USGFX Broker
Positive Points of USGFX Broker
- Offers highly reliable and trusted regulation
- Long and successful track record
- Appropriate variety in trading accounts
- Equipped with MetaTrader 4 and 5 trading platforms
- Excellent Islamic accounts
- Attractive promotions and bonuses
- 24/7 Persian-speaking customer support
Negative Points of USGFX Broker
- Does not offer a Cent account
- Unreasonable and high spreads
- Does not offer suitable leverage in some trading accounts
About USGFX Broker
USGFX Broker, established in 2005 in Australia, initially operated under the regulation of ASIC (Australian Securities and Investments Commission). After a few years, this broker decided to withdraw from ASIC regulation, which at the time led to rumors and speculation about the bankruptcy of USGFX.
However, the broker claimed that this decision was voluntary and that customer accounts were only temporarily blocked due to an audit by the regulatory authority, a claim supported by evidence.
Subsequently, USGFX opened an office in the United Kingdom and obtained regulation from the UK’s FCA (Financial Conduct Authority), which is one of the most reputable regulatory bodies in the world.
In line with expanding its activities to other countries, including Iran, the broker registered a branch in Saint Vincent. Currently, USGForex services are offered to Iranian users through this branch.
How Reliable is USGFX Broker?
USGFX Broker, which previously operated under the regulation of Australia’s ASIC, decided to withdraw from this regulatory body in 2020. This decision followed legal disputes between the USGFX team and the regulator, as well as new rules introduced by ASIC.
During the withdrawal process, an auditor trusted by ASIC took over the auditing responsibilities, during which customer accounts were temporarily blocked.
This situation led to some rumors regarding fraud and the blocking of user funds by USGFX. However, the process was entirely legal, and the related reports can be viewed on the ASIC website.
Currently, USGFX operates under the regulation of the UK’s FCA (Financial Conduct Authority), which is one of the most reputable financial regulators. However, like other brokers, this brokerage is not allowed to offer services under this regulation to Iranian users.
USGFX has also registered a company named United Strategic Group LLC in Saint Vincent, which provides services to Iranian users through this entity and under SVG regulation. Its long track record, lack of proven issues, and holding a reputable regulation strengthen the reliability of USGFX Broker.
One of the notable advantages of the USGFX Broker is that all clients are covered under the Financial Services Compensation Scheme (FSCS) insurance plan. This plan compensates clients up to £85,000 in case of any issues caused by the broker.
Two years ago, the user account insurance for USGFX was transferred to TYSERS in the UK, a company with over 40 years of experience.
The insurance provided by TYSERS covers the balance in USGFX user accounts and guarantees the reimbursement of users’ funds in the event of issues like bankruptcy or balance reduction due to unforeseen market events.
It’s important to note that under this insurance, both the broker USGFX itself and user balances are covered. The type of insurance offered is Professional Indemnity Insurance.
Outstanding Features and Services of USGFX Broker
USGFX is a prominent broker in the Forex market, known for its distinguished features and comprehensive services. At a glance, here are the key points regarding this broker:
- Licenses: Regulated by the UK FCA and Saint Vincent and the Grenadines, reflecting its reliability and high regulatory standards.
- Fast order execution: Instant trade execution with one-click trading, thanks to fiber-optic connections to interbank servers in New York, London, and Hong Kong.
- Competitive spreads: Low spreads with minimal slippage and no price re-quotes.
- Negative balance protection: Ensures traders cannot lose more than their invested capital.
- Leverage up to 500:1: Offering high flexibility in trading.
- Structured Forex education: Comprehensive educational courses for all experience levels.
- Trader’s Club Coaching Program: Professional coaching and support for traders.
- Access to technical analysis: High-quality technical analysis available.
- Award-winning at Trading Central: Recognized for delivering top-notch services.
- Trading platforms: Access to MetaTrader 4 and MetaTrader 5, two of the most popular trading platforms.
- 24-hour customer support: Continuous support provided by a professional team.
- Dedicated personal account manager: Personalized advisory and support services for each trader.
These features make USGFX a reliable and trusted option among traders.
Review of Trading Accounts at USGFX Broker
USGFX offers four types of trading accounts: Mini, VIP, VIP Low, and Pro ECN. The Mini account, with a minimum deposit of $50, is the most affordable option to start with. In contrast, the VIP account offers the lowest spreads without commissions. Iranian users can open a VIP account with a minimum deposit of $250, whereas this amount is $50,000 for other countries.
The tradable symbols across all USGFX accounts are the same, with differences only in trading conditions such as minimum deposit, spreads, commissions, and maximum leverage.
Key Points:
- By default, all accounts are opened as VIP accounts. To change the account type, you can contact the broker’s support via Telegram and request the change.
- Spreads in VIP and Pro ECN accounts are the same, but the primary difference lies in the trade execution technology. The VIP account uses STP (Straight Through Processing) technology, while the ECN (Electronic Communication Network) account uses ECN technology for trade execution.
Here is a breakdown of the different types of accounts offered by USGFX:
Mini Account:
- Minimum deposit: $100
- Spread: Starts from 2.8 pips
- Minimum trade size: 0.01 lots
- Leverage: Between 1:100 to 1:500
Standard Account:
- Minimum deposit: $10,000
- Spread: Starts from 2.2 pips
- Minimum trade size: 0.01 lots
- Leverage: Up to 1:500
VIP Account:
- Minimum deposit: $50,000
- Spread: Starts from 1.3 pips
- Minimum trade size: 0.01 lots
- Leverage: Up to 1:500
Pro-ECN Account:
- Minimum deposit: $50,000
- Spread: Starts from 1.5 pips
- Minimum trade size: 0.01 lots
- Leverage: Only 1:100
Each of these accounts has unique features suitable for different types of traders, from beginners to professionals.
Tradable Instruments at USGFX Broker
USGFX offers a relatively good variety of instruments and currency pairs for trading:
- Currency pairs: Around 43 currency pairs, including major and minor pairs, are available for traders to invest in.
- Precious metals: Gold and silver are among the precious metals available for trading.
- Oil and gas: U.S. oil, U.K. oil, and natural gas are also included among the tradable assets.
- Stock indices: Major stock indices such as Nasdaq, Dow Jones, S&P 500, Germany’s DAX, U.K.’s FTSE, Japan’s Nikkei, Hong Kong’s Hang Seng, Eurozone indices, and China’s stock indices are available for trading.
- Cryptocurrencies: Currently, only three cryptocurrencies—Bitcoin, Ethereum, and Litecoin—are available for trading, and these trades can be executed 5 days a week.
Although USGFX does not offer the option to trade shares of major global companies, the diversity in other assets may appeal to many traders.
Trading Platforms Available at USGFX Broker
Among Forex brokers that work with Iran, trading platforms are usually limited to MetaTrader 4 and MetaTrader 5. Some of these brokers sometimes offer web-based versions of MetaTrader to provide more options for accessing trades.
At USGFX, the broker only offers MetaTrader 4 and MetaTrader 5 platforms to traders, and unfortunately, no additional web-based platforms are provided.
This could be a particular issue for iPhone users since Apple has removed the MetaTrader app from the App Store, making it challenging to install it on iPhone devices.
Step-by-Step Guide to Registering with USGFX Broker
Registering with USGFX is relatively simple and quick, taking about 5 minutes. Here are the main steps to complete this process:
- Enter basic information: Start by entering your personal details such as your first name, last name, nationality, country, email, and phone number.
- Account information: In this step, set your account password and choose your preferred trading account type. For beginners, the Standard account is a good option. You will also need to select the leverage, trading platform (MetaTrader 4 or 5), and set the trading server.
- Identity verification: This step involves verifying your identity and residential address, which is necessary to prevent money laundering.
- Financial information: In this section, you’ll provide information about your employment status, income, assets, and trading experience.
- Submit documents: The final step involves submitting identity documents and proof of address. Documents like a national ID, passport, birth certificate, driver’s license, and documents verifying your address are required.
I recommend learning about Forex before trading to be aware of the risks in financial markets. Resources like Midas Capital can be a good source for education.
Islamic Accounts and Bonuses at USGFX Broker
If you are a trader who holds positions for more than a day, an Islamic account could be beneficial. Swap fees are commissions charged based on interest rate differences between two trading symbols.
In Islamic countries, earning interest is not accepted, so Forex brokers offer accounts with no swap fees to meet the needs of Muslim clients.
At USGFX, only the Mini account with a maximum leverage of 1:100 offers the option to eliminate overnight interest. This means that swap fees are removed for all symbols without any time limitations.
If you are a long-term trader and wish to work with USGFX, it may be worth paying slightly higher spreads. To convert your account to an Islamic account, you can contact the broker’s Telegram support and request the change.
Promotions and Bonuses at USGFX Broker
In trading, receiving bonuses is always exciting. For example, if you deposit $1,000 and can trade with $1,200, it can be very appealing.
However, in Forex brokers, bonuses can be somewhat complicated as they usually have specific rules for receiving, using, and withdrawing bonuses. Make sure to carefully read the rules before using these bonuses.
At USGFX, two types of bonuses are available:
- Weekly rebate bonus during winter:
- This bonus is paid as a rebate or cashback.
- If you deposit between $10,000 and $20,000, you receive $0.5 per lot traded.
- If you deposit more than $20,000, you receive $1 per lot traded.
- 50% deposit bonus for first-time deposits:
- On your first deposit, 50% of the deposit amount will be added as a bonus.
- After trading 14% of the bonus amount, the bonus is converted to cash and becomes withdrawable.
- Until 14% of the bonus is traded, the bonus is not at risk of loss.
- Trades that are open for less than 10 minutes do not count toward the bonus calculation.
For more details and a better understanding of the bonus terms, I recommend visiting the broker’s website or contacting their Telegram support.
Deposit and Withdrawal Methods at USGFX Broker
USGFX, like many other brokers, offers a variety of methods for account deposits and withdrawals. These methods include Perfect Money, Tether (TRC20), Bitcoin, Rial, Neteller, Skrill, PayPal, credit cards, and bank wire transfers.
However, for Iranian users, there are more limited options. The available methods for Iranian clients include:
- Rial deposits via IrPay.Pro: This is a fast and convenient method for depositing and withdrawing funds. Your account is credited within minutes, and withdrawals are processed within a few hours.
- Perfect Money: Another option for depositing and withdrawing funds.
- Tether (TRC20): To use Tether as a payment method, you need to contact USGFX’s Telegram support to receive the wallet address. After transferring Tether, you must send the txid code to them for account funding.
It seems that using Rial deposits through IrPay exchange is the most convenient option for Iranian users due to its speed and ease.
Slippage and Trade Execution Speed at USGFX
Knowing about trade execution speed and slippage management is crucial when selecting a broker. Brokers can significantly impact your overall profitability by managing trade execution speed and slippage, which in turn affects the spreads you pay. Therefore, traders should consider these important aspects beyond just comparing spreads.
As for USGFX, the broker performs well in terms of trade execution speed and slippage management:
- Trade execution speed: Based on personal experience, trades are processed in around 280 milliseconds with a ping of approximately 160 milliseconds to the broker’s server. This execution speed is very fast compared to other available brokers.
- Slippage management: USGFX’s slippage conditions are also acceptable. Out of ten trades, only one experienced some slippage, which is within normal and acceptable limits.
These factors indicate that USGFX has significantly improved its performance in key areas, making it a desirable option for traders.
Customer Support at USGFX Broker
Efficient and effective customer support is undoubtedly one of the most important criteria for traders when choosing a broker. At USGFX, you can easily communicate with Persian-speaking support via Telegram and WhatsApp. According to reports, Persian support will soon be available in the live chat on their website.
In terms of response quality and technical knowledge, USGFX support receives high marks. In many cases, responses are provided within seconds, helping to resolve issues. However, some users have reported that the support staff may not always be friendly. This issue might be overlooked considering the fast response times.
Overall, USGFX support earns a respectable score. By clicking on the Telegram or WhatsApp icons on the website, you can directly access the broker’s support. This fast and convenient communication option can be very useful when you need immediate assistance.
Final Words
Considering the points mentioned about USGFX, the question remains: should you open an account with this broker?
It’s important to note that no broker can be definitively labeled the best. Brokers excel in different areas:
Some provide lower spreads, others in trade execution speed, while some stand out in deposit/withdrawal speed or customer support. Likewise, some brokers perform better in currency pairs, while others excel in stocks and indices.
Therefore, the decision to open an account with USGFX depends on your trading style and priorities.
