UFXMarkets was launched back in 2009, but was at this time
unregulated and traded as UFXBank. The firm soon wound up on a number of
financial regulators warning lists due to soliciting business in countries
where they weren’t regulated. In 2011, this all changed when UFX gained CySEC
regulation and changed its operating name to UFXMarkets. The firm has continued
to operate today under this name and due to its status as a regulated CySEC
firm has not appeared on any European regulators warning lists.
Services
UFXMarkets primary offering is Forex with the brokerage
offering a total of 32 different pairings. The brokerage offers fixed spreads
on all currency pairings with the spread on the EUR/USD pairing being fixed at
4 pips for those using a Micro/Mini account. In addition to offering currencies
pairings, those who use UFXMarkets are able to trade a range of other
instruments via Contracts-for-Difference. At the moment the brokerage offers
Commodity, Indice and Stock CFD’s. All spreads are again fixed and can be found
at the brokerages website.
When it comes to platforms, the brokerage offers the
ParagonEX platform as standard which is available as a web based and mobile
version. ParagonEX is a turn-key solution used by a number of FX brokerages and
Binary Option firms, which has charting functionality built in. Individuals are
able to trade all the firms instruments via the ParagonEX trader which is at
the centre of the UFXMarkets offering. The firm does offer MetaTrader 4 from
MetaQuotes, however the MT4 platform is only available to those who have a
Platinum account with the brokerage. Which is an interesting business decision
as the majority of brokerages offer MT4 as standard, while UFXMarkets require
that individuals make a minimum deposit of $10,000 to the use the platform.
Regulatory
Information
UFXMarkets is a trading name of Reliantco Investments Ltd.,
who are a regulated Cypriot Investment Firm having gained full CySEC regulation sometime in 2011. With Cyprus being a
member of the European Economic Area, UFXMarkets are able to take on clients
from throughout the European Economic Area via MiFID’s outbound passporting.
The brokerage made industry headlines for the wrong reasons when in 2013, it
reached a settlement with CySEC for 100,000 Euros. This settlement saw the
brokerage admit no wrongdoing and according to the firm was due “Company’s
disproportionate high growth rate compared to its increase in personnel.” The
firm went on to say that “In an effort to satisfy CySEC’s requirement the
Company shall continue to expand its team of global financial experts at an
increasing rate specifically at its Cyprus head office.” Despite the fact that
the firm were not required to admit any wrongdoing the settlement definitely
had a negative impact on the firm’s reputation.
Sources
Trade Forex and CFDs with Top Reviewed Brokers of 2018 and our Forex Trading Guide
ReplyDelete