RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
UGL Exchange is a licensed, Cyprus based broker offering a great variety of forex pairs as well as CFDs on gold, silver, oil, stocks and 11 indices with a choice of three account types and the MetaTrader4 platform.
And what is more, among the 80 forex pairs available we came across a number of exotic currencies including Norwegian Krone, Polish Zloty, Swedish Krona, Singapore Dollar, Danish Krone, Turkish Lira, Hong Kong Dollar, Hungarian Forint, Mexican Peso, South African Rand, Chinese Yuan, Czech Krona and Russian Rubble.
UGL Exchange trading conditions
The benchmark EURUSD spread as offered with the UGL Standard Account is targeted at 2,4 pips, which is about a pip higher than what traders would usually expect with a starting account. With the Pro and the VIP Accounts things get better – spreads are advertised to start at 1,3 pips and 1,1 pips respectively. However, with the two premium accounts the minimum deposit requirement is also higher – 1000 USD and 5000 USD, while for the Standard Account you can invest just 100 USD.
When we are talking about leverage you should have in mind that since the beginning of August last year the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions in the European Union at 30:1.
That is the reason UGL Exchang offers leverage no higher than 20:1. The broker, however says they may allow professional traders to benefit form leverage as high as 500:1 if they are able to prove their experience.
Besides the ESMA decision is in line with the risk reduction policies of other major regulators in the US and Japan, where the maximum leverage is caped at 50:1 and 25:1 respectively.
UGL Exchange trading platforms
The MetaTrader4 platform is surely the most popular trading platform on the market. It feature plenty of customizable market indicators, excellent charting tools and the option to run automated trading sessions with he help of specially designed trading bots, known as Expert Advisors. No wonder MT4 is preferred by more than 80% of the trading community – professional and beginner traders alike.
UGL Exchange regulation & safety of funds
Regulation is one of the strongest positive points about UGL Exchange. The broker is owned by UGL Exchange Limited, which is operating under the MIFID (EU Directive) and is authorized and regulated under the Cyprus Securities and Exchange Commission (CySEC). On top of that UGL Exchange Limited is a member of the Investor Compensation Fund (ICF) – a CySEC backed insurance scheme, which guarantees up to 20 000 EUR of your investment in the unlikely case your broker files for bankruptcy.
In recent year Cyprus became a major hub for the forex industry as the regulatory regime enforced by CySEC proves both strict enough to give traders peace of mind and balanced to provide brokers with sufficient operational flexibility.
Have in mind that among other requirements all CySEC regulated brokers are obliged to provide a negative balance protection to their clients so that a trading balance won’t drop below zero.
Also, CySEC brokers have to keep all invested capital in a segregated, protected form creditors account and to maintain operational capital of at least 730 000 EUR.
UGL Exchange deposit/withdrawal methods and fees
As we already noted the minimum deposit to start trading with UGL Exchange is 100 USD. The payment methods accepted by the broker include major credit and debit cards, e-wallets and bank wire. Unfortunately UGL Exchange does not elaborate which e-wallets specifically do they accept.
Note as well that withdraw transfers in euro within the Single Euro Payments Area (SEPA) – all EU countries plus Iceland, Liechtenstein, Norway and Switzerland, are free of charge. For all other withdrawals UGL Exchange charges 0,15% of the withdrawn amount with a minimum of 15 EUR or 20 USD.