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The WikiFX Score of this broker is reduced because of too many complaints!


Australia|5-10 years| Benchmark AAA|
Regulated in Australia|Suspicious Regulatory License|MT4/5 full license|Global Business|Australia Market Making(MM) Revoked|High potential risk|


Rating Index




Average transaction speed (ms)

190.3 Perfect


Full License





Influence index NO.1

China 2.67
The WikiFX Score of this broker is reduced because of too many complaints!







MT4/5 Identification

MT4/5 Identification

Full License

Server Name
Server Location Singapore




Influence index NO.1

China 2.67

Surpassed 87.23% brokers

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+61 2 9251 1395


VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core



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Contact number


+61 2 9251 1395

Traditional Chinese(HK)

+61 2 9251 1395


1300822 355


1300822 355

Broker Information


Company Name


Company Abbreviation


Platform registered country and region


Company website

Pyramid scheme complaint


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Warning: Low score, please stay away! 7
Previous Detection : 2023-10-05
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 529 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

USGFX · Benchmark
Average transaction speed(ms)
190.3 Perfect
The highest transaction speed(ms)
109 Good
The highest speed of opening positions(ms)
109 Great
The highest speed of closing position(ms)
140 Good
The lowest speed of opening positions(ms)
672 Great
The lowest speed of closing position(ms)
468 Great
Ranking: 23 / 130
Test user 538
Orders 2,297
Ocuppied margin $1,888,778 USD
Data Source WikiFX Data provide
Updated: 2023-10-03 01:10:00

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Pyramid scheme complaint

    Total Margin Trend

    • VPS Region
    • User
    • Products
    • Closing time
    • Seoul
    • 119***
    • XAUUSD
    • 09-15 14:42:55
    • Singapore
    • 888***
    • USDNOK
    • 09-25 23:00:02
    • Frankfurt
    • 477***
    • USDCAD
    • 09-25 23:00:02

    Stop Out


    Stop Out Symbol Distribution

    6 months


    USGFX · Company Summary

    USGFX Basic Information
    Registered Countries/Region Australia
    Founded in 2005
    Regulation No Regulation (ASIC, FCA, VFSC, all revoked)
    Tradable Assets Forex, CFDs, Indices, Commodities, Cryptocurrencies
    Trading Platforms MT4, MT5, WebTrader, mobile app
    Minimum Deposit $100
    Maximum Leverage 1:500
    Spreads From 1.4 pips
    Commissions No commissions on most account types, but swap fees apply
    Inactivity Fee $10 per month after 3 months of inactivity
    Educational Resources Trading guides, video tutorials, webinars, eBooks, economic calendar, market news
    Customer Support 24/5 support via phone, email, live chat, and social media; multiple language support

    Overview of USGFX

    Union Standard Group (USG) is an Australian investment firm that provides access to trade forex and CFDs under the brand name ‘USGFX’. The brand began operations in 2005 and is headquartered in Sydney, Australia with subsidiaries in London and Asia. This broker offers a wide range of financial instruments, including forex, indices, commodities, and cryptocurrencies, which can be traded on the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.

    USGFX prides itself on its commitment to customer service, with a 24/5 customer support team available to assist traders with their queries. The broker also offers educational resources such as webinars, ebooks, and video tutorials, as well as a free demo account for traders to practice their strategies. In addition, USGFX offers a range of account types to cater to the needs of different traders, including Standard, Pro, and VIP accounts.


    Is USGFX legit or a scam?

    USGFX has received mixed reviews and there have been reports of some traders experiencing issues with withdrawals and customer support. USGFX had their ASIC and FSC licenses suspended and VFSC license revoked in 2020 due to concerns over their compliance with regulatory requirements, particularly in regards to client money handling and risk management procedures. The Australian Securities and Investments Commission (ASIC) and the Financial Services Commission (FSC) of the British Virgin Islands suspended USGFX's licenses for six months, while the Vanuatu Financial Services Commission (VFSC) permanently revoked their licenses.

    Regulated brokers are required to adhere to strict rules and regulations regarding client funds, transparency, and risk management. In the event of any dispute or issue, traders have recourse through the regulatory body. With an unregulated broker, there is no such protection, and traders may be at a higher risk of fraud or other unethical practices


    Pros & Cons

    Here let's take a closer look at the good and bad things about USGFX. On the plus side, they offer a wide range of financial instruments to trade, including Forex, commodities, and indices. Their trading platforms are also pretty user-friendly and easy to navigate. On the downside, their regulatory status is questionable, which could be a red flag for some traders. Plus, they don't accept clients from certain countries, so you'll want to make sure you're eligible before signing up.

    Pros Cons
    Wide range of trading instruments Revoked licenses by ASIC, FSC, and VFSC
    Multiple account types with various trading conditions Negative reviews from customers
    Various deposit and withdrawal methods Limited educational and research materials
    24/5 customer support
    Advanced trading platforms
    Bonuses and promotions for clients

    Market Instruments

    USGFX offers a range of financial instruments for trading, including forex currency pairs, commodities, indices, and shares of popular companies. Some examples of the instruments offered by USGFX are:

    • Forex currency pairs such as EUR/USD, GBP/USD, USD/JPY, and AUD/USD

    • Precious metals like gold, silver, and platinum

    • Energy commodities such as crude oil and natural gas

    • Indices such as S&P 500, NASDAQ, FTSE 100, and Nikkei 225

    • Shares of popular companies like Apple, Amazon, Facebook, and Microsoft


    Account Types

    USGFX offers four different types of trading accounts to cater to the needs of different traders:

    • MINI Account: This is the entry-level account with a minimum deposit requirement of $100. Traders with this account type can trade a wide range of instruments with low trading costs, access to educational resources, and 24/5 customer support. However, this account type comes with limited features, such as lower leverage and limited trading tools.

    • Standard Account: The standard account requires a minimum deposit of $10,000 and comes with additional features such as higher leverage, access to more trading tools, and a dedicated account manager. Traders with this account type can also enjoy free VPS hosting and regular market analysis.

    • VIP Account: This account type is designed for high-volume traders with a minimum deposit requirement of $50,000. In addition to the features of the standard account, VIP account holders can enjoy custom trading strategies, priority customer support, and exclusive market insights.

    • Pro-ECN Account: The Pro-ECN account is designed for experienced traders and institutions with a minimum deposit requirement of $50,000. This account type offers ECN trading with no dealing desk, ultra-low spreads, and high execution speeds. Traders with this account type can also access premium research tools and institutional-grade liquidity.


    How to open an account with USGFX?

    Opening an account with USGFX is pretty straightforward and you need to follow these steps:

    1. First, you need to go to their website and click on the “Open Account” button.

    1. Then, you'll need to fill in some personal details, like your name, email address, and phone number. After that, you'll need to choose the type of account you want to open and provide some additional information, like your date of birth and proof of identity.

    1. Once you've completed the registration process, you'll be able to deposit funds into your account and start trading. Just keep in mind that depending on the type of account you've chosen, there may be different deposit and withdrawal requirements.


    USGFX offers flexible leverage options ranging from 1:1 to 500:1, depending on the account type and instrument traded. It is important for traders to understand the risks involved with using high leverage and to use it judiciously. Additionally, some instruments may have lower leverage options due to market conditions or regulatory requirements. Traders should check with the broker regarding the available leverage options for specific instruments.

    Spreads and Commissions (Trading Fees)

    USGFX offers variable spreads, which means that the spread can widen or narrow depending on market conditions. The average spread for major currency pairs such as EUR/USD, USD/JPY, and GBP/USD is around 2-3 pips. Commissions are not charged for forex trading, but there are swap fees for holding positions overnight.

    For trading other instruments like commodities, indices, and cryptocurrencies, USGFX charges a fixed spread. The size of the spread varies depending on the instrument traded. For example, the spread for gold is typically around $0.50 per ounce, while the spread for Bitcoin is around $60 per lot.

    Broker EUR/USD Gold BTC/USD
    USGFX 1.6 pips 30 cents $60
    IC Markets 1.1 pips 32 cents $60
    Pepperstone 1.13 pips 35 cents $60

    Non Trading Fees

    Apart from spreads and commissions, USGFX also charges several non-trading fees. These fees can add up and affect your overall trading experience, so it's important to be aware of them.

    One such fee is the inactivity fee. This fee is charged to your account if you haven't made any trades or withdrawals for a specified period of time. The fee amount varies depending on the type of account you have and how long you've been inactive.

    Another fee to be aware of is the withdrawal fee. While USGFX doesn't charge a deposit fee, they do charge a fee for each withdrawal you make from your account. This fee is a fixed amount and varies depending on the payment method you choose for your withdrawal.

    USGFX also charges a swap fee, which is a fee charged for holding positions overnight. This fee can be a credit or debit depending on the direction of your position and the interest rates of the currencies you are trading.

    Lastly, USGFX may charge a conversion fee if you deposit or withdraw funds in a currency that is different from the base currency of your trading account. The conversion fee is a percentage of the amount being converted and can add up if you frequently deposit or withdraw in different currencies.

    Trading Platforms

    USGFX offers its clients the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are highly popular among traders worldwide. These platforms are equipped with a range of trading tools, including charting tools, technical analysis indicators, and trading robots, making them suitable for traders of all levels.

    MT4 is a well-established platform that has been around for over 15 years. It is known for its user-friendly interface, ease of use, and a wide range of trading tools. MT5, on the other hand, is the latest version of the platform, which was introduced in 2010. It offers several advanced features, such as more technical analysis tools, a multi-threaded strategy tester, and an economic calendar.

    One of the significant advantages of MT4 and MT5 is that they are compatible with a range of devices, including desktop computers, laptops, smartphones, and tablets. This allows traders to access their accounts and trade from anywhere at any time.


    Here's how USGFX's trading platform stacks up against other brokers' platforms:

    Broker Trading Platforms
    USGFX MetaTrader 4, WebTrader, mobile trading platforms
    AvaTrade MetaTrader 4, MetaTrader 5, AvaTradeGO, WebTrader
    Exness MetaTrader 4, MetaTrader 5, WebTerminal

    Deposits and Withdrawals

    Minimum Deposit

    USGFX has a minimum deposit requirement of $100, which is pretty reasonable compared to some other brokers out there. It means that even if you're just starting out with trading and don't have a lot of money to invest, you can still give it a go with USGFX. Of course, you won't be able to make huge trades for just $100, but it's a good starting point to get your feet wet and learn the ropes of trading.

    Broker Minimum Deposit
    USGFX $100
    Avatrade $100
    IC Markets $200

    USGFX offers a variety of deposit and withdrawal options to its clients. Deposits can be made through bank wire transfer, credit/debit cards, and various e-wallets such as Skrill, Neteller, and FasaPay. The processing time and fees for each method may vary.

    Withdrawals can also be made through bank wire transfer, credit/debit cards, and e-wallets. However, it is important to note that there may be fees associated with withdrawals, depending on the method chosen. Withdrawal requests are typically processed within 1-2 business days.

    Also, USGFX may apply internal fees to withdrawals that are not actively traded. For example, if you make a deposit and then withdraw it without trading, USGFX may apply a fee of up to 3% of the deposit amount.

    Pros Cons
    Multiple payment methods available, including bank transfer, credit/debit card, and e-wallets High withdrawal fees for some payment methods
    No deposit fees for most payment methods Some payment methods have a minimum deposit amount
    Quick processing times for deposits Long processing times for withdrawals
    Multiple currency options available for deposits Limited currency options available for withdrawals
    Withdrawals may be subject to additional verification processes

    Customer Support

    USGFX offers customer support through various channels, including email, phone, and live chat. The broker has dedicated support teams in different regions to cater to clients' needs. Customer support is available 24/5, and clients can contact the broker through the website's contact form or through the provided phone numbers and email addresses.

    USGFX also has an extensive FAQ section on its website that covers different aspects of trading, including account management, deposit and withdrawal, and trading platforms.

    Pros Cons
    24/5 customer support No 24/7 customer support
    Live chat support available No phone support available
    Fast response time to email inquiries Limited multilingual support
    Dedicated account manager for VIP clients Limited educational resources on customer support issues
    Comprehensive FAQ section on website No support via social me

    Educational Resources

    USGFX offers a variety of educational resources to help traders improve their knowledge and skills in trading. The broker provides free webinars, video tutorials, e-books, and other resources to help traders learn about various topics such as technical analysis, risk management, trading strategies, and more. Additionally, USGFX offers a demo account, which traders can use to practice trading in a risk-free environment.

    The educational resources provided by USGFX can be accessed through the broker's website or the trading platform. The resources are available in multiple languages, making them accessible to traders from different countries. Traders can also interact with the broker's experts and other traders through online forums and social media channels.

    1. Wide range of educational materials 1. Some materials may be outdated or not relevant to current market trends
    2. Comprehensive courses and tutorials 2. Limited interactive resources for personalized learning
    3. Regular webinars and seminars 3. Some materials may only be available to premium account holders
    4. Market analysis and news updates
    5. Economic calendar with upcoming events and indicators


    USGFX is a forex broker that offers trading services in a variety of markets, including forex, commodities, and cryptocurrencies. The broker offers several account types with varying minimum deposit requirements, allowing traders to choose an account that suits their trading needs. However, the broker's regulation has been a point of concern, with its licenses revoked by various regulatory authorities. This, coupled with negative reviews from clients and the low ranking score, raises questions about the broker's trustworthiness.


    • Q: Is USGFX a regulated broker?

    A: USGFX was previously regulated by ASIC, FSC, and VFSC, but their licenses have been revoked due to regulatory violations.

    • Q: What trading platforms does USGFX offer?

    A: USGFX offers the popular MetaTrader 4 (MT4) platform for desktop, web, and mobile devices.

    • Q: What is the minimum deposit requirement to open an account with USGFX?

    A: USGFX offers a MINI account with a minimum deposit requirement of $100.

    • Q: What is the maximum leverage offered by USGFX?

    A: USGFX offers a maximum leverage of up to 500:1 for forex trading.

    • Q: What are the available payment methods for deposits and withdrawals with USGFX?

    A: USGFX offers various payment methods, including bank transfer, credit/debit card, and electronic payment systems such as Neteller and Skrill.

    • Q: Does USGFX offer educational resources for traders?

    A: Yes, USGFX provides a range of educational resources for traders, including webinars, e-books, and trading tutorials.


    Warned by FCA! USGFX UK No Longer Holds FCA License

    NewsWarned by FCA! USGFX UK No Longer Holds FCA License

    2023-02-22 10:00

    The information on the FCA's official website shows that USGFX UK (Union Standard International Group Limited) no longer has regulatory authorization from the FCA as of December 16, 2022.

    2023-02-22 10:00
    Warned by FCA! USGFX UK No Longer Holds FCA License
    Warned by FCA! USGFX UK no Longer Holds FCA License

    NewsWarned by FCA! USGFX UK no Longer Holds FCA License

    2023-01-03 17:57

    The information on the FCA's official website shows that USGFX UK (Union Standard International Group Limited) no longer has regulatory authorization from the FCA as of December 16, 2022.

    2023-01-03 17:57
    Warned by FCA! USGFX UK no Longer Holds FCA License
    USGFX UK Loses FCA License

    NewsUSGFX UK Loses FCA License

    2022-12-30 15:30

    Union Standard International Group Limited, Soe Hein Minn's USG Group retail FX brokerage business's UK subsidiary, has lost its FCA license. The license was revoked on December 16, 2022.

    2022-12-30 15:30
    USGFX UK Loses FCA License
    ​USGFX Forex Broker Review

    News​USGFX Forex Broker Review

    2021-12-15 11:11

    Take a look at our unbiased USGFX review to give you the full facts including information about regulation, account types, leverage, spreads and much more.

    2021-12-15 11:11
    ​USGFX Forex Broker Review

    User Reviews

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    more than one year
    USGFX, having traded with this broker two years ago, overall, it is ok. I have learned some useful trading strategies here, and their customer support team responsive enough.
    2023-02-20 10:48
    more than one year
    Stay away pls!! Queel is not worth wasting your time, and there is no reason to invest in this platform, everything is terrible! There is no worse trading experience than here!
    2023-02-13 15:20
    more than one year
    Oh my god, this company's website seems to have been issued a statement by an Australian court or something... There are hundreds of complaints on wikifx. I don't know if they can recover the funds, this company should be sentenced!
    2022-12-13 11:24
    more than one year
    After receiving an ad from this USGFX company, I decided to check it out on wikifx and found that I had made the right decision. I see so many negative complaints! If you had invested without checking first, you would already be one of them!
    2022-11-28 10:46
    more than one year
    Opened an account, made loss, decide to stop, I’ve waited for 6 months, they still haven’t processed my withdrawals. They said if I want to withdraw my money, I needed to pay extra fees…just one word for all your guys: this platform is a scam, stay away!
    2022-11-25 14:21
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