Detailed USGFX Broker Review
The presented exchange is one of the pioneers of the cryptocurrency market in Australia and, on the whole, a fairly well-known platform for earning on Forex. It is distinguished by its exceptional wealth of currencies (more than forty monetary units are processed), speed of processing, and quite favorable conditions for bitcoin turnover.
Since the broker works under an Australian license, its specificity is regional. First of all, it is focused on the market itself Oceania, including New Zealand, will be useful in Singapore. At the same time, this broker is banned in the USA and Japan. Therefore, the realities of the American market will not be considered below.
For the region, USFX is considered by Forex brokers to be the most convenient platform for CFD transactions. There are many people on the resource, it is popular and developing, periodically updating its key software.
General information about USG
|Founded||2007 in Australia|
|Regulation||According to Australian ASIC # AFSL-302792|
|Platforms||MT4, MT5, WebTrader|
|Markets and products||Working with currency pairs, bitcoin, CFD transactions are allowed|
|Spreads||Fixed spread not set|
|Minimum Deposit||$ 100|
|Maximum Leverage||1: 500|
|Account types||4 types of different premiums with different benefits|
|Deposits and withdrawal methods||Bank Wire, VISA, MasterCard, FasaPay, GPay, Local Bank Transfers, Neteller, PerfectMoney, Skrill, UPay, VoguePay, WebMoney|
The “soft” basis for working with this broker is MetaTrader of the fourth and fifth versions. There is no particular specifics for this platform here. This is a flexible, versatile tool that provides the most popular trading software when it comes to MT4. Several simultaneous timing windows make it possible to constantly keep your finger on the pulse of quotes.
Full gentlemanly set of interfaces. You can trade through the mobile application, and through the web interface of the site itself. There is also the possibility of trading through unified trading platforms. In total, there are 45 currency pairs, 11 market indices, two types of exchange goods, two metals (gold and silver) and one cryptocurrency (bitcoin) to choose from.
Commissions, fees, payments
For all transactions that include the applicability of commission payments, the USGFX platform charges a commission of $10 for each transaction, but a zero commission for FX and metal transactions. For spreads, the minimum spread is set at 1.3 pips. The following table shows all current spreads for different currency combinations.
|Euro – US Dollar||1.3|
|Euro – British Pound||1.8|
|Euro – Yen||1.8|
|US Dollar – Canadian Dollar||2.9|
|US Dollar – Yen||1.4|
|US Dollar – Swiss Franc||1.9|
|British Pound – Yen||2.9|
|British Pound – US Dollar||1.6|
The technical support here is quite modern, any trader can write to the development team and moderators by e-mail, make a phone call, chat online or send classic fax (yes, the fax line is still maintained in perfect condition).
In addition to MT, USGFX actively encourages the training of beginners on other software platforms. It may not be so popular – but trading skills will remain and come in handy. For example, a community for the development of ZuluTrade and Myfxbook technologies has been created for beginners. These are both brokerage tools and social networks of traders, where beginners absorb the experience of experienced ones. Yes, all participants are competitors, but more qualified traders mean safer transactions, increased turnovers, the opening of new schemes – and this is good for each forex business.
In addition to localization and a rather limited set of traded goods, the specificity of USGFX consists of the differentiation of accounts. At the moment, four types of packages are offered for brokers with its limitations and benefits.
Mini Account. Starting and most affordable
- minimum deposit limit – $100
- Leverage – 1: 500
Standard Account. Most of the turnover and the most lively deals are made here, since the restriction is relatively small for the pros, and the size of the deposits allows you to deploy
- Minimum Deposit – $10,000
- Leverage up to 1: 500
- Minimum Deposit – $50,000
- Leverage up to 1: 500
ECN Account. For the most successful investors
- Minimum Deposit – $50,000
- Modified improved leverage – 1: 100
Also, USGFX operates a system of incentive bonuses for business activity and the “influx of new blood.” does offer attractive prizes for the regular promotional offers. For example for June 2018, new account holders can receive up to a maximum of $3000 in bonuses.
The last important advice is to work with this site better within Australia! USG Forex provides the most reliable transactions in the Australian legal field. The lion’s share of complaints about service problems is Indonesia, Malaysia and some other countries of Indochina. Reliable is also considered Singaporean brokers working on USG Forex.
After reviewing some of the reviews of Australian users, we can conclude that the broker is above average, but not perfect. A lot of people are playing on the platform, the state of the software is up-to-date, but small complaints about service overlays are also present.
Of the positive features, users note a high speed of processing requests. For many small transactions, this is important and quite convenient. The overall efficiency of transactions allows you to raise significant profits. At the same time, USG Forex technical support is quite fast and sane. Most claims are resolved fairly fruitfully for all parties. Also, a positive feature is a large number of precisely foreign exchange transactions with different combinations of exchange types.
A partial minus can be considered a small number of commodities - but this is still not a specialized commodity platform. The main purpose of USG Forex is to work with currencies, and the site copes well with this function. But a significant minus - a ban in the United States. Australia is a developed economy, but due to its remoteness, dependence on some sources of raw materials and some features of local infrastructure and mining (an important source of foreign exchange inflows), this market is risky and requires knowledge of the specifics of the Australian dollar.