Universal FX? Low spreads but commission?

[D.Gilberto]

Hey all,

Just a quick one.

Can anyone shed any light of any first hand experience with this broker and more importantly if anyone can tell me if its less or more effective paying commission for incredibly low spreads OR no commission for higher spreads?

(not interested in SB to save any opinions expressed there)


Thanks

 

[wackypete2]

They are not so "universal"

Universal Investments Ltd is a company registered and located in the British Virgin Islands and does not solicit or accept customers that reside in or are domiciled in the United States or its territories.

Peter

 

[D.Gilberto]

Thanks Pete! Sounds like you`re feeling left out, there

In all seriousness though; you would have thought they`d accept customers from the states... lol.

Company Facts
Business Since : 2008 (Retail: 2011)

Retail Accounts : 1'862 (01/2012)

Location's and Staff :3 Offices, 17 Employee

Avg. Monthly Volume : $8'654'292'087 USD


Spreads are awesome too (but course commission needs to be factored in.)

Commission - https://www.universal-fx.com/ecn-trading/commissions-rates

 

[D.Gilberto]

Ok, so all was going fairly smoothly and I was strongly settling for going ahead with these guys until I found out there was a 2.9% +0.30 USD charge for deposits via credit or debit and doing a wire transfer will incur a charge with your bank.

Any future withdrawals no matter what the size will incur a $5 USD charge too...


Little disappointing.

 

[Shakone]

Well British Virgin Islands sounds dodgy to me, so I'd avoid. Monthly volume of 8 billion is not that high either.

In general, I think some ECNs are good. But with regard to spread, they can sometimes seem better than they really are. Example, suppose it says for EURUSD 1.2902/1.2903, then fine 1 pip spread. Now because it's an ECN, I put in an order to buy 1000 at 1.29024, and an order to sell 1000 at 1.29025. Now the spread is showing as 0.1 pip, and 1000 is just like 6p a pip or so. If you want to place a proper order, you're paying the 1 pip spread.

Also if it's a choice, I'd rather have smaller spread+commission, than enlarged spread, because you can miss out on fills in the latter.

 

[D.Gilberto]

Hey thanks for your post.

Yeah, I`ve been playing around with demo accounts from a few brokers and placing idental orders with stops and TP in on several markets.

Its pretty close to judge in the short term but overall, I quite like Universal FX (despite them being based in British Virgin Islands).

With this said, the charges I am not too happy about, so I am now looking at Dukascopy and although there spreads are higher, they do not charge commission. So I am just awaiting an email regarding deposits and withdrawals as an overview.

Dont suppose you could recommend a "True" ECN broker (STP, no DD. Ill have a look?) that allows me to trade via MT4 with very low spreads that charge commission, because i`d prefer it this way. Just seems quite hard to come across... especially a broker with high credibility and reputation...

 

[expertfxtrader]

Hey thanks for your post.

Yeah, I`ve been playing around with demo accounts from a few brokers and placing idental orders with stops and TP in on several markets.

Its pretty close to judge in the short term but overall, I quite like Universal FX (despite them being based in British Virgin Islands).

With this said, the charges I am not too happy about, so I am now looking at Dukascopy and although there spreads are higher, they do not charge commission. So I am just awaiting an email regarding deposits and withdrawals as an overview.

Dont suppose you could recommend a "True" ECN broker (STP, no DD. Ill have a look?) that allows me to trade via MT4 with very low spreads that charge commission, because i`d prefer it this way. Just seems quite hard to come across... especially a broker with high credibility and reputation...

Hello Gilberto,

Be carefull with companies that dont want to be regulated !! They looks fishy,
they are a BVI company, they have offices and looks that they operating from Zurich which formally forbidden, (in CH should be a bank with almost 20 mio chf capital) and accept money in Credit Suisse !!!!

If they are so transparent why they don't ask to Finma the autorization to handle clients fund for Forex activity and after they could publish the answer on their website !!!

Always better to go with brokers regulated because you should always give your name and be checked from Authorities. Even in Cyprus you have the protection of your fund up to 20k eur if the broker goes blast. How much with Universal FX ??

Think about it... and good luck.

 

[D.Gilberto]

Hey thanks for your post.

I am a little confused as to what it is you`re suggesting about Universal FX?

Are you saying they`re not regulated by a financial body (i.e. FSA?)

And in relation to where they`re situated; is it supposedly illegal to operate from Zurich as an FX broker?


Thanks for your information but I am not entirely sure what I now need to do, for my own skepticism` sake, and confirm with Universal FX?

The account funds would be £1,000.00 to start for with any new broker for the first week or so and ultimately £5,000.00 GBP.

 

[redtag12]

Hey all,

Just a quick one.

Can anyone shed any light of any first hand experience with this broker and more importantly if anyone can tell me if its less or more effective paying commission for incredibly low spreads OR no commission for higher spreads?

(not interested in SB to save any opinions expressed there)


Thanks

I cannot shed any light on this broker, howwever have a look at GKFX FX .UK company fully regulated by the FSA. Micro Accs mim deposit £100,Spreads are seem ok.Mike

 

[expertfxtrader]

Hey thanks for your post.

I am a little confused as to what it is you`re suggesting about Universal FX?

Are you saying they`re not regulated by a financial body (i.e. FSA?)

And in relation to where they`re situated; is it supposedly illegal to operate from Zurich as an FX broker?


Thanks for your information but I am not entirely sure what I now need to do, for my own skepticism` sake, and confirm with Universal FX?

The account funds would be £1,000.00 to start for with any new broker for the first week or so and ultimately £5,000.00 GBP.

I am telling you that they are not regulated into EU country and are operating from CH which for that you must be a bank or have a representative office which is not the case for sure ( because Finma will give this only to foreign Banks)

So it means that your protection will be only the Bvi regulations. I dont know if you will have a problem what you will be able to get back !!!

 

[coxylad]

hi

I ad a call from UFX today asking me to join them, after i registered with them a month ago.

I am fed up with cmc markets as i think they are sharks

I am going to give UFX a go only with a small deposit for starters see how they get on.

They seem to offer good support 1 to 1 help and pattern recognition and they send you Barclays signals, and a few other helpfull tools.

They are not market makers either.

As anyone got a live account with them now???

I will see if they stick too there promisses, and will let you know if I end up making good profit with these.