Our UBFX Review
UBFX is a forex trader based in Vanuatu. It is the trading name of Finance Manager Co. Limited, which was established in 2016. It operates as an offshore broker. To ensure its clients have access to a trustworthy and fair trading platform, the broker has collaborated with liquidity providers, banks, prime brokers, and global financial institutions.
UBFX Account Types
Traders using UBFX have access to four account types. These are the Standard account, Raw Spread account, Corporate account, and the Islam account. The Standard and Islam account do not have a minimum deposit amount. Maximum leverage on all four account types is set at 1:400.
Platforms
Clients using UBFX have access to the MT4 trading platform, which is the most popular trading platform in the world. They will get access to unique features such as multilingual support, advanced charts, expert advisors, and much more. The MT4 platform also allows traders to fully customize, and automate their trading. MT4 is a highly secure platform that encrypts all data sent between the server and the trader using a 129-bit key. The MT4 platform offered by UBFX can be accessed as a desktop application on PAC and Mac as well as a mobile app for iOS and Android devices.
Trade Sizes
On UBFX, the minimum trade size for indices on all markets is set at 0.1 lots. For other assets, the minimum lot size is 0.01 lots. The maximum lot size for fx pairs is set at 50 lots.
Fees
The platform makes profits through commissions, spreads, and swap fees. The lowest spreads are offered via the Raw Spread Account where spreads are set to as low as zero. With a Corporate account, the spread starts at 0.5 pips. Both Islam and Standard accounts have spreads starting at 1.6, which is in line with industry standards.
Trading using the Standard, Corporate, and Islam accounts is commission-free. However, those using the Raw Spread account will be charged a $5 commission on each lot traded. All accounts, except the Islam account, have a swap fee.
Tradable Assets
UBFX offers traders access to over 60 currency pairs, which include Major, Minor, and exotic pairs. The broker also provides access to the most popular CFDs on indices, which includes the GER30, AUD200, UK100, JPN225, and the SPN25. UBFX clients can also trade precious metals such as silver and gold. Additionally, they can trade energy CFDs, including UKOI, and USOIL.
Deposits and Withdrawals
The for Standard and Islam accounts, the minimum deposit is as low as $1. It is a great starting point for novices that wish to test the water of online trading. For the Raw Spread and Corporate accounts, the minimum deposit is set at $20,000 and $50,000 respectively.
There are no fees charged on deposits. The funds usually reflect within two hours of a transaction in the client’s account. Once they complete the registration process, clients can deposit funds to their account in a few simple steps after clicking the Deposit button.
After depositing UnionPay, only the bank card used to make the deposit can be used to withdraw the funds. UBFX does not allow third-party funding of client accounts. It is thus important to ensure that the client account details match those of the bank account where the funds are originating.
To avoid account overstocking, UBFX ensures that the payment ratio of the clients’ accounts is over 200% after withdrawals. Failure to meet this requirement will cause the withdrawal request to be rejected.
UBFX offers clients four withdrawal options. These are Wiretransfer, which comes with a $10 fee, Coingate, which comes with a $15 fee, Skrill, and Neteller. With Skrill and Neteller, clients can withdraw funds without paying any fee. The minimum withdrawal amount is set at $50.
While using Skrill, Coingate, and Neteller, withdrawals are real-time once verification has been completed. Remittances take place between 9 AM and 6 PM New Zealand time from Monday to Friday. Funds will arrive on the same day or the next day once a withdrawal is confirmed.
Education
The broker has an education page where various articles are listed. They cover the basics such as the history of the fx market, how fx trading works, and fundamental and technical analysis. The broker also provides a glossary list that contains the most common terms and phrases in the trading world.
Customer Service
The customer support team can be contacted via email, chat, phone, or via an online feedback form. The live chat section is quick and customer support agents are knowledgeable and quick to respond.
Summary
UBFX is a regulated offshore broker that offers clients access to four account types. The broker also offers a huge list of tradable assets. Additionally, it has low minimum deposit requirements for the Standard and Islam accounts. It is a great place to begin your online trading journey.