BROKER REVIEW
GENERAL INFORMATION
Broker Name:
FXPrimus
Broker Type:
Country
Cyprus
Operating since year:
2009
Regulation:
CySEC and MiFID
Address:
(EU) 102 Zavos Kolonakiou Center, Kolonakiou, Agios Athanasios, Cyprus
Broker status:
Regulated
CUSTOMER SERVICE
Phone:
27 105004213
Email:
Languages:
12 languages
Availability:
N/A
TRADING
Trading platforms:
MT4, Mac, Mirror Trader, Web Trader, Tablet & Mobile apps
Trading platform Time zone:
GMT +3
Demo account:
YES
Mobile trading:
YES
Web-based trading:
YES
Bonuses:
N/A
Other trading instruments:
YES
ACCOUNT
Minimum deposit ($):
$100
Maximal leverage:
1:30 | 1:200
Spread:
YES
Scalping allowed:
YES
FXPrimus REVIEW
General Information: all you need to know about the broker in two words
UFX broker was founded quite some time ago, in 2007. The broker obtained regulation with the Cyprus Securities and Exchange Commission (CySEC) in 2011 under its Cyprus entity, Reliantco Investments Limited, which uses UFX as its trading name.
UFX is a forex and CFD trading broker. The company offers traders access to major markets like currencies, commodities, indices and shares. For traders interested in cryptocurrencies like Bitcoin, UFX is one of the few brokers that also offer cryptocurrency CFDs.
UFX offers traders access to over 500 instruments, eight indices, including 49 currency pairs and CFDs on 30 cryptos, 45 ETFs, five commodity contracts, 373 single stocks, and ten futures contracts.
In 2014, the company rebranded from UFX Markets to UFX, to match its brand with the three-letter domain name it had acquired. In addition to this, the brand also has an entity regulated in Vanuatu, under UFX Global, regulated by the Vanuatu Financial Services Commission (VFSC).
Here is a short overview of the broker’s pros and cons:
Pros:
• Regulated by CySEC
• Segregates client funds
• Offers MetaTrader Platform
Cons:
• Min. deposit from USD500
• Doesn’t allow scalping
• Inactivity Fee
• Not FCA Regulated
Account Types
Usually, forex brokers offer its clients a choice of several basic account types, UFX provides six, to suit the needs of traders of all levels of experience and preferences.
UFX demands a minimum deposit of USD 5 000, while other brokers offer this platform for a much lower minimum deposit. Meanwhile, Islamic accounts require a USD 10 000 deposit, the same as for the Platinum account. Islamic account available to Muslim investors is swap-free.
Also, take note that mostly account types offer fixed spreads and a wide range of financial instruments to trade. Micro lots are available for business on Micro and Mini accounts.
UFX MARKET: Trading Conditions
Now let’s see what the UFX MARKET offers its unsuspicious clients.
Minimum Initial Deposit
First comes the minimum initial deposit that is USD 100. However, there is one thing to remember, in order to receive all essential services, the required minimum deposit is USD 500. That’s kind of tricky, what’s the point of offering this type of initial minimum deposit to the traders if it does not provide even how of the trading experience.
Commissions and Spreads
UFX offers fixed spreads that vary, depending on the classification. Also, like most fixed-spread brokers, UFX does not charge any commission. UFX charges inactivation fee of USD 50 when a client account has been inactive for three months.
The best spreads with this broker by far are on the Gold and Platinum accounts – 2 pips on EUR/USD, but there is one tiny detail, to use those pips you’d have to have to deposit at least USD 5 000. Other pips are also quite pricy and climb up to 4 pips for the EUR/USD pair on most accounts.
Leverage
The broker offers the maximum advantage of 1:400. To be honest, most FX brokers offer similar or higher ratios.
UFX Promotions
UFX looks like a generous broker. That’s quite lovely, isn’t it? However, be careful with the bonus systems, as some forex bonuses are real and can even triple your trading results with a needed capital boost. However, others are just projections and can signal the presence of a forex brokerage scam. That is why it is strongly recommended to consider the reliability and safety features in a trading platform, which we’ll talk about later.
The broker offers 30% on deposit bonus up to USD 10,000, which can be withdrawn after the required trading volume, is reached.
Also, demo account holders have a chance to get a bonus too – Practice Mode Bonus up to USD 60 is available to demo users. UFX offers Pip Spread Bonus, Rebate Bonus Happy, Hour Bonus and other promotions.
Methods of Payment
The broker provides its clients with a wide range of payment methods: bank to bank wire transfer, via credit/debit card, Neteller, Skrill, ELV, SOFORT, CUP, iDEAL, Qiwi, WebMoney, Paysafecard, Neosurf, Giropay POLi CashU, and Bitcoin.
UFX trader accounts use US Dollars only.
The broker does not charge fees on money transfers but keeps in mind that withdrawals take from 3 to10 business days to process.
Trading Platforms
UFX offers its clients a choice of two trading platforms: the most widely used forex software, MetaTrader 4 and its proprietary ParagonEx Web Trader.
The MT4 platform suite that the broker offers is from MetaQuotes Software Corporation. The corporation is the widely popular developer of MT4 and MT5 platforms for mobile, desktop, and web-pages.
ParagonEx 4.0 is accessible through any web browser and does not require any type of download. Charting within the ParagonEX platform is powered by NetDania, which provides the program up to 53 indicators and 21 drawing tools that can be used across a dozen time frames.
Users get an ability ty to choose across six available asset classes using various filters such as volatility and daily change; the watch list in ParagonEX acts as a screener for users. However, one primary weakness to security monitoring while trading is there is no ability to create additional watch lists. Overall, traders who are looking for a less complicating trading solution alongside with practical analysis tools and integrated news may find the ParagonEx web platform suitable and extremely user-friendly.
Scalping is allowed with this broker; however, keep in mind that UFX has a one-minute minimum time to close a deal after it has been opened.
However if you like old but gold and if you prefer to stick with classic MT4, that option is also available with UFX MARKET. MetaTrader 4 is preferred by most traders because it is equipped with an advanced charting package. Per usual it offers a variety of technical indicators, extensive back-testing environment and its own Expert Advisors.
Research
UFX provides multiple resources across its platform and website. The information ranges from an economic calendar and headlines powered by FXStreet, to its proprietary MassInsights technology that analyzes client sentiment data.
Also, the broker further enhanced its research in 2017 by adding content from Alliance Signals. If you don’t know it’s a trading name of signals based in Switzerland, as well as additional content in the form of daily market analysis videos and online articles.
What do we think
As a conclusion, let’s say that this broker is not bad. Also, there are far better brokers on our list, make sure to check them out! But this one is not bad at all… The broker offers a reasonable range of forex pairs. That’s quite nice. Also, UFX provides clients with a variety of CFDs across ETFs, Single-Stocks, and Cryptocurrency CFDs.
ADVANTAGES
• Regulated
• Variety of choice of trading platforms
• MetaTrader
• Commission-free trading
• Advanced trader sentiment technology
• ParagonEx Web Trader
DISADVANTAGES
• Only fixed spreads
• High prices
• MT4 available only with the high initial deposit
• No educational material
• Not a user-friendly interface
Perhaps the biggest drawback with UFX is its pricing options, with only fixed spreads available across all its account types.
Considering that spreads across all its offered accounts types are generally high, this makes UFX less flexible than brokers offering variable spreads for price-sensitive traders.
Also, before making any type of a decision, please consider the risk and do your own research!
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FXPrimus Review
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Support
(2)
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Platform
(1.5)
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Spread
(1.5)
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Trading Instrument
(1.5)
3 Comments
A high minimum deposit always makes me doubtful of new broker. Thanks for confirming my suspicions.
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Nothing to help new traders really makes me think they only care about getting cash quick.
Did you find this review helpful? Yes No
Not the worst broker I’ve encountered but really far from the best. Finding something better is really easy.
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