According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $50
- MT4
- Ministry of Economy and Industry of the Republic
Our Evaluation of UForex
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
UForex is a broker with higher-than-average risk and the TU Overall Score of 4.84 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by UForex clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
UForex is a leading forex broker in the Azerbaijani market, recognized with a number of international awards. Operating for over 10 years, it provides its clients with various financial instruments and comfortable cooperation conditions. The trading process is finely tuned and fully transparent, with no hidden commissions or undisclosed fees. An important aspect is the availability of weekly analytics and webinars featuring experts with extensive experience.
Brief Look at UForex
UForex is an Azerbaijani broker that offers a demo account and three live accounts: Standard, Professional, and Premium. Clients can trade currency pairs and CFDs on indices, energies, and metals. The minimum deposit is $50, with leverage available up to 1:100. Trades are executed through the MetaTrader 4 trading platform. The spread is floating, starting from 14 pips on the Standard account. Professional and Premium accounts offer more favorable trading conditions. A commission of $16 per lot applies to certain assets. Deposits can be made at any Unibank branch or via its payment platform, while withdrawals are processed to a UForex-issued card, with no broker fees for these transactions. The website provides extensive educational resources, including free webinars and courses. Client support is available 24/5 through four main channels.
We've identified your country as
US
We have thoroughly analyzed all companies legally providing trading services in your country and created a ranking of the best ones. Our analysis highlights companies that offer optimal working conditions, uphold a strong reputation, and consistently receive the highest number of positive reviews from traders on our website.
Explore the 5 top-rated companies in
US :
- There are a free demo account and a Standard account with a minimum deposit of $50.
- Clients are offered over 90 currency pairs and dozens of CFDs on indices, metals, and energies.
- The leverage ranges from 1:2 to 1:100, which is sufficient for the vast majority of users.
- All trading strategies and methods are allowed, including scalping, hedging, news trading, and using advisors.
- The MT4 trading platform has been tried and tested over the years with no significant delays or slippage during trades.
- Educational materials cater to both beginners and intermediate-level traders.
- The broker is regulated by the Ministry of Economy and Industry of the Republic of Azerbaijan and backed by Unibank, one of the flagships of the Azerbaijani financial sector.
- The Standard account implies quite significant platform fees.
- Professional and Premium accounts have a very high initial deposit despite reduced spreads.
- There are no alternative income options such as copy trading, joint accounts, or even an affiliate program.
TU Expert Advice
Author, Financial Expert at Traders Union
UForex provides various financial instruments, including Forex pairs and CFDs on indices, energies, and metals, accessible through the MetaTrader 4 platform. It offers three account types with a minimum deposit of $50 and leverage up to 1:100. The broker is regulated by the Ministry of Economy and Industry of Azerbaijan and is backed by Unibank. Traders benefit from free educational resources, webinars, and a demo account to practice trading strategies.
However, UForex presents several drawbacks, such as limited payment options confined to bank transactions with Unibank, and significant platform fees for the Standard account. Moreover, copy trading and integration with platforms beyond MT4 are unavailable. While UForex may be advantageous for traders, particularly in Azerbaijan, it may not be suitable for those who prioritize broader asset diversification and global payment methods, or those seeking robust Tier-1 regulatory oversight.
UForex Trading Conditions
Your capital is at risk. 79.43% of retail investor accounts lose money when trading CFDs with this provider. UForex Ltd and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.
| 💻 Trading platform: | МТ4 |
|---|---|
| 📊 Accounts: | Demo, Standard, Professional, Premium |
| 💰 Account currency: | USD |
| 💵 Deposit / Withdrawal: | All Unibank branches, including deposits via any financial institution's ATS and withdrawals to UForex card |
| 🚀 Minimum deposit: | $50 |
| ⚖️ Leverage: | Up to 1:100 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 EUR/USD spread: | 1,4-2,5 pips |
| 🔧 Instruments: | Currency pairs, CFDs on indices, energies, and metals |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | Swissquote Bank SA |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Order execution: | Market |
| ⭐ Trading features: | Free Demo account, three live accounts, low entry threshold on Standard account, more than 100 assets from different groups, full transparency when executing trades, and costs are average or slightly higher |
| 🎁 Contests and bonuses: | Yes |
UForex clients can choose one of three account types, each with a minimum deposit requirement. A deposit of only $50 is sufficient for the Standard account, while Professional and Premium accounts require minimum deposits of $10,000 and $50,000, respectively. Leverage depends not on the account type but on the traded asset. For example, the maximum leverage for all major currency pairs is 1:100, while for CFDs on energies, it's only 1:10. Traders can choose a leverage level within the available range or forego leverage entirely to manage risk. UForex offers four main support channels: phone, email, website chat, and a ticket system. Support managers are available 24/5.
UForex Key Parameters Evaluation
Share your experience
- Best
- Last
- Oldest
Trading Account Opening
Registration is done at any of Unibank's branches. The trader needs to provide all the requested information and confirm their identity. After that, they can open a Standard, Professional, or Premium account and deposit funds into it. The MetaTrader 4 trading platform can be downloaded from the broker's website. The procedure is as follows:
Click on the "Start Trading" button. Submit a registration request, providing your first name, last name, email address, and phone number. You also need to indicate when it would be convenient to visit the nearest Unibank branch. The broker's specialists will contact you and explain all conditions in detail.
Regulation and safety
UForex has a safety score of 5.8/10, which corresponds to a Medium security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Is regulated
- Not tier-1 regulated
- No negative balance protection
- Track record of less than 8 years
UForex Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
| CBAR (Azerbaijan) | Central Bank of the Republic of Azerbaijan | Azerbaijan | AZN 30,000 | Tier-2 |
UForex Security Factors
| Foundation date | - |
| Negative balance protection | No |
| Verification (KYC) | No |
Commissions and fees
The trading and non-trading commissions of broker UForex have been analyzed and rated as High with a fees score of 4/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- No inactivity fee
- No deposit fee
- No withdrawal fee
- Above-average Forex trading fees
- No ECN/Raw Spread account
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of UForex with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, UForex’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
UForex Standard spreads
| UForex | Pepperstone | OANDA | |
| EUR/USD min, pips | 1,4 | 0,5 | 0,1 |
| EUR/USD max, pips | 2,5 | 1,5 | 0,5 |
| GPB/USD min, pips | 2,0 | 0,4 | 0,1 |
| GPB/USD max, pips | 3,2 | 1,4 | 0,5 |
Does UForex support RAW/ECN accounts?
As we discovered, UForex does not offer RAW/ECN accounts, which might be a drawback for transparency and liquidity. However, this doesn't make the broker uncompetitive. Consider factors like spread levels, execution speed, regulation, support quality, and trading tools when choosing a reliable broker.
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with UForex. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
UForex Non-Trading Fees
| UForex | Pepperstone | OANDA | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | 0 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
The first step is to choose the account type. At UForex, it's easy. Accounts differ only in the minimum deposit and spread. The Standard account suits newcomers and clients who have not yet accumulated significant capital. While the main costs are relatively high, it only requires a small minimum deposit. Professional and Premium are designed for those with experience and are ready to trade on a larger scale. It's also necessary to set the appropriate leverage. In most cases, it's logical to limit it to 1:2-1:20. A leverage available for currency pairs of 1:50-1:100 can lead to very serious risks, although the profit potential will increase accordingly. There's no need to choose a trading platform, as MT4 is the only available option. However, customizing this solution to suit individual strategies is crucial.
Account types:
For traders who have not previously worked on the platform and want to explore its capabilities thoroughly, it's logical first to open a free Demo account, which is provided upon request, and those who are strong in Forex theory are recommended to perfect their skills without risks by trading with virtual money.
Deposit and withdrawal
UForex received a Low score for the efficiency and convenience of its deposit and withdrawal processes.
UForex offers limited payment options and accessibility, which may impact its competitiveness.
- Low minimum withdrawal requirement
- Minimum deposit below industry average
- Bank wire transfers available
- No withdrawal fee
- BTC not available as a base account currency
- Limited deposit and withdrawal flexibility, leading to higher costs
- No bank card option
What are UForex deposit and withdrawal options?
UForex offers a limited selection of deposit and withdrawal methods, including Bank Wire. This limitation may restrict flexibility for users, making UForex less competitive for those seeking diverse payment options.
UForex Deposit and Withdrawal Methods vs Competitors
| UForex | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | No | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | No | No | No |
What are UForex base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. UForex supports the following base account currencies:
What are UForex's minimum deposit and withdrawal amounts?
The minimum deposit on UForex is $50, while the minimum withdrawal amount is $1. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact UForex’s support team.
Markets and tradable assets
UForex offers a limited selection of trading assets compared to the market average. The platform supports 100 assets in total, including 19 Forex pairs.
- Indices trading
- Multiple markets
- Bonds not available
- Copy trading not available
UForex Supported markets vs top competitors
We have compared the range of assets and markets supported by UForex with its competitors, making it easier for you to find the perfect fit.
| UForex | Plus500 | Pepperstone | |
| Currency pairs | 19 | 60 | 90 |
| Total tradable assets | 100 | 2800 | 1200 |
| Stocks | No | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | No | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products UForex offers for beginner traders and investors who prefer not to engage in active trading.
| UForex | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | No | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Customer support
Quality technical support is vital for any Forex broker. Even experienced traders may encounter complex situations or require assistance with deposits, withdrawals, or other issues. The client remains satisfied if the company’s managers respond promptly and helpfully with expertise. Otherwise, they may become disillusioned with the platform and consider switching to a competitor. To avoid this, UForex offers modern technical support. It provides 24-hour weekday communication via phone, e-mail, and live chat. Inquiries are also accepted via Telegram and WhatsApp, as well as through the ticketing system on the website.
Advantages
- There are many options for communication with the technical service
- During working hours, specialists respond quickly and give competent answers
- It is possible to get advice without being a broker's client
Disadvantages
- On weekends and holidays, traders are on their own with their problems
Are you already working with the UForex broker? Or are you just planning to start? If you have any questions, feel free to ask their technical support. After all, that's what it's there for clarifying any, even the most obvious, issues.
Here are the main contact channels:
-
Phone;
-
Email;
-
Tickets on the page;
-
Live chat on the website and in the user account.
To contact managers via Telegram or WhatsApp, simply click on the corresponding icon in the bottom right corner of the website.
Contacts
| Registration address | Azerbaijan Republic, Baku city, Khatai district, November Avenue, 8.15, Azure Business Center, AZ1025 |
|---|---|
| Regulation | Ministry of Economy and Industry of the Republic |
| Official site | https://uforex.az/ |
| Contacts |
+994 55 505 70 97, +994 12 541 33 33
|
Education
For beginner traders, theoretical preparation is extremely important, and the higher its quality, the better. Not all brokers actively assist them in this regard. Some completely ignore the educational aspect, while others provide a small amount of basic materials. UForex does not disappoint in this regard. Its blog contains many informative articles, but most importantly, the company's specialists hold free webinars and seminars, for which one can sign up directly on the website.
A trader with no experience in trading can register on the UForex website and start learning. The skills acquired can then be perfected on a demo account so that, with gained confidence, they can begin working with real funds.
Comparison of UForex with other Brokers
| UForex | Bybit | Eightcap | XM Group | VT Markets | Pocket Option | |
| Trading platform |
MT4 | MetaTrader5 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MetaTrader4, MetaTrader5, VT Markets App, Web Trader+ | Pocket Option, MT5, MT4 |
| Min deposit | $50 | No | $100 | $5 | $50 | $5 |
| Leverage |
From 1:1 to 1:100 |
From 1:1 to 1:500 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:500 |
From 1:1 to 1:1000 |
| Trust management | No | No | No | No | Yes | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 2.5 points | From 0 points | From 0 points | From 0.8 points | From 0 points | From 1.2 point |
| Level of margin call / stop out |
No | No / 50% | 80% / 50% | 100% / 50% | No / 50% | 30% / 50% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | No | No | No |
Detailed Review of UForex
UForex uses a modern technological stack and continually progresses. With thousands of clients, the platform regularly expands its assets pool in response to their requests. Soon, clients will be able to trade shares of leading global and Azerbaijani companies on the platform. Liquidity is provided by Swissquote Bank SA, ensuring orders are executed promptly without significant slippage. Traders' funds are securely held in accounts with Unibank, guaranteeing complete confidentiality and transparency in cooperation.
UForex by the numbers:
-
The minimum deposit is $50.
-
There are 100+ financial instruments.
-
The maximum leverage is 1:100.
-
Spreads on Premium accounts start from 2.5 pips.
-
The commission on CFDs is $16 per lot.
UForex is a broker that guarantees comfort in trading.
For traders, the absence of restrictions is crucial to fully realizing their plans and strategies. A wider range of tradable assets is always preferable, as it allows for building a robust investment portfolio with comprehensive risk diversification. UForex permits scalping, hedging, and the use of advisors, offering access to currency pairs and three types of CFDs, totaling over 100 in-demand financial instruments.
UForex’s analytical services:
-
MetaTrader 4. The platform stands out for its high speed and intuitive interface. It offers many charts and indicators for technical analysis, as well as easy customization to individual preferences and smooth integration of advisors.
-
Education. In addition to extensive FAQs, there are free webinars and courses. Traders can also get valuable insights from articles published in the blog.
-
Swap-free accounts. This option is particularly sought after by Muslim traders seeking to trade in accordance with Islamic principles. Both negative and positive swaps are absent, which means the client is not charged interest.
Advantages:
Both beginners and professionals can find optimal trading conditions.
The company offers a pool of over a hundred assets across four groups. Traders operate with flexible leverage of up to 1:100.
No commission is charged for trading currency pairs, deposits, or withdrawals.
Absolute transparency is ensured. The exact cost amount is known before executing a trade and will not change under any circumstances.
Clients from Azerbaijan gain confidence and protection as UForex's activities are regulated by the Ministry of Economy and Industry of the Republic.
Articles that may help you
Check out our reviews of other companies as well
User Satisfaction i