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Score

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The WikiFX Score of this broker is reduced because of too many complaints!

USGFX

Australia|5-10 years|
Suspicious Regulatory License|Suspicious Scope of Business|Australia Market Making(MM) Revoked|High potential risk|

https://www.usgfx.com/?culture=en-US

Website

Rating Index

Influence

Influence

C

Influence index NO.1

Australia 3.26
Surpassed 15.90% brokers
Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+61 2 9251 1395
service@usgfx.com
https://www.usgfx.com/?culture=en-US
SuiTe 3 G, 135 Macquarie STreeT, SYDNEY NSW 2000
The WikiFX Score of this broker is reduced because of too many complaints!
VPS Standard
*No restriction on the broker account

Single Core

1G

40G

1M*ADSL

Open
Warning: Low score, please stay away!
2024-12-23
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
7

Basic information

Registered region
Australia
Operating period
5-10 years
Company Name
UNION STANDARD INTERNATIONAL GROUP PTY LTD
Abbreviation
USGFX
Company employee
--
Customer Service Email Address
support.au@usgfx.com
Contact number
61292511395
Company address
SuiTe 3 G, 135 Macquarie STreeT, SYDNEY NSW 2000

FX9529688031

Hong Kong

In February 2024, I logged into the official website of USGFX: https://www.usgforex.asia and found that the password was always wrong. I couldn’t change the password according to its method. Later, I used its contact information, the computer version and the mobile version. I have sent them all, and also provided my phone number and bank card number when opening an account, my ID card and my photo, but there has been no response. The email I sent also bounced back. My Mt4 account cannot be used anymore. The screenshot below shows the last time on March 1, 2024. My account balance is 4936.16USD.

Exposure

03-22

FX1612084620

Hong Kong

Deposit arrive in seconds but it is impossible to withdarw. Not even 100 dollars. Scammer. Everyone does not be scammed

Exposure

2023-03-17

FX1612084620

Hong Kong

The deposit arrives in seconds. . People-scamming platform, all kinds of shills for withdrawing money. . Not accounted for a long time. . scam platform

Exposure

2023-03-14

相信自己856

Hong Kong

For more than a year, not a penny will be withdrawn. Fraud platform, everyone does not be fooled

Exposure

2022-11-01

用户794348

Hong Kong

The usg transaction balance is 2,000 US dollars, and it has not been credited for more than a year? Steal it? ? ?

Exposure

2022-06-30

FX7119167578

Hong Kong

The sub-account 200209957 has been applied for several times over a year, but no funds have been withdrawn. It has been 15 days since the last re-application and still no funds have been withdrawn. I have sent several notes, and they have been making official excuses. The account manager requires that I have to trade another 100 lots to withdraw. I don't agree. I lose it eveything, and I will never trade again! Not only did they not pay, but they deducted 5 US dollars for the reason of late fee for not trading. Is there any reason for this?

Exposure

2022-06-18

蔡73412

Hong Kong

The fund are all gone in a sudden and said that it is liquidated. It is just a fraud.

Exposure

2022-05-30

FX3291372494

Malaysia

I had requested for withdrawal for over half a year. The agent still say that it will be soon. No efficiency at all. Everyone does not be deceived. It will not be withdrawn.

Exposure

2022-04-09

FX4079190757

Hong Kong

USGFX agent account mfn047475, I apply for withdrawal on September 20, 2021. The amount is 104.82 dollars. It has been 7 months and it has not arrived. Please WIkiFX address it. Thank you.

Exposure

2022-03-10

FX1145744783

Hong Kong

The application for withdrawal in July 2020 has not been remitted so far. The platform has delayed for various reasons. Please handle the withdrawal as soon as possible.

Exposure

2022-02-08

FX5033579412

Hong Kong

The website cannot be found, and the original URL cannot be accessed, so I’m unable to withdraw. What should I do?

Exposure

2022-01-29

XUELONG-

Hong Kong

The withdrawal in May 2021 has not yet arrived, and the customer service has not answered the withdrawal question, only saying that he does not have authority and asks me to wait. Other customer's earlier withdrawal also did not arrive.

Exposure

2022-01-14

FX3465688089

Taiwan

In mid-November 2021, I applied for partial withdrawal, but it sent an email next day saying that the account was abnormally traded and could not withdraw funds, and then deducted the money I deposited and the profit from the transaction. The following is the attachment data file, and the commissioner does not reply after read the message, and the customer service does not know anything. They just say that they would ask the administrative commissioner to reply my question as soon as possible. I waited for 2 months for this reply. After that, the customer service did not dare to use the online customer service, so I could only write email to leave the information. Reply to you as soon as possible....If If your conscience is clear, why should you be afraid to reply to the attached files and information provided by the customer?

Exposure

2022-01-13

FX2271226677

Malaysia

I withdrawn 405USD from my account, it passed two months and I still haven’t received my money. At first, I politely asked the customer service and the person in charge for about 10 times to fasten the withdrawal time, they replied me with their typical customer service script with no action taken. The person in charge said if I wish to fasten my withdrawn process, I must introduce new customer into USGFX, this is a Ponzi scam, the whole USGFX is a scam. they cheated my 405USD

Exposure

2021-10-22

向北飛

Hong Kong

The manager replied as the following picture.

Exposure

2021-08-31

馨儿2697

Hong Kong

I lost $32970. They did not reply me.

Exposure

2021-08-29

FX5033579412

Hong Kong

I was unable to withdraw from September 2020 to August 2021.

Exposure

2021-08-21

FX6969923553

Hong Kong

Its new website was https://www.usgforex.asia/us. Salesman called Weng Ziping, deceived the deposit and promised 3-5 working days to arrive in the account. But the withdrawal delayed for 1-2 months.

Exposure

2021-08-12

明月小楼

Hong Kong

I applied for the withdrawal in November, 2020 and it was still pending.

Exposure

2021-08-10

FX6969923553

Hong Kong

I made transactions on this platform for 5 years and was unable to withdraw from 2019. Three of my friends withdrew $4,000 after losing, but it did not complete after one month. Beware of it.

Exposure

2021-07-30

632
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Total Margin Trend

VPS Region User Products Closing time
Bangkok 897*** USDNOK 01-04 14:00:02
Seoul 447*** USDCAD 01-04 14:00:01
HoChiMinh 183*** USDNOK 01-04 05:03:04

Stop Out

1.86%

Stop Out Symbol Distribution

6 months

Sources
Language
Mkt. Analysis
Creatives

Website

Most visited countries/areas

  • Uganda
  • Thailand
  • Cambodia
  • usgfx.com

    Server Location

    Hong Kong

    Most visited countries/areas

    India

    Website Domain Name

    usgfx.com

    Website

    WHOIS.CRAZYDOMAINS.COM

    Company

    CRAZY DOMAINS FZ-LLC

    Domain Effective Date

    0001-01-01

    Server IP

    27.126.206.15

Company Summary

USGFX Basic Information
Registered Countries/Region Australia
Founded in 2005
Regulation No Regulation (ASIC, FCA, VFSC, all revoked)
Tradable Assets Forex, CFDs, Indices, Commodities, Cryptocurrencies
Trading Platforms MT4, MT5, WebTrader, mobile app
Minimum Deposit $100
Maximum Leverage 1:500
Spreads From 1.4 pips
Commissions No commissions on most account types, but swap fees apply
Inactivity Fee $10 per month after 3 months of inactivity
Educational Resources Trading guides, video tutorials, webinars, eBooks, economic calendar, market news
Customer Support 24/5 support via phone, email, live chat, and social media; multiple language support

Overview of USGFX

Union Standard Group (USG) is an Australian investment firm that provides access to trade forex and CFDs under the brand name ‘USGFX’. The brand began operations in 2005 and is headquartered in Sydney, Australia with subsidiaries in London and Asia. This broker offers a wide range of financial instruments, including forex, indices, commodities, and cryptocurrencies, which can be traded on the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.

USGFX prides itself on its commitment to customer service, with a 24/5 customer support team available to assist traders with their queries. The broker also offers educational resources such as webinars, ebooks, and video tutorials, as well as a free demo account for traders to practice their strategies. In addition, USGFX offers a range of account types to cater to the needs of different traders, including Standard, Pro, and VIP accounts.

basic-info

Is USGFX legit or a scam?

USGFX has received mixed reviews and there have been reports of some traders experiencing issues with withdrawals and customer support. USGFX had their ASIC and FSC licenses suspended and VFSC license revoked in 2020 due to concerns over their compliance with regulatory requirements, particularly in regards to client money handling and risk management procedures. The Australian Securities and Investments Commission (ASIC) and the Financial Services Commission (FSC) of the British Virgin Islands suspended USGFX's licenses for six months, while the Vanuatu Financial Services Commission (VFSC) permanently revoked their licenses.

Regulated brokers are required to adhere to strict rules and regulations regarding client funds, transparency, and risk management. In the event of any dispute or issue, traders have recourse through the regulatory body. With an unregulated broker, there is no such protection, and traders may be at a higher risk of fraud or other unethical practices

regulation
regulation
regulation

Pros & Cons

Here let's take a closer look at the good and bad things about USGFX. On the plus side, they offer a wide range of financial instruments to trade, including Forex, commodities, and indices. Their trading platforms are also pretty user-friendly and easy to navigate. On the downside, their regulatory status is questionable, which could be a red flag for some traders. Plus, they don't accept clients from certain countries, so you'll want to make sure you're eligible before signing up.

Pros Cons
Wide range of trading instruments Revoked licenses by ASIC, FSC, and VFSC
Multiple account types with various trading conditions Negative reviews from customers
Various deposit and withdrawal methods Limited educational and research materials
24/5 customer support
Advanced trading platforms
Bonuses and promotions for clients

Market Instruments

USGFX offers a range of financial instruments for trading, including forex currency pairs, commodities, indices, and shares of popular companies. Some examples of the instruments offered by USGFX are:

  • Forex currency pairs such as EUR/USD, GBP/USD, USD/JPY, and AUD/USD

  • Precious metals like gold, silver, and platinum

  • Energy commodities such as crude oil and natural gas

  • Indices such as S&P 500, NASDAQ, FTSE 100, and Nikkei 225

  • Shares of popular companies like Apple, Amazon, Facebook, and Microsoft

products

Account Types

USGFX offers four different types of trading accounts to cater to the needs of different traders:

  • MINI Account: This is the entry-level account with a minimum deposit requirement of $100. Traders with this account type can trade a wide range of instruments with low trading costs, access to educational resources, and 24/5 customer support. However, this account type comes with limited features, such as lower leverage and limited trading tools.

  • Standard Account: The standard account requires a minimum deposit of $10,000 and comes with additional features such as higher leverage, access to more trading tools, and a dedicated account manager. Traders with this account type can also enjoy free VPS hosting and regular market analysis.

  • VIP Account: This account type is designed for high-volume traders with a minimum deposit requirement of $50,000. In addition to the features of the standard account, VIP account holders can enjoy custom trading strategies, priority customer support, and exclusive market insights.

  • Pro-ECN Account: The Pro-ECN account is designed for experienced traders and institutions with a minimum deposit requirement of $50,000. This account type offers ECN trading with no dealing desk, ultra-low spreads, and high execution speeds. Traders with this account type can also access premium research tools and institutional-grade liquidity.

account-types

How to open an account with USGFX?

Opening an account with USGFX is pretty straightforward and you need to follow these steps:

  1. First, you need to go to their website and click on the “Open Account” button.

account-types
  1. Then, you'll need to fill in some personal details, like your name, email address, and phone number. After that, you'll need to choose the type of account you want to open and provide some additional information, like your date of birth and proof of identity.

account-types
  1. Once you've completed the registration process, you'll be able to deposit funds into your account and start trading. Just keep in mind that depending on the type of account you've chosen, there may be different deposit and withdrawal requirements.

Leverage

USGFX offers flexible leverage options ranging from 1:1 to 500:1, depending on the account type and instrument traded. It is important for traders to understand the risks involved with using high leverage and to use it judiciously. Additionally, some instruments may have lower leverage options due to market conditions or regulatory requirements. Traders should check with the broker regarding the available leverage options for specific instruments.

Spreads and Commissions (Trading Fees)

USGFX offers variable spreads, which means that the spread can widen or narrow depending on market conditions. The average spread for major currency pairs such as EUR/USD, USD/JPY, and GBP/USD is around 2-3 pips. Commissions are not charged for forex trading, but there are swap fees for holding positions overnight.

For trading other instruments like commodities, indices, and cryptocurrencies, USGFX charges a fixed spread. The size of the spread varies depending on the instrument traded. For example, the spread for gold is typically around $0.50 per ounce, while the spread for Bitcoin is around $60 per lot.

Broker EUR/USD Gold BTC/USD
USGFX 1.6 pips 30 cents $60
IC Markets 1.1 pips 32 cents $60
Pepperstone 1.13 pips 35 cents $60

Non Trading Fees

Apart from spreads and commissions, USGFX also charges several non-trading fees. These fees can add up and affect your overall trading experience, so it's important to be aware of them.

One such fee is the inactivity fee. This fee is charged to your account if you haven't made any trades or withdrawals for a specified period of time. The fee amount varies depending on the type of account you have and how long you've been inactive.

Another fee to be aware of is the withdrawal fee. While USGFX doesn't charge a deposit fee, they do charge a fee for each withdrawal you make from your account. This fee is a fixed amount and varies depending on the payment method you choose for your withdrawal.

USGFX also charges a swap fee, which is a fee charged for holding positions overnight. This fee can be a credit or debit depending on the direction of your position and the interest rates of the currencies you are trading.

Lastly, USGFX may charge a conversion fee if you deposit or withdraw funds in a currency that is different from the base currency of your trading account. The conversion fee is a percentage of the amount being converted and can add up if you frequently deposit or withdraw in different currencies.

Trading Platforms

USGFX offers its clients the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are highly popular among traders worldwide. These platforms are equipped with a range of trading tools, including charting tools, technical analysis indicators, and trading robots, making them suitable for traders of all levels.

MT4 is a well-established platform that has been around for over 15 years. It is known for its user-friendly interface, ease of use, and a wide range of trading tools. MT5, on the other hand, is the latest version of the platform, which was introduced in 2010. It offers several advanced features, such as more technical analysis tools, a multi-threaded strategy tester, and an economic calendar.

One of the significant advantages of MT4 and MT5 is that they are compatible with a range of devices, including desktop computers, laptops, smartphones, and tablets. This allows traders to access their accounts and trade from anywhere at any time.

trading-platform

Here's how USGFX's trading platform stacks up against other brokers' platforms:

Broker Trading Platforms
USGFX MetaTrader 4, WebTrader, mobile trading platforms
AvaTrade MetaTrader 4, MetaTrader 5, AvaTradeGO, WebTrader
Exness MetaTrader 4, MetaTrader 5, WebTerminal

Deposits and Withdrawals

Minimum Deposit

USGFX has a minimum deposit requirement of $100, which is pretty reasonable compared to some other brokers out there. It means that even if you're just starting out with trading and don't have a lot of money to invest, you can still give it a go with USGFX. Of course, you won't be able to make huge trades for just $100, but it's a good starting point to get your feet wet and learn the ropes of trading.

Broker Minimum Deposit
USGFX $100
Avatrade $100
IC Markets $200

USGFX offers a variety of deposit and withdrawal options to its clients. Deposits can be made through bank wire transfer, credit/debit cards, and various e-wallets such as Skrill, Neteller, and FasaPay. The processing time and fees for each method may vary.

Withdrawals can also be made through bank wire transfer, credit/debit cards, and e-wallets. However, it is important to note that there may be fees associated with withdrawals, depending on the method chosen. Withdrawal requests are typically processed within 1-2 business days.

Also, USGFX may apply internal fees to withdrawals that are not actively traded. For example, if you make a deposit and then withdraw it without trading, USGFX may apply a fee of up to 3% of the deposit amount.

deposit-withdrawal
Pros Cons
Multiple payment methods available, including bank transfer, credit/debit card, and e-wallets High withdrawal fees for some payment methods
No deposit fees for most payment methods Some payment methods have a minimum deposit amount
Quick processing times for deposits Long processing times for withdrawals
Multiple currency options available for deposits Limited currency options available for withdrawals
Withdrawals may be subject to additional verification processes

Customer Support

USGFX offers customer support through various channels, including email, phone, and live chat. The broker has dedicated support teams in different regions to cater to clients' needs. Customer support is available 24/5, and clients can contact the broker through the website's contact form or through the provided phone numbers and email addresses.

USGFX also has an extensive FAQ section on its website that covers different aspects of trading, including account management, deposit and withdrawal, and trading platforms.

customer-support
Pros Cons
24/5 customer support No 24/7 customer support
Live chat support available No phone support available
Fast response time to email inquiries Limited multilingual support
Dedicated account manager for VIP clients Limited educational resources on customer support issues
Comprehensive FAQ section on website No support via social me

Educational Resources

USGFX offers a variety of educational resources to help traders improve their knowledge and skills in trading. The broker provides free webinars, video tutorials, e-books, and other resources to help traders learn about various topics such as technical analysis, risk management, trading strategies, and more. Additionally, USGFX offers a demo account, which traders can use to practice trading in a risk-free environment.

The educational resources provided by USGFX can be accessed through the broker's website or the trading platform. The resources are available in multiple languages, making them accessible to traders from different countries. Traders can also interact with the broker's experts and other traders through online forums and social media channels.

1. Wide range of educational materials 1. Some materials may be outdated or not relevant to current market trends
2. Comprehensive courses and tutorials 2. Limited interactive resources for personalized learning
3. Regular webinars and seminars 3. Some materials may only be available to premium account holders
4. Market analysis and news updates
5. Economic calendar with upcoming events and indicators

Conclusion

USGFX is a forex broker that offers trading services in a variety of markets, including forex, commodities, and cryptocurrencies. The broker offers several account types with varying minimum deposit requirements, allowing traders to choose an account that suits their trading needs. However, the broker's regulation has been a point of concern, with its licenses revoked by various regulatory authorities. This, coupled with negative reviews from clients and the low ranking score, raises questions about the broker's trustworthiness.

FAQs

  • Q: Is USGFX a regulated broker?

A: USGFX was previously regulated by ASIC, FSC, and VFSC, but their licenses have been revoked due to regulatory violations.

  • Q: What trading platforms does USGFX offer?

A: USGFX offers the popular MetaTrader 4 (MT4) platform for desktop, web, and mobile devices.

  • Q: What is the minimum deposit requirement to open an account with USGFX?

A: USGFX offers a MINI account with a minimum deposit requirement of $100.

  • Q: What is the maximum leverage offered by USGFX?

A: USGFX offers a maximum leverage of up to 500:1 for forex trading.

  • Q: What are the available payment methods for deposits and withdrawals with USGFX?

A: USGFX offers various payment methods, including bank transfer, credit/debit card, and electronic payment systems such as Neteller and Skrill.

  • Q: Does USGFX offer educational resources for traders?

A: Yes, USGFX provides a range of educational resources for traders, including webinars, e-books, and trading tutorials.

Keywords

  • 5-10 years
  • Suspicious Regulatory License
  • Suspicious Scope of Business
  • Australia Market Making(MM) Revoked
  • United Kingdom Straight Through Processing(STP) Revoked
  • Vanuatu Retail Forex License Revoked
  • High potential risk

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