USGFX Review 2025: Is This Broker Legit and Worth Trading With?

Overview

USGFX, short for Union Standard Group Forex, is an Australian-based forex and CFD broker that has been providing online trading services since 2006. With its headquarters in Sydney and subsidiaries in London and Asia, USGFX aims to offer a secure and transparent trading environment to clients worldwide. The broker provides access to over 60 currency pairs, as well as commodities, indices, and cryptocurrencies, all tradable through the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.

USGFX prides itself on its commitment to client satisfaction, offering competitive pricing, advanced trading tools, and a user-friendly interface. The broker provides a range of account types tailored to the needs of both novice and experienced traders, with educational resources and 24/5 multilingual customer support to assist clients in their trading journey.

However, it is essential to note that USGFX has faced regulatory challenges in recent years, with its licenses revoked by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK, and the Vanuatu Financial Services Commission (VFSC) due to compliance issues. As of 2023, USGFX is no longer regulated by any major financial authority, which raises concerns about the safety and reliability of the broker. Potential clients should exercise caution and thoroughly assess the risks before engaging with USGFX.

For more information about USGFX's services, trading conditions, and current regulatory status, please visit their official website at usgfx.com.

Overview Table

Category	Details
Broker Name	USGFX
Year Founded	2006
Headquarters	Sydney, Australia
Subsidiaries	London, Asia
Regulation	Previously regulated by ASIC, FCA, and VFSC (licenses revoked)
Trading Platforms	MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader, Mobile Apps
Tradable Instruments	Forex, Commodities, Indices, Cryptocurrencies
Account Types	Mini, Standard, VIP, Pro-ECN
Minimum Deposit	$100
Customer Support	24/5 via phone, email, live chat, social media; multilingual support
Key Features	Competitive spreads, leverage up to 1:500, educational resources, partner & affiliate program
Unique Selling Points	Variety of account types, advanced trading platforms, global presence
Concerns	Regulatory issues, negative reviews, limited range of tradable assets compared to competitors

Facts List

1. USGFX was founded in 2006 and is headquartered in Sydney, Australia, with subsidiaries in London and Asia.
2. The broker offers trading in forex, commodities, indices, and cryptocurrencies through the MetaTrader 4 and MetaTrader 5 platforms.
3. USGFX was previously regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK, and the Vanuatu Financial Services Commission (VFSC). However, all of these licenses have been revoked due to compliance issues.
4. As of 2023, USGFX operates as an unregulated broker, which raises concerns about the safety and security of client funds.
5. The broker offers several account types, including Mini, Standard, VIP, and Pro-ECN accounts, with minimum deposits ranging from $100 to $50,000.
6. USGFX provides leverage up to 1:500 for forex trading, depending on the account type and instrument.
7. The broker supports various payment methods for deposits and withdrawals, including bank wire transfers, credit/debit cards, e-wallets, and cryptocurrencies.
8. USGFX offers 24/5 customer support through phone, email, live chat, and social media channels. However, the broker lacks the 24/7 support and extensive online resources provided by some leading competitors.
9. The broker's educational materials and research tools are relatively limited compared to the best in the industry.
10. USGFX has been the subject of numerous customer complaints and negative reviews, particularly regarding issues with withdrawals and account closures.

USGFX Licenses and Regulatory

USGFX's regulatory history is a significant cause for concern.

The broker previously held licenses from reputable regulatory bodies such as:

• Australian Securities and Investments Commission (ASIC)
• Financial Conduct Authority (FCA) in the UK
• Vanuatu Financial Services Commission (VFSC)

However, all of these licenses have been revoked in recent years due to the broker's failure to comply with regulatory requirements, particularly in areas such as client money handling and risk management procedures.

In 2020, ASIC and the FSC in the British Virgin Islands suspended USGFX's licenses for six months, while the VFSC permanently revoked their license. As of 2023, USGFX does not hold any licenses with major regulatory authorities.

Operating without proper regulation is a major red flag, as it means there is little recourse for traders if issues arise with the broker, such as problems with withdrawals or trade execution. Unregulated brokers also present a higher risk of unethical practices or even fraud.

In contrast, properly regulated brokers are required to adhere to strict rules regarding the segregation of client funds, financial reporting, risk management, and fair treatment of clients. Traders are afforded certain protections and can appeal to the relevant regulatory body in case of disputes.

The fact that multiple regulators have taken action against USGFX and that the broker is currently unregulated should serve as a stern warning to potential clients. It is advisable to exercise extreme caution and to consider better-regulated alternatives before depositing any funds with USGFX.

Trading Instruments

USGFX offers a decent selection of tradable instruments, albeit more limited compared to some of the leading multi-asset brokers.

The available instruments include:

Instrument Category	Details
Forex	60+ currency pairs including majors, minors, exotics (e.g., EUR/USD, GBP/USD, USD/JPY, AUD/USD) with spreads from 1.4 pips
Commodities	Precious metals (Gold, Silver, Platinum), Energy (Crude Oil, Natural Gas), agriculture (corn, soybeans)
Indices	Major global indices (S&P 500, NASDAQ, FTSE 100, DAX, Nikkei 225) and regional indices (ASX 200)
Cryptocurrencies	Top coins including Bitcoin, Ethereum, Litecoin, Ripple

Trading Platforms

USGFX provides access to the widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, developed by MetaQuotes Software Corporation. These platforms are known for their reliability, advanced charting tools, and a wide range of technical indicators, making them popular among traders of all skill levels.

MetaTrader 4 (MT4)

• Intuitive interface and customizable layout
• 30+ built-in technical indicators and 2000+ free indicator plugins
• Supports expert advisors (EAs) for automated trading
• Customizable alert system for price and technical indicator triggers
• Available for Windows and mobile (iOS/Android)

MetaTrader 5 (MT5)

• Faster and more powerful than MT4
• Additional timeframes and order types compared to MT4
• More advanced charting and technical analysis tools
• Includes a built-in economic calendar and market depth data
• Available for Windows, mobile, and web browsers

USGFX also offers a WebTrader platform that allows clients to access their accounts and trade directly from a web browser, without the need to download and install additional software.

Mobile Trading: The broker provides mobile trading apps for both MT4 and MT5, enabling clients to manage their accounts, execute trades, and analyse the markets on the go. The mobile apps are available for iOS and Android devices and can be downloaded from the respective app stores.

Social Trading: USGFX has partnered with MyFXBook to offer social trading functionality. This feature allows less experienced traders to view and automatically copy the trades of successful traders, providing an opportunity to learn and potentially profit from their strategies.

Overall, USGFX's choice of trading platforms caters to the needs of most retail traders. The familiarity and popularity of the MT4 and MT5 platforms, combined with the broker's web and mobile trading options, ensure a smooth trading experience across devices.

Trading Platform Comparison Table

Feature	MT4	MT5	MetaTrader Mobile	Social Trading
One-Click/One-Tap Trading	Yes	Yes	Yes	Yes
Trade Straight off Charts	Yes	Yes	Yes	No
Email Alerts/Push Notifications	Yes	Yes	Yes	No
Mobile Alerts	Yes	Yes	Yes	No
Stop Order	Yes	Yes	Yes	Yes
Market Order	Yes	Yes	Yes	Yes
Trailing Stop Order	Yes	Yes	Yes	No
OCO Orders (One-Cancels-The-Other)	Yes	Yes	No	No
Limit Order	Yes	Yes	Yes	Yes
24-hour Trading	Yes	Yes	Yes	Yes
Charting Package	Yes	Yes	Yes	Yes
Streaming News Feed	Yes	Yes	Yes	No

USGFX How to Open an Account: A Step-by-Step Guide

Opening an account with USGFX is a straightforward process that can be completed online in a few simple steps. Before getting started, ensure that you meet the minimum age requirement of 18 years and that you are not residing in a country where USGFX is prohibited from offering its services.

Account Registration Process

1. Visit the USGFX website at www.usgfx.com and click on the "Open an Account" button.
2. Select the account type you wish to open (Mini, Standard, VIP, or Pro-ECN) and fill in the required personal information, including your name, email address, phone number, and country of residence.
3. Create a secure password for your account and select your preferred trading platform (MetaTrader 4 or MetaTrader 5).
4. Read and agree to the broker's terms and conditions, privacy policy, and risk disclosure statement.
5. Submit your application and wait for a confirmation email from USGFX.
6. Once your application has been received, you will need to provide the required identification documents and proof of residence. You can upload these documents directly through your client area or send them via email to the support team.
7. After your documents have been verified, you can proceed to fund your account using one of the available payment methods, such as bank wire transfer, credit/debit card, e-wallet, or cryptocurrency.
8. Once your funds have been credited to your trading account, you can download the trading platform, log in using your credentials, and start trading.

Charts and Analysis

USGFX offers a range of educational resources and tools to help traders improve their knowledge and skills in the forex and CFD markets. While the broker's selection of educational materials is not as extensive as some of the industry leaders, it does provide a foundation for traders to build upon.

Resource Type	Description	Availability	Notes
Trading Guides & eBooks	Covers Forex basics, technical & fundamental analysis, risk management, trading psychology	Free download for all users	Suitable for beginners to intermediate traders
Webinars & Seminars	Live sessions with market analysts, covering strategies and risk management	Registration via website	Limited frequency and topic variety compared to top brokers
Market Analysis & News	Daily updates and commentary on major pairs, commodities, indices	Available on website and email subscription	Informative but less comprehensive than leading brokers
Economic Calendar	Lists upcoming economic events filtered by date, currency, and importance	Website access	Standard tool, not a unique selling point
Educational Videos & Tutorials	Basic tutorials on MetaTrader use, trading concepts, risk management	Website and YouTube channel	Limited selection; relatively basic content

USGFX Account Types

USGFX offers several account types designed to cater to the needs and preferences of various types of traders:

Mini Account

• Entry-level account with a minimum deposit of $100
• Spreads from 2.8 pips
• Leverage up to 1:500
• Minimum contract size of 0.01 lots
• Ideal for beginner traders or those with smaller trading capital

Standard Account

• Requires a minimum deposit of $10,000
• Tighter spreads from 2.2 pips
• Leverage up to 1:500
• Minimum contract size of 0.01 lots
• Individual, joint, and corporate accounts available
• Additional features like free VPS hosting and dedicated account manager

VIP Account

• Designed for high-volume traders with a minimum deposit of $50,000
• Lowest spreads from 1.3 pips
• Leverage up to 1:500
• Minimum contract size of 0.01 lots
• Priority customer support and exclusive market insights
• Custom trading strategies tailored to client's needs

Pro-ECN Account

• Raw pricing account for experienced traders and institutions
• Minimum deposit of $50,000
• Ultra-low spreads from 1.5 pips
• Leverage up to 1:100
• Minimum contract size of 0.01 lots
• Trades executed directly with liquidity providers (no dealing desk)
• Access to premium research tools and analysis

All account types offer access to the MT4/MT5 platforms, a free demo account, and the ability to trade all available instruments. Islamic swap-free accounts are also available upon request.

The minimum deposit for the Mini account is competitive at $100, making it accessible to beginner traders. However, the Standard and VIP account minimums are significantly higher than many other brokers, which may be a barrier for some traders.

The spreads offered by USGFX are generally wider than the industry average, especially for the Mini and Standard accounts. Traders can access tighter spreads with the VIP and Pro-ECN accounts, but these require substantial minimum deposits.

Account Types Comparison Table

Feature	Mini	Standard	VIP	Pro-ECN
Min. Deposit	$100	$10,000	$50,000	$50,000
Spreads From	2.8 pips	2.2 pips	1.3 pips	1.5 pips
Commission	No	No	No	Yes
Leverage	Up to 1:500	Up to 1:500	Up to 1:500	Up to 1:100
Min. Contract Size	0.01 lots	0.01 lots	0.01 lots	0.01 lots
Account Base Currencies	Yes (USD, AUD, GBP, EUR, JPY, CHF, NZD, SGD)	Yes (same)	Yes (same)	Yes (same)
Execution	Instant	Instant	Instant	ECN
Platforms	MT4, MT5	MT4, MT5	MT4, MT5	MT4, MT5
Instruments	Yes (60+ forex, metals, indices, commodities, crypto)	Yes (same)	Yes (same)	Yes (same)

Negative Balance Protection

USGFX's Negative Balance Protection Policy: At the time of writing this review, USGFX does not provide clear information about its negative balance protection policy on its website. This lack of transparency is concerning, as it leaves traders uncertain about the level of protection they can expect when trading with USGFX. In contrast, many reputable brokers explicitly state their negative balance protection policy, reassuring traders that their potential losses will be limited to the funds in their trading accounts. Some brokers even offer "guaranteed negative balance protection", which means that the broker will absorb any losses that exceed a trader's account balance, ensuring that the trader will never owe money to the broker. Given USGFX's lack of clear information regarding negative balance protection, traders should exercise caution and seek clarification from the broker before opening an account. It is essential to understand the potential risks involved in trading with a broker that does not offer explicit negative balance protection, as this could expose traders to significant financial losses. Importance of Negative Balance Protection: Negative balance protection is a vital safety net for traders, providing peace of mind and limiting the potential for catastrophic losses. By ensuring that traders cannot lose more than their account balance, negative balance protection helps to manage risk effectively and promotes responsible trading practices.

USGFX Deposits and Withdrawals

USGFX supports various payment methods for deposits and withdrawals, providing clients with flexibility and convenience in managing their funds.

Deposits

Withdrawals

Support Service for Customer

USGFX provides customer support through various channels, ensuring that clients can reach out for assistance whenever they need it. Support Channels:

• Phone Support: International numbers available for different regions
• Email: Dedicated support email addresses for general inquiries and account-related queries
• Live Chat: Accessible through the broker's website
• Social Media: Direct messaging via Facebook, Twitter, and LinkedIn

The broker offers support in multiple languages to cater to its international client base. However, the specific languages supported are not clearly mentioned on their website. Availability:

• 24/5 support from Sunday 22:00 GMT to Friday 22:00 GMT
• Closed on weekends and major holidays

While USGFX does provide 24/5 support, it is not as comprehensive as the 24/7 support offered by some leading brokers. The lack of weekend support may be inconvenient for traders who prefer to manage their accounts or seek assistance outside of regular trading hours. The broker's website also features an FAQ section that addresses common questions related to account opening, funding, trading platforms, and general trading topics. However, the depth and breadth of information in the FAQ could be improved to cover a wider range of subjects. In terms of response times, USGFX aims to respond to email enquiries within 24 hours, which is a fairly standard timeframe in the industry. Live chat and phone support should provide more immediate assistance during the specified hours of operation.

Customer Support Comparison Table

Prohibited Countries

USGFX, like many other forex and CFD brokers, is subject to various regulations and restrictions that limit its ability to offer services in certain countries and regions. These restrictions are put in place by local authorities to protect consumers, maintain market integrity, and prevent financial crimes such as money laundering and terrorist financing.

It is essential for traders to be aware of these restrictions and to understand the potential consequences of attempting to trade with a broker that is not authorised to operate in their country of residence. Trading with an unauthorised broker can result in legal and financial risks, including the potential loss of funds and difficulty in seeking recourse in case of disputes.

Special Offers for Customers

Conclusion

After thoroughly examining USGFX's offerings and considering the information provided in this review, I have some significant concerns about the broker's overall trustworthiness and suitability for most traders.

The primary red flag is the broker's regulatory status. The fact that USGFX has had its licenses revoked by multiple reputable regulators, including ASIC, FCA, and VFSC, due to compliance issues is a serious matter. Operating without proper regulatory oversight exposes clients to a higher risk of fraud, mismanagement of funds, and other unethical practices. This lack of regulation is a major drawback and should be carefully considered by anyone thinking of opening an account with USGFX.

In terms of trading conditions, USGFX's offerings are mixed. While the broker provides access to popular trading platforms like MT4 and MT5, as well as a decent range of forex pairs and CFDs, their spreads are generally wider than the industry average. The higher minimum deposits for the Standard, VIP, and Pro-ECN accounts may also be a barrier for some traders.

USGFX's customer support is adequate, with multiple contact channels and 24/5 availability. However, it lacks the 24/7 coverage and extensive online resources offered by some leading brokers. The broker's educational materials and research tools are also relatively limited compared to the best in the industry.

On the positive side, USGFX offers a relatively low minimum deposit of $100 for their Mini account, making it accessible to beginner traders. The broker also supports a good range of payment methods for deposits and withdrawals, although some fees may apply.

Overall, considering the serious regulatory concerns and the average trading conditions, I would not recommend USGFX as a top choice for most traders. The potential risks associated with an unregulated broker outweigh any minor advantages they may offer.

Traders looking for a reliable and trustworthy broker would be better served by choosing a well-regulated company with a solid reputation, competitive trading conditions, and robust customer support. While USGFX may have some appealing features, the lack of regulatory oversight is a significant issue that should not be overlooked.

As always, traders should conduct their own due diligence and carefully compare multiple brokers before making a decision. Consider factors such as regulation, trading costs, platform stability, and customer support to find the broker that best suits your individual needs and preferences.

USGFX FAQs