USGFX Review
Union Standard Group abbreviated USGFX is one of the leading currency brokers in the Pacific region from Australia. The company has opened its doors to business more than a decade ago and outlasts dedicated to staying trustworthy and esteemed forex broker globally.
The company has quickly developed, establishing regional offices in Auckland, Hong Kong, and Shanghai. Australian Securities and Investment Commission (ASIC) provides regulatory supervision. ASIC is an agency that is just as rigorous as FCA in the United Kingdom or CFTC in the United States.
Under strict regulatory guidelines, USGFX segregates customer deposits at a big regional bank like the Commonwealth Bank of Australia. Commonwealth bank strictly prohibits these funds from being a part of daily functioning capital. Creating an account is quite comfortable in this company. In addition to the free demo account, three types of reports are available, each of which is suitable for the average entrepreneur and two subsequent higher-level accounts for corporate and professional clients.
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 |
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.
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
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.
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 |
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.
