USGFX Review 2024
Website: www.usgfx.com
Min. Deposit: US$ 100
Leverage: 1:500
Trading Platforms: MT4, MT5, WebTrader
Regulation: ASIC
Headquarters: Australia
Founded: 2005
Regulatory Licenses:
- Union Standard International Group Pty Ltd - authorized by ASIC (Australia) registration ACN 79 117 658 349 AFSL 302792 suspended
Updated on March 27, 2024
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At Broker Insight, our review methodology for evaluating brokers is comprehensive and multi-faceted, ensuring a well-rounded analysis. We start by examining the broker's regulatory compliance and background, assessing the security and reliability of their operations. This is followed by a thorough evaluation of the range and diversity of trading instruments and markets offered, as well as the variety and suitability of account types available for different trader profiles. We delve into the trading platforms and tools provided, focusing on user experience, functionality, and technological robustness. Fees, spreads, and overall cost structure are scrutinized for transparency and competitiveness. A key component of our review involves testing the effectiveness and responsiveness of customer support. Additionally, we consider the ease and efficiency of the deposit and withdrawal processes. Finally, we incorporate real user feedback and the broker’s community reputation into our assessment to present a holistic and unbiased review that serves as a valuable resource for traders seeking reliable and insightful broker evaluations.
Union Standard Group, operating under the trading name USGFX, is a recognized forex exchange and CFD broker, which holds the distinction of being authorized and regulated by the Australian Securities and Investment Commission (ASIC). The brokerage also possesses an Australian Financial Services Licence (AFSL), which further reinforces its credibility and regulatory compliance.
In the realm of forex and CFD trading, the importance of choosing a broker that adheres to strict regulatory standards cannot be overstated. A broker's compliance with rigorous guidelines and possession of a reputable license, like the AFSL, is crucial. This stringent regulation serves multiple purposes. Primarily, it mandates various measures to ensure the protection of client funds. Additionally, it fosters a healthy competitive environment and the maintenance of transparent operations. Such stringent regulations are typically not found in non-regulated brokers, making regulated entities like USGFX a preferred choice for many traders.
Beyond adhering to regulatory requirements, USGFX has taken additional steps to safeguard its clients' interests. A notable feature in this regard is the implementation of Negative Balance Protection. This measure ensures that traders' losses do not exceed the funds available in their trading accounts. The inclusion of Negative Balance Protection offers traders an added layer of security, contributing to greater peace of mind when engaging in trading activities. Such protective features underscore USGFX's commitment to offering a secure and trader-friendly environment.
When examining the software and trading platforms utilized by USGFX, it is evident that the broker has selected the dependable trading platforms MetaTrader4 and MetaTrader5. These platforms adhere to advanced technological solutions, offering limitless trading possibilities. Both MetaTrader4 and MetaTrader5 are esteemed for their robustness, with MetaTrader4 being the most widely embraced platform for its user-friendly interface, and MetaTrader5 recognized for its sophisticated features that cater to more advanced traders. The availability of these platforms on various devices, including desktop and mobile, enhances the trading experience by offering flexibility and convenience. Additionally, the WebTrader platform provides an accessible option that requires no download, coupled with a multiterminal feature that supports multitasking and management of multiple accounts effortlessly.
Desktop Trading
The MetaTrader4 and MetaTrader5 platforms each offer a unique trading experience. Despite their differences, both platforms are designed to be compatible across various devices, ensuring traders can access their accounts and engage in trading activities seamlessly, whether from a desktop computer or a mobile device. The inclusion of the WebTrader platform further simplifies the process by eliminating the need for any downloads, while the multiterminal functionality allows for efficient management of multiple trading accounts simultaneously.
In the realm of forex trading, one critical factor that significantly impacts profitability is the fee structure of the brokerage with which you choose to trade. An exhaustive analysis of over 1000 brokers has led us to a deeper understanding of how trading fees can vary widely and influence your trading experience. It is essential for traders to carefully consider these fees as they can affect overall returns.
Spread, the difference between the buy and sell price, is a crucial aspect of trading fees. A lower spread generally indicates less cost to the trader, hence more favorable trading conditions. In our comprehensive review, spreads offered by various brokers were meticulously compared to identify those providing the most competitive rates.
The brokerage offers four distinct account types, each designed to cater to the varied needs of traders. These include the Mini Account, Standard Account, Pro-ECN Account for seasoned professionals, and the VIP Account for those seeking premium features. Additionally, a Demo account is available, equipped with $100k in virtual funds. This is an excellent tool for practicing trading strategies or getting accustomed to the platform without risking real money.
USGFX's trading fees and spreads vary depending on the account type selected. For instance, the table below outlines the average spread for different assets across various account types. It's also important to note the rollover or overnight fee, which is a cost applied to positions that remain open overnight. For the EUR/USD pair, the overnight fee is -0.8 for short positions and 0.18 for long positions.
Pros
Competitive spread rates
Diverse account types to suit various trader needs
Cons
Overnight fees can add up, particularly for positions held over long periods
Trading with USGFX grants you the flexibility to select leverage ranging from 1:20 to 1:500, which is regarded as high leverage. This tool is a potent feature designed to amplify your potential gains and enable trading with a larger size. However, it's crucial to learn how to use it wisely to avoid adverse effects. As an Australian broker regulated by ASIC, USGFX adheres to its guidelines while still offering high leverage to retail traders, potentially enhancing your trading strategy.
For depositing or withdrawing funds from your trading account, USGFX offers multiple convenient payment methods, including Bank Wire Transfers, Credit or Debit Card payments, WebMoney, MoneyPolo, Perfect Money, fasapay, Skrill, Neteller, and online banking systems in Thailand, Malaysia, Indonesia, Vietnam, and MoneyNetint. While USGFX absorbs all deposit fees, withdrawals might incur fees. For instance, credit card withdrawals are subject to a 3.5% fee, and methods like Skrill and Neteller carry a 1.5% fee.
The minimum deposit requirement is a manageable $100, enabling access to the USGFX Mini Account, the entry-level trading account. Higher-tier account types necessitate various conditions to commence trading, with specifics available for review.
Conclusively, USGFX emerges as a trustworthy partner for investment and trading, supported by a technological execution base that opens vast possibilities for strategies suitable for traders of any size. Moreover, the broker has developed an advanced account proposal, catering to a variety of conditions, trading sizes, and initial capitals. However, it's important to note the broker's spreads are comparatively high.
Additionally, it's come to light that USGFX entered into liquidation as of September 2020. We advise conducting your research and remaining vigilant for any active proposals from USGFX. Currently, the website remains inactive, indicating that operations have fully ceased.
