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4.84/10
TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

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
Minimum deposit:
  • $50
Trading platform:
  • MT4
Regulation:
  • Ministry of Economy and Industry of the Republic
Check out the Best Forex brokers of United States
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Our Evaluation of UForex

4.84/10
TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

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
Traders Union icon

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.

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Advantages of trading with UForex:
  • 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.
Disadvantages of UForex:
  • 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

Andrey Mastykin

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

User Satisfaction i

Score:
6/10

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man4
1 year ago

I've been trading here for a year and a half now. Almost everything suits me, except for a few points. Let's start with the positives. They offer accounts for every taste and budget. You can open a Standard account if finances are tight, while Professional and Premium are for those with serious capital. You get better spreads on the latter two, but I wouldn't say significantly better, so personally, I stuck with the Standard. All assets and options are available here, along with education and analytics. Trades range from 0.01 to 100 lots, execute quickly, leverage is flexible, and you can easily adjust levels in your user account. The main downside for me is the extremely inconvenient deposit process. There are few Unibank payment platforms in my city and no office at all. I constantly have to spend my time traveling to the terminal and back. Withdrawals are easier, I transfer transactions to my UForex card. Also, I'd like to see alternatives to the MetaTrader 4 platform, as I find its functionality insufficient at this stage. Otherwise, everything's okay, and I will be continuing my work.

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rajaduid
1 year ago

I needed to find a broker with reputable regulations in Azerbaijan. I chose UForex after considering several options. The trading fees are indeed not the lowest, but everything else is very good. There are over 100 assets divided into four types, allowing for deep portfolio diversification. I've customized the MT4 platform with free plugins, and I adjust leverage from 1:2 to 1:30; for those who need 1:100, it's also available here. I've interacted with the platform's support team and clarified some questions. The managers were friendly and knowledgeable. They also mentioned that online registration will soon be allowed. It's the right decision because it's not very convenient right now as you can only apply through the website, and then you continue in the Unibank office. Finally, I would like to note the absence of fees for deposits and withdrawals. Overall, I absolutely don't regret working with UForex.

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idin_scooterist
1 year ago

I don't know about others, but the broker fits me perfectly. I worked on the Demo for a few days to check the conditions. I ensured everything was great, and then I opened a Professional account. I have been trading for over a year without interference from UForex and unnecessary commissions. The stated fees are quite acceptable and don't interfere with closing profitable trades.
My brother is also successful on this platform. He started with a Standard account, and even with minimal experience, he's doing well with profits. He honestly admitted that the education provided by the company helped him a lot. I don't really need it, but I briefly watched a couple of webinars, and indeed, the broker offers a treasure trove of important information for beginners.

Score:
6.54/10

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:

1

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.

Score:
We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria
5.8/10

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.

Advantages
  • Is regulated
Disadvantages
  • 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
Score:
We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria
4/10

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.

Advantages
  • No inactivity fee
  • No deposit fee
  • No withdrawal fee
Disadvantages
  • 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
Score:
5.21/10

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:

Account Type
Description
Standard
The minimum deposit is $50. Spreads start from 14 pips, and trading commission is charged on CFDs at $16 per lot. There is also access to the full pool of assets and quality education.
Professional
The minimum deposit is $10,000. The minimum spreads are 4 pips, with no commissions on currency pairs, although the $16 commission per lot is charged on CFDs. The leverage is up to 1:100, and weekly analytics are available.
Premium
The minimum deposit is $50,000. Spreads are from 2.5 pips, and commission conditions are identical to those on Standard and Professional accounts. Trades are from 0.01 to 100 lots, with multilingual technical support available.

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.

Score:
This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology
3.5/10

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.

Advantages
  • Low minimum withdrawal requirement
  • Minimum deposit below industry average
  • Bank wire transfers available
  • No withdrawal fee
Disadvantages
  • 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.

Score:
The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change.
2.5/10

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.

Advantages
  • Indices trading
  • Multiple markets
Disadvantages
  • 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
Score:
5.09/10

Customer support

Information

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
Score:
5.21/10

Education

Information

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.

What is on the UForex’s website
What is not on the UForex’s website
Technical and Fundamental analysis theory
Professionals are unlikely to find anything useful for themselves
Strategies and methods of trading various assets
Money management and trading psychology

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:

1

Both beginners and professionals can find optimal trading conditions.

2

The company offers a pool of over a hundred assets across four groups. Traders operate with flexible leverage of up to 1:100.

3

No commission is charged for trading currency pairs, deposits, or withdrawals.

4

Absolute transparency is ensured. The exact cost amount is known before executing a trade and will not change under any circumstances.

5

Clients from Azerbaijan gain confidence and protection as UForex's activities are regulated by the Ministry of Economy and Industry of the Republic.

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