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.

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 contained in this article is for general information purposes only.

General Information

What is Valutrades？

Valutrades is a global online forex and CFD broker that offers trading services for individuals and institutions. The company was established in 2012 and is headquartered in London, UK. Valutrades is regulated by the Financial Conduct Authority (FCA, License No. 586541) in the UK and the Financial Services Authority (offshore FSA, License No. SD028) in Seychelles. The broker offers multiple trading instruments, including Forex, Commodities, and CFDs with competitive spreads through the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

Valutrades is regulated by FCA and offer multiple protection measures. The broker offers competitive spreads on a wide range of tradable instruments on the leading MT4 and MT5 trading platforms, along with excellent customer support.

However, they have limited account options, and some users have reported issues with slippage and withdrawals. Overall, Valutrades is a reputable broker with many positive features, but traders should exercise caution and thoroughly research before investing.

Valutrades Alternative Brokers

There are many alternative brokers to Valutrades depending on the specific needs and preferences of the trader. Some popular options include:

• AxiCorp - a regulated and well-established broker that offers a range of trading instruments and competitive trading conditions.

• IronFX - a global broker with a wide range of trading instruments and multiple trading platforms, but some traders have reported issues with withdrawal and customer service.

• FP Markets - a reputable broker that offers a variety of trading instruments, low spreads, and reliable trading platforms, making it a good option for both novice and experienced traders.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is Valutrades Safe or Scam？

More details can be found in the screenshot below:

Our Conclusion on Valutrades Reliability:

Based on the protection measures offered, Valutrades appears to be a reliable broker. The company is regulated by the FCA, and it offers guaranteed negative balance protection, banking with top tier institutions, segregated funds, and investor protection up to £85,000 per person. The fully encrypted client area also provides an additional layer of security for clients.

However, as with any investment, there is always some level of risk involved, and it is important for traders to do their own research and carefully consider their options before investing.

Market Instruments

Valutrades offers investors access to a variety of over 100 tradable symbols across Forex, commodities, and CFDs. The forex instruments include major, minor, and exotic currency pairs. Commodities such as gold, silver, oil, and natural gas are available for trading. Additionally, the broker offers CFDs on popular indices such as UK100, US30, and GER30. With such a wide range of trading instruments, traders can diversify their trading portfolios and take advantage of different market conditions.

Accounts

Live accounts: Valutrades provides traders with the option to choose from two types of live accounts, Standard and ECN, with no minimum deposit requirement.

Demo accounts: The MetaTrader demo accounts offer a variety of analytical indicators, EA, Economic calendars, and more. Users can set their own limit in terms of virtual funds, but note the account will expire if not used within a month.

Leverage

Valutrades offers multiple leverage levels. The maximum leverage is 1:30 for major Forex, 1:20 for minor currencies, indices, and gold, and 1:10 for crude oil under the regulation of FCA, and 1:500 for crude oil, 1:20 for indices, and 1:100 for indices.

Spreads & Commissions

• Main spreads on Forex: minimum spreads of 0.0 pips on EUR/USD and 0.2 pips on GBPUSD.

• Major spreads for CFD products: 2 pips for DE30, 2 pips for UK100, 0.34 pips for US500, and 1.3 pips for US30.

• Main spreads for commodities: from 0.14 pips for Gold USD, 0.32 pips for Gold EUR, 0.013 pips for Silver USD.

However, traders should note that there is a commission of 3 per lot per side for forex trading.

Below is a comparison table about spreads and commissions charged by different brokers:

Please note that these figures are subject to change and may vary depending on the specific account type and trading conditions offered by each broker. It's always important to review and compare the spreads and fees of different brokers before making a decision on which one to use.

Trading Platforms

Valutrades offers users a choice of two popular trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are available on desktop, mobile and web versions. Both platforms provide advanced charting tools, customizable technical indicators, and a user-friendly interface.

• MT4 is widely recognized as one of the most popular trading platforms in the industry and offers a wide range of features including automated trading, multiple order types, and a comprehensive trading history.

• MT5, on the other hand, is an updated version of MT4, providing more advanced features, including additional order types, a wider range of technical indicators, and the ability to trade in various markets from one platform. Both platforms are highly customizable, and traders can also use Expert Advisors (EAs) to automate their trading strategies.

Overall, Valutrades' trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:

Deposits & Withdrawals

Valutrades supports credit/debit cards, Skrill, Neteller, bank transfers, etc. There is no minimum deposit for clients to fund via bank transfer or any charges from Valutrades.

Valutrades minimum deposit vs other brokers

However, sometimes a client may incur fees from their bank for sending a deposit to Valutrades. Most deposits are instant, while withdrawals can be processed within 24 hours or as soon as Valutrades approves your request. More details can be found on their website.

See the fee comparison table below:

Note that fees may vary depending on the account type, payment method, and region. Please refer to each broker's website for the most up-to-date and accurate information.

Customer Service

Valutrades welcome any questions or queries regarding their services and accounts. Multilingual support is based in their head office which is in London, United Kingdom. They are available during office hours via live online chat, phone, WhatsApp, email, or send messages online to get in touch. Besides, you can follow them on some social networks including Twitter, Facebook, Instagram, YouTube and LinkedIn. There is also a Help Center on the Valutrades website.

Overall, Valutrades' customer service is considered reliable and responsive, with various options available for traders to seek assistance.

Note: These pros and cons are subjective and may vary depending on the individual's experience with Valutrades' customer service.

Education

Valutrades offers an education section on their website with a variety of resources aimed at both novice and experienced traders. They offer regular webinars conducted by market experts, which cover various topics related to trading, including technical analysis, risk management, and trading psychology. Additionally, the blog section provides daily market analysis, economic news, and insights into market movements.

The educational materials are designed to help traders enhance their knowledge and skills, develop trading strategies, and make informed trading decisions. These resources can be accessed by anyone, regardless of their account type, and are completely free of charge.

User Exposure on WikiFX

On our website, you can see that some users have reported severe slippage and unable to withdraw. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

Conclusion

Valutrades is a UK-based brokerage firm that offers multiple protection measures to ensure the safety of its clients' funds. It provides over 100 tradable symbols across forex, commodities, and CFDs with competitive trading conditions on the MT4 and MT5 platforms. Multilingual support is also available via various channels.

However, there are reports of severe slippage and difficulties in withdrawing funds from some users, which indicates that potential traders should exercise caution before investing. Overall, Valutrades' strong regulatory framework, diverse trading instruments, and user-friendly platforms make it a reputable brokerage firm worth considering for those looking for a reliable trading partner.

Frequently Asked Questions (FAQs)