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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.
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.
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:
These features make USGFX a reliable and trusted option among traders.
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.
Here is a breakdown of the different types of accounts offered by USGFX:
Each of these accounts has unique features suitable for different types of traders, from beginners to professionals.
USGFX offers a relatively good variety of instruments and currency pairs for trading:
Although USGFX does not offer the option to trade shares of major global companies, the diversity in other assets may appeal to many traders.
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.
Registering with USGFX is relatively simple and quick, taking about 5 minutes. Here are the main steps to complete this process:
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.
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.
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:
For more details and a better understanding of the bonus terms, I recommend visiting the broker’s website or contacting their Telegram support.
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:
It seems that using Rial deposits through IrPay exchange is the most convenient option for Iranian users due to its speed and ease.
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:
These factors indicate that USGFX has significantly improved its performance in key areas, making it a desirable option for traders.
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.
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.
