Info

Name UFXBank
Website ufxbank.com
Established 2009
Platform None
Country United Kingdom

Advantages

  • Quasi ECN broker

Disadvantages

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

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UFXBank Review

UFXBank is ranked #66 of 315 Forex Brokers.
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Info

Name UFXBank
Website ufxbank.com
Established 2009
Regulation None
Country United Kingdom

Advantages

  • Quasi ECN broker

Disadvantages

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

UFXBank is a Forex broker that is based in the UK and in Cyprus. They have recently  acquired multiple brokers, whose 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 regulation, downloadable platform and the ability to trade on your mobile device. 

UFXBank currently offers up to 50% refund on new trading accounts.

Review info: UFXBank
Review Date:
Rating : 4
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51 User Reviews Add Comment
  • Kyle

    I like trading with UFX Bank because everything is shown upfront. I don’t have to deal with hidden fees or charges. If I am curious about something, I simply ask one of their representatives. I immediately get all the answers that I need. This is surprising because I don’t get the same level of service from my former forex broker. Initially, I thought UFX Bank was a scam. I was of course skeptical because I’ve heard of many stories where people invest all of their savings only to be duped by the firm in the end. But after talking to UFX Bank representatives and doing my own research, I now know that this business is legitimate and is actually one of the better things that have happened to me financially in many years. I have earned very little so far, but I’ve not lost any money, so that’s a good sign. I hope to learn more about how all of these things work so that I can start earning some serious dough.

    Kyle June 2011
  • Jessica

    I am not an experienced trader but still I have some experience in forex market and I have traded with some other forex brokers too. I have learned so many things during that time period; I found UFX Bank is a good forex broker. UFX Bank put their client first throughout their trading experience. UFX Bank offers daily market updates and outlooks, weekly reviews, daily recommendations, technical and fundamental Forex analysis, charts, graphs, one-on-one expert advice, and other helpful tools. Many Forex sites also provide their own analysis and other tools for trading, but it’s nice to know that UFX Bank does its part to provide all the tools necessary for traders of all levels.

    Jessica June 2011
  • Julio

    Well, i've had some difficulties with UFX Bank - mostly that I find their sales people pushy and annoying. Maybe it's worthwhile if the service is good, but I could never get that far cuz their team turned me off.

    Julio June 2011
  • Rose

    I am trading with UFX Bank for past few months but I have never found any problem yet, I don’t have a big experience in forex trading, but I am using 2 forex trading software and according to me they all are good. UFX Bank is a great place to start for people looking to learn about any form of financial trading from currency market trading to commodities trading to stock indices. UFX provides an abundance of forex news and analysis and forex charts and graphs in order to help decipher the sometimes seemingly confusing world of financial trading.

    Rose June 2011
  • Alex

    I am trading with UFX Bank for past few months and I have a good experience with them. They always come up with new ideas and strategies which is very helpful for beginners.

    Alex May 2011
  • James

    May be you are right, but I found them ok because they provide me good services and will I swith to some other broker and will Icome to know that they are best or they don't cheat me. So it's very difficult to switch with some other and I am ok with Ufx bank yes their is some problem with their withdrawl services but their customer services are quite good and they instantly sole our problems.

    James May 2011
  • Mando

    Big alert from UFXBank, they are frauders; search the internet and you will read shocking complains about them, they are big frauders, their personnel are assigned carefully to make you earn at the beginning and lose everything at the end, they are very well trained to manipulate their clients, this is from an experience of so many people (I am one of them). Try to withdraw your money and good luck if they did not put you through long circle of promises and excuses. They put their clients under psychological pressure to keep depositing money because of their continuous false promises. If you are winning so far, test them and try to withdraw your money. Do not be deceived with the good reviews about them, so many complains were mentioning that UFXBank personnel write good reviews about UFXBank business. This is sincere advise and warning, just be careful

    Mando May 2011
  • James

    Their services are fine and I have been trading with ufx bank from past few months and I continue my trading with them only. Overall their service are fine and I am ok with their trading.

    James May 2011
  • Robert

    Michael-There is about $6030 USD worth of deposits that I have made so far before March 18, 2011 without getting a bonus on those deposits, I have more money in the account, even without the Bonuses. So when I asked some of my deposits back in a e-mail, Magicly a woman claims on the phone that my account was controlled by a robot at some time of its existence, and that this is a "fact". This is an absolute 100% imposiblity on there platform and is without any stated basis in any of the trades, but they try to use this loop hole to confiscate all of the profits made by a trader when he makes any withdawnl request. This is just part of the story. I will be sending the needed ID to make withdrawls this weekend and let everyone know if I can take out any money at all. Here is the terms and conditions found at http://www.ufxbank.com/TermsAndconditions.aspx : Quote: "All off-market deals will be cancelled and will not carry any profit or loss. Off market deal is a deal that was opened or closed in prices that did not exist in the market. Any deals carried out by robots will be cancelled and will not carry any profit or loss. Any account controlled by a robot at any time of its existence will be cancelled along with all the deals carried out in the account. [14] Trading With Automated Software UFXBank does not allow trading via Trading Robots or any other type of automatic trading software. If it is discovered that a trade is or has been executed by a Robot or other software on your behalf, we will consider this grounds for termination of our trading agreement and cancel the requested trade."

    Robert April 2011
  • Michael

    Robert - I got the bonus too, but you have to trade a certain amount of lots in order to actually keep it...this is standard for most brokers that offer bonuses.

    Michael April 2011
  • Robert Strankay

    After you make a deposit and acceept a bonus they will ask you to make more deposits and force you to mske riskier trades.

    Robert Strankay April 2011
  • Robert Strankay

    Don´t take their bonus. If you do deposit money thay will force you to make increasingly larger volumes for each trade that you make.

    Robert Strankay April 2011
  • Andrew

    This is a SCAM broker don't believe them !!! Check in Internet about them. I have been foolish when i deposit my money.

    Andrew April 2011
  • Fabien

    Actually forex traders expect so many things from a broker, and no broker can fulfill all the expectations of a trader. I am also a currency trader and having trading account with UFXBank and I am satisfied with this broker.

    Fabien March 2011
  • Emlyn

    Hey Sari actually he can use freeze option, then he can trade well, there is no any fault or any technical problem of forex trading system, even i am also using the same trading system.

    Emlyn March 2011
  • Sari

    Forex rates generally change very quickly, which adds to the excitement (and sometimes frustration) of the investment. You can try another broker, or just hang in there - you'll get the hang of it eventually, and will be able to predict a bit better how things will go.

    Sari March 2011
  • Grey

    I am new in forex trading and having some problem with UFXBank trading system. Whenever I try to enter any trade through the software, the currency rates fluctuate suddenly and I missed the trade. The currency rates changes very quickly in the trading software. Can anyone tell me the solution?

    Grey March 2011
  • Joy David

    I also found the same problem with UFXBank. Few months before i was suffering from the same problem and i was worrying about my money, but now there is no problem with this broker, you must try it now. At present time i am having UFXBank trading account and it's facility and i am satisfied with this broker.

    Joy David March 2011
  • Sabina

    Initially UFXBank has withdrawal problem but nowadays it’s totally improved. I really satisfied with it because UFX Bank provides Daily market update and trading tips, including signals, market reports, and other useful tools.

    Sabina February 2011
  • Valencia

    I am also trading with ufx bank, but I have never found any problem yet. Plenty of forex brokers are available in the market. Its also fact that all of them are not good. Some are good and some have some problems. It doesn’t mean that company is fraud.

    Valencia February 2011
  • Fatima

    I am trading with many Forex broker. Every broker has different norms if you not follow it at the time of trading then it creates a problem. So it’s better to read and understand all terms and condition then start trading.

    Fatima February 2011
  • obvious

    Every single comment on this page that says UFX bank is good is written by someone working for UFX bank. they are a fraudulant company and very good at it. don't be fooled.

    obvious February 2011
  • Amir

    Don´t take their bonus. I think they take the opposite position to the customer, calculating that over 90% lose money. If the customer loses they win, if the customer wins they will refuse withdrawal because the lost money. This is probably their business idea.

    Amir February 2011
  • Madelina Davis

    As T. Gold said I also got same response sometimes when I liked to trade forex. But they always response, very few time they response late or slow, but this doesn't happen always. I am satisfied with UFX bank.

    Madelina Davis December 2010
  • Ansari Khan

    UFX Customer support was not so good, earlier I have used that service, however nowadays they assist their clients well and many traders are really happy with UFX Bank customer care services. I am also getting good response nowadays.

    Ansari Khan December 2010
  • T. Gold

    Sadly... they seem to be off-line at the most critical times. this has caused me to loose alot of money needlessly. I regret joining them.

    T. Gold December 2010
  • Donna Jackson

    UFX bank provides nice trading recommendations. These help us to understand the forex market, and we initiate some good trades.

    Donna Jackson November 2010
  • NANCY TAYLOR

    It is good broker. I like UFX Bank services. Sometimes I have to wait for a while, means sometime I get the services a bit late but it’s not a big problem. I pay for services, and they are good.

    NANCY TAYLOR November 2010
  • mhd

    i have never saw people they deal in a bad way like them , they START with me in very and professional way then after i send my money then 180 they changed no callings no follow up nothing and all and then at after 2 weeks they call me to trade with their recommendation which is a result of studies as they said , and this agent told me that he will call me once he will sold the deal and since 3 days iam waiting his call iam asking them to call me but no response but the big problem is that i lost all what i credit (big amount). and no body is calling me . their is a big question mark in-front of this website i dont recommend at all . take care...

    mhd November 2010
  • Teena Mathews

    I am also trading with ufx bank, but I have never found any problem yet, I have not a big experience in forex trading, but I am using 2 forex trading softwares, and according to me they all are good. There is no any big problem with them; however there is some small problem with them.

    Teena Mathews November 2010
  • Peter

    A broker can not satisfy every client, so if some of them are not satisfied with some problems it doesn’t mean that the broker is useless. Many times clients also make mistakes , then who will be responsible for that.

    Peter October 2010
  • george85

    UFX Bank, who have already become a brand name amongst Forex traders both at a beginner and expert level, have built their brand on a very simple and quick execution turnaround. It is this simplicity that has shot this brokerage firm to the hearts and minds of traders across the globe. UFX Bank offer instant execution on dozens of currency pairs, as well as Silver and Gold and Oil. UFX Bank give their customers full support and all the resources they need to make educated trades.UFX Bank's clients are able to make quick and intelligent trades based on the supplied resources. The traders are given everything they need to make a fully educated trade. UFX Bank understand that software accessibility and human assistance availability are crucial in the Forex market. It is exactly why they use advanced and stable software and highly experienced dealers who are able to react immediately to changes in market environment.

    george85 October 2010
  • linda Paul

    When I opened a trading account in Ufx bank, then some traders told me that this broker has withdrawal problem, but I could not find any problem yet. Even withdrawal system is also working well.

    linda Paul October 2010
  • Shirley Williams

    The best thing about UFXBank is that each of their traders has a personal trading expert who escorts each trader through the entire trading process.

    Shirley Williams October 2010
  • John martin

    UFX Bank is a nice fores broker and it provides nice facilities, but there is a little problem that the customer system is not working properly. But now a day the customer care department is really responding well. I hope that they will make all the facilities good, which is provided by them.

    John martin September 2010
  • ice woods

    I had a bad experience with UFXBank some time ago. I almost lost some of my savings after i issued a check to a "broker." Apparently, thet man was a fluke. He wasnt a representative of UFXBank. I contacted a representative of UFXBank and she walked me through the process of setting up an account with them the right way. I got the advice that I needed to start trading. Ive lost a few dollars initially, but currently I have earned more than 200 dollars. This is a life-changing moment for me. My job doesnt pay me enough to cover all my expenses, so I'm glad I have a new partner with UFXBank. The whole trading process is surprisingly easy. The company has given me all the instructions that I need to trade properly. Thank you for the help UFXBank and for the extra income.

    ice woods September 2010
  • gbenga

    My profits has been remitted.

    gbenga September 2010
  • Joy Andrews

    Yes, i admit that this broker has improved alot by the time. Their customer care and simple trading platform are the best part of this broker. I too had bad response from customer care in my initial trading period but they over the time they have improved and became quite supportive.

    Joy Andrews September 2010
  • Mike

    Well, I do faced some problems in my withdrawals initially but then talking to their customer care unit, it was all solved. I like the simple platform and their daily signals which is really helpful to the trades. Even i recommend this broker

    Mike September 2010
  • Peter

    Even i am a forex trader and trading since many years with UFX. I never faced any difficulties nor any frauds is said by many. their withdrawal process is smooth and quite easy. I would like to recommend this broker.

    Peter August 2010
  • Melvin

    Very good broker. Made some money with their SMS service and their signal service. They have excellent people as account managers that will walk you through the trading all the time.

    Melvin May 2010
  • Hillel Fuld

    For anyone who is interested, here is the UFXBANK NFA regulation: http://www.nfa.futures.org/basicnet/Details.aspx?entityid=0416025

    Hillel Fuld January 2010
  • Fatai

    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

    Fatai January 2010
  • Adel El Barcha

    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.

    Adel El Barcha January 2010
  • Nabeel

    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

    Nabeel December 2009
  • abdullah zamzami

    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

    abdullah zamzami July 2009
  • mohamednofal

    ufxbank is wonderful i gain a lot of money from it

    mohamednofal May 2009
  • Farid Yahia

    ufxbank site its very easy and simple for beginers also the ufxbank team are very alert and profesional.

    Farid Yahia May 2009
  • dawood

    you aer good company

    dawood May 2009
  • samuel lee

    the platform is friendly and easy to use.their forex experts are very talented and they have a great customer service

    samuel lee May 2009
  • Paul Norberg

    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.

    Paul Norberg May 2009

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