The rise of forex broking services in the forex market has open doors for many forex brokers. But choosing one with reliable services and charges is a daunting task. To make your work easier, the USGFX reviews will provide you an insight into the working of one of the popular forex brokers platforms of USGFX with its implications of union standard.
For doing so its website and the claims have been counter checked in USGFX reviews, to provide you a better idea of its key features and the pros and cons associated with this broker. At the end of the article, a conclusion has been drawn as to whether it is a suitable forex brokers platform for you or not. So go through USGFX reviews for a better understanding of the working of the forex brokerage platform.
What type of forex brokers is USGFX?
It is an Australian forex brokers pty ltd company, affiliated with the Australian Securities & Investment Commission (ASIC) and standard international group. The company mainly deals in providing Forex and CFD trading solutions to the clients. The trading assistance is mainly for currency trading, indices, and commodities. The trading work following the union standard and standard international group.
It has strong interbank connectivity, through the servers located in Newyork and London, for fast execution of transactions. USGFX pty ltd has also gained popularity for its research and educational tools and implied union standard, which could be accessed by the forex trading through traders club. These programs include seminars and webinars on a timely basis. Forex trading could be done by gathering all market-related information at one place on a traders club platform with knowledge of proper union standards.
Is USGFX regulated?
Yes! USGFX international group pty ltd is regulated by the Australian Securities & Investment Commision (ASIC) and standard international group. Affiliation to ASIC makes sure that the forex brokers are following the regulation and guidelines of the statutory body. The affiliation of USGFX to ASIC and implication of union standard makes sure that the forex brokerage company has transparency in its working. CFDs are complex instruments, and Forex and CFDs trading carry a high level of risk due to which many investors lose the account. Therefore, it may not be suitable for all traders. Understand risk before investing.
How to open an account with USGFX?
To open an account with it for forex trading has following steps need to follow-
Step 1: Registration: visit the official site and click on the open account button. A separate page will open. In the first stage, you need to fill in the basic information, namely name, nationality, email address, contact number, and verification code.
Step 2: User Information set up: In the second step, account types, leverage rate, and meta trader version options are given. You also need to choose currency and trading servers in the second step.
Step 3: Personal Information: This step requires you to provide more personal information like full address, occupation, etc.
Step 4: Financial Services Information: This step is like step 3 with more elaborate details on financial Services information.
Step 5: Trade: After completing all the details, forex trading can begin trading. Before starting the trading, you need to submit certain documents for operations of a different kind of account. The information about the documentation required has been provided on the official website of this broker.
What are the deposits and withdrawals methods?
It has kept its deposit and withdrawal options simple and convenient .a forex trading can relate activities of deposit and withdrawal as follows –
~ Deposit: There are a variety of options available to depositor funds in USGFX accounts. Though the site advertises free deposit and withdrawal options it is available for certain platforms only.
For deposit, the following options could be used –
Instant to hours
1 working days
1-3 working days
No deposit fees charged.
Web Money, FASA pay, Thailand online banking, Malaysia online banking, Indonesia online banking, Vietnam online banking
Bank wire transfer
Deposit fees charged (condition applied )
Vogue pay and stick pay
China union pay
~ Withdrawal: Similarly, for withdrawal with USGFX, there are many options available. These withdrawals are mainly fee-based with certain conditions applied.
Bank wire transfer
No withdrawal fees
VISA, master card, USD
Web money, fast pay
Thailand online banking, Malaysian online banking
Philippines online banking
1.5% + 5 USD ( extra charge when the withdrawal is made with a credit card )
Minimum Deposit Required for USGFX
It requires a minimum deposit of $100 only to begin trading. Even With a minimum deposit, it allows access to the trading platform of the mini account. To trade in other accounts, a higher deposit amount is needed.
Demo Trading Options Available at USGFX
It offers a demo trading account option to its clients based on USGFX reviews. With the demo trading, option clients can get an understanding of the features of the platform before beginning the live trading. One thing to remember is that even for demo trading you need to deposit a minimum amount and open an account with the Ugfx.
USGFX Forex Trading
In the context of forex trading with this broker, its spread and swap rate depends upon the currency pair chosen for the trading. To access more spread it is advisable to visit the website. It states that it is based on a floating spread policy. Floating spread policy states that rates are subjected to change in the market, with a special right with it to make changes in the rate. Also, there is no additional commission charged by the broker for forex trading, unless otherwise agreed. So using forex provides a transparent and decent service on its platform. CFDs are complex instruments, and Forex and CFDs trading carry a high level of risk due to which many investors lose the account. Therefore, it may not be suitable for all traders. Understand risk before investing.
USGFX Metal trading
Metal trading with this broker depends upon the kind of account operated by the trader. The website states that there is no surplus commission to pay for metal trading
USGFX Indices trading
Indices trading has extra commission charges on and above the spread and swap. Though the spread price is based on the future price the USGFX has the discretion to control it. It is advisable to visit the website and get a proper understanding of the terms and conditions attached to the various trading options.
Does USGFX have a bonus?
Yes! It offers a different kind of bonus which has been mentioned on its website. Presently the bonus offered by this broker is as follows –
A detailed explanation of the term and condition of the forex brokerage rate has been given. There are terms and conditions attached to each bonus, and the same has been mentioned on the website. So it is advisable to go through all terms and conditions before availing of the bonus options.
What are the different kinds of accounts available?
USGFX offers four kinds of accounts to the trader. These accounts offer different kinds of features and benefits to the trader. These accounts have been designed in a manner that they are suitable for both beginners and advanced traders. The trading account you can open with it are as follows –
~ Mini account for general: Trader can open this account with a minimum deposit of $100. Though the spreads are higher than the average more leverage is offered. Traders have the option to access leverages for 1: 100 up to 1:500.
~ USGFX Standard Account: The standard account has a large deposit required to activate. Investors can open this account for a deposit of $10,000. Leverages are the same as that of mini accounts with a larger spread, though. A user can open the standard account as a joint and corporate account.
~ Pro ECN for professionals: USGFX pro ECN account could be open with a minimum deposit of $50,000. The ECN account leverage has been capped at 1:100, with a starting spread of 1.5 PPS.
~ USGFX VIP accounts:The VIP account has a minimum balance criteria of $50,000. The spread begins with 1.5 pips, and the leverage has been capped at 1:100.
Key Features of USGFX
USGFX offers a variety of trading features to its users. Some of the unique trading features include social trading and global resource access. The main key features of this Forex broker is as follows –
~ Quick Withdrawals: USGFX provides swift withdrawal services to its clients. All withdrawal could be processed within 24- 48 hours of the request. Clients need to provide their bank details, and a verification process has proceeded for authentication. Thereafter withdrawal amount is deposited in the client’s account.
~ Swift execution: It is one of the fastest forex trading platforms available in the trading world. It is 12 times faster in execution with a capability of 10 fold latency reduction. It has a high latency reduction rate due to optical fiber connections with interbank servers of London and NewYork. This networking provides high-speed one-click trading to the investor using the trading platforms.
~ Negative balance Protection:One of the key features provided by the USGFX is negative balance protection. It operates with high trade confidentially and protects the negative balance scenario though this option does not apply to DMA & CFD.
~ Well trained account manager: It has a highly dedicated account management team. The account management team assists the trader and provides requisite customer care support. The team offers different kinds of accounts to its customers. USGFX provides a personal account manager to each trader, who offers 24/7 customer care services.
~ Traders Club:USGFX knows well that transparent and fruitful trading is only possible when the trader will be knowledgeable. In its way to make clients educated about market proceedings, this broker has come up with a new project known as traders club.
Some of the key features of this club are as follows –
- Education program for trader of different level
- Special education program for market analysis and risk management
- Conduct of regular seminars and content on market trading.
USGFX also offers a unique option of social trading. It is exclusively designed for investors who are new to the market and do not have enough time to analyze the market. All they have to do is to follow the social trend of the market through MyFxbook.
~ Reliable trading platform: USGFX uses the trading platform namely MetaTrader4 & Metatrader5. According to the USGFX reviews, these are the latest trading platforms with high-end technology solutions. Both MT4 and MT5 are highly sophisticated platforms, but MT5 is the advanced version with more special features. These platforms could be operated on any device with an internet connection with access to web traders. Access to web traders ensures connection to multiterminal, which makes this platform swift than others.
~ Foreign exchange technical analysis: It has collaboration with trading central, which is one of the leading research data providers. This collaboration helps USGFX in technical analysis of the market and news. Apart from that, it has intraday trading by users trading skills.
~ Segregated Fund:This broker makes sure for the safeguard of the client’s funds. USGFX has a segregated client account with the Commonwealth Bank of Australia for the client’s deposits.
Pros and Cons of USGFX Broker!
From the above key features following pros and cons could be drawn about the website-
- ASIC approved and union standard international group
- MT4 platform
- Access to web traders
- Multiple convenient withdrawal and payment options
- Website is available on multiple languages
- Higher advertise spread
- Stock Commodities not available
- Spread is higher than the average market
To conclude in USGFX review, when you have to choose a forex broker, the very first thing you need to check is the regulatory body’s affiliation and guidelines followed by it. As USGFX is affiliated to ASIC and holds an Australian Financial Services Licence (AFSL), there strict regulations make sure that the client’s fund should be protected and a transparent environment for trading exists.
In the final verdict, it could be said that the broker is a decent choice as a forex brokerage platform, especially for the traders living outside the USA. On the drawback side, it has lesser tools than what is expected from a trading platform at this level. Expect to see a better version of this broker in the coming year. Till then, you can get benefited from its educational services and market analysis, which are worth trying, apart from forex brokers.
1. How USGFX operates?
Ans. It is a forex brokers platform, which deals in forex, metal, indices, and commodities trading. It charges commission and swap and spreads differences as its fees. It is affiliated to various union standard international groups.
2. Is USGFX regulated?
Ans. Yes! It is regulated by the Australian Securities and investment commission (ASIC) and standard international.
3. What is the maximum leverage I can get from USGFX?
Ans. It offers leverage in between 1:200 to 1:500 as per the USGFX reviews. The maximum leverage it offers stands around 1:500.
4. Does it operate as a meta trader?
Ans. Yes! USGFX operates on both MT4 and MT5. The features offered on both platforms are slightly different.it is more frequently operated on MT4.
5. Where are USGFX headquarters based?
Ans. It is an Australia based forex brokerage company. It has its headquarters based in Sydney. It also has its satellite office in Hong Kong with affiliation from many union standard international groups.