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UFX – reviews of the project, conditions for earning and withdrawing money
The brokerage company UFX has been operating since 2007. This period of time inspires confidence among clients, and many traders decide to try trading on his website. The main office is located in Limassol. The license was issued by both Cyprus and Vanuatu. The website states that the broker is a leader in its field.
The broker’s website states that services are provided to traders from all over the world, except for citizens of the UK and the USA. Customer support centers have been opened in different countries. There are no offices only in Russia, and, nevertheless, the company attracts Russian traders to the site. Also, the broker did not take care of obtaining a license from the Central Bank of Russia, and without this document it is impossible to provide services to Russian citizens.
To attract more users to the resource, the company uses an affiliate program. For it, traders additionally receive money that they can use for trading. The site has a bonus system. The amount of the bonus will depend on the size of the deposit. Registration is simple. The client needs to fill out the form by entering personal data.
If problems arise with the terminal or any questions, investors are advised to contact technical support. Email, phone number, and feedback form on the website are available for communication. Customers are promised multilingual support.
Replenishment of a trading account is possible through bank cards, electronic wallets and systems, terminals. The site does not say anything about whether commissions are removed when withdrawing money. It is only known that the broker takes commissions for each transaction, regardless of whether it closed with a plus or a minus.
|Regulation and jurisdiction
|Features of the company
UFX is a broker that operates under offshore licenses. The company has repeatedly received complaints and accusations of fraud.
|Official website of the company
139 Makarios Avenue, Zavos Business Center, 3rd Floor, 3021 Limassol, Cyprus
- Large selection of trading instruments
- Low barrier to entry
- Many options for withdrawing money
- Easy registration
- Lack of license from a reputable regulator
- Refusal to withdraw money
- Blocking user accounts
- High commissions
- Multiple user complaints
- Limited amount of cryptocurrency for trading
- Prohibition on registration of users from the USA and UK
- High spread
MT5, UFX WebTrader
Micro, Mini, Standard, Gold, Platinum, Islamic
VISA, MasterCard, VISA Electron, Maestro, Diners Club, SOFORT, Neteller, Skrill, CUP, Giropay, ELV, iDEAL, UnionPay, Neosurf, QIWI, CashU, POLi, WebMoney, paysafecard
|Minimum deposit amount
Currency pairs, commodities, energies, CFDs, stocks, indices, ETFs
UFX is a broker that offers trading in liquid instruments. Traders are promised comfortable trading and low commissions on the platform.
Reviews from clients
Customer reviews reflect the company’s attitude towards them. And traders often speak negatively about UFX. The broker, despite many years of work, resorts to various methods of deceiving investors.
One of the broker’s clients writes that he suffered large losses on the site. The trade was closed by the broker using a stop loss. $6,000 was debited from the trading account, although there was enough money in the account. Technical support admitted that the transaction was closed incorrectly, but refused to return the money. The user believes that this is theft.
The user writes that money is transferred to the trading account quickly, but it will be difficult to withdraw it from there. She invested money there for testing. She managed to earn money, but when the girl decided to withdraw money, the site started talking about technical problems and loss of documents. Often in the chat, technical support ignored the request. She believes that it is better to work through an exchange than through such a broker.
Daniyar writes that if there is money left to withdraw, the trader will have to go through all the circles of hell to get it from there. In most cases, the broker leads to the draining of client deposits so that nothing can be withdrawn.
The UFX trading platform treats clients the same way as most brokers registered offshore do. This is eloquently evidenced by feedback from traders. If you are unable to withdraw money from this scam, then our specialists will be able to help you return the funds.
Terms of cooperation
UFX attracts clients with its ease of registration. A form is filled out on the website and then contact details are confirmed. To withdraw money, you will have to verify your account by uploading scanned copies of identity documents. After this, you can use all the features of your personal account – trade, top up your account, withdraw profit.
Instruments include stocks, indices, contracts, commodities, energy resources, and cryptocurrency. True, only Bitcoin is available among digital assets. The platform is available on any browser. There is also a mobile terminal that allows you to trade anywhere you have access to the Internet. Trading is offered on the author’s terminal and MT5.
The broker offers clients to choose one of six accounts: Micro, Mini, Standard, Gold, Platinum, Islamic. Top-up amount for each of them: $100, $500, $1000, $5000, $10,000. The Islamic account is similar to the Platinum account. The larger the deposit amount, the lower the spread. Each account type has its own characteristics. The most functions are available to Platinum and Islamic account holders.
After replenishing the trading account, clients receive a bonus that must be wagered. The broker invites traders to join the affiliate program. The site indicates four types of partnership: Introducing Broker (designed for people with experience in marketing), Franchising (suitable for all users), Referral Partner (inviting participants via a referral link), opening your own brokerage office.
Most often, clients use the referral program. For each participant attracted, they receive a certain percentage. The broker offers cashback to pay for spreads. Payments are made for open transactions to buy or sell an asset. This is done in order to stimulate traders’ interest in trading. The more actively they trade, the greater the return on the spread.
The broker actively advertises Mass Insight technology. With its help, the website broadcasts the latest economic news, tracks traders’ successful transactions and their strategies. Basically, traders invested in Micro and Mini accounts, because the rest of the deposit amount is too high for many people, and generally inaccessible for beginners.
Broker UFX, despite its long history of work in the financial market, has managed to gain a reputation as a fraudster. The trading platform has the popular MT5 and proprietary terminals, and many tools for trading. The company managed to acquire two licenses, but they were issued by offshore regulators. These documents do not guarantee traders a safe investment of money. Offshore regulators always side with companies, not their clients.
There have been numerous complaints from investors about the broker’s actions. They said that deposits are deliberately drained by the broker, and the profit and withdrawal of the deposit are either delayed in time or not withdrawn at all. Customer requests are rejected. The platform bills itself as a broker that provides an innovative terminal for trading, but it is no different from those installed by other companies. And the same MT4 or MT5 are significantly superior in quality.
Conclusions about cooperation
An analysis of the UFX website shows that it is a “kitchen” broker. The company is trying to drain customer deposits. But if traders manage to make money, then a problem arises with the withdrawal of money. Many investors were unable to withdraw either profit or deposit. At the moment, the company has closed without giving traders their deposits.
Many experts do not recommend trading on this platform because it is registered offshore. Questions also arise regarding the company’s licenses. The platform contains links to regulators’ websites where you can view the license. But when clicking on the links it shows an error.
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The company’s rating and reputation largely depend on whether its clients are satisfied. The reviews about UFX are not the most flattering, and therefore you should take a close look at them before deciding to cooperate with this platform.
To add a review of this company on the resource, you do not need to spend a lot of time. The whole procedure takes no more than 5 minutes, and this is already with registration. A letter with a link to confirm registration will be sent to your e-mail, and it will also contain detailed instructions on how to add a review to the site.
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