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UFX Scam Broker Review
UFX is an offshore broker owned by a company UFX Global Limited which is incorporated in the Republic of Vanuatu. The company claims to be regulated by the Vanuatu Financial Services Commission. UFX broker has been reviewed by many traders as a scam company and therefore trading with such a broker can be a risky affair.
About UFX broker
UFX deals with a wide variety of assets including Indices, ETFs, commodities, stocks and currencies. It offers a wide range of trading platforms which include MassInsights Technology, Mobile Trading Platform, Trading Central and MetaTrader5 platforms. The broker confuses traders by stating that they have their offices in Czech, UK and Germany. The broker also claims that it has been awarded as “FX Broker of the Year” and some other awards mentioned in their website.
The minimum account size offered by the broker is $100 and the payment methods are multiple including Credit cards, Debit Cards, Wire Transfer and many e-wallets. But if you want to enjoy all the needed services from the broker you should invest minimum $500. They offer spreads which vary according to the type of account they offer. They offer a spread of 3 pips for standard account for EUR/USD pair and 2 pips for Gold and platinum account. For micro, mini and Islamic accounts the pips are fairly high which is 4 pips.
Is UFX broker a scam or legit broker?
Although the services offered by UFX broker are at par with the current industry standards, there are many reasons why we have put this broker in the category of scam brokers.
The owner UFX Global Limited is not registered with a well-known and trusted regulating authority in its region which is a big sign of it being a scam. Its performance is not supervised by a high-level regulation company which is a disadvantage for the traders trading with them. The broker was listed as a scam by many popular broker reviewers and New Zealand regulator Financial Markets Authority has already warned traders against UFX broker.
Although the broker attracts a number of traders from different parts of the world there is no such surety of the safety of funds with them. There are many negative reviews about this broker. Also, we have seen a number of scams done by other brokers in Vanuatu which is an alarm as well. It is advised to trade with brokers who are registered with reputed Financial Regulating Authorities.