A Complete Overview of USGFX: Is It a Scam or Legit?

In today's rapidly changing financial markets,Is MT4 platform legal selecting a reliable and legitimate trading platform is crucial for investors. USGFX, as one of the globally renowned online financial service providers, has attracted significant attention from traders since its establishment. However, with various reviews and controversies about USGFX circulating on the internet, many novice traders have raised questions about its legitimacy. This article aims to provide readers with a comprehensive overview of the USGFX foreign exchange platform, analyzing information regarding its services, regulatory compliance, and user feedback, to help everyone make clearer judgments on whether USGFX is trustworthy and to make wise investment decisions.

For the top 100 forex platforms listed by FTI, you can refer to them for selection. If a platform is not within the top 100, it is essential to pay special attention to the relationship between the main white label and the risk warnings of the platform.

According to FTI’s inquiry, this platform is called USGFX, which was established in 2010, ranks 779th globally, has a safety score of 60 points, and claims to hold forex licenses regulated by three countries, with 198 risk scan items.

The situation regarding USGFX can be summarized as follows:

### Background of Establishment

USGFX (Union Standard International Group Pty Ltd) is a forex broker established in 2010, headquartered in Sydney, Australia. The platform once claimed to be regulated by the Australian Securities and Investments Commission (ASIC) and held an Australian Financial Services License (AFSL number: 302792). Additionally, USGFX claimed to possess STP licenses from the UK's Financial Conduct Authority (FCA) and a financial services license from the Financial Services Authority (FSA) of Saint Vincent and the Grenadines.

### Development History

- **Positive Reviews**: Initially, USGFX attracted a large number of investors due to the variety of trading products and services it offered, including forex, CFDs, precious metals, etc.

- **Negative Reports**: Over time, USGFX received numerous negative feedbacks. These included but were not limited to issues such as clients' inability to withdraw funds and associations with other suspected fraudulent companies.

- **Regulatory Issues**: At the end of 2019, the Australian Securities and Investments Commission (ASIC) took legal action against USGFX and its authorized representatives EuropeFX and TradeFred for misconduct, including asset freezes and travel restrictions.

- **Bankruptcy Administration**: On July 8, 2020, USGFX announced that it had entered into voluntary administration and began bankruptcy liquidation. This move further intensified public concerns about the company's financial condition and business legality.

### Current Status

As of the latest information, USGFX is no longer an active and legitimate forex broker. Its official website may be inaccessible, and there are numerous negative reviews and complaints about the platform, particularly concerning fund security and customer service.

### Conclusion

In summary, although USGFX was once a regulated forex broker, it has faced severe trust crises and legal challenges in recent years. Given its current status, USGFX is no longer considered a reliable or legitimate investment platform. For investors considering entering the forex market, it is recommended to choose brokers with good reputations and effective current regulatory oversight, while maintaining high vigilance towards potential risks. Thorough research and evaluation before making any investment decisions are essential.

Comprehensive comments from FTI: On July 8, 2020, USGFX Union Standard International Australia headquarters announced it had entered into voluntary administration and initiated 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 of the company.

However, according to reports, since December last year, the Australian Securities and Investments Commission (ASIC) has filed major charges against USGFX: ASIC obtained temporary orders from the Federal Court of Sydney, freezing the assets of two authorized representatives of USGFX, EuropeFX and TradeFred. John Carlton Martin, director of USGFX and TradeFred, was also issued a travel restriction order by the Federal Court.

Currently, the official website of USGFX is inaccessible, and the majority of complaints are about the inability to withdraw funds, which is a serious issue, making it unsuitable for general investors.

Financial markets vary greatly, and all investments come with risks. It is only by thoroughly investigating a platform before forextrustindex that we can prevent being caught off guard or deceived. Start with FTI to stay informed and protected.

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