UFX is a contract for difference (CFD) which offers products in stocks, forex, commodities, indices, ETFs, and cryptocurrencies. UFX was founded in 2011 and is regulated by the CySEC. CFDs enable traders to speculate on an asset without actually owning the underlying asset. CFDs allow traders to apply large amounts of leverage and also to take short positions. This is a benefit as most cryptocurrency trading services do not enable traders to take short positions. UFX is available on a number of platforms including the MetaTrader software, MassInsights software, and their own web and mobile apps.
There are over 20 cryptocurrency products available which cover most of the large-cap and most popular cryptocurrencies. This is more options than most competitors offer. Leverage of 1:2 is available. This is lower than some competitors with others offering up to 1:30 leverage.
The commission is charged per 10 units traded and vary per product. Overnight fees are also likely to be charged at midnight GMT. The overnight fees vary. Fees are difficult to find and are also not clearly stated.
- Allows traders to go both long and short and apply leverage
- Is available on a number of platforms
- Offers more products than most competitors
- Fees are difficult to find and are not transparent
- Commissions are charged on trades along with overnight fees
- Does not offer as much leverage as competitors
