UFXBank Forex Review


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Info

Name:	UFXBank
Website:	"ufxbank.com" ufxbank.com
Established:	2009
Country	UK and Cyprus
Platform:	Web-based, Downloadable
Email:	info@ufxbank.com
Telephone:	+1 212 201 7301

Advantages

Quasi ECN broker
Pending NFA registration

Disadvantages

New Broker to market, mostly unknown
No MT4 or other charting feed

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UFXBank Review UFXBank Review

rate: 4.00

By: Hillel Fuld

UFXBank is a relatively new Forex broker based in the UK and in Cyprus. They have recently acquired multiple brokers, names are withheld, and thus were able to emerge as a new face on the retail Forex scene. When first encountering UFXBank, you will notice that their website is clear and easy to navigate, which is an indication of the kind of broker they are in general.

The registration, deposit, and even withdrawal processes were all seamless with customers able to withdraw their money within 3-10 business days. UFXBank offers a "no commission of any kind" policy, which is obviously a very positive initiative for the average trader.

This online Forex broker supports more than 80 currency pairs, with fixed spreads, the average being 2 pips for the majors. They “pass through” client trades to the interbank system, thus they do not take the other side of client trades, like retail dealing brokers. Several methods for account deposit are available including major credit cards, paypal, neteller, webmoney, moneybookers, and wire transfer. As little as $500USD can be deposited in order to start trading, but they do suggest that $1000USD is a more appropriate starting capital for trading Forex. They also offer trading in some metals.

The UFXBank trading platform, powered by ParagonEX, is web-based along with their charting package. The broker did not originally offer a free demo account to try out this new platform, but has now added one after listening to feedback, a positive sign about UFXBank. Some of the nice features include both trade entries and exits can be easily entered by using their “Freeze rates” button, giving the trader 3 seconds to open and close positions without the dreaded requotes that so often happen with other brokers’ platforms. There is a disclaimer to the Freeze feature, all trades are “pending platform approval”. The trading platform does not offer trailing stops. In general, their trading platform, although not hosted locally on your PC, is just as advanced and feature-packed as any downloadable platform. They have also recently added support for the industry leading MT4 trading platform.

UFXBank offers some Forex training to its clients as well as daily market analysis in both text and video formats. All in all, I found their site to be simple, but a little difficult to locate information regarding this broker’s background, services offered, trading platform and charting, or any basic answers to typical questions that new trading clients may have.

The online chat was very responsive and answered questions quickly and professionally. Deutche Bank and Saxo Bank are the liquidity partners for the client accounts. They do limit scalp trading by limiting minimum time in a trade position to 60 seconds. And, withdrawals on trading accounts are limited to 10 per month and may take up to 10 days to receive funds. They were recently approved by the NFA, so you can be more confident when trading with this broker.

They offer traders a 500:1 maximum leverage, but the chat representative I spoke with emphasized that they do not recommend traders use such a high leverage, or any leverage at all. While some people might think it is not their place to have said that, I was impressed with that statement, as I thought it showed professionalism on the part of UFXBank.

Overall this broker receives 4 stars, due to lack of a downloadable platform or the ability to trade on your mobile device. However, we were impressed that they added a demo account after receiving customer feedback, and were pleased with their NFA regulation.

UFXBank currently offers a 50% refund on new trading accounts.

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<h1><a href='forex_providers/brokers/UFXBank.aspx' target="_blank" >UFXBank
				 Review</a>
				 
				 
				 </h1>
				 
				 
				 
				<h4>rate: 4.00</h4>
		
 
 
 
 
			 
	By: Hillel Fuld 
	 
 
	<a href="/forex_providers/brokers/UFXBank.aspx" target="_blank">UFXBank</a> is a relatively new Forex broker based in the <st1:country-region><st1:place>UK</st1:place></st1:country-region> and in <st1:country-region><st1:place>Cyprus</st1:place></st1:country-region>. They have recently  acquired multiple brokers, names are withheld, and thus were able to emerge as a new face on the retail Forex scene. When first encountering UFXBank, you will notice that their website is clear and easy to navigate, which is an indication of the kind of broker they are in general. 
 
	The registration, deposit, and even withdrawal processes were all seamless with customers able to withdraw their money within 3-10 business days. UFXBank offers a "no <a href="/_80_glossary__Commission.aspx" target="_blank">commission</a> of any kind" policy, which is obviously a very positive initiative for the average trader. <o:p></o:p> 
 
	This online Forex broker supports more than 80 currency pairs, with fixed <a href="/_336_glossary__Spread.aspx" target="_blank">spreads</a>, the average being 2 pips for the majors. They “pass through” client trades to the interbank system, thus they do not take the other side of client trades, like retail dealing brokers. Several methods for account deposit are available including major credit cards, paypal, neteller, webmoney, moneybookers, and wire transfer. As little as $500USD can be deposited in order to start trading, but they do suggest that $1000USD is a more appropriate starting capital for trading Forex. They also offer trading in some metals. 
	 
 
	<o:p> </o:p>The <a href="/forex_providers/brokers/UFXBank.aspx" target="_blank">UFXBank</a> trading platform, powered by ParagonEX, is web-based along with their charting package. The broker did not originally offer a free demo account to try out this new platform, but has now added one after listening to feedback, a positive sign about UFXBank. Some of the nice features include both trade entries and exits can be easily entered by using their “Freeze rates” button, giving the trader 3 seconds to open and close positions without the dreaded requotes that so often happen with other brokers’ platforms. There is a disclaimer to the Freeze feature, all trades are “pending platform approval”. The trading platform does not offer trailing stops. In general, their trading platform, although not hosted locally on your PC, is just as advanced and feature-packed as any downloadable platform. They have also recently added support for the industry leading MT4 trading platform.<o:p> 
	</o:p> 
 
	UFXBank offers some Forex training to its clients as well as daily market analysis in both text and video formats.  All in all, I found their site to be simple, but a little difficult to locate information regarding this broker’s background, services offered, trading platform and charting, or any basic answers to typical questions that new trading clients may have. 
	 
 
	The online chat was very responsive and answered questions quickly and professionally. Deutche Bank and Saxo Bank are the liquidity partners for the client accounts. They do limit scalp trading by limiting minimum time in a trade position to 60 seconds. And, withdrawals on trading accounts are limited to 10 per month and may take up to 10 days to receive funds. They were recently approved by the <a href="http://www.nfa.futures.org/basicnet/Details.aspx?entityid=0416025" target="_blank">NFA</a>, so you can be more confident when trading with this broker. 
 
	<o:p>They offer traders a 500:1 maximum leverage, but the chat representative I spoke with emphasized that they do not recommend traders use such a high leverage, or any leverage at all. While some people might think it is not their place to have said that, I was impressed with that statement, as I thought it showed professionalism on the part of UFXBank. 
	</o:p> 
 
	Overall this broker receives 4 stars, due to lack of a downloadable platform or the ability to trade on your mobile device. However, we were impressed that they added a demo account after receiving customer feedback, and were pleased with their NFA regulation. 
	 
 
	<a href="/forex_providers/brokers/UFXBank.aspx" target="_blank">UFXBank</a> currently offers a 50% refund on new trading accounts.<o:p></o:p>

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Comments (10 Comments)

	Hillel Fuld 1 Comments View Site. 1/18/2010 4:27:01 PM (cid 622)
For anyone who is interested, here is the UFXBANK NFA regulation: http://www.nfa.futures.org/basicnet/Details.aspx?entityid=0416025

	Fatai 1 Comments 1/12/2010 3:10:31 PM (cid 604)
I funded my ufxbank acct in November 2009 and I was given 50% deposit bonus as their offer with condition of trading minimum 5,000,000 USD volume. As at 23/12/2009 I have traded 18,939.557 USD volume(nearly 4 times the required volume).I applied to withdraw my money and my profit but it was refused and they were claiming I have not traded up-to the required Volume.I contested this,which the Ufxbank risk manager(Mr Vincent) admittedly and reply saying they can not process the withdrawal until after new year holiday because of the festive activities.He(Mr Vincent) also apologise and promise to even credit my account equity with 10% of the equity.I told him that the 10% or offer is not important because i need my Money urgent. On 4/01/2010 I made a withdrawal request and I sent a copy to their finance dept,my ufxbank acct mananger(Ms Amy Walsh) but no respond whatsoever and I did not recieve my fund either.I followed it up with a reminder email on 7/01/2010,no reponse too as well.I have call them several times only for them to either tell me I should contact the finance dept,the finance will direct me to acct manager and that one will direct me to risk dept, or they will give excuse that the finance dept has closed or the acct manager is in a meeting. I have all my transaction records and conversation records with this broker and its staffs. My questions are do this broker actually exist?? How to charge possibly ghost staffs?? A company with forward mail address?? Also please is it possible to get actual adress of this company from the ''LONDON REGISTERED OFFICE ADDRESS''?? I would not hesitate to contact FSA,NFA, metropolitan police and National Fraud Authority. I want other traders/investors to learn from my mistake and do extensive research before opening account with any broker.Please i welcome all suggestion on how I could redeem my fund...cheers My ufxbank username is gbenga

	Adel El Barcha 1 Comments 1/10/2010 2:41:27 AM (cid 600)
I am a professional trader, I recommend this broker because never had a problem with them, they have the fastest customer service, any issue will be solved on the spot, when I receive the first time 100% bonus i thought it may be a Scam but when i tried them i made very good profit with them on the top of my bonus and i would be able to withdraw my money by wire and by credit card. I traded with the biggest and the most famous company in the world but believe with UFXBANK you will not experience any problem whatsoever.

	Nabeel 1 Comments 12/13/2009 6:32:18 AM (cid 577)
I wanted to open an account with UFXBAnk but have a lot of freinds who are suffering from them pointing the following problems: 1-They used to have experienced account managers for users but not anymore. 2-They used to sms their clients whom their balances more than $5000 but they stoped this service with many of them. 3- Learning tools are very very weak compared to others Thanks

	abdullah zamzami 1 Comments 7/19/2009 8:41:21 AM (cid 194)
UFXBANK is very good if we concedrs thier age to the FOREX world, however i suggest if they add to the platform an option button showes the trader how mutch trades he made so he ( the user ) can count when he desirve the pounos the company gave to him. but in general i am happy with them specially MR Ameen who trying and making big efforts to stisfy the clint/clints

	mohamednofal 1 Comments 5/26/2009 2:15:19 PM (cid 47)
ufxbank is wonderful i gain a lot of money from it

	Farid Yahia 1 Comments 5/26/2009 12:07:50 AM (cid 46)
ufxbank site its very easy and simple for beginers also the ufxbank team are very alert and profesional.

	dawood 1 Comments 5/25/2009 10:03:01 AM (cid 45)
you aer good company

	samuel lee 1 Comments 5/16/2009 9:20:34 AM (cid 31)
the platform is friendly and easy to use.their forex experts are very talented and they have a great customer service

	Paul Norberg 1 Comments 5/10/2009 12:14:31 PM (cid 26)
I am currently trading in this website. I like it... i traded in the past with many others but the trading expirience in UFXBank is very very good, stable and they have a very good customer service.