Is UFX a Scam Broker?
You’ve probably heard a lot about UFX, but you’re not sure whether this broker is a scam or not. This article will explain whether UFX is regulated by CySEC, whether it accepts US traders, and whether it offers a demo account. UFX is a broker that does not accept traders from the US, so you might want to avoid them. However, if you’re considering using UFX, read the reviews carefully.
UFX is a scam broker
UFX is a scam broker, and its services are untrustworthy. They have failed to honor withdrawal requests and have faked testimonials in FPA forums. It is, therefore, advisable to avoid dealing with UFX. In addition to this, the FCA has canceled its license.
Although registered in the UK, the company does not provide a customer service representative to answer any questions. This is a red flag for most traders. The company does not disclose the risks of investments and tries to push high-risk investments to increase their trade volumes. In addition, the minimum deposit amount is EUR100, and many features are locked behind higher account tiers. Additionally, UFX offers high leverage (up to 1:400), which may cause new investors to lose more money than they can afford.
UFX is not regulated by CySEC
CySEC is the financial regulatory agency of Cyprus. It was established in 2001 and became a member of the EU in 2004. It is responsible for ensuring the transparency of financial services within the European Union and requires brokers to follow its rules and regulations. Cyprus is a central financial services hub in the EU, and CySEC regulates the activities of forex brokers that operate within its jurisdiction. This oversight helps protect investors by making the markets more open and transparent.
UFX is an online forex broker that offers various types of accounts. Traders can invest in US Dollars, British Pounds, Euros, and Japanese Yen. In addition, traders can open a trading account with a deposit in any of these currencies, but they may be required to pay a currency conversion fee if they want to use another currency.
UFX does not accept traders from the US
UFX does not offer its services to traders in the US. This is because they are not regulated in the country and cannot process payments in that country. The company does not charge any trading or maintenance fees, but it reserves the right to charge a one-time inactivity fee of $100 if the account is not used for three months. Depending on the type of account and the trader’s requirements, this fee may vary.
Although UFX does not accept traders from the United States, they are open to traders from other countries. There are many deposit options, and the company does not charge fees for withdrawals. Its client support is also outstanding, and its representatives can be reached 24 hours a day. The website is available in 20 languages and has a helpful FAQ section.
UFX offers a demo account
Before opening a live account with UFX, you must go through the signup process and compliance checks. You will need to provide a scanned copy of your ID and residential address proof. You’ll also need a valid email address and a strong password.
UFX also offers an excellent customer support team that works twenty-four hours a day. You can reach a representative by email, phone, or live chat. The customer support executives are highly-recognized and highly helpful. It’s worth noting that while there are some ongoing disputes over the quality of their experts online, they are unmatched when it comes to helping their clients. Moreover, UFX offers a demo account to get a feel for the platform and its features.
UFX offers e-Wallets
While UFX has received criticism for its unregulated e-Wallet services, it is a legitimate broker. It is registered with the Vanuatu Financial Services Commission and the Cyprus Securities and Exchange Commission. In addition, the firm is fully compliant with MiFID, allowing it to operate in Eurozone countries. Moreover, it has a decade-long track record and award-winning security systems.
UFX does not charge fees for processing your funds. However, processing time may vary based on the number of funds transferred and the transaction volume. Moreover, you should ensure the name of your UFX account matches the payment processor’s name.
UFX offers a live chat
UFX offers a live chat. You can speak to a live person at the support desk and get your questions answered immediately. The company does not charge regular maintenance fees. Still, it reserves the right to charge a $100 maintenance fee on open accounts every 45 days and a $100 inactivation fee on accounts over 45 days old.
UFX uses the award-winning ParagonEx platform, which is compatible with Metatrader 4. The company uses the latest technology to provide the highest level of security and integrity. This helps you to get the most accurate market prices. It also provides a financial events calendar and up-to-date market news.