Forex has become one of the most popular trading vehicles. Many investors are leaving the stock markets and moving their money over to Forex in hopes that they will come out profitable. Forex brokers are bending over backwards to accommodate all types of Forex traders. One way of standing out from the crowd is to offer an Islamic Forex account, which UFX do.
UFX is operated by ReliantCo Investments Limited, a Cyprus Investment Firm (CIF) that is regulated and licensed by the Cyprus Securities and Exchange Commission (CySEC). UFX is licensed and regulated under the Markets in Financial Instruments Directive (MiFID), a European Union law implementing safe-practice standards for investment services within the European Economic Area (EEA).
UFX offers a variety of trading platforms with over 45 currency pairs and a wide range of stocks, indices, and commodities.
In addition to the standard MetaTrader4 platform, UFX has its own unique platform, the ParagonEX trader, which we found to be a refreshing change. The platform delivers a user-friendly, reliable and innovative trading experience and has won several international awards.
The UFX Islamic Account adheres to the principles of Islamic law regarding banking activity and Riba (interest). Islamic Accounts allow traders to leave open their money overnight without incurring any interest which is not allowed according to Islamic Law, Shariah. Traders can receive a bonus of up to 30% when opening an account.
The UFX Islamic Account offers the same features as the UFX Standard account. A minimum of $1000 deposit is required.
In addition to their Islamic Forex account, UFX offer several other accounts.
The Micro Account requires deposits from $100-$499. This account has the lowest minimum trade requirement and offers new traders an opportunity to sharpen their trading skills by placing small trades.
The Mini Account is for traders looking who can invest a minimum of $500. The minimum deal size is $1000. Mini Accounts offer market updates. Leverage of 200:1 is offered on this account.
The Standard Account provides the trader with a lot more features, including individual coaching, assistance from anywhere in the world, and some other promotional offers. It offers better spreads and greater flexibility in trading. Traders must deposit a minimum of $1000 to qualify for a standard account.
Advanced accounts include The Gold Account with a minimum deposit of $5000 is required and a minimum deal size is $25,000 and the Platinum Account which requires a minimum of $10,000 and a minimum deal size of $50,000. A personal dealer is provided to traders with these accounts and they supply them with market reports, trading tips, and a choice of other special offers. Gold traders will be notified of these and other useful alerts by telephone, email, and/or SMS.
UFX not only offers a demo account with $10,000 virtual money to start, they also give a detailed explanation of how this account works and why it is important to the beginner trader. The demo account mirrors the exact trading platform that the experienced traders use, with all the features and tools that are available to other customer account holders, including seventy three assets divided into are thirty three currency pairs, five commodities, nine indices and twenty six stocks.
UFX offers several educational resources and tools. Personal one on one coaching allows each trader to build trading skills at his own pace. Tutorials walk the trader through the UFX’s platforms and accounts and there are free trading guides available including Autochartist, exclusive chart software.
In addition, the broker’s Forex School offers articles for new and expert traders to help them hone their skills and improve their trading.
There is also a video library with market reviews, daily market outlook and more.
UFX offers 24 chat around the clock and email support. Throughout our UFX review, we chatted with the support team several times, and were pleased with their responses. There is also a listing of the telephone numbers for each of their international offices.
Deposits and Withdrawals
Deposits can be made via MoneyBookers, wire transfer, cashU or credit card. Withdrawals take between 7-10 days depending on the method of withdrawal, which is somewhat longer than with other brokers.
|Regulation:||MiFID||Platform:||MetaTrader 4, Proprietary platform|
|Maximum Leverage:||1:400||Minimum Deposit||$500|