Should You Trust USGFX Forex Broker? USGFX Review

In the ever-changing foreign exchange market,xm foreign exchange official website selecting a reliable and trustworthy broker is one of the key factors for every trader's success. As the market continues to evolve and new participants flood in, evaluating and choosing the right trading platform has become increasingly important. Today, we turn our attention to USGFX – an FX broker that has garnered considerable attention globally. Known as a notable player in the industry, USGFX is distinguished by its broad market coverage, diverse trading products, and commitment to customer service. However, as with all significant decisions, it is essential to delve into the essence of its services, review user feedback, and weigh the pros and cons before deciding to partner with USGFX. In the following, based on existing information and community feedback, we provide a comprehensive review of the USGFX forex broker to help you better understand whether this broker suits your trading needs.

According to FTI's top 100 forex platforms, which can serve as a reference for selection, if a platform is not within the top 100, particular attention should be paid to the main white-label relationships and risk warnings of the platform.

FTI data shows that this platform, named USGFX, was established in 2010, ranks 779th globally, has a safety score of 60 points, claims to have forex licenses from three countries, and has 198 risk scan items.

Based on the latest information, trust in the USGFX forex broker should not be placed. Here are some critical points:

1. **Operational Status**: USGFX is no longer considered a legitimate operating entity, and its official website may be inaccessible.

2. **Negative Reviews and Complaints**: There are numerous negative reviews and complaints about the platform, especially concerning fund security and customer service issues.

3. **Withdrawal Issues**: Reports of withdrawal difficulties are severe, posing a threat to investors' fund safety.

4. **Bankruptcy Liquidation**: On July 8, 2020, USGFX's Australian headquarters announced it had entered voluntary administration, starting bankruptcy liquidation, indicating serious financial problems.

5. **Regulatory Issues**: The Australian Securities and Investments Commission (ASIC) has filed significant charges against USGFX, including freezing assets under two authorized representatives of USGFX and issuing travel bans for relevant directors.

6. **Reputation Damage**: News of its association with another company alleged to be a scam platform, MOGAFX, has further tarnished USGFX's reputation.

In summary, for those considering forextrustindex in the forex market, it is advised to choose a reputable broker under effective regulation and ensure all related risks are understood. It is crucial to avoid brokers that have been exposed for misconduct or are controversial. If you're looking for a reliable forex broker, look for those regulated by stringent financial regulatory bodies, with good customer reviews, transparent trading terms, and a record of reliable customer service.

FTI's comprehensive commentary: In 2020, on July 8, USGFX's Australian headquarters announced it had entered voluntary administration, starting bankruptcy liquidation. According to USGFX's statement, this move would assist the company in restructuring its assets to continue providing financial services to customers. BRI Ferrier has been appointed as the administrator for the company.

However, it is reported that since December last year, ASIC has filed significant charges against USGFX: ASIC obtained interim orders from the Federal Court of Sydney, freezing the assets of two authorized representatives of USGFX, EuropeFX and TradeFred. The directors of USGFX and TradeFred, John Carlton Martin, were also issued with travel bans by the Federal Court.

Currently, the official website of USGFX cannot be accessed, and there are many complaints regarding non-withdrawal issues, which are quite serious. Therefore, it is no longer suitable for retail investors.

The financial market varies greatly, and there are always investment risks. We must thoroughly investigate the platform before forextrustindex. To prevent being misled or defrauded, start with FTI.

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!