UFXBANK – A Quick Review

UFXBANK is capable of offering very basic trading conditions. This broker is more suitable for experienced traders since he does not offer a DEMO account. The process of opening an account is very simple and quick. Opening an account can be done online and the process doesn’t really take a lot of effort.

The broker offers many different methods that you can use to deposit funds. You have several different account types to choose from including opening a MINI account. No broker will say whether or not he is regulated. The broker only makes it possible to trade in 2 commodities and a small amount of foreign currency pairs.

The spreads offered by the broker are average and sometimes on the expensive side. The spreads are high for MINI accounts. The broker provides traders with a number of tools that will help make decisions regarding positions, strategy and aims before starting a new transaction. It is not easy to build a trading strategy with the program provided because it is a basic program. Analytical tools are lacking and the program isn’t always comfortable to use.

“Demo Trading” – None available.

Initial Investment – You will have a number of options to choose from when opening a new account including opening a MINI account. The real difference between the different accounts is the leverage. It is possible to start trading with a deposit of only one hundred dollars. Score: 9

Withdrawals and deposits from your account – You can easily and quickly open an account over the internet. It is possible to use a number of methods to deposit funds. You can also deposit money via bank transfer and credit card. Be sure to check with the broker to determine which withdrawal methods are available. Score: 9.8

Spread – People with a MINI account will be paying high spread that can possibly reach seven PIPS and sometimes even more. Normal accounts and gold accounts will pay a spread of 3 to 5 PIPS for currency pairs. The spreads will remain fixed for the life span of any transaction that you open. Score: 7.8

Stop Point – It is unknown whether or not the broker guarantees a stop point. Be sure to clarify with the broker to see whether or not he does and if he does whether it is guaranteed under every type of market condition.

Leverage – The lowest leverage you can get with a MINI account is 1:25. For information with other accounts, check with the broker. Score: 7

Interest – Check with the broker to see if he calculates interest and the conditions under which he does it.

Regulation – It is unknown whether or not the broker is regulated.

Trading Tools:

Technical and professional support – 24 hour a day.

Literature, on-line tools professional articles– Financial news and a financial journal.

Trading courses – A thorough, training course onlinemeant for the beginner.

Market surveys and reviews– Various reviews are available.

Trading alerts – None.

Traders help guide – Yes.

Range of foreign currency pairs offered – Fourteen plus two commodities.

Languages – Six different languages are supported.

On-line trading room – Yes.

Personal coaching – None.

Bonuses and free gifts – None available.

Downloading trading platform – Downloads are not required as all as trading is done online on the broker’s website.

Trading program’s “friendliness” – The program provided is very basic. Fast trading is not possible. It is impossible to analyze your situation or alternatives. The program is not very convenient unless you are just looking for a program to give trading commands. Score: 7

Advantages – The broker does not offer many advantages however it is possible to start an account easily and quickly and there are a number of different methods that you can use to deposit funds. It is also possible to open a MINI account. It is possible to start trading even with a starting deposit of only one hundred dollars regardless of what account you open. The broker provides a number of trading tools that will help you make decision. The tools provided might be sufficient for some. However, there are other brokers who will provide many more tools.

Disadvantages – The broker does not offer a DEMO trading account. The spreaders the broker charges are average and sometimes a little high than other brokers. This broker is not the right choice for people who want to trade in several different foreign currencies. The program offered by this particular broker is not very convenient and doesn’t provide the analysis tools that are sometimes need by a professional trader. It should also be noted that this broker does not mentioned whether or not he is regulated.

Broker’s score: 6.8

Note: that at any point in time a business, commercial company or broker may decide to change their terms, offers and conditions. You should also note that the broker may change the bonuses offered to their traders. Therefore, you should clarify with the broker before making a decision.