USGFX Review

1.959 · 24 REVIEWS

Union Standard Group

Updated: Aug 12, 2020 · USGFX.com  · Is this your company?

USGFX is a forex broker. USG FX offers the MT4, MT5 and WebTrader forex trading top platform. USGFX.com offers over 40 forex currency pairs, cfds, commodities, indices, gold, silver, oil and bitcoin for your personal investment and trading options.

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. 

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
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, VISA, MasterCard, FasaPay, Local Bank Transfers, PerfectMoney, Poli, SticPay, UnionPay, VoguePay, WebMoney
Withdrawal Methods: Bank Wire, VISA, MasterCard, FasaPay, GPay, Local Bank Transfers, Neteller, PerfectMoney, Skrill, UPay, VoguePay, WebMoney

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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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1.959 · 24 REVIEWS
Forex Peace Army
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Traders Reviews

Lebbeke, Belgium,
Aug 4, 2020,
Registered user

Old terrible broker and bad MAM experience...

Service use: Live

Length of use: over 1 Year

I used their service to link my account to a MAM through LPOA for more than a year...
At one point I saw that 'profit share' was taking systematically from my account till the point I was not profiting at all but losing money. Which from me was not logic, how can you take profit share if you are not profiting?
So I contacted support, it took some writhing before they understood there was something wrong... What I don't understand already is that there is no protection at that point for clients?!? So a MAM can just take whatever he wants from your account whatever is stated in the LPOA and the profit-share part there seems to be any control or signalling to the back office there is something sketchy going on...

So it took some explaining before they understood what was going on, then they told me they will get my money back they took by 'mistake' from the MAM provider. Which I had to wait for a whole month because the provider had taken all of his 'profits' and they could not get my money back till the MAM made profits again?!? Which is already hilarious, so they let MAM's make mistakes through their platform and the end client should 'pay' for the mismanagement or lack of up to date platform software. As an IT guy myself, I don't understand how this can happen on a 'regulated' platform...

So I needed to wait a month and hope they would make a profit for the broker(USGFX) to get my money back. A month later still nothing I had to make contact back with to ask for my money. If wouldn't have don't that I would still have waited I guess because of the lack of signals or followup systems... By the way if you see their site and back-office it is like from the '80s what would have made me think before subscribing to their service...

They sent back the money in July, I didn't have the time at that point to close my account and unline from the MAM. It seems they told me that I could unlink my account from the MAM and get this profit-share back but that was not clear at that point to me so I didn't ask to unlink my account. Costly mistake as coincidently a couple of days beginning the new month I was looking at my account to get everything out everything was gone.... The MAM had blown my account.... Everything was gone...

I was really mad like everyone would have been. I need to say that people on the back-office/support seems to be well trained to keep their cool when you are mad as a client, maybe because they are used to it...

To conclude, I have multiple accounts on different brokers and this is the worst... I never had that many issues.
Till today I still wait to unlink and close down my 2 accounts which are not easy to find how to do on their old NOT user friendly interface...
 
Andrew Marx,
Durban, South Africa,
Aug 4, 2020,
Guest

Can’t withdraw my funds from USGFX

Service use: Live

Length of use: 0-3 Months

I have been trying to withdraw my funds of $15882.20 for the last 3 months all to no avail.They state they have refunded me but cannot show me proper proof of payment
 
Agustinus,
Bali, Indonesia (Really the offices of USGFX),
Jul 22, 2020,
Guest

Good Broker for Newbies and Those Who Want to Do Business on Forex Industry (I forgot to tell you that they pay my salary)

Service use: Live

Length of use: 6-12 Months

Overall great. Have a great experience and the account manager helped me a lot when I had problems with the trading and registration

The rebates is pretty high. Recommended to join their IB program for those who just started forex, since they will give some money back if you lost any money in the trade. Also, highly recommended for those who have been in this industry for a long time or want to build a business in forex industry. They have pretty flexible system for the commission. You can adjust how much money you want to earn.
 
Forex Peace Army
Review moderation team note
5 Star Rating Removed.

This review was posted from the same location used by multiple USGFX employees.  Per FPA policy, the rating on this review has been set to Zero stars.
Perth, Australia,
Jul 16, 2020,
Registered user

USGFX in Sydney has gone into Administration

Service use: Live

Length of use: 3-6 Months

*** USGFX BROKER UPDATE ***
On 8 July 2020, Peter Krejci and Andrew Cummins of BRI Ferrier were appointed Voluntary Administrators of Union Standard International Group Pty Ltd pursuant to Section 436A of the Corporations Act. At this stage, no new account, new deposit, withdrawals or new positions will be taken. The existing open position will be set as close only. First Credit's report | Court Order:

https://www.usgfx.com/GlobalFiles/pdf/FirstReportToCreditors.pdf
https://www.usgfx.com/GlobalFiles/pdf/FederalCourtOrder.pdf
 
Ru, Russian Federation,
Apr 20, 2020,
Registered user

SCAM. Do not withdraw funds

Service use: Live

Length of use: 0-3 Months

Do not withdraw funds for already 1 month.
Account 5004002
Trying to withdraw less then initial deposit
 
Reynald Tinaco,
Philippines, Philippines,
Feb 13, 2020,
Guest

30 of us from the Philippines have been SCAMMED by USGFX

Service use: Live

Length of use: 3-6 Months

My name is Mr. Reynald Tinaco from the Philippines, one of the investors of the multiple account management of USGFX with mt4 account number 300001351. My master trader is Lovelyn Tibor and we have a 40/60 profit sharing every 10th of the month. The total amount that I’ve deposited since I joined the MAM last September 2019 is $27,000.73. I compounded my money in this broker. I’m happy with the result of my MAM account and every month my balance is getting bigger and bigger.

Unfortunately, last January 3, 2020 some of us the members under the MAM account won but some lost when the market closed. My account gained multiple times when the gold skyrocketed when the general in Iran was bombed by the US government last January 3, 2020. It is because of the buy position on gold that was placed on hold by our master trader for more than a month. I made some withdrawal requests last January 4 and another one on January 5. Last January 6, 2020, my withdrawal requests were disapproved and that same date my account balance became negative in the evening.

I am so worried about what happened that I immediately contacted our master trader. He told us to contact USGFX support. There were 29 others who have the same problem. I then contacted USGFX live chat support. The one that I talked to, told me to make a reference check email. I did as instructed and the response was for me to pay attention to my email and my phone because the account manager, Mr. Lochlan, will contact me. After 2-3 days I contacted live chat support again to make a follow-up because nobody contacted me. The live chat support again told me to make another reference check. I did it again, and the response is still the same. Still nobody contacted me. It took Mr. Lochlan 3 weeks before he contacted me, when I got so frustrated and made a comment on their Facebook page. Later on, they asked for all our MT4 screenshots for January 3, when our account was still positive and became negative on January 6. They said they will refund our money, but until now, no refund has been made to our accounts. It is more than a month already.

Attached are screenshots of Director Daren’s e-mail sent to me, when he said that the mt4 account that I sent was of the Master Account and not my individual account. I also attached the master account screenshots and my mt4 account screenshots. He is clearly lying in his e-mail. My mt4 account is completely different from that of the Master Account. And my winning trades are not even included in the Master Account. This clearly means that they did a lot of manipulation already in the Master Account and removed and polished all the logs in their server. They did not even give us daily confirmation reports of our trading. I only received one on the 3rd week after the incident when the account manager Lochlan contacted me over the phone and he even ended our phone conversation while I was still talking to him. He even has the guts to get angry at us, after 3 weeks of not contacting us and they are clearly stealing our money in-front of us. We are asking for anyone who could help us.

If they could do this to 30 investors in the Philippines – they could easily do this to others. The money we invested, plus our time and effort - are hard-earned. On top of this issue – we have suffered countless sleepless nights and a tremendous amount of anxiety, they should be responsible for all these. We trusted them and yet this happened. We will not back down from this, we did not do anything wrong. We need our money back as soon as possible.

I am hoping that anyone out there that could be of assistance to us to help us recover our money.

Thank you very much.

Regards,
Rey

By the way, there is no link here for me to attach my screenshots. :-(
  1 trader has found this review helpful
Forex Peace Army
Review moderation team note
Screenshots can be included in the forums.
Reply by USGFX submitted Jun 11, 2020:
Dear Mr. Tinaco,

As we previously have notified you in an email sent Fri, Jan 31, 2020. USG has followed its Internal Dispute Resolution procedures and has come to a final determination as per our FSG and PDS. For your reference USG has sent you a chart reflecting the movement of the asset and your account statement.

After the final investigation USG has determined that, it has no liability for your claims in this matter. USG has also been informed that you have been in contact with your trader who has also advised that your claims in this matter unfounded. (see attached in email sent Fri, Jan 31, 2020)

As we previously have informed you. Should you wish to further pursue this matter you have the right to refer the matter to the Australian Financial Complaints Authority (AFCA), an external dispute resolution (EDR) scheme to deal with complaints from consumers in the financial system. This service is totally independent.

Using AFCA is free to consumers.
USGFX -AFCA membership number: 12385
If you would like to access the scheme, please lodge a complaint:

Online: www.afca.org.au
Email: info@afca.org.au
Phone: 1800 931 678
Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001

Kind Regards,
USG
Garry,
New delhi, India,
Oct 15, 2019,
Guest

Pathetic execution and slippage

Service use: Live

Length of use: 3-6 Months

This broker is complete S***, the slippage is such worse in normal conditions that they will close the trade 1-3 pips beyond SL in normal market conditions. It's not that I am complaining about a single SL order they are having slippage when SL hits even in very normal market conditions.

Stay Away from this broker because I am sure they won't execute the stop in high volatile conditions. there are various other brokers with good execution in normal market conditions
 
Tehran, Iran, Islamic Republic of,
Apr 30, 2019,
Registered user

I started trading with USGFX almost 8 months ago
It is not the best broker in the market but it is one of my favor Brokers.
fast order execution
fast payment
 
Cambridge, United Kingdom,
Apr 23, 2019,
Registered user

Excellent experience

It’s more than 12 month that I’m working with this broker.
I do recommend it to everyone.
They have 24 hours support, 5 days a week with withdrawal request in one day.
 
Tehran, Iran, Islamic Republic of,
Apr 21, 2019,
Registered user

Enjoying the Services

I am working with this broker for about 14 month now
I'm really enjoying the services and I recommend it
 

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