Many traders are concerned about the best platform to use for trading. While it is true that more of your success as a trader depends on your skills and trading techniques, the platform one uses to trade can also be vital for success. Ualgo, a platform that has proven to be credible, is the number one choice for a lot of top traders.
Quite a number of platforms have robbed some traders of the joy they should experience while trading. On a few occasions, brokers and trading platforms have shut down and disappeared with trader’s funds. At some other times, the trading platforms have been unresponsive. As such, traders may be unable to open and close trades at crucial times. Hence, it is vital that any trader who wants to be successful does diligent research to know which platform is suitable for trading and which platform offers the commodities he trades. Ualgo has a great reputation and is a credible broker for traders to use. This Ualgo Exchange review discusses the features of Ualgo and the benefits a trader derives from making use of the Ualgo platform.
What is Ualgo?
Ualgo is a dedicated and respected Contract-for-Differences (CFDs) provider. With Ualgo, traders gain access to a vast number of financial markets. A great advantage that Ualgo has is that it offers stocks, currencies, cryptocurrency, commodities, and indices with dynamic spreads. Also, Ualgo doesn’t leave inexperienced traders to struggle through the market’s complexities. It offers expert assistance from reliable advisors.
No matter your level of expertise, you’ll find the corresponding level of learning materials and practice trading with Ualgo. Be it company specialists or active traders on the platform, Ualgo is always ready to work side by side with traders to improve results and profits. Ualgo’s ultimate goal is to provide clients with a modern, user-friendly, and profitable trading environment. Ualgo strives to elevate traders around the globe from novices to experts. This requires a lot of time, efforts, and resources but Ualgo always goes the extra mile to offer its clients better trading conditions than the random broker.
While Ualgo strives to guide traders on the right path, it does not advise the traders with respect to the profitability of any trading action or inaction. Ualgo may publish or provide it’s traders with factual market information regarding a specific underlying instrument. Ualgo may also update the trader with publications and analysis of reputable third parties as well as, general information that includes technical analysis or popular trading techniques. However, this does not mean that Ualgo undertakes the obligation of seeing to the accuracy or completeness of the information, or the trading implications or tax implications of a certain transaction. Based on Ualgo’s terms, the provision of the information is incidental to the trader’s relationship with Ualgo and is provided solely to enable the trader to make his/her own investment decisions.
It is vital that all traders using information from the platform to trade carry out their personal research in addition to the data handed them by the platform. Ualgo is not under any obligation to assess the appropriateness of any transaction for traders or to assess whether the trader has the necessary knowledge and experience.
|Payment Method||Credit card, Wire transfer, Cheque, and Cryptocurrency|
|Customer Support||Email and Phone|
Ualgo charges a fee for the execution of transactions on several financial instruments. The Fee varies according to the trader classification rate by Ualgo. In addition, Ualgo derives revenue from the spread on Transactions. The spread is the difference between buy/sell price quotes offered by Ualgo to the trader. It is the trader’s responsibility to decide whether or not to trade at such prices.
Accounts defined as Islamic accounts are charged with a fee if such an account holds open transactions for over two days. At each third night from the transaction opening, the trader’s account will be charged a commission of the spread amount of the open transaction. However, when it comes to depositing and withdrawing via credit card there are no fees attached to such transactions.
Ualgo’s Trading Services and Terms
Ualgo offers a lot of trading services. For a trader to be able to enjoy these services, he must keep to the trading terms offered by Ualgo. The trading platform provided by Ualgo enables trading in exchange rates of different currencies, and CFD’s of different financial instruments. When using the platform, the trader is shown ask and bid prices for performing transactions in financial instruments based on prices received from different financial information systems as inductive trading prices on the markets. For determining the trading prices, the platform makes mathematical calculations according to known and accepted formulas.
Transactions are renewed automatically at 10PM (GMT) daily via the server clock of the trading platform. This server clock is synced on auto to Cyprus time. A transaction may be terminated if the trader initiates the closure of the transaction.
Also, if transaction rates meet predefined stop loss, take profit or other criteria set by the trader, the transaction may be terminated. A transaction may also be terminated if the transaction expiry date has been reached, in certain transactions, as set by the trader or by Ualgo. If a trader does not have sufficient funds in the account, Ualgo performs an enforced closing of transactions, for purposes of compliance with the trading margin requirements set by Ualgo for the trader.
The trader authorizes Ualgo to rely and act according to any order, request and instruction provided by the trader or any person authorized on the trader’s behalf, without further enquiry on the part of Ualgo as to the authenticity, correctness of authority or identity of the person providing or purporting to provide such order.
If the trader requests to cancel any order, Ualgo can only cancel such orders if it has not already acted upon such order. Ualgo has the right, but not the obligation, to set limits and certain parameters in relation to the trader’s account and the trading orders, at its absolute discretion.
When trading in Contracts For Difference, or any other trading which relates to an underlining security, the trader is not granted any rights associated with ownership of the product traded on, such as rights to receive dividend payments, the voting rights of the stock holders and other related privileges. Although the transactions do not carry any ownership rights, transactions could be adjusted and these adjustments may be due to issues that border on security like splits in stock price, distribution of dividend , stock allocation etc.
According to Anti-Money-Laundering laws and regulations, when making a deposit by bank transfer or credit card, the trader is required to use his/her own Bank account only. The trader must send Ualgo a SWIFT confirmation that is authentic, stating the full details of the bank account of the sending bank. If the SWIFT confirmation is not delivered or where the bank details are not the same with that of the trading account, funds may not be deposited into the trading account.
When making a funds transfer to Ualgo by cheque or other payment methods permitted by Ualgo, the trader will be required to be identified according to Ualgo’s regulations and the applicable law. The platform does not accept funds in cash.
Ualgo will maintain and act upon the trader’s funds carefully. Ualgo has the right to use trader’s funds to ‘cover’ the trader’s transactions and to cover the trader’s obligations as a result of the trader’s trading activity.
Withdrawals are made in the same currency and to the same account and credit card from which the funds were originally deposited. Ualgo is allowed to cancel the withdrawal request in 5 business days if a trader does not provide Ualgo with the banking account details for a withdrawal through wire transfer. Withdrawal requests are submitted through Ualgo’s website. When a trader makes a request for payment, Ualgo transfers the requested amount within Seven (7) Business Days.
Ualgo’s Limits and Liquidity
There is no limit on the amount of funds a trader can deposit in his trading account provided the individual’s account is completely verified. Traders using the platform also have access to immense liquidity.
Ualgo enables transactions in a trading account provided the account has enough funds. The funds in the account must be able to cover all results or trade executions including fees owed, commissions, trading losses etc. Payments like these are automatically deducted from the trading account once payment is due.
On Ualgo, funds in a trading account do not accumulate any interest. At the same time, traders are not awarded any privileges for such funds no matter how big they are. It is the responsibility of Ualgo to block the activity in the trader’s account is suspected to be fraudulent, forged or if the trader is involved in anything that is contrary to the law.
Bonuses on Ualgo
One of the advantages of the platform is that it grants bonuses to its users. However, bonuses are not a constant feature. Ualgo may grant a trader trading bonus in his/her account according to their sole discretion. The bonus may be calculated as a certain percentage of the deposit. The bonus may also be granted as a onetime bonus with respect to a certain deposit and in such way as determined by Ualgo. The bonus can be withdrawn subject to the execution of one traded lot per 5$ out of the bonus.
The trader may withdraw the bonus (in whole or in part) and/or profits from the trading account, provided the trader has traded the full amount of Lots required to make the Bonus eligible for withdrawal. Each withdrawal is first considered on the account of profits and then after, from the bonus.
If the trader wishes to withdraw the deposit funds from his account before achieving the target, the withdrawal would be made available; however, the Bonus and the profits in the trading account will be cancelled and forfeited by Ualgo.
The web interface of Ualgo is very easy for users to navigate through. On visiting the website, clear call-to-actions are easily found. Users will never get confused on steps to take on the website. Also, the color combination is cool and does not make reading or scanning through the site inconvenient.
Texts on the website are well aligned. This makes reading coordinated. All vital sections on the site such as the ‘about’ section, the ‘trading’ section, ‘market info and legal policies’ are rightfully placed for viewers to easily access.
The interface is not just great for scanning through, but also superb for active traders. While some trading platforms are complex and confusing, especially for beginners and intermediate users, Ualgo is just perfect. Buying and selling commodities is crystal clear for all, even absolute beginners.
Various portfolios are available on the platform. Traders can deposit and manage their funds in various fiat accounts. Three different currencies are available for deposits: the US Dollar, the Great Britain Pounds and the Euros.
Ualgo’s Currency Pairs and Tradeable Commodities
The New Zealand Dollar against the US Dollar, the Australian Dollar against Canadian Dollar, the Euro against US Dollar, the Australian Dollar against US Dollar, the Euro against Great Britain Pounds, the United States Dollar against Swiss Franc and the Euros against Japanese Yuan, are all available currency pairs for trading on the platform. Additionally, the BTCUSD pair is the cryptocurrency pair available on Ualgo.
Commodities available on Ualgo include CL, NGAS, XAGUSD, XAUUSD and BRENT. DOW, NASDQ, FTSE, DAX and SP are the indices available for trading. Shares of big companies such as GOOGLE, AMAZON, TOYOTA, APPLE, MICROSOFT, BMW, IBM, TWITTER and YAHOO are all available for traders to capitalize upon.
Privacy and Security on Ualgo
Just like many other brokers, the personal information provided by traders is only used to open an account and not for any other purpose. All data shared with Ualgo is processed via a safe connection. Security measures are in place to protect personal data, including physical, electronic and procedural measures.
Users can delete any data shared with Ualgo from their account. Users can also delete their accounts whenever they wish to. All the user needs to do is send a request for deleting the data. However, the data shared with the platform may not be deleted instantly. It may take a reasonable amount of time for the request to be granted and effected.
Ualgo is permitted to use and disclose the trader information for internal use, with affiliated entities and service providers that are required for the provisions of service to the trader. Trader information may also be disclosed in a method that is permitted by law and for protection against potential fraud, unauthorized transactions or unauthorized behavior. In a case of computerized supervision over the trader’s use of the services, the information of the trader may be used or disclosed.
Many brokers practice adequate anti-money laundering and Ualgo is not an exception. The KYC measures which are compulsory on the platform help to limit cases of fraud. Also, before funds can be withdrawn form a trader’s account, the email authentication ensures that only the user who has access to the email used for registration, will be given access to approve the transaction.
All site traffic on Ualgo are run over HTTPS to comply with the best practices of the payment industry. Despite the fact that the platform is secure, users must do their homework when dealing with third party services.
Ualgo’s Customer Support
Having an active customer support is very vital for every trading platform. Ualgo has an active customer support that responds to customer’s queries and enquiries. The customer support team can be reached via email or phone. Emails can be sent at any time of the day and a response will be gotten within 24 hours. The phone support is only available during working hours.
Ualgo has a lot of attractive features. The platform guides traders in making trading decisions. It is suitable especially for new traders in the trading space. A lot of users have benefitted from this platform and are now profitable traders. Ualgo can be used by various traders in different countries across the globe, especially European countries. At the moment, the platform does not accept users from all countries. However, it is working towards expanding its user-base and satisfying as many traders as possible.
The platform also offers quite a lot of options for traders to explore. Forex, CFD, indices and crypto traders can all make good use of the platform. Its security of funds and user’s information is also top notch. It has been proven to be a reliable broker for lots of traders in various nations. Another side attraction for users is the bonuses that are sometimes granted by the platform to some specific users. This serves as a means of appreciating loyal clients or customers and encouraging them.
Navigating through the website and finding your way even as a beginner is easy on the platform. The Ualgo platform helps all traders, both beginners and experts, to enjoy trading. Ualgo is therefore one of the best trading platforms or brokers available for both experts and beginner traders.