UFX Bank Forex Broker Review
December 3, 2009 by moneymaker
Update: I’ve contacted them on 5th of January 2010 regarding my account and I’ve still not received any reply from them! At this moment we don’t recommend you to choose this broker.
UFX Bank is a Forex Broker based in United Kingdom, and is not watched over by any regulation board. They have a lot of withdrawal and deposit options, such as PayPal, WebMoney, Moneybookers, Neteller, wire transfer, Western Union and any major credit or debit card. Their minimum account requirement is $500, which is a relatively normal amount. However, they only started their online operations in 2009.
Upon checking the website of UFX Bank, all the basic information is published on the site. They seem to be active enough. So far, they have good reviews from the best forex websites, but the number of reviews are rather less due to the fact that UFX Bank is a newcomer in the online forex trading scene.
UFX Bank Forex Broker has 24 hours customer support, and they seem to have good customer service. If they keep the quality of service up, they will certainly make a name for themselves online.
In this volatile, high risk/high gain forex market a well informed and equipped client is a client that is able to make his best decisions. Provided with the most up-to-date charts and news feeds and paired with highly flexible and intuitive software the client is able to make quick and intelligent trades based on the supplied tools. UFX Bank not only put the client in the center they also put the client in the center of the trading software. Upon your first trading experience – demo or real – you will encounter an ease of trade never experienced before. With no unnecessary clicks and menus, all you will ever need to access is one simple screen where everything is present.
However, should you require any human assistance with performing your trades their live help is at your disposal 24 hours a day – just like the forex market. UFX Bank dealers are always happy to assist you with your day-to-day activities and will happily aid you or perform your trades for you.
UFX Bank understand that software and human assistance availability and accessibility are crucial in the forex market. It is exactly why they chose the specific software and highly experienced dealers able to react immediately to changes in market environment.
I am trading with UFX Bank for past few months and I found that UFX Bank does not charge any commission or fees on deposits or withdrawals. Like many Forex brokers, UFX Bank makes money on the spread, meaning that they make their money on the difference between the buy and sell prices. They offer a fixed spread, so that regardless of how the market is moving on a given day, the spread for each currency pair will remain at a fixed amount. So, if the fixed spread on the EUR/USD is 3 pips, any time you make a trade, you only have to pay 3 pips on the pair. When I was new in forex trading only UFX Bank helped me to learn forex market and to understand forex basics. Ufx bank is good forex broker.
Safety is always a paramount concern in the minds of traders. Most of us would not even consider a firm unless convinced of its accountability and honesty in financial statements and interactions with the customer. To that end, UFX Bank implements the industry standard 128-bit SSL encryption system, along with multiple backup facilities at server farms which are protected by armed guards at all times, as well as a sophisticated system of firewalls in order to prevent any unauthorized access to client or company information. To further confirm the security of this broker, UFX Bank is also a member of the NFA. UFX Bank also provides you with a personal coach to walk you through your first trades to make sure that you understand how the system works.