UFX
UFX is a trading name of Reliantco Investments Limited – another Cypriot forex broker offering online trading. It is regulated by the Cyprus Securities and Exchange Commission (CySEC).
The broker offers more than 200 trading instruments divided into currency pairs, shares, indices, commodities and ETFs.
There are six accounts, each of them is suited to a different type of investor:
- Micro (USD100 minimum deposit and the lowest trading volume is USD1,000);
- Mini (USD500 minimum deposit amount and the lowest trading volume is USD5,000);
- Standard (USD1,000 minimum deposit and the smallest trading amount is USD10,000);
- Gold (USD5,000 minimum deposit and USD50,000 minimum trading volume);
- Platinum (USD10,000 minimum deposit and the lowest trading volume is USD100,000);
- Islamic account upon request.
Clients can trade with MetaTrader 4 (MT4), one of the most popular platforms available in the industry, with the ParagonEx Web Trader 4.0 (accessible through web browser) and UFX Trader App intended for iOS and Android devices. ParagonEx Web Trader and mobile applications provide some useful features such as embedded market news, analysis, advanced charts. MT4 is available for trading on Gold and Platinum account only.
The maximum leverage is 1:400 applicable in forex trading and this could increase the risk of loss. However, there is negative balance protection and clients cannot lose more money than they have in their account. A margin call occurs when equity falls below 25% of the necessary margin (20% for MT4).
Some facts customers must be aware of, are existence of slippage and non-guaranteed stop loss orders. This means their market orders can be executed at a different than shown price (slippage). Stop loss orders may be executed at the first available market price and losses can be significantly greater than expected.
UFX claims it doesn’t act as a market maker and transmits all client’s deals to its liquidity providers (Straight-through processing or STP). That means it is not a counterparty of the client’s orders and doesn’t derive revenue from their losses. UFX claims it receives its profit as a fixed share of the offered spread. So, if the client’s deal is not executed by the company liquidity providers, a new price (re-quote) will be sent to the trader.
