UFXBank has its origins in London and in Cyprus, and several well-established traders have come to prefer it. The website presents itself as straightforward and easy-to-use – indicative of the system on offer from UFX Bank, which has adopted a ‘no commission’ policy.

UFXBank can support over 80 currency pairs, averaging two pips for the major fixed spreads. Among the options available to traders looking for Forex brokers, this company accepts funds via MoneyBookers, Western Union and PayPal, as well as many major credit cards, including MasterCard and Visa. The minimum initial deposit is £300.

Trading Platforms

ParagonEX is a web-based platform that offers a free demo account and a charting package. The platform’s “Free rates” button allows trouble-free trade entries and exits, although trailing stops are not offered by this trading platform. Despite not be able to host the trading platform on a personal computer, this downloadable platform is an innovative package with many useful features. Currently, there is no mobile application for the ParagonEX platform, which is not downloadable.

Resources

For novice traders, UFXBank offers informed commentary and analysis on every trading day. Expert trading advisors also offer comprehensive information about market conditions to clients. The liquidity partners for the UFXBank client accounts are Deutsche Bank and Saxo Bank. UFXBank is offering a 50 per cent refund policy on News Trading accounts.

This broker is one of the best choices for hesitant novice traders who prefer a straightforward introduction to the Forex market currents and do not wish to pay fees for a professional Forex instructor.