deposit is $100 up to $499. It is an introductory program for new traders. It helps them obtain experience with minimal risks. There are daily reports and reviews; access to trading lessons; and, use of video library.
Mini Account – The minimum deposit is $500 up to $999. Basic features include:
- Customer support
- Daily trading tips
- Remote assistance
- Better spreads than micro account
- Personal account manager
UFXMarkets also offers an Islamic account which follows Islamic laws on banking. It depends on the spreads you want, minimum deposits and accessible features.
Charging Structure and Customer Support
Compared to other brokers, UFXMarkets does not charge commissions or general fees but for spreads on trades.
The spread refers to the following:
- Differences between bids and asking prices for currencies
- Differences in price between two related futures contracts
- Transactions that involve two or more option series for the same currency.
Not all traders get access to the same spreads because different accounts enable separate spreads. Traders may be required to pay rollover fees and conversely, get payment for these fees. Rollover refers to the interest rate traders pay or receive from open positions that roll over from day to day. It depends on whether interest rate for the main currency is higher or lower than the secondary currency.
During trading days, UFXMarkets representatives are available 24/7 to assist customers. You can use theto call phone numbers and communicate comments or concerns. Representatives do not make recommendations on trades but assist in placement of trades on the platform. They demonstrate procedure such as opening, closing and editing positions. They also explain reading and analysis of charts, graphs, and other tools. Customer service offers free FOREX coaching and one-on-one classes for traders.
Analysis Tools and Additional Features
UFXMarkets offers custom-built and advanced charts for research and analysis purposes. These can be used to conduct market studies. Advanced auto-charting is available but only for certain accounts.
Platinum and Gold account holders have access to Auto chartist. This is an analysis tool that informs users about profitable opportunities during the day. It scans market price data and determines patterns for traders.
UFXMarkets is operated by Reliant Co Investments Limited which is regulated and licensed by the Cyprus Securities and Exchange Commission. Traders’ investments at UFXMarkets are protected by strict regulatory standards.
Even if the minimum deposit is $100, UFXMarkets recommends the $500 trading account for access to fundamental features. You can use tools for basic and technical analysis, daily and weekly reviews and analytical tools.
An account manager is assigned to the new trader to help in choosing the ideal account and services.