USGFX.com SCAM

fxtrader989

Private
Messages
19
Hello,

i traded on USGFX over 1 year and made over 138000$ profit.
After that i received this email:

Dear Client,

Thank you for choosing USG!

I am writing to advise you that we have been notified by our hedge counter party with the notice: They will not be continuing to hedge your trades any further.
As such, we will disable your trading account/EA temporarily until we connect you to a secondary hedge counter party. Currently we have found a secondary hedge counter party and are dealing with the API connection right now. This may take 5 to 6 days. We will contact you again when this has been arranged.
Kind regards,

USG Team

Then i asked them when my account will be activated again and they sent this emails:

Dear sir.
We are changing our Liquidty Providers recently, it will be complete around 2015.03.02, you are mostly welcome to open ECN account with us, the minimum deposit for ECN account is $50000 USD, with no limited of trading.

Kind regards,

USG Team

Dear Sir,
You're right. We're scheduled to have the account activated on March 2nd. After that, we'll send you an email to let you know. Your patience is highly appreciated.

Kind regards,

USG Team

After 2nd marh my account was still not active, so i sent another email and received this answer

Dear Client,

After a review of your trading account we have noticed that a significant number of trades in your account are invalid transactions which are in breach of USG’s trading rules under our PDS.
Your account has trading orders placed, hedged in reverse direction and closed within 180 seconds, as per our trading rules, trading of this nature is not permitted (Clause 13.3 and 13.4 in our PDS).
Due to the breach of trading rules recorded on your account, we regret to inform you that your trading account will be disabled and all trades will be cancelled.
Since the profits from your trading is in violation of USG’s rules under the PDS, USG will reset the account to the status of the initial deposit. You are free to withdraw your initial deposit should you wish to do so.
Your original deposit would be transferred to the new account. The following is the new account information.


my account is monitored on myfxbook.
avg trade duration is over 20 mins. The most volume was made on non scalping trades.

They are regularted by ASIC, maby someone can help me so send a complain to ASIC?View attachment usgfx history.pdf
 

Pharaoh

Colonel
Messages
19,964
First, go through your trades and separate out any that may have violated this 180 second rule.
Then invite USGFX to join this thread and explain why the rest of your trades are being cancelled.
If they can't provide a valid answer, file a complaint with ASIC.
 

veri5

Corporal
Messages
114
I had problems with them before, also all profit deleted with excuses, I wonder why ASIC keeps their licence active ...
 

veri5

Corporal
Messages
114
if they don't pay, with this ammount, I think, it would be reasonable to hire lawyer and sue them, then they risk not only to lose money, but licence also ...
 

Master Yoda

Captain
Messages
2,929
In other words the broker is telling you:
"Dear Trader,

After a review of your trading account we have noticed that a significant number of trades in your account are profitable transactions which are in breach of USG’s trading rules under our PDS."

I don't like when brokers do that aftermath, they wait for you to trade and if you lose you lose but if you profit they will find a pretext to cancel it. Have anyone here heard about a broker which canceled losing trades? I don't think so
 

RahmanSL

Major
Messages
2,536
Website: 文件已移動
Year since: 2006
Headquarters: Sydney, Australia
Company registration: Union Standard International Group PTY Ltd., Australia
Regulation: ASIC (AFSL #302792);   ABN 79 117 658 349;   ACN 117 658 349

Be sure to record and safe all your trades. Write to the broker to inform that if they do not resolve your case amicably within 7 days, you will be filing a complain to ASIC.

Seems like more and more ASIC regulated brokers (mine, ICMarkets, included) are manipulating their clients' accounts or is making up excuses not to pay their clients. This is indeed a very disturbing development!
 

Kerobokan

Banned for uncivilized conduct
Messages
138
Their website is a terrible,cheap effort worth about USD $500,I would be very surprised if their regulation is not fake I'm afraid.The address G03, 135 Macquarie Street, Sydney, NSW 2000, Australia is almost certainly a mailbox/P.O. Box,I'd get onto ASIC right away to confirm their regulation is genuine but to me it doesn't look good at all!
Plus minimum deposit for an ECN account USD $50,000,seriously?
 
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