UFXONE review – 5 things you should know about ufxone.com

Beware! UFXONE is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

UFXONE attempts to deceive that it represents an award winning forex broker operating in regulated jurisdictions. In this review, we’ll show you how to do fact-checking when choosing a financial services provider. We’ll also point you in the direction of more credible brokers that you could trust with your money with peace of mind, as opposed to the UFXONE.

UFXONE Regulation and safety of funds

UFXONE does not disclose which company is behind the website. Even the text of the Client Agreement and other documents do not mention the name of the legal entity, details of the regulatory license and applicable jurisdiction.

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

UFXONE claims to have offices in the United Kingdom and Cyprus.

For this to be true, UFXONE must be licensed by two of the most respected regulatory institutions in Europe – UK’s Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC). But there is no broker with that name in the FCA’s database, and CySEC specifically warns that this website does not belong to a licensed company.

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like CySEC or FCA. As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK.

UFXONE Trading software

The Xone Trader software is used by UFXONE. The platform has the most important functionalities for a trading platform, but cannot match the capabilities of the most widely used platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

It should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use rigged trading platforms to fool their victims that their money is actually being invested. However, this trading is entirely fictitious and the money goes directly into the scammers’ pockets.

UFXONE Trading instruments

UFXONE offers trading in currency pairs, commodities, indices, stocks and cryptocurrencies. As stated, the trading offered by this anonymous and unregulated website is in all likelihood fictitious. In addition, UK financial regulations prohibit brokers from offering crypto derivatives trading to retail clients.

UFXONE Spreads and cost of trading

In the trading platform we see a spread of 2 pips, which is a higher and more unfavorable level than usual for the industry. In addition, UFXONE does not provide clear information on the trading parameters, so it is unclear whether it charges additional commissions.

UFXONE Maximum leverage

UFXONE offers leverage up to 1:500, which is further proof that this is not a regulated broker operating in the UK and EU. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

Another such piece of evidence is the claim that UFXONE offers bonuses. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms.

If you are nevertheless willing to take the risk of high-leverage trading and want to take advantage of bonuses, promotions and prize games, the best option is to use the services of offshore brokers operating under an established brand.

UFXONE Deposit and withdrawal methods

The homepage of the website states that UFXONE accepts a number of popular payment methods.

But in the deposit menu, the choice is only between cryptocurrencies and bank transfer. The bank transfer option requires a promo code, so in practice the only way to deposit funds is via cryptocurrencies.

This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

UFXONE Minimum deposit

The minimum deposit required by UFXONE is 200 USD. For a lower amount you can trade with a licensed and established forex broker.

UFXONE Withdrawal requirements

The minimum withdrawal amount is 100 USD and the minimum withdrawal fee is 10 USD. Most legitimate brokers do not charge transaction fees.

If an account has received a bonus, he can withdraw funds only after he has met the turnover requirements. These requirements are very high – number of lots equal to the bonus amount divided by two.