USGFX stands for Union Standard Group Foreign Exchange is based on the Australian continent. It provides four distinct trading accounts with generously high leverage levels. All the accounts are without commission and have micro lot trading. The broker allegedly claims to be regulated by the Australian financial regulator and provides a free demo account facility. Traders are advised to read this USGFX review before making your mind to invest in this broker as it will give you all the crucial information. Read the full USGFX review here..
The four trading accounts are named Cent, Standard, VIP, and Pro ECN with a minimum deposit of $100, $10000, 50000, and $50000, respectively. The minimum trade lot provided on every account is 0.01 micro-lots. However, the variable spreads ranging from 1.5 pips to 2.8 pips are provided. The company called Union Standard International Group PTY LTD, situated in Sydney, Australia, is the owner of the brand USGFX. It also has branches in cities like Auckland, New Zealand, Hong Kong, and Shanghai, China. The company holds legit licensing from the Australian financial regulator Australian Securities and Investment Commission (ASIC). However, ASIC does not cover compensation schemes. It means if scammed by any of the ASIC regulated brokers, it is unlikely to recover traders’ investments. The only basic account requires a low minimum deposit of $100, and other accounts require high initial investments ranging from $10000 to 50000, and it is a massive investment. The spreads provided are average and may or may not be acceptable by the brokers. These spreads increase the coat of trading effectively. The real problem of USGFX is its high leverage levels of 1:500. Such high leverages are banned in regulated markets because they can cause high loss to the traders. The broker also provides trading on many trading platforms, including MetaTrader, and Webtrader and social selling. The broker also provides trading bonuses to its clients. 5% bonus is offered to the traders who deposit less than $5000 and 10% on the deposition of above $5000.Referral bonuses ranging from $250 to $500 are also offered per referral. Almost all payment methods are available at USGFX.
Is USGFX scam or legit?
The broker is regulated by ASIC; however, this regulation does not cover scam compensation. The leverages are high, and trading bonuses come with unusual trading volume requirements to be eligible for the withdrawal. The broker USGFX maybe a potential scam broker 2020. Be alert.