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.

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.

Leverage

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.

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:

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.

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.

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.

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.

Conclusion

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.

FAQs

• 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.

*Please note that the information in this table is subject to change and you should always refer to the broker's official website for the most up-to-date information.

STARTRADER Information

STARTRADERL's website is operated by three companies, all belonging to the same Group of Companies, which include:

- Startrader (Cy) Ltd

Registration No: HE 421001

Registered Address: 160 Archbishop Makariou III, 1st Floor, 3026 Limassol, Cyprus.

- STARTRADER International PTY Limited

Registration No: 66663183

Physical Address: Level 35, 31 Markets Street, Sydney NSW 2000, Australia.

Registration Address: Flat/RM A, 12/F, ZJ 300, 300 Lockhart Road, Wanchai, Hong Kong.

Tel: +61 2 9925 4396.

- STARTRADER Limited

Registration No: 8427362-1

Physical Address: Block B, Room 2, No.2, Global Village, Jivan's Complex, Mont Fleuri, Mahe, Seychelles.

Register Address: Suite 3, Global Village, Jivan's Complex, Mont Fleuri, Mahe, Seychelles.

Tel: +248 4325865

Email: info@startrader.com

Pros & Cons

STARTRADER offers a wide range of tradable instruments, and generous leverage up to 1:500. The broker also provides multiple trading platforms with advanced charting tools and technical analysis indicators, as well as educational resources for traders.

However, there are some downsides, such as regional restrictions and limited account types offered.

Is STARTRADER Legit？

STARTRADER has three entities under regulation:

STARTRADER PRIME GLOBAL PTY LTD is regulated by the Australia Securities & Investment Commission(ASIC) under regulatory license number: 421210.

STARTRADER Limited is offshore regulated by the Seychelles Financial Services Authority (FSA) under regulatory license number SD049.

STARTRADER INTERNATIONAL PTY LTD is regulated by the Financial Sector Conduct Authority (FSCA) under regulatory license number 52464.

These regulatory bodies typically require brokers to follow strict operational guidelines intended to protect traders.

Further adding to the broker's credibility is its employment of security measures like segregated client accounts, which refers to the practice of keeping client funds separate from the company's operating funds. It also guarantees negative balance protection, preventing clients from losing more than their account balance. The use of SSL encryption technology ensures secure data transfer.

All these factors suggest that STARTRADER is not a scam and can be considered a legit broker.

However, it's crucial for traders to be cautious and alert. This includes understanding the broker's terms and conditions and researching online reviews to gain a comprehensive understanding of other traders' experiences with the broker.

Market Intruments

STARTRADER offers 800+ market instruments for traders to choose from, providing ample opportunities for traders to invest and diversify their portfolios.

• Forex: STARTRADER offers over 50 currency pairs, including major, minor, and exotic currency pairs for forex trading, including EUR/USD, GBP/USD, USD/JPY, and AUD/CAD, among others.
• Stocks: The broker also provides access to over 700 different stocks, allowing traders to take a position on a wide range of companies across various sectors.
• Commodities: STARTRADER offers more than 10 commodities, providing an opportunity for traders to engage in the trading of both soft (like wheat, cocoa, or coffee) and hard commodities (like gold, oil, or natural gas).
• Indices: They also provide more than 20 indices, tracking various segments of the financial markets, both globally and regionally.
  

Account Types

Apart from free demo accounts, STARTRADER offers two primary live account types.

The Standard account is designed for traders who prefer fixed spreads, and is well-suited for beginners or traders who prefer a simpler trading experience. This account type offers spreads from 1.3 pips and leverage up to 1:500, with no minimum deposit disclosed.

The ECN account, on the other hand, is tailored to more experienced traders who require a more sophisticated trading experience. This account type offers spread as low as 0.0 pips and allows traders to access the interbank market, which can provide greater liquidity and potentially tighter spreads. It also offers competitive leverage up to 1:500 and no minimum deposit is disclosed.

The accepted currencies are AUD, CAD, EUR, GBP, USD, and NZD.

How to Open an Account？

Opening an account with STARTRADER is a straightforward and easy process that can be completed in just a few simple steps.

Step 1: First, visit the STARTRADER website and click on the “OPEN LIVE ACCOUNT”or “OPEN FREE DEMO ACCOUNT” button. You will be prompted to fill out a registration form, which requires you to provide some personal information, such as email address and password.

Step 2: Next, you will need to provide some additional information, such as your preferred account type (Standard or ECN), currency preference, and trading platform preference.

Step 3: After completing the registration form, you will be asked to verify your email address by clicking on a link sent to your email inbox. You will then need to provide proof of identity and address by uploading a copy of your government-issued ID and a recent utility bill or bank statement.

Step 4: Once your account is approved, you can fund your account and start trading immediately. STARTRADER supports a range of payment methods, including Bank wire transfer, Visa, MasterCard, Sticpay, Perfect Money, Wise, etc.

Leverage

TARTRADER offers a maximum trading leverage of up to 1:500, which is still relatively high compared to other brokers in the industry. While leverage can magnify potential profits, it can also increase the risks associated with trading.

Spreads & Commissions

While STARTRADER does offer transparent trading fees, the exact commission charges for ECN accounts are different due to the instrument being traded and other factors such as account activity.

For Standard accounts, there are no commissions charged on trades made through the account. Instead, the broker makes money through the spread, which is the difference between the bid and ask price of a financial instrument. The spreads offered by this broker starts from 1.3 pips.

For ECN accounts, the spreads offered by the broker are typically lower, starting from as low as 0.0 pips. However, traders are charged a commission $7 per lot traded.

Trading Platforms

STARTRADER provides four distinct trading platforms: the widely popular and extensively-used MetaTrader 4 (MT4), its newer and more sophisticated version, MetaTrader 5 (MT5), its proprietary WebTrader platform and App.

MT4 (Windows, Mac, iOS, Android, Webtrader) is renowned for its advanced technical analysis tools, algorithmic trading capabilities, and high-speed trade execution, making it a favored platform amongst traders of all experience levels. It offers traders an array of features, such as customizable charting, real-time quotes, and a vast selection of technical indicators.

MT5 (Windows, Mac, iOS, Android, Webtrader), on the other hand, is the latest version of the MetaTrader platform, offering even more advanced features and capabilities, including enhanced charting and analytical tools, multi-currency support, and a more extensive selection of timeframes. It is also designed to support additional types of assets such as stocks and futures, providing traders with greater market diversity.

STARTRADER's proprietary WebTrader platform, is a web-based trading platform that offers traders a wide range of tools, including real-time quotes, charting tools, and technical analysis indicators, while also providing a user-friendly interface that is easy to navigate.

STARTRADER also provides an App, allowing users to trade anytime and anywhere. It is available for iOS and Android platforms.

Copy Trading

STARTRADER's offering of a copy trading feature is great for traders who prefer to capitalize on the expertise of successful traders. Copy trading allows traders to directly copy the positions opened and managed by another selected trader. Hence, when the copied trader makes a trade, the same trade is automatically executed in the copying trader's account.

This can be particularly beneficial for novice traders who are still learning the ropes or people who don't have the time to study and monitor the markets consistently. It provides a form of passive management and can be a way to learn and understand more about trading strategies in real-time.

However, it's crucial to remember that all trading involves risks and just because a trader was successful in the past does not guarantee they will be in the future. Always practice risk management and ensure to align copy trading actions with your risk tolerance and financial goals.

Trading Tools

STARTRADER offers a suite of impressive trading tools that contribute towards a comprehensive and efficient trading experience.

They provide a Virtual Private Server (VPS) service which allows traders to run automated algorithmic strategies continuously 24/7 on a virtual machine, facilitating more robust connectivity and faster order execution.

Their economic calendar is a vital tool for fundamental analysis, helping traders track important economic events that have the potential to impact financial markets. This can be beneficial for planning trades and managing risk.

In addition, their news room serves as a source for real-time market news, keeping traders updated about significant developments that can cause market volatility.

Deposit & Withdrawal

STARTRADER supports a variety of deposit and withdrawal methods for its clients, with a minimum deposit requirement of $50. The broker allows deposits via several methods, including Bank wire transfer, Visa, MasterCard, Sticpay, Perfect Money, Wise, etc. There are zero deposit fees on most payment methods.

Deposits made via bank wire transfer can take 3-5 business days to clear, while deposits made via other methods are typically processed instantly. For withdrawals, clients can use the same methods as for deposits, with processing times varying depending on the chosen method.

To withdraw funds, you should log to “My account” with your username and password. Initiate the request to withdraw funds. Here are some important notifications you should notice when withdrawing funds:

• Withdrawal forms received after 21:00 (GMT) will be processed the following day. If these are received before 07:30 (GMT) theyll be processed on the same day.
• Any International Telegraphic Transfer (TT) fees charged by the banking institution are passed onto the client. Most International TTs are approximately $20.

Bonus & Promotions

There are many promotions available at STARTRADERL, including 20% cumulative bonus up to $10,000, 50% first deposit bonus, 20% subsequent deposit bonus. The registration period is from 00:00 May 13th, 2024 to 23:59 December 31st, 2024 (based on MT4 time).

Affiliate switch bonus is also offered, from 00:00 01.08.2024 to 23:59 31.12.2024 (based on MT4 time). But it is only for FX pairs, Gold, Silver, Oil products and Index. Commodities and Crypto are not applicable.

You can find more detailed info about promotions on their site.

Education

STARTRADER offers some educational resources designed to help traders improve their knowledge and skills in the Forex and CFD markets. These resources include webinars and a knowledge center.

The educational webinars are conducted by market experts who provide traders with insights and analysis on a range of topics, from technical analysis to risk management. The webinars are designed to help traders stay up to date with market developments and make informed trading decisions.

In addition to webinars, STARTRADER also provides traders with a knowledge center, which includes some educational materials such as e-books, videos, and tutorials. These materials are aimed at traders of all levels, from beginners to advanced traders, and cover a wide range of topics such as trading strategies, market analysis, and risk management.

Customer Service

Contact Channel	Details
	LIve chat
	Contact form
	info@startrader.com
	https://www.facebook.com/startrader.intl/
	https://www.youtube.com/@Startrader.international/feature
	https://www.instagram.com/startrader.international/
	https://www.linkedin.cn/incareer/company/startrader-global/
	https://twitter.com/STARTRADER_int
	https://www.tiktok.com/@startraderofficial
	https://t.me/STARTRADER_Official

Q&A

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.