UFX is a licensed and regulated (license #14581 Vanuatu Financial Services Commission) cryptocurrency trading platform. Operating under the umbrella of UFX Global, UFX provides a CFD trading platform with a host of technological insights, and a wide range of assets including cryptocurrency.
Presently, UFX provides traders with multiple unique options including Ripple, Bitcoin, Ethereum Classic, and EOS. These digital currencies are available in varying spreads, depending upon the type of account you have at UFX. These include the Micro Account, Mini Account, Standard Account, Gold Account, Platinum Account, and Islamic Account. As traders advance to higher-level accounts such as gold and platinum, the spreads decrease dramatically. This can be seen in the above chart which lists several of the digital currencies and the spreads available on them.
UFX offers derivative trading on cryptocurrency via CFDs. CFDs are contracts for difference where traders take a long position or a short position on the underlying financial instrument (in this case cryptocurrency) without taking physical ownership of the asset. CFD trading is associated with important concepts such as margin and leverage. These terms refer to the amount of funding that is required in a trader’s account, and how much that can be leveraged with Bitcoin, Ethereum, Ripple, EOS etc. The spreads at UFX are dependent upon the existing trading conditions. Additionally, clients may find that spreads are more or less favourable during specific hours, and it is always a good idea to check the current spreads with customer support.
How Do You Sign up to Start Trading Cryptocurrency at UFX?
The process of registering for a new account is quick and easy. You will be required to enter your email address, telephone number, and select a password. Once you’ve done so, simply click your acceptance of the T&C to get started. Your email address serves as your username at UFX. Once you have verified your account, you will be directed to the trading platform. This is where you will find a wide range of assets such as gold, crude oil, EUR/USD, USD/JPY, S&P 500, DAX 30, AAPL, Facebook, Google and the like.
One of the components of the trading platform that immediately stands out is that currently closed markets will be ‘greyed out’ and you will not be able to trade them. The right-hand panel of the trading platform lists the available financial instruments – there are hundreds of them. The trading platform provides statistical data showing whether the underlying asset is a net buy option or a net sell option. These will be displayed in green and red accordingly. This gives you an indication of market sentiment for the cryptocurrency that you’re looking to trade.
To get started with cryptocurrency, simply go to the section titled my assets. There you will see all available financial instruments such as currencies, commodities, indices, stocks, ETFs, and cryptocurrency. There are more cryptocurrency options available in the trading platform than are advertised before you login. These include the following:
- Ethereum Classic
- Bitcoin Cash
Once you have chosen your preferred digital currency option, you have additional statistical information available to you. This indicates the percentage of traders who have shorted the currency (sold), and those who are going long on the currency (bought). These are indicated by red and green lines. The graphic below indicates precisely how this functions with the UFX trading platform:
Opening a Real Money Trading Account and Making a Deposit
The trading platform gives you insights into the real money trading options that are available to you. To get started, you’ll be required to fund your account. Various funding options are available, including Visa, MasterCard, American Express, Diners Club, Maestro, JCB and Visa Electron. Other options include Skrill, off-line bank transfer, bank transfer, Neteller and Bitcoin. See the below graphic for details of how to conduct your deposit at UFX. All transactions are guaranteed safe and secure, courtesy of VeriSign technology and SSL encryption protocols.
Once you have successfully deposited funds into your account, you will be able to trade any of the digital currency options available to you. Each cryptocurrency trading block has 3 buttons on its footer. These include the standard performance of the digital currency, the margin and limit rate for sell orders and buy orders, and the alerts that are possible when the rate is above a certain level, or when the rate is below a certain level. Traders can easily toggle these options to get the right combination of buy and sell orders and automate their trades accordingly.
UFX is a fully licensed and regulated cryptocurrency trading platform. The Mass Insights™ platform and resource section is unique, user-friendly and fully engaging. The range of digital currency options is pretty diverse and ideally suited to novices, intermediate-level traders and experts. The customer service representatives reply promptly, and the company cares about its reputation.