UFX Markets Review
When you are a new trader looking for a platform for trading, you will often stumble upon the name of UFX Markets during your research. This has been one of the most well-known online brokers who provide services to traders from around the world. The more you explore the website of this broker, the more things sound right. It seems as though the broker has taken care of every single need that traders can have. However, you can’t trust everything that the broker tells you because of course, the broker is not going to say anything about itself or the services it provides.
Let’s first talk about the problem with this bro
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The Problem with UFX Markets
If you research this particular online broker particularly on the internet, you will find a lot of bad stuff about it. Many online reviewing websites claim that the broker is engaged in putting positive reviews about its services on the internet. These reviews are either written by paid writers or the company never lets the bad ones appear in front of the internet users. At the same time, scam busting websites on the internet have found out that this broker was taking the help of illegal SEO companies to be visible in the search results. These companies would use black hat SEO techniques to bring the broker’s website to the top.
If you read the reviewing websites on the internet and recommendations from the experts, you will find out that they are warning you against opening an account with this broker. If the broker is making you see only the good reviews about its services, it is definitely hiding something terrible behind them. There are probably customers complaining about its services. Perhaps, there are traders whose money might has disappeared while trading with this broker. How will you know what really happened if you can’t even discover the bad reviews? Now that you know this, let’s dive into the features of this broker and see if they are all amazing or they too have some discrepancies.
Account Offerings from UFX Markets
At a glance it would seem as though the broker is really serious with the new and experienced traders. The broker wants to give its traders all the possible opportunities to make money off their trades. However, when you look at the details of these accounts, you find out that there is not much different in them. With advanced accounts, you are paying a lot of money but you get nothing special. The most expensive account type you can sign up with is the platinum one. You have to deposit at least $10,000 to activate this account. However, the biggest difference between this account and one that can be opened with just $100 is that you will get access to the MT4 trading platform.
When you sign up with other brokers, you just have access to the MT4 platform. It does not even matter to those brokers which account you pick from the list. Whether you go with the most basic account or the most expensive and advanced one, you are not restricted from accessing MetaTrader 4 platform. Here, it is an interesting thing to know that the broker chose to deprive its traders from the best trading platform in the world. There are certain brokers who would prevent their traders from trading on their own trading platform when they sign up with them through a basic account.
You will, however, notice that they prevent you from access their own trading platform. In the trading world, preventing someone from access the MetaTrader 4 platform is like denying them the key to the heaven of trading. This is the best trading platform and offers the most amazing features for anyone who wants to trade forex currency pairs today. The weird thing is that only the platinum and gold account holders can access this platform when trading with UFX Markets. While the small account holders would wonder why they were not allowed to access MT4, the advanced account holders will not be too happy to be offered this feature for paying more.
With the platinum account, your minimum trade size cannot be less than $100,000. You can see that this amount is huge and not possible for the new traders. So, the broker is asking its trader to enter into a trade this huge but the only privilege this trader has is that he/she can trade on the MetaTrader 4 trading platform. Another thing available with the platinum account is the VIP trading support. But here is the interesting part: this feature is available to those who can open their account by depositing only $500 in their accounts. As an advanced trader with this broker, you will not feel any special treatment.
The Competitions That Don’t Take Place
There are many ways for brokers to keep their traders active on their trading platforms. Some offer their traders amazing welcome bonuses and others have competitions that are always running. You will find a competitions section on the website of this broker when you land on it too. However, this is where things start to get a bit dubious. If the broker is actively holding the competitions, it should have page filled with all the information about the competitions that have been held in the past.
On the website, you see that there are two competitions with pictures mentioned. In one of the competitions, the broker is offering you an amazing sports car. In the other one, you have some golf related rewards if you are able to win. You can even see one picture for each competition on the website. However, that’s about it. You will not find anymore information about these competitions on the website. If the broker really held these competitions, it should be boasting about them. However, these are the only pictures on the website and the only competitions that the broker talks about.
There are no other competitions mentioned on the website. What’s even more bothering is the date on these competitions. If you look at the dates, you will find out that both of these competitions were held in 2014. Yes, that’s more than five years ago now. Since then, the broker has not had the courage to hold any more competitions. Is it that the broker is not holding these competitions or it does not have the money to do so? Whatever the reasons are, you as a trader should know that you are not going to be a part of any competition. At least the broker should provide some information about why the competitions stopped and why there are no more competitions being held.
The Trading Conditions Are Not the Best
Even the trading conditions are not convincing enough for you to join the platform of this broker. If you sign up with the most basic account type, you will have to deal with the loosest spreads. For example, the website states that you will have to take on a spread of 4 if you are with the micro account and trading the EUR to USD pair. However, trading the same pair with the platinum account means you will be incurring a spread of 2. The two really does not mean much here. The broker should state the exact spread that it is offering on its assets. Secondly, there are brokers who can offer you 0.1 or 0.01 spreads on their assets when you sign up with advanced accounts. The spread of 2 is not the most attractive for an online broker.
You don’t see the broker talking specifically about cryptocurrencies on the website. However, you will be surprised to know when you reach the bottom of the list of its currency pairs. In the currency pairs, you have the last entry that says “bitcoin”. That’s not a currency pair when you look at it. If it is being allowed on the platform to be traded against some other currency, you have to know which one it is. However, there is no mention from the broker about which currencies you can trade your bitcoins with.
Bottom Line
The company talks about its regulation on the website. It provides regulation information and states bravely that it is regulated. However, the regulation is not going to help much when the broker is busy in other dubious activities. The regulating authority is keeping an eye on the broker’s financial activities. However, on the other hand, you have the broker engaging in illegal marketing practices wherein it is having people to write positive reviews about its services. The website of this broker is quite impressive without a doubt. However, one illegal activity from a broker is enough for traders to step back and take a different decision about their money.
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