USGFX Review 2020
USGFX is an online forex and CFD broker that offers traders a limited choice of assets for trading online via the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. They also provide traders with a variety of educational resources, expert analysis from Trading Central and social trading platforms ZuluTrade and MyFxBook. However, the brokers spreads, commissions and minimum account balances are high in comparison to other brokerages.
USGFX Review 2020, Pros & Cons
- Regulated broker
- Social trading powered by ZuluTrade & Myfxbook
- Market news & technical analysis provided by ‘Trading Central’
- Structured & personalised trader education via TradersClub
- MetaTrader platforms with trading tools
- Limited trading instruments
- Demo account expires after 30 days
- High withdrawal fees: up to $25 per withdrawal for every non-Australian bank transfer
- Clients from USA & Japan are not accepted
- Spreads & commission fees not the lowest
- High minimum deposit requirements
In this detailed USGFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
USGFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including USGFX.
USGFX Review: Summary
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.
USGFX offers over 60 trading instruments to trade online via the MetaTrader platforms which are used by millions of traders all over the world. The broker asserts that it will always trade with you, never against you. The trading servers are located in proximity to the interbank servers in London and Hong Kong. This helps to deliver fast trade execution speeds with low slippage and minimum requotes. Its liquidity pool is drawn from 12 sources which include J.P Morgan, Deutsche Bank, Barclays, Citi bank, Nomura, UBS, etc.
USGFX has won awards for its online trading services. At the Forex-Awards ceremony, USGFX won the keenly contested “Best forex broker of 2018” award. The broker has also been recognized as the “Best forex broker in Australia” in 2015 and “Best forex broker in Asia” in both 2016 and 2017.
USGFX Review: Regulation
Union Standard International Group Pty Ltd is regulated by the Australian Securities and Investment Commission (ASIC). The license number is 302792.
USG UK is the trading name of “Union Standard International Group Limited” which is registered in England and Wales with the reg. number 10702813. USG UK is authorized and regulated by the Financial Conduct Authority (FCA) with the license number: 798776.
USGFX UK clients’ investments are insured by the Financial Services Compensation Scheme (FSCS) which can pay compensations to eligible investors if the broker becomes insolvent. The compensation is limited to £85,000 per client.
Clients’ funds are held in segregated bank accounts which are maintained with the “Commonwealth Bank” of Australia; a hundred years old multibillion dollar bank with over a thousand branches and a global clientele. The funds are monitored and regularly audited in compliance with the regulatory stipulations.
USGFX has also implemented the Secured Socket Layer (SSL) technology in order to ensure a safe trading environment and protect clients’ transactions from internet fraudsters. The SSL technology encodes all user entries, transactions and documents before transmission over the internet.
USGFX Review: Countries
USGFX does not provide its services to residents of the United States, Japan or any country or jurisdiction where USGFX is required to be regulated. Some USGFX features and products mentioned within this USGFX review may not be available to traders from specific countries due to legal restrictions.
USGFX Review: Trading Platforms
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is one of the most popular online trading platforms used by many traders because of its speed, scalability and capabilities. USGFX has the MT4 platform available in the following forms:
- Desktop: Downloadable on Windows and MAC OS computers.
- Multiterminal: Designed for trading multiple accounts simultaneously.
- WebTrader: Accessible from the USGFX website. It runs on web browsers across all devices.
- Mobile: available as iOS and Android apps.
Here are some of the main features of the MT4 trading platform:
- Displays the price quotes of all tradable assets in real time via the market watch window.
- Multiple order types and risk management tools.
- Supports expansion of its features via add-on apps.
- Supports automated trading via Expert Advisors (EAs).
- Built in strategy tester to back test EAs on historical data.
- Gives access to the MetaTrader market for purchase of signals, indicators, EAs and other enhancement tools.
- Advanced charting in 3 chart styles displayable over 9 timeframes.
- Preloaded with 30 technical indicators and 24 analytical tools.
- Set price alert notifications via email, SMS & platform pop-ups.
MetaTrader 5 (MT5)
The MetaTrader 5 (MT5) trading platform was developed in 2010 to improve on the already well established MT4 platform. It comes with mostly the same features already existing in MT4 but with more features and enhanced capabilities. The USGFX MT5 comes as WebTrader, desktop applications for Windows and MAC OS as well as mobile apps for Android and iOS devices.
Here are the features of the MT5 trading platform:
- The ‘market watch’ window displays a list of all assets and their ‘bid’ / ‘ask’ prices in real time.
- The ‘Depth of market’ window details the quotes from different sources in real time.
- 3 chart styles on 21 timeframes from 1 minute to 1 month.
- Preloaded with 38 technical indicators and 44 analytical tools.
- Multiple order types including 6 pending orders and risk management tools.
- Comes with an economic calendar.
- Supports trade automation using Expert Advisors (EAs).
- Platform features can be enhanced through add-on apps.
- Price alert notifications.
Mobile Trading Apps (MT4 & MT5)
For trading on the move, clients have the choice to download and install either the MT4 or the MT5 mobile apps. Both can be downloaded from the respective app stores.
Here are some of the features of the MetaTrader mobile trading apps:
- The apps display the live quotes of all tradable instruments which is good for monitoring the markets on the go.
- Trade positions can be opened, modified or closed.
- It supports multiple order types including pending orders and risk management tools.
- Customisable with alerts.
- Charting with 3 chart styles that can be displayed on 9 timeframes.
- Preloaded with technical indicators.
USGFX Review: Trading Tools
USGFX provides social trading solutions to clients who have no time to trade or those who simply want to copy other traders without bothering with any complex market analysis. It should be strongly emphasised that there is absolutely no guarantee on the performance when copying signals of other traders. The social trading platforms provided are:
- Myfxbook: This is a free social trading platform where traders can choose several systems directly into their own MT4 account. This gives room for customisation, learning and signal comparison. The trader can add or remove signal providers at will.
- ZuluTrade: This is a social trading platform that gives traders the option to search and copy trades from hundreds of signal providers from all over the globe. It offers cutting edge platforms and other exciting tools.
USGFX has partnered with ‘Trading Central’ to bring its services to its clients. ‘Trading Central’ is a trusted financial research firm that provides expert analysis on a wide range of financial instruments. Upon subscription, clients will receive daily technical reports through email. USGFX clients with live accounts will also have access to Trading Central’s online technical research web portal. The portal publishes up to 150 articles every week day. The articles focus on the detailed technical analysis of various assets. Also available to live account holders is the Trading Central MT4 plugin. This enables the streaming of the latest market news direct to the platform. It also features commentaries, forecasts and automatic support in addition to other functions.
Featured Ideas Trading System
These are trade ideas given through technical analysis of confirmed chart patterns with educational commentaries explaining every detail. It features real-time tracking of assets prices, fully customisable settings, line charts and alerts. It is powered by Trading Central and USGFX.
This is powered by Trading Central. It features the latest market news updates and commentaries. Daily forex updates including oils and commodities are featured on the TV. Also, the TV presents interviews from market analysts, NYSE traders, etc.
This calendar shows the time and date of events that can have an impact on the markets. The calendar also shows the analysts’ consensus on the impact of the event, history as well as the actual impact after the event finally holds. The economic calendar is provided by FXStreet; a renowned source of forex news, analysis, exchange rates, charts and economic calendar.
USGFX Review: Education
The forex blog publishes instructional articles on forex trading and practices for a successful forex trading career. New articles are published a few times per month.
This eBook is free to all registered clients. It teaches the basics of forex trading, risk and money management as well as trading psychology.
This is a personalized trading course facilitated by USGFX senior analyst; Rob Clayton. It is accessible only to VIP account holders. The course is designed to transform new traders to pro traders. Clients are taught to master effective strategies and proven techniques for successful forex trading. The students also get one-on-one training and mentoring sessions with Rob Clayton. TradersClub members have access to USGFX suite of tools such as market research and analysis, trading signals and daily video report.
Webinars & Seminars
Every Tuesday, USGFX runs an online webinar. The webinar introduces forex trading to beginners and also teaches key concepts, terms and trading platform use.
Seminars and workshops are scheduled occasionally in different cities. Clients have the opportunity to meet USGFX staff and experts for guidance and interactive sessions.
Frequently Asked Questions (FAQs)
This section answers some common questions about USGFX services such as Accounts, Payments, Trading, Platforms, etc.
USGFX Review: Trading Instruments
The following instruments are available for trading on the USGFX trading platforms:
- 46 Forex Currency Pairs.
- 12 Indices.
- 2 Energies.
- 2 Metals.
USGFX Trading Accounts & Fees
The maximum leverage is 1:500 for global clients and 1:30 for European clients.
The following accounts types are offered by USGX
- Mini Account: The minimum deposit is $100 and the spread starts from 2.8 pips. This account is geared towards individuals who are new to trading online.
- Standard Account: The minimum balance is $10,000 and the spread starts from 2.2 pips. It is designed for individuals, joint accounts and corporate accounts.
- VIP Account: This is the flagship account designed for professionals and corporate investors. The minimum balance is $50,000 and the spreads start form 1.3 pips.
- Pro-ECN account: This account is reserved for professional traders and corporate bodies who wish to explore the power of ECN trading. The minimum balance is $50,000.
USGFX UK offers the following account types:
- Retail Account: The minimum deposit is £500 and the spread starts form 2.8 pips.
- Professional Account: This is for eligible professionals who have a proven track record of frequent trading, investment portfolio amounting to £500,000 and professional experience in the financial sector. The minimum deposit is £5,000 and the spread starts from 1.3 pips.
Demo accounts are free and preloaded with $100,000 virtual funds for practice purposes. It becomes inactive after 30 days. A demo trading account can be a good way to practice your trading strategies and test the various trading platforms offered.
As broker fees can vary and change, there may be additional fees that are not listed in this USGFX review. It is imperative to ensure that you check and understand all of the latest information before you open an USGFX account for online trading.
USGFX Review: Customer Service
The USGFX support desk is available 24/5. They can be reached on phone, email and through the instant web chat feature available on the website. USGFX UK has a ‘Contact Us Now’ form on the support page of the website. Enquirers can reach the support team by filling the form. ‘Want more Info?’ is the title of the form on the homepage of the website. It is actually a call back form which is filled by clients who wish to receive calls from the support team.
USGFX Review: Deposit & Withdrawal
USGFX does not accept cash, cheque or third party deposits. Generally, no deposit fees are charged but withdrawal charges depend on the method used.
Here are the acceptable payment options:
- Bank Wire Transfer: It takes 1-3 working days for bank transfer deposits to reflect in the trading account of the client. A withdrawal fee of $25 is charged for every international withdrawal but free from Australian banks.
- Credit/Debit Cards: Card deposits take less than 2 hours before it reflects in the client’s account. A withdrawal fee of 1.6% is charged on every card withdrawal.
- Online Payments: FasaPay, WebMoney, Skrill, Neteller, Perfect Money, POLi, VoguePay, BPAY are the online payment methods accepted. Deposits are processed instantly or at most in less than 24 hours.
- Online Banking: This is available for banks from Thailand, Malaysia, Indonesia, Vietnam, Philippines. Deposits are instant and free but withdrawals can take up to 2 days. The withdrawal charges is from 1.7%-2%.
USGFX UK only accepts bank wire transfers and card transactions. Withdrawals are processed within 24 hours. Before a withdrawal request is processed, the client must be completely verified using KYC procedures.
USGFX Review: Account Opening
USGFX estimates that it takes about 4 minutes to open a trading account. To open a trading account with them, visit the website and click on ‘Open Account’ button found on top of the menu bar to display the form below:
Fill the form which is in 5-pages. Fill in your personal information, email, choose password, choose account type, leverage, platform, financial information, trading knowledge and agree to terms. Click ‘submit’ and a success message displays. Once verified, your new trading account will be ready for funding and trading online.
USGFX Review: Conclusion
USGFX is an established broker that is regulated and offers a range of online trading products and services to its clients from all over the world. The broker has to abide by the stringent regulations imposed by the FCA and ASIC.
The trading platforms offered are the renowned MT4 and MT5. These platforms are fast, efficient and available on multiple devices including web, desktop and mobile. There are already thousands of extension apps built for these platforms and users are welcome to use any trading style, extension apps and trading strategies.
The analysis provided by Trading Central is comprehensive enough to satisfy most traders. The social trading platforms; ZuluTrade and Myfxbook may be useful for investors who wish to copy the trading signals of other traders.
Despite the positives, the broker falls short when compared to some other online brokers. The assets offered on the USGFX platforms are very limited. There are no cryptocurrencies and other assets offered by top tier brokers. The withdrawal charge of $25 on international bank transfers is high compared to other brokers who offer free withdrawals. The spreads are also higher than most other top brokers who offer spreads from 0 pips. To get the best trading account conditions from USGFX, you need to deposit enough to qualify for the top account which is $50,000.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts to lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money. CFD and Forex Trading involve leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.