Blog: Free $10,000 Demo at UFXBank

BinaryOptionsNow | Published on August 17, 2011 at 11:33 am

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Hey, My name is Mo Shakeel. Are you new to binary options trading? So am I. Read my blog entries which detail my experiences investing with the leading online binary option brokers.

Next on my list is UFXBank, another UK-based forex trading broker with offices in London and Cyprus. UFXBank is powered by the ParagonEx trading platform.

UFXBank clients have access to Forex tutorials, daily market outlook videos and updates as well as trade recommendations, tips and strategies. This can be very useful to investors and traders of all levels. Gold and platinum clients also have additional features available to them such as live market alerts and market signals sent via SMS, to name a few.

Signing up at UFXBank is simple and straightforward. I signed up and received a welcome email with my username and password but unfortunately when I tried to login I was unable to login even though I used correct login details. I immediately contacted the UFXBank  support team and I was surprised to receive a phone call within minutes regarding my login issue. My password was reset by their support staff and I was able to login. Impressive response time from their support staff.

Demo Account
An excellent advantage for new traders at UFXBank is the free demo account which they offer. Within 1 minute of signing up, you can get your free demo account with a $10,000 balance that you can use for up to 30 days. Demo accounts are always helpful for beginners, so if you are newbie to financial trading then UFXBank might be a good choice for you. I opened a demo account and, again, ran into same login problem. I contacted the support team and my password was reset again and I was able to login into my demo account. The support staff assured me that this password has been resolved.

Free SMS Alert Package
As I mentioned earlier, UFXBank offers free SMS Alerts to all Gold and Platinum investors. They claim to have a 100% success rate from the trading signals they offer via their SMS alerts. Since May 9, 2011 they have sent 15 SMS alerts and, according to their email, all of the trading signals in the alerts hit their targets with a 100% success rate. Quite an impressive track record.

UFXBank offers various deposit and withdrawal methods including Credit Cards (Visa, Mastercard, VisaElectron, DinersClub, JCS, Maestro & American Express), Moneybookers, Webmoney, Neteller, Bank Transfers and CashU. Depositing was nice and smooth and after few clicks, my UFXBank trading account balance was loaded and ready to go. There is no additional fee for deposits. I instantly received an email confirming my deposit.

Deposit Bonus
UFXBank also offers a first deposit bonus of up to 30% to all new customers on all deposits of more than $500. During the phone call with support to fix my login problem, the UFXBank support representative strongly urged me to deposit at least $500 to get the 30% bonus. She also informed me that all customers depositing $500+ get free UFXBank trading recommendations which, she claimed, had a success rate of  more than 90%. Once again, 90%+ is really a great winning percentage.

Trading Types
UFXBank offers 2 kinds of trading platforms: traditional forex trading and binary options trading.

Minimum Transaction
The minimum transaction is $25 for both traditional forex trading as well as binary option trading.

Binary Option Trading
UFXBank offers binary option trading on 27 currency pairs as well as commodities and indices. Unlike many other binary option trading platforms, binary trades only expire every hour (30 minute expiries are not offered). However, the UFXBank price charts can be viewed in as little as 5 minute increments, which is good for more technical analysis.

The trading platform offers traders the ability to “buy me out” which means that a trader can “sell back” his binary option before expiry if they appear to be poised to finish out-of-the-money. The return rate of the “buy me out” feature varies but is always higher than the rate of return of an option that finished unsuccessfully. The feature is only available up to fifteen minutes before expiry after which it is no longer available since UFXBank closes trades 15 minutes before expiry time.

This options broker offers 70%-75% return on a successful binary option investment and, if your option finishes out-of-the-money, you receive around 15%, which is the highest guaranteed return rate in the binary option trading industry.

Transaction execution is flawless and instantaneous.

Forex Trading
UFXBank offers forex trading on 47 currency pairs, 8 commodities & 7 indices. The trading interface is sleek and clean with a clear presentation of  charts and other data.

All open trades are well organized along with the current rate, profit/loss and all necessary data including the close trade button.

UFXBank requires verification documents before processing any withdrawal including a national ID or a passport, utility bill and credit card (if used). Be careful, if you don’t send verification documents within 3 business days of opening your account, UFXBank has the right to block any account.

Customer Support
UFXBank customer support was very helpful and had an excellent response time. When required, they also called me to fix an issue. They also offer LiveChat which is accesible directly from the trading interface. UFXBank customer support gets 5 stars in my book.

Unfortunately, their FAQ section does not cover all aspects of option trading broker questions and answers. Their are only 12 FAQs in total so I would say that they need to improve their FAQ section.

What I like:
-Simple registration process
-15% return even if binary option investment unsuccessful
-30% first deposit bonus
-Great customer support
-Free SMS Alert Package on deposits above $500+

What I don’t Like
-No 30 minute expiries
-FAQ section is too limited

Click here to go to now!

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