UsgFx

Summary

USGFX is a multi-award winning Australian company based in Sydney. They allow their customers around the world to trade forex pairs, CFDs and indices in the best trading environments. They are also the main sponsors of the Sheffield United Football Club.

The Union Standard Group (USGFX) is regulated by one of the top regulatory authorities which is the Australian Securities and Investment Commission (ASIC) and is licensed by the Australian Financial Services. License number: 302792.

Trading Accounts

USGFX offers 4 different account types.

1. Mini Account
2. Standard Account
3. Vip Account
4. Pro ECN Account

Registering an Account

It is not possible for US and Japanese citizens to open an account with USGFX.

1. The first step is to enter your name, country information, email and phone number.
2. In the second step, you must choose your password and account type.
3. In the third step, you must enter your date of birth and address details. The address you use here must be legit because you will need to verify it later.
4. The final step is filling the form about your personal details. You also need to fill in a few questions about your trading experience in this step.

When you complete the registration process, you will receive an email including your login details. You can log in to the customer area using the username and password. You will send your documents using the client area for verification. The client interface is shown below.

You need to upload your proof of address and proof of identity documents by using the document upload button at the user interface. If you are sending your ID , you should upload both sides of your identity card. If you are sending a passport, just send the page where your photo is located.

For proof of residence you can either send an invoice for your address, such as electricity, water, natural gas, or you can obtain a residency document from a government office, signed and stamped and upload it. Make sure the images you send are clear and readable. In addition, the corners of the documents must be clearly visible in the picture, otherwise they refuse as they may be intervened.

Register an Account

Deposit and Withdrawal

Sending money to your account at USGFX is absolutely free. Your own local bank may still charge you for the transaction. Most of the popular payment methods are supported. In addition it is worth mentioning that there are commissions for the withdrawals. The cheapest method for withdrawals is Perfect Money with 1% commission, the highest commission is 3.5% if you choose to withdraw your money to your credit card.

Trading Platforms

USGFX supports MT4, MT5, MT Mobile and Webtrader platforms. At the same time, they offer a social trader feature and a copy trade service (an application that allows you to copy trades of an experienced trader that you choose). Copy trade transactions are done via Zulutrade or myfxbook.

Products, Spread and Commissions

When we logged in the mini account we opened for testing with MT4, we found around 45 products to trade. Most of them were forex pairs. In addition there was gold, silver and some indicies. Spreads can be considered as medium high. We encountered spreads of 2.7 pips for EURUSD , 2.7 pips for GBPUSD and 2.8 pips for USDJPY in the late London session. Do not be fooled by the fact that spreads are higher than ECN accounts. It is because ECN accounts charges commissions but there are no commissions on this account. Below you can find all products and spread rates.

Bonuses

During the review, following promotions were active.

• Free ticket promotion for sports events
• Free finance training
• Up to 50% deposit bonuses (* terms apply)

Customer Service

The most striking feature of USGFX customer service is that they assign a free account manager to everyone. This manager always supports you in all matters like opening an account or sending your documents. You have the chance to reach your account manager rapidly. However, most account managers’ service language is English, so you may not have the chance to get this cool service in your own native language. Other representatives are available 24 hours a day via email, phone or online chat. It has offices in most financial centers in Asia including Sydney, Auckland, Hong Kong and Shanghai.

Conclusion

USGFX is an Australian company founded 10 years ago, aiming to provide special services to its customers. At first glance, free training content, copy trade, trading clubs and dedicated customer service are important services. However, the minimum deposit required was slightly higher than we expected. Looking at the product range, the mini account had 45-50 tradable products, which is far behind its competitors. Spreads are medium-high but no extra commissions. You can consider registering a demo account and experience the trading conditions yourself, since company supports free demo accounts.

Register a Demo Account

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