USGFX Review

Review

 

USGFX is an Australian based broker for Forex and CFDs. They are headquartered in Sydney and are licensed and regulated by the Australian authorities, the Australian Securities and Exchange Commission and Australian Financial Services. USGFX seems to be heavily invested in being a reliable and trustworthy Forex brokerage and their customer support services are extensive.

In their quest to be customer friendly, USGFX offers several trading platform options.  The common MetaTrader 4, and MetaTrader 5 are available both desktop and mobile friendly versions.  There is also a multiterminal option as well as the option to use Webtrader which allows traders to access MetaTrader 4 from the web without having to download the platorm. Customers interested in social trading with USGFX can use either ZuluTrade or myfxbook. 

USGFX offers their customers four types of accounts, each with different benefits.  The most basic account is the Mini Account which has a minimum deposit of $100 USD and spreads that start at 2.8 pips and leverage of up to 1:500. The spreads on the Mini Account are fairly high compared to the spreads offered by other brokers.  To step up from the Mini Account traders can choose the Standard Account, but the minimum deposit for that account is $10,000 which is significantly higher than the minimum deposit most other Forex brokers require. Above the Standard Account are the Pro ECN Account and the VIP Account, both of which require a minimum deposit of $50,000.  The spreads on these accounts start at 1.5 pips and 1.3 pips respectively.  The Pro ECN account offers a leverage limit of 1:100 and the VIP account allows up to 1:500. The USGFX website gives very clear steps and instructions for how to open an account. While there are clear differences and advantages to every different account type, the minimum deposit requirements made us question whether the same services could be found with another broker without such a significant first-time deposit.

Customer service seems to be a strong point of USGFX.  Each investor has a personal account manager from the firm, which we’d definitely expect due to the high value of trader the broker is catering to.  They offer 24 hour a day client support and have several offices around the world.  The website is available in many different languages.  Educational services are extensive as well as market tools and all are available through the clear and customer friendly website. While these services are interesting, they’re also fairly standard and available from most Forex brokers.

Overall, it seems that USGFX is a decent choice for traders outside of the US who are interested in trading Forex or CFDs, though we think there may be better options that can give traders more peace of mind without the high minimum deposit requirement.

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