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Do you have details about UBFX? Im looking for information on their minimum deposit terms and conditions.
Pro Trader
Belgium
2022-01-13
ANSWER UBFX, under the domain https://www.ubankfx.com/, claims to be owned and operated by Finance Managers Group and their subsidiaries, among which Finance Managers Co. Limited is listed by the Vanuatu Financial Services Commission (VFSC) under license number 14745. We checked the broker's statement and found that the company named Finance Managers Co. Limited is in the licensed list. However, VFSC is a popular offshore regulator among forex brokers as capital (or bond) requirements are relatively small. A Forex license covering the online activities of a brokerage is issued in 2-3 months, which is indeed extremely fast. Moreover, there is no income tax, capital gains tax and inheritance tax in the country. So VFSC-regulated brokers are actually not under as strong regulation as FCA, ASIC and NFA regulated brokers. Most importantly, some shady brokers will falsely use regulatory information of a licensed broker by VFSC, as this regulator provides neither authentication details nor domains of registered company for traders to verify. Consequently, it is not a hundred percent sure that the licensed entity is the one that runs the business under the trading name of UBFX. In terms of broker's requirement for minimum deposit, it varies from account to account. Specifically speaking, there is no deposit threshold of "Smart Account", but the minimum deposit is 50 USD when it comes to "Standard Account", "RAW Spread Account", "Islamic Account" and "Corporate Account". For more details about this broker, please check our full UBFX review.
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