- Good website functionality
- Awesome customer support
- Great attention to detail, cool marketing
- License, security, legal part are on top
- High initial deposit
- No Demo account option
- Generally weak conditions for novice clients
- The lack of contests and promotions
How I fell for Andrés Iniesta and ended up heartbroken
I’m going on with my series of broker reviews, and this time we’ll dwell upon an interesting case. I bumped into UFX occasionally and unintentionally, but found myself browsing through it for at least half an hour. To be honest, they grabbed my attention from the very first second, since the first thing I’ve noticed was a huge image of gorgeous Andrés Iniesta (for those who’ve been living under a rock, Andrés Iniesta is a central midfielder for FC Barcelona and the Spain national team) and a former English rugby player Mike Tindall. I was totally bought off by their alluring mute welcoming and decided to share my experience with you guys. Let’s see what this broker has to offer aside from a fancy marketing campaign.
The broker claims to be a worldwide brand represented in different countries, and the overall performance feels very transparent – they openly share their license, geography, and legal details to build a good first impression, and I must confess, they succeeded in my case. UFX is regulated by the Vanuatu Financial Services Commission under license number 14581. They work with 24 countries, although they confess they may not have offices in each country.
After the impressive greeting, I was looking for a similar abundance in the “Trading Instruments” section, but unfortunately it turned out to be much less impressive than I thought. They offer 49 currency pairs, which is a good set, but a very modest set of commodities: just natural gas, oil, corn, silver, and gold. They also offer to trade stocks, ETFs, indices, and 4 crypto currencies (BTC, Ripple, EOS, and Iota). I’d say it’s a sufficient set of tools, but definitely not the best one I’ve seen.
Accounts, Spreads, & Leverage
The company offers 6 account types: Micro/Mini, Mini, Standard, Gold, Platinum, and Islamic. And here comes the first serious flaw – minimum deposit at UFX starts from $100. Besides, they don’t have a Demo account, which makes this broker a bad idea for beginners. If you are not confident enough about your trading skills and don’t feel like risking your funds, the best thing you can do at UFX is register a Micro account, make a “micro” initial deposit of $100, and mind that minimum trading volume is $250. All in all, UFX is definitely a broker for experienced traders with certain funds set up for investing. Since I run a blog for novice traders first and foremost, I can’t appreciate such an approach. Even if their company is advertised by Andrés Iniesta. Here’s a full list of accounts:
Available Trading Platforms
At UFX, you can choose from ParagonEx Web Trader 4.0, MetaTrader4, and a free custom mobile app. The app looks fine, but when I downloaded it onto my Android phone, it came out a bit glitchy, and I gave up pretty fast, but in this case I actually blame my phone. Hopefully, it was a one-time-only flaw, since a smooth and glitch-free app is a crucial thing for a trader.
According to company’s Managing Director Dennis de Jong, UFX pays special attention to its relations with clients, providing the Service Commitment to “anticipate and exceed expectations”. Indeed, it feels like you have a bunch of media to contact the team – you can IM it, write an email, or call to the local representatives. The warning on the website says that they “may not have offices in each country listed below, but one of our Customer Support representatives will be happy to assist you in your language of preference”, which is still pretty comfortable.
Some of you already know my passion for all sorts of contests and promotions, so I was happy to see the “Promotions” section here. The first thing that crossed my mind when I familiarized myself with their “contests” was confusion, because there are actually no contests or promotions there. The first one in the list called “Iniesta” is just a plain ad that calls for trading Google or Gold. Another one, “Emmanuel Petit”, was pure advertising as well – you can enjoy a nice video ad starring Mr. Petit and Mr. Tindall telling you how cool it is to trade with UFX. It may be so, but why on Earth would an advertisement pretend to be a contest? In the “UFX Competitions” section I found the summaries of two old (held back in 2014) contests. Apparently, the company haven’t held any special events ever since, which I would call the biggest anticippointment.
“Expectation is the root of all heartache”, - Shakespeare wrote, and I had to admit he was right when reviewed UFX broker. Doubtlessly, it is probably the fanciest broker I bumped into lately, with a great intuitive design and a decent set of trading options. And this is the reason why it disappointed me more than the others.
First and foremost, the barriers to entry are high – initial deposit of $100 on a Micro account makes zero sense to me. It feels like newbies are not welcome here, although they offer a bunch of training options.
Besides, I think that their sports-related marketing campaign is terribly underexploited – for example, being a potential client and a huge football fan, I was super excited to see Andrés Iniesta mentioned in the “Promotions” section of the site. I would sign up into any type of contest if the prize were somehow related to him… Not even close.
The overall impression is still good, so if you are looking for a licensed, reliable broker with a strong customer support, decent feedback, and a wide variety of trading instruments, UFX can be the one.