FAQ

Opening an Account

What is the difference between accounts?

Can I open multiple accounts?

How can I open or switch to an Islamic account?

Can I edit my personal details?

Which identification documents do I have to supply?

Why do I need to send a copy of my passport/ID?

Where and how do I send the documents?

How do I know if the documents I’ve sent are OK/sufficient?

Can I have an account in a currency other than USD?

Do you charge any commissions and/or trading fees?

Do you charge fees for money transfers?

Do you charge maintenance fees?

Do you charge a fee on inactive accounts?

Can I delete a credit card from the system?

How can I get my statement?

Will someone manage my investments?

Do you allow fund management for other clients?

Will you deduct any funds from my account for tax purposes?

Can residents of the United States trade at UFX?

Do you offer corporate accounts? What documents are required to open a corporate account? Is there a minimum deposit amount?

Trading Basics

How do I start trading?

Which assets can I trade at UFX?

How many trading platforms do you offer?

Do you offer MetaTrader4?

What is the minimum transaction size?

Can I trade over the phone?

What are the Major Currencies?

Do you provide trading signals or updates?

Why should I place a Stop Loss (S/L)?

Why should I place a Take Profit (T/P)?

Why do the trades I open appear to start with a loss? 

Do you have slippage?

What is leverage?

What are your margin requirements?

Does UFX use margin calls?

How does UFX charge for rollovers?

What is Scalping and do you allow it? 

Are your spreads fixed and are they the same for every trader?

Why can't I close a trade on Oil, Gold or Silver?

Do you support forward deals?

How quickly will you execute an order and what are your order execution rules?

What are your contract conditions for each currency pair (spread, swap rate, min. and max. limit, leverage, base quote)?

Do you take the other side of my trades? 

How can I make sure you are not playing against me?

What happens to my positions at the end of the trading day?

What happens to my positions over the weekend?

Deposits

How do I deposit money with UFX?

What is the minimum initial deposit?

Is there a deposit fee?

Do you allow third party deposits?

I just made a credit card deposit by mistake. Can you please cancel it and send my funds back?

Withdrawals

How do I get my money back/withdraw funds?

How long does it take to process withdrawals?

Are there fees for withdrawals?

Can I withdraw money via a different method than the one I used for a deposit?

I made a withdrawal attempt within the platform and was told I am not allowed (via a pop up). Why?

Charts

How many charts can I open at once?

Why can't I view the Advanced Charts listed under "Tools" on the platform?

Licenses, Regulations & Privacy

Are traders' accounts segregated?

Why do I need to submit answers about my financial status before I start trading?

Is my personal information secure?

Login Issues

I forgot my password, how can I retrieve it?

Why is access to my account blocked?

Service

How do I register a complaint?

Information About UFX

What is UFX?

Which services do you provide?

Are you a market maker or an STP broker, and do you use ECNs?

Are you an execution broker?

What type of regulation does UFX have?

What system does UFX use to protect my account?

Where is UFX based?

Do you have branches in other countries?

Is UFX involved with the stock exchange?

How long have you been in the Forex market?

Which banks do you work with and where will my money be deposited?

Why should I choose UFX over another broker?

Is there something like a guarantee fund?

How does UFX profit on my trading activity?

Why is the company name different from the one you are telling me is regulated? 

What do I do if I am having difficulties with the website?

Information for UFXMarkets Clients

Account Access

Account Manager

Trading Platform

Banking

Insurance

Regulation

Opening an Account

What is the difference between accounts?

UFX offers a wide range of accounts that offer different trading conditions and benefits to suit a variety of trader needs. For more information about our available accounts, click here.

Can I open multiple accounts?

No. UFX does not allow clients to hold more than one account.

How can I open or switch to an Islamic account?

UFX is proud to offer an award-winning Islamic trading account. Please contact your Personal Trading Consultant for more information about setting up an Islamic trading account.

Can I edit my personal details?

If you need to update any of your personal details, please send them to compliance.department@ufx.com.

Which identification documents do I have to supply?

After registering with UFX, you will be required to fax, scan or email: 

- a copy of your passport or other government-issued identification document; 
- a copy of a bill or statement (e.g. telephone bill or bank statement) on which your current residential address is clearly printed;
- a copy of both sides of your credit card. 

UFX takes these measures in order to verify the validity of your account and to ensure a safe trading environment for all of our traders.

Why do I need to send a copy of my passport/ID?

As a regulated broker, UFX is required by law to verify the identity of traders and therefore needs to see a copy of a valid passport or other government-issued identification, as well as proof of address and credit card possession. These steps protect both the company and the entire UFX trading community. For further information, please read UFX's Anti-Money Laundering Policy

Where and how do I send the documents?

All identification documents should be uploaded on the platform or sent by email to compliance.department@ufx.com or via fax to +44-207-681-1810.

How do I know if the documents I’ve sent are OK/sufficient?

The UFX compliance team checks all documents submitted for review and will notify you immediately if any document is missing, unreadable or unsuitable. 

Can I have an account in a currency other than USD?

All UFX trader accounts use US Dollars.

Do you charge any commissions and/or trading fees?

No. UFX does not charge any commissions or fees.

Do you charge fees for money transfers?

No. UFX does not charge fees on money transfers.

Do you charge maintenance fees?

UFX does not charge regular maintenance fees, however, it does reserve the right to charge a US$50 fee on open accounts once every three months.

Do you charge a fee on inactive accounts?

Yes, UFX reserves the right to charge an inactivation fee of US$50 when a client account has been inactive for a period of three months (and provided that the client has at least US$50 in their account). This is clearly stated in Section 14, Subsection 10 of the UFX Terms and Conditions, available here

Can I delete a credit card from the system?

Should you wish to change a credit card, all you need to do is access the deposit centre, click the green Add Funds button and then click on the blue Change Method link. You will then be able to choose a new credit card (click on the blue Use New Card link) or edit the existing credit card details (click on the blue Edit Credit Card Details link). To use a different payment method, select from the menu on the left (your registered credit card details will remain on the system). You do not need to delete any card from the system and can rest assured that UFX only processes payments and withdrawals according to your instructions. 

How can I get my statement?

Login to the trading platform, click on the profile avatar in the top right corner and choose "Trading History" from the drop down menu.  Then, select "Statement," and add the relevant dates for the statement period, or choose "All Times."

Will someone manage my investments?

No. UFX does not manage traders’ investments. When opening an account with UFX, you are the one investing and making decisions about your funds. However, UFX does offer comprehensive assistance, including education, and analysis.

Do you allow fund management for other clients?

Yes. UFX offers PAMM/MAMM services. Please contact your Personal Trading Consultant for further information. 

Will you deduct any funds from my account for tax purposes?

No. UFX will not deduct any funds from your account for tax purposes. Your tax status and compliance is solely your responsibility.

Can residents of the United States trade at UFX?

No. UFX does not accept traders residing in the US at this time.

Do you offer corporate accounts? What documents are required to open a corporate account? Is there a minimum deposit amount?

UFX offers corporate accounts, pending manager approval. Please contact your Personal Trading Consultant for further information.

Trading Basics

How do I start trading?

First, register with UFX here. Then, fill in a short questionnaire and fund your account. UFX representatives are available to assist you every step of the way, via phone, email, and live chat. Once your account is funded, you are ready to start trading. 

Which assets can I trade at UFX?

UFX offers a broad list of premium assets for trading, including currencies, stocks, commodities, and indices. For a full list of assets available for trading, click here

How many trading platforms do you offer?

UFX offers the award-winning ParagonEx Web Trader and MetaTrader4 (MT4), and adaptations suitable for iPhone and Android devices.

Do you offer MetaTrader4?

Yes, UFX offers both MetaTrader4 (MT4) and the award-winning ParagonEx Web Trader. The ParagonEx trading platform was designed in-house, is recognised as the best in the market and provides you with all the advantages of MetaTrader in a very simple and intuitive way. Click here to learn about MT4.

What is the minimum transaction size?

The minimum transaction size is US$25.

Can I trade over the phone?

Yes. UFX has an expert team of dealers available to transmit your telephone orders. Please note, you will need to be identified the first time you call the trading support room. A number will be assigned to you, which you will need to memorise and provide, together with your username, every time you call the dealing room. Please contact your Personal Trading Consultant for further information.

What are the Major Currencies?

Major currencies are the currencies in which most of the world's foreign transactions are made and against which the value of a local currency is measured. The five major currencies are the US Dollar (USD), the British Pound (GBP), the Euro (EUR), the Japanese Yen (JPY) and the Swiss Franc (CHF).

Do you provide trading signals or updates?

UFX provides daily and weekly market reviews so traders stay up to date with the market. Gold and Platinum account holders are also eligible to receive trading signals via SMS or email. These signals will alert you to profitable trading opportunities and are provided by a third party – Alliance Signals. You will also receive a call from your Personal Trading Consultant when something interesting happens in the market that could be profitable for you.

Why should I place a Stop Loss (S/L)?

A Stop Loss protects you on trades that go against you, and therefore also protects your overall account balance. Markets can be volatile and it is recommend to always use Stop Loss to limit any losses. 

Why should I place a Take Profit (T/P)?

A Take Profit closes the trade at the profit point you select, which removes emotions from the trade. Take Profit orders also protect a profitable deal from a volatile market, especially, for example, if you are not in front of your computer when it is time to close the deal.  

Why do the trades I open appear to start with a loss? 

The loss you see is the spread, which is automatic whatever the result of the trade. The spread is the difference between the buy and sell price of an asset. Once the market passes the spread in the direction of your trade, the rest is profit.

Do you have slippage?

In Forex, the term slippage refers to the difference between the expected price of a trade and the price at which the trade is actually executed. You can learn more about slippage here.

What is leverage?

Leverage is a tool UFX offers to increase your trading margin. Trading with leverage is also called trading on margin, and traders use leverage to control larger amounts of a currency, stock, commodity, index, or CFD than their regular balance would allow. UFX offers leverage of up to 400:1.

What are your margin requirements?

Your free margin can be seen in the trading platform and represents the funds currently available for you to trade with.

Does UFX use margin calls?

Yes, UFX has a discretionary right to execute margin calls on any account, and will alert a client as soon as possible should a margin call be required on their account. For further information, please refer to Section 9 of the UFX Terms and Conditions here.

How does UFX charge for rollovers?

UFX does not charge a rolling commission, but does charge a rollover fee (also known as an overnight swap). The rollover fee is calculated when a trader leaves a position open past 00:00 GMT. The term rollover refers to the interest rate currency traders pay or receive on open positions that are rolled over from one day to the next. Every currency pair has its own interest rate. At the end of every trading day, at 00:00 GMT, the trader will pay or receive the interest rate. You can find out more information about rollovers here.

What is Scalping and do you allow it? 

Scalping refers to opening and closing a position within seconds. UFX has a one minute minimum time to close a deal after it has been opened.

Are your spreads fixed and are they the same for every Trader? 

UFX offers fixed spreads that are determined according to your account type. Premium account holders receive the best and most attractive (tightest) fixed spreads. For more details about spreads on UFX accounts, click here.  

Why can't I close a trade on Oil, Gold or Silver?

The financial markets have brief daily breaks during which Gold, Oil and Silver cannot be traded. Trading hours and breaks are not controlled by UFX. Learn more about asset trading schedules here.

Do you support forward deals?

No. UFX only supports spot deals.

How quickly will you execute an order and what are your order execution rules?

As an STP (Straight-Through-Processing) broker, UFX executes orders automatically as per your instructions. For information on order execution rules, please refer to Section 3 of the UFX Terms and Conditions here.

What are your contract conditions for each currency pair (spread, swap rate, min. and max. limit, leverage, base quote)?

UFX guarantees the best possible trading conditions on the market. Learn more about UFX trading conditions here.

Do you take the other side of my trades? 

No, as an STP broker, UFX streams your trade orders to the market, avoiding any conflict of interest. 

How can I make sure you are not playing against me?

UFX is a respected trading brokerage and acts solely to facilitate your trades. UFX hedges every position, and the firm's strength lies in its technology. UFX only gains from the spread.

What happens to my positions at the end of the trading day?

Very little in the short-term, but several assets behave differently in their life cycles. Currency pairs can be traded for as long as three months, while indices expire in accordance with the date specified in the underlying contract. To learn more, please visit our Assets page.

What happens to my positions during the weekends?

When the market is closed, your open positions are frozen. However, when the market re-opens, your positions may open at a different rate than the previous week’s closing rate.

Deposits

How do I deposit money with UFX?

UFX offers a wide variety of international and local deposits methods, including credit cards, debit cards, Skrill, CashU, Neteller and Wire Transfer. You can view funding options here.

What is the minimum initial deposit?

In order to enjoy all essential services, the required minimum deposit is US$500. With leverage of 400:1, this gives you control of $200,000 in trading capital. 

Is there a deposit fee?

No. UFX does not charge fees on deposits.

Do you allow third party deposits?

UFX does not accept third party deposits. If the initial deposit was made via credit card, a withdrawal can only be sent to the credit card used to make the original payment. If the initial deposit was made via bank wire transfer, a withdrawal can only be sent to the account from which the initial transfer originated. 

I just made a credit card deposit by mistake. Can you please cancel it and send my funds back?

You can request a withdrawal immediately by clicking on the Withdrawal tab located on the bottom left-hand side of the trading platform.

Withdrawals

How do I get my money back/withdraw funds?

UFX makes withdrawing your funds simple. To withdraw funds, sign into your trading account, click on the profile avatar in the top right corner and choose "Withdraw Funds" from the drop down menu.  Withdrawals can only be processed and transferred via the payment method you used to make your deposit. For example, if you deposited your funds with your credit card, the amount you wish to withdraw will be transferred to the credit card account from which the deposit was made. To learn more, please click here.

How long does it take to process withdrawals?

Withdrawals take 3-10 business days to process. Click here to learn more.

Are there fees for withdrawals?

No. UFX does not charge fees for withdrawals. However, any transfer fees imposed by banks are your responsibility.

Can I withdraw money via a different method than the one I used for a deposit?

No. Withdrawals can only be sent via payment methods by which you funded your account. 

I made a withdrawal attempt within the platform and was told I am not allowed (via a pop up). Why?

Please make sure your requested amount is more than $25 and less than your free balance. If you participated in one of our Bonus programmes, please make sure you have completed all the requirements outlined in the Bonus programme's Terms and Conditions. Please contact your Personal Trading Coach or the UFX support team who will be glad to assist you with your request.

Charts

How many charts can I open at once?

UFX allows three chart options: Thin Chart, Single Chart, and Chart Station. The Chart Station allows traders to open up to four charts at a time.

Why can't I view the charts in Trade Tools?

To view the charts, you will need to install JavaScript, which only takes a few minutes to download. 

Licenses, Regulations & Privacy

Is my personal information secure?

Yes, your personal information is secure and you are free to change your password at any time after activating your account. To ensure a safe trading experience, UFX uses SSL encryption systems, which protects your personal details.

Why do I need to submit answers about my financial status before I start trading?

UFX is a regulated and licensed financial institution and is required to collect financial status details from clients to comply with guidelines on appropriateness and suitability. Rest assured, UFX does not share such information with any third party. For more information about the regulation standards UFX adheres to, click here.

Are traders' accounts segregated?

Yes. Traders have a unique username and password combination that allows sole access to your account by you. The balance in this account is the sum of your initial deposit plus any trading profits, less any trading losses.

Login Issues

I forgot my password, how can I retrieve it?

Click “Login” next to the “Open Demo” button on the homepage. A small popup will appear. Click “Forgot your password?” located just below the green “Login” button inside the popup and enter your registered email address. An email will be sent to your registered email address with further instructions for resetting your password.

Why is access to my account blocked?

Accounts may be blocked because UFX did not receive all of the required documents within 72 hours of your first deposit. UFX needs to see a copy of your passport or other government-issued photo ID, a copy of a utility bill, and a copy of your credit card. In the event that you did send these required documents and more than 3 days have passed, please contact us.

UFX will make sure that your Personal Trading Consultant gets back to you promptly to clear up the matter. Please note that your funds are securely deposited and allocated to your account during this time.

Service

How do I register a complaint?

UFX's award-winning customer support team is available 24-hours a day during the trading week and provides prompt assistance via Live Chat, phone, and email. 

Should an issue persist, you can register a complaint here and UFX will do everything it can to investigate and resolve the matter.

Information About UFX

What is UFX?

UFX is an online trading brokerage specialising in currencies trading, and commodities, stocks, and indices in the form of CFDs.

Which services do you provide?

UFX provides traders with Reception and Transmission of Orders on one or more financial instruments. For further information, please refer to Section 3 of the UFX Terms and Conditions.

Are you a market maker or an STP broker, and do you use ECNs?

UFX is a full STP (Straight-Through-Processing) broker, using ECNs (Electronic Communications Networks) to transmit your orders to the best priced execution venue. This means that UFX’s interests are aligned with those of UFX traders’.

Are you an execution broker?

An execution broker executes the trades you place on the market themselves. UFX, on the other hand, works with several different brokers to ensure that the trades you make are transmitted on your behalf to the broker offering the best execution.

What type of regulation does UFX have?

UFX is a fully regulated and licensed broker. The company operates under laws that promote and protect safe-practice trading. For more information regarding the strict regulation standards UFX meets, please click here.

What system does UFX use to protect my account?

UFX is protected by SSL security systems, which are only provided to legitimate and reputable companies, and works with the four largest credit card companies in the world: Visa, MasterCard, American Express, and Diners. Read more here.

Where is UFX based?

UFX has headquarters in Limassol, Cyprus.

Do you have branches in other countries?

UFX has several support centres around the world that address client queries in an efficient, timely and professional manner. UFX's London support centre is licensed by the FCA (Financial Conduct Authority).

Is UFX involved with the stock exchange? 

UFX offers a wide range of the world's most popular stocks to trade online. As an STP broker, UFX is not involved directly with any stock exchange.

How long have you been in the Forex market?

UFX was founded in 2007 and has a diverse client base around the world. Click here for more information about UFX. 

Which banks do you work with and where will my money be deposited?

As an internationally recognized brand, UFX works with top-tier banks to ensure your funds are safe at all times. Your money will always be held in segregated accounts, which means UFX cannot use your money for business expenses. Further, you are also eligible for investor protection schemes.

Why should I choose UFX over another broker?

UFX provides traders with the best online trading tools, access to financial experts and superior customer service, which encourage UFX traders to make the right trading decisions. As an STP broker, rather than a market maker, UFX is interested in traders profiting consistently and establishing a long-term trading relationship. Read more about the advantages of trading with UFX here.

Is there something like a guarantee fund?

As a regulated investment firm, we are a member of an Investor Compensation Fund (ICF) that secures the claims of all retail clients should the firm not be able to return directly or indirectly held client funds. These funds protect all clients in the event that the firm is unable to fulfill its obligations in the case of insolvency.

How does UFX profit on my trading activity?

UFX charges zero commission and fees, instead making money on fixed spreads that traders are informed of before trading. The spread is the difference between an asset’s buy and sell prices. UFX teaches traders what they need to know to be profitable and helps each trader to establish a person trading strategy. As much as UFX wants its traders to make money and continue to trade, traders are responsible for the risk they assume and overall profitability.

Why is the company name different from the one you are telling me is regulated? 

Our internationally registered and licensed brokerage operates under the brand name UFX. We adhere to strict international trading requirements and standards. For more detailed information regarding the standards UFX meets, please click here.

What do I do if I am having difficulties with the website?

UFX’s award-winning customer support team is available 24-hours a day during the trading week and provides prompt assistance via Live Chat, phone, and email.

UFX welcomes feedback that allows for improvements to be made to the website. Please get in touch via the UFX Feedback Centre, and every effort will be made to assist you and/or fix the issue.

Information for UFXMarkets Clients

UFX.com takes all the best features of UFXMarkets and makes them even more accessible. You can still access our award-winning ParagonEx Trading platform when you sign in with your username and password.

With a renewed focus on our traders and their needs, we make every effort to minimize any interruptions. Our short guide below will answer your most important questions:

 

Account Access

To ensure a smooth transition for our traders, UFXMarkets and UFX.com accounts are fully integrated, so if you make a trade while logged into UFXMarkets, you will be able to see and act on that trade when you log into UFX.com, and vice versa. Your existing username and password work on both sites.

Personal Trading Consultant

UFX believes in personalised service and the importance of relationships. Therefore, all current UFXMarkets traders will stay with the Personal Trading Consultant who has helped and will continue to help them develop their trading.

Trading Platform

ParagonEx, the award-winning trading platform UFXMarkets traders grew to know and love, is still available through UFX.com, and MetaTrader4 (MT4) is still available to Platinum Account holders. In time, new features will be added to ParagonEx and we will let you know how each one will help your trading.

Banking

Absolutely nothing will change about how your money is held and protected by UFX and our banking partners. Your funds will remain in the same segregated account they have been held in until now, and will only move based on your trading activity.

Insurance

UFX is a member of an Investor Compensation Fund (ICF) that protects trader accounts should the firm be unable to fulfill its obligations to clients in the case of insolvency. This includes funds and financial instruments held directly or indirectly by UFX in the course of providing investment services and managing client accounts.

Regulation

In addition to being a member of an ICF, UFX is registered with multiple regulatory agencies across the globe and strictly adheres to international regulation standard for online trading services. Click here for more information about the regulation standards UFX meets.