USGFX.com SCAM

mes004

Recruit
Messages
1
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 19536
USGFX sucks. they have lots of spelling mistakes on website looks unprofessional. looks to me they are in some other country not Australia. Support does not know English well.
 

FxMaster

Lt. Colonel
Messages
8,323
USGFX sucks. they have lots of spelling mistakes on website looks unprofessional. looks to me they are in some other country not Australia. Support does not know English well.
It will be good if you can share your problem with them in scam folder along with the full details of your problem. By doing that you will get more and more suggestions about how to get back your money from them.
 

Peter1124

Private, 1st Class
Messages
26
USGFX obviously do not look like Australia - Owned even if they are ASIC Regulated and operating in AUS and elsewhere.

USGFX is both a market maker, as well as an STP/ECN shop. In fact, most brokers are doing B Book - taking bets against clients and then passing some hedging trades to their liquidity provider.

Recently, I came to learn that USGFX is using peer to peer liquidty - http://www.flexc.ca (Someone from LinkedIn tried to promote this to me, which I find it irrelevant)

There are a lot of Forex Shops owned and run by CHINA. This includes Hantec, vantage fx etc being associated with China Owners.

First of all, it's total bull**** if they don't you withdraw your own money.

Secondly, This comments caught me thinking what nonsense is this? " 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. "

Seriously, if they can't even do that, they are just a B BOOK Broker with no ability to pass trades STP to LP. This is a strong apparent of conflict of interests, because it will means lagged time of passing your trades.

Trade with a broker that's ready to take your position B BOOK is FINE but honor every deal and not DELETE AND HIDE TRADES, ASIC Brokers are not allowed to tampered and edit trade statements. THis should be highlighted and documented and screenshot and pass to ASIC, if your amount is big enough. Do lodge a lawsuit with local courts in Australia, this will inevitably tarnish their reputations and really put ASIC to work.

I strongly suggest traders diversify their portfolio and only start 1-10K MAXIMUM at the beginning to reduce your counter-party risk, even in this instance the ASIC license is totally useless on USGFX because they are not professional in what they do. Once you are comfortable and confident on a particular broker, gradually increase your portfolio with them. Don't fall for sweet talks by their sales people.

Try REMOVED if retail trader is serious about their capital protection and

FPA Forums Team Note: Do not recommend a company in a scam complaint against a different company. Doing so permanently ties the recommended company's name to the complaint. Doing this may also get you a personal meeting with Spam Cat. You don't want to meet Spam Cat.
 

USGFX

USGFX Representative
Messages
5
Dear Traders and Forum visitors:

We apologize for not responding to this thread earlier as we usually avoid comment publicly on specific trading activities of individuals as we take our responsibility for confidentiality very seriously. However, in order to resolve the misunderstanding of traders on USGFX, we herein would like to take this chance to respond to fxtrader989 and Paul1244’s comments in this thread.


@trader989

USGFX is a fully regulated and compliant broker with thousands of satisfied clients in Australia and around the world. We have been serving our clients for more than 10 years and we are proud of our strong standing in the international forex trading community. Our long standing relationships with our clients, partners, and regulators are a testament to that.

Please note that when you open an account with USG, you have signed and agreed with the terms and conditions on PDS, where it is clearly states that scalping (opening and then closing a position in 180 seconds) is not allowed except ECN accounts. If scalping is undertaken in the account type where scalping is not allowed, USG reserves the right to cancel such trades in relation to scalping.

Most of your trades (fxtrader989’s) fall into the category of scalping. In addition to that, USG had never received the mentioned complaint to ASIC from you.

Again, we strongly suggest all traders to read the terms and conditions in PDS carefully when opening an account to avoid any misunderstanding or future conflict.



@Peter1124:

USGFX was established in 2005 in Australia (ABN No. 79 117 658 349, please feel free to verify such information on http://abr.business.gov.au/) and fully regulated by ASIC (AFSL No. 302792). Our first office in China was established in 2015 in Shanghai, followed by several other offices in other provinces to better serve our clients in China. But USG headquarter remains in Sydney with segregated Client Funds at the Commonwealth Bank of Australia (all under the jurisdiction of ASIC to ensure the best protection to all of our clients). We are STP/ECN broker and work with top tier LPs to provide our clients with competitive spreads.

USGFX Team
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,535
Has anything developed in this case? Anything from the ASIC? Why no label of scam by FPA?
Why doesn't anyone bother to read the FAQ? If you try to use the Contact Us link at the bottom of the page, you get dropped right into it.

http://www.forexpeacearmy.com/community/threads/what-does-it-take-for-the-fpa-to-declare-a-company-to-be-a-scam.42751/

Until Traders Court cases are filed and voted on or regulatory rulings are issued against a company, why would the FPA unilaterally declare it to be a scam?
 

Miembro

Recruit
Messages
1
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 19536
In my personal experience, from the first moment I was informed of the 180 second clause for accounts that are not ECN.
I believe that before scalping an account with own capital, you have to read the terms of conditions and worry about your own capital.
It is my opinion. For my taste the service offered by USGFX is impeccable, a serious broker with clear policies and in all languages.
 
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