Minimum Deposit: $500
Maximum Leverage: 1:400
My Score: 2.1
Hello everyone! I can present one to UBCFX today. UBCFX is definitely an internet forex broker, that located in Liffey House, 2 4 Tara Street, D02 CX89 Dublin 2.
The site of the broker (ubcfx.com) was receiving 490,000 estimated traffic a month. The people are primarily out of Saudi Arabia. The people in Israel, Malaysia, and the United Arab Emirates are after them.
Let’s look at what questions I replied within this UBCFX review: Is UBCFX scam or not? what are the accounts types supplied by this broker? what are the trading requirements such as spreads, minimum leverage and deposit? Can it be UBCFX regulated?
Regulation of UBCFX
UCFX is an international forex broker. The organization behind UnitedVertures Ltd., worked in Saint Vincent and The Grenadines (SVG).
I will certainly say UCFX is an unregulated forex broker. Which usually means that the UBCFX gives you financial trading services minus the oversight of almost any global authority.
There are several Respectable financial institutions like the UK’s FCA (Financial Conduct Authority), the National Futures Association at the US, that the Cyprus Securities and Exchange Commission, much better Called CySEC, is that the monetary regulatory bureau of Cyprus, and also the Australian Securities and Investments Commission (ASIC).
These watchdogs necessitate some strict rules for brokers to obtain their licenses. By way of instance, CySEC regulated brokers have to continue to keep all customers funds in segregated accounts separated by creditor’s accounts and also to keep a minimal operational capital of slightly 730 000 EUR.
In addition, the customers are insured by way of a compensatory scheme to be sure the price of your customer ‘s loss in the event the brokers are gone bankrupt.
Besides, ASIC regulated brokers must maintain a minimum of $1,000,000net funding to prove their monetary equilibrium.
Trading Account Types and Spreads
According to this data from the Site of the broker, you will find just four account types. All these are Mini, Standard, Gold, and VIP accounts kinds.
The Standard account type requires a $2,000 minimum deposit amount. The minimum trade size is 0.1 lots. There is no information about spreads for about this account.
Minimum deposit for the Gold account is $5,000. There is 24/7 live customer support, personal account manager, daily marketplace review specifically for this account type. The leverage is up to 1:400. The information about spreads is not available.
UBCFX VIP account is only for special invitation traders. So, there is no information about this account type. The only way to learn is the broker’s invitation.
The broker must be transparent in order for potential clients to obtain information about the trading conditions offered by the broker. However, it does not share with us what the spreads are.
UBCFX offers two trading platforms. Sirix and Activ8 are the platforms, both of web-based.
The UBCFX Sirix Web Trader platform offers a set of trading solutions, including social trading. The UBCFX Sirix Platform is user-friendly and easy to operate and monitor, also for new traders. The platform is available online, no download required.
This platform has some good features;
- Simplified & user-friendly graphics
- Stay up-to-date with instantly updated data
- One-click-fast trade execution
- Execute, set limits and control your risk within seconds
The UBCFX Sirix platform is available for mobile too. You can virtually take the marketplace with you anywhere you go by using your mobile devices.
- Advance technology
- Smart, fully automated interface
- Centered around ease of use
- A functionality which will see gained broker productivity and profitability
UBCFX provides trading in Forex, Metals, Indices, Commodities, Stocks, and Cryptocurrencies. Trade metals are gold and silver, indices are CAC40, Dow Jones, NASDAQ, Nikkei, FTSE, and many others.
Cryptocurrencies are Bitcoin, Doge, Ethereum, Litecoin, Neo, Ripple and more. Like forex, cryptocurrencies trade against other currencies in a pair, such as Bitcoin against USD, or against EUR.
You may deposit or withdraw via a wide range of payment options including Credit/Debit card, Bank Wire Transfer, Visa, Visa Electron, Maestro, Mastercard, Skrill, iDEAL, American Express, Neteller, WebMoney, Sofort, and Qiwi Wallet.
I think there are enough payment methods. But, there should be Bitcoin and Paypal.
As a result of this review, the UBCFX’s offer seems to be a few positives, but the negative aspects of this forex broker are more evident. These are due to the lack of financial arrangements, the high spreads that are announced on the broker’s website, as well as the lack of the MT4 platform.
Trading with unregulated brokers involves high risk. You may lose your money to scammers. You should be careful before opening an account with them.