USGFX Review

1.704 · 45 REVIEWS

Union Standard Group

Updated: Dec 22, 2021 ·  · Is this your company?

USGFX broker is getting liquidated. Australian Securities and Investments Commission (“ASIC”) has pursued an investigation and legal proceedings against the Company since late 2019. 

In September 2020 Federal Court of Australia appointed Peter Krejci and Andrew Cummins as liquidators.  USFG (Union Standard Group International Holdings Limited) and its ultimate beneficial owner, Mr Soe Hein Minn, have refused to provide the Liquidators access and control of the MT4/5 trading platforms, and failed to deliver the company assets and records.

If you are owned funds from USFG you may be entitled to the claim in liquidation, please contact appointed liquidators with further inquiries.

USGFX
USGFX is in liquidation.

If you are owed any funds by the company, CLICK HERE to visit the liquidator's website.
2020-09-18:  ASIC has cancelled the license of Union Standard International Group, which operates USGFX.
2019-12-23:  ASIC has announced that it made an interim asset restraining order against Maxi EFX Global AU Pty Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as TradeFred), both of which are Corporate Authorised Representatives of Union Standard International Group Pty Ltd (trading as USGFX) (AFSL 302792).  CLICK HERE for more details. 
Other websites of this company include USGForex.com.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $100
Established: 2007
Address: G03, 135 Macquarie Street, Sydney, NSW 2000, Australia
Contact: support.au@usgfx.com, +61 2 9251 1395
Regional offices:
Regulators: ASIC #AFSL-302792-CANCELLED, VFSC #41706
Prohibited countries:
Trading platforms: MT4, MT5, WebTrader
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (40+)
Cryptocurrencies: (1) Bitcoin
CFD: (10+) Gold, Silver, Stock Indexes, Oil
EAs/Robots: Yes
ZuluTrade: Yes
Deposit Methods: Bank Wire (Bank Transfer), VISA, MasterCard, FasaPay, Local Bank Transfers, PerfectMoney, Poli, SticPay, UnionPay, VoguePay, WebMoney
Withdrawal Methods: Bank Wire (Bank Transfer), VISA, MasterCard, FasaPay, GPay, Local Bank Transfers, Neteller, PerfectMoney, Skrill, UPay, VoguePay, WebMoney

Live discussion

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USGFX.com profile provided by Joyce Shen, Apr 7, 2014


USG is a leading group, focusing on brokerage services. We provide many countries around the world, asset management companies and large investment institutions with our premium and the highest level of brokerage services.



USG has had both its high market share and clients’ profits grown since the company was established. We become looked up to as a role model in this field. USG always bears our clients’ best interest in mind. We highly regulate ourselves with quality management and information technology security. We have the most perfect and complete profit plan and partnership cooperation system. We dedicate ourselves to you with up-to-date creative strategies.


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1.704 · 45 REVIEWS
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Traders Reviews

KM,
France, France,
Dec 21, 2021,
Guest

Related to USG and Libronicfx

Service use: Other

Don't be scammed by the USG and Libronic because they are tight together day and night like a couple to deceive investor's hard earn money. There are many other forex trading firms are doing similar scheme. Be alert!!!!
I had tried to contact the FCA(Financial Control Agency or...) in UK and claimed by FCA that they did not know the USG and is not regulated by them????????
 
Selangor, Malaysia,
Sep 28, 2021,
Registered user

USGFX Scam

Service use: Live

Length of use: over 1 Year

I was actually join the fund manager (libronicfx) https://libronicfx.com/, when the time i join they are actually at a different broker, after that end of 2020 they migrate to broker USGfx. until now about 10 month past, all the money have been stuck at USGFX. account have been disable. We only get the replies from libronicfx they are still in the mist of getting all the money out (USD 40million). are they(USG) have the right just to take all the money without given any consent.

Official Announcement from USG FX
Dear Libronic FX Partner,

It has been several months since client’s feedback about serious withdrawal issue. In order to improve the efficiency of withdrawal, colleagues in technical department and trading department have repeatedly communicated and coordinated the process. Our side fully understands that your company is operating tens of thousands of sub-account transaction, operating a large number of withdrawals from clients is not an easy task especially under the rapidly changing conditions of trading market which may cause uneven allocation problems, which leads to uneven profit and loss due to price fluctuations. Therefore, after several times of communication with your company, our company has implemented a number of plans and cooperated with your company to solve the problem of client’s withdrawal delays.

Our company understands the dilemma of your company in order to take into account and the balance between overall profitability of the entire client group through the market and arrangement for client’s withdrawal. Our company also understands that your company cannot withdraw funds according to the client’s request due to the overall above situation. Therefore, both parties has agreed to collect statistics regarding client's funds and hand over to your company to resolve client's funds.

However, due to above considerations and arrangements may greatly affect the reputation of our company and cause misunderstandings among clients. Therefore we request your company cooperation to issue an official document to explain the PAMM Recovery plan to collect statistics on your company’s client’s funds and notarize it by a legal firm, then our company will cooperate jointly to resolve client’s problems in order to achieve friendly cooperation between both parties.
 
Peter,
Athens, Greece,
Jun 14, 2021,
Guest

Same bad experiences with USGFX

Service use: Live

Length of use: over 1 Year

I want to share the same expereice with USGFX. Since December 2020 I am waiting for my money and they say always the same things avoinding to say the trouth or to give a clear answer. They said that my client manager will contact me but nobody did.
Is someone that he knows a laywer who could do something to help us?
 
Y,
Penang, Malaysia,
May 5, 2021,
Guest

Scammer

Service use: Other

Length of use: 3-6 Months

Made withdrawals request for more than 6 months and never get my money. Customer support gave standard replies. No action taken. Do not use USG account.
 
Singapore, Singapore,
Mar 30, 2021,
Registered user

USG FX Global withdrawal delay.

Service use: Live

I have been having problem withdrawing 12KUSD from USG FX Global since 25 Jan 2021.Today is 30 March 2021.
Nobody replied my ref.check enquries.
Nobody answer my email send to client support.
Chat support giving standard reply still after more than 20 attempts.
They will tell you that bank withdrawal TT is currently not available and "do not know when it will be available" Only option is "wait"
They claimed the account manager will contact me, but trust me there is no such account manager at all.
PLEASE DO NOT DEPOSIT AND TRADE WITH USG FX GLOBAL, SCAM....
IF you need any screen shot or evidence, I can provide, thanks.
 
🇸🇬, Singapore,
Mar 28, 2021,
Registered user

Not able to withdraw funds for 3 months already

Service use: Live

Length of use: 3-6 Months

Not surprised to see many similar reviews that they are not able to withdraw their funds. I have tried to withdraw the funds since 4 Dec 2020 to date but it’s still under processing. In Feb 2021, I checked with the live chat agent tells me that bank wire is under maintenance, today I checked with live chat agent again and this round, the agent said that it is not available. Both are not able to say when it will finish maintenance or when it would be available. But this round the agent asked to check with clientsupport@usgfx.global. If the client support is still not able to provide any resolution, I will take note on the instructions to invite the company next.

Anyone looking into this broker, please don’t put any funds as you can’t withdraw it.
  1 trader has found this review helpful
Singapore, Singapore,
Mar 27, 2021,
Registered user

Unable to withdraw

Service use: Live

Length of use: over 1 Year

I encountered the same issues with the rest of the people here. Unable to withdraw. The option to wire disappeared and support is unable to do anything.

Same excuses about regulatory and zero support.

I have all the proof if you need.
 
London, United Kingdom,
Mar 18, 2021,
Registered user

SCAM BROKER

Service use: Live

Length of use: 3-6 Months

I try deposit there no GBP and i got pay fee likely £60 no reason. Seen look weirdo than normal broker i play. Then I try withdrawal payment maintain hold me 4 month. I request BTC wallet and nothing and fee charge like £113 without single trade I lose almost £200 for nothing, more or less this a scam and WORSE broker i know see trading career. Chat support they jut copy and paste chat.
 
Coventry, United Kingdom,
Mar 15, 2021,
Registered user

USGFX witholding funds

Service use: Live

Length of use: over 1 Year

I put a withdrawal request in with USG 8 months ago and have received nothing. They come out with the same nonsense excuses all the time. It is not just me, I know of numerous people who are in the same boat as me and are not getting their funds released. Avoid this broker they are an absolute disgrace.

More. Community discussion of this issue >>

 
Germany, Germany,
Mar 15, 2021,
Registered user

I'm waiting now since 07/13/2020 for a withdrawl of mote than 3400€.

Service use: Live

Length of use: over 1 Year

I'm waiting now since 07/13/2020 for a withdrawl of mote than 3400€.
"
The feedback of a support case is every month the same:
The department has processed the request and is waiting for the remittance.
Due to the current regulatory transition period, the withdrawal will be delayed.
Regarding the funds in the account, it belongs to your funds.
The department will continue to follow up for you and remit funds to your designated account as soon as possible.
Please give us some time to work. Thank you.
"
No account manager give me an answer. It seems always be a bot with standardized messages...

Regards
Christian

More. Community discussion of this issue >>

 

Frequently Asked Questions

What is USGFX?

USGFX is an Australian forex and CFD broker, founded in 2007.

USGFX offers access to trade currency pairs, indices and commodities on MetaTrader 4, 5 and Web Trader.

Is USGFX regulated?

USGFX is headquartered in Sydney, Australia.

USGFX is regulated by the Australian Securities and Investment Commission (ASIC) and holds an Australian Financial Services Licence (AFSL).

How can I open an account with USGFX?

How to open an account with USGFX?

1. Visit USGFX homepage
2. Click on “Open Live Account”
3. Follow the 3-step procedure
4. Submit your personal documents including
  • Front and back copies of effective identity documents with photos, e.g., passport or driver’s licence.
  • Effective proof of address dated in the last 3 months, e.g., utility bills, etc.
5. Deposit Funds by credit card, bank wire and e-wallets

How many types of live accounts does USGFX offer?

Currently, USG offers 3 types of live accounts:

  • Mini Account
  • Standard Account
  • Premium Account

What is the minimum deposit for USGFX?

The minimum deposit varies a bit depending on the account type.

  • Mini Account: the minimum deposit is $100
  • Standard Account: the minimum deposit is $10,000
  • Premium Account: the minimum deposit is $50,000