Beware! Usgforex.com is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Warning! A sophisticated scam ahead! Usgforex.com is a well-crafted scheme when compared to most of the fraudulent entities we have already reviewed. The people running this so-called broker apparently put time and effort to make Usgforex.com seem authentic, and indeed they succeeded. If customers are not paying attention to details, they can get thrown off the scent and lose money. Find out what makes this broker so dangerous in the full Usgforex.com review.
Usgforex.com REGULATION AND SAFETY OF FUNDS
Usgforex.com boldly claims to be FCA regulated in Britain, but that’s a lie as the license number they provide belongs to another company. In fact, United Strategic International Group Limited is a fraudulent company not even in existence. Simply put, Usgforex.com is a clone firm and a dirty scam scheme abusing the credentials of an authentic FCA regulated company. On top of that, the website is almost identical to the one used by the cloned broker, which makes Usgforex.com utterly dangerous because people may deposit money thinking they are dealing with a legit business. Beware!
The broker also claims to be St. Vincent and the Grenadines certified, but that’s nonsense. The island is a shady tax haven, which doesn’t regulate Forex broker, so we can dismiss this statement as swindling, too. Eventually, Usgforex.com is a clone firm and a scam, so your funds will be in danger if you deposit.
We were also surprised to unearth an old warning issued against Usgforex.com by the Australian regulator back in 2015. It turned out that in the past, the so-called broker pretended to be ASIC regulated, so they’ve run the same scam more than once. We hope Britons will soon blacklist it, too.
As Usgforex.com is a scam, have a look at the high-rated EU brokers and British brokers on both lists if you are interested in trading and investments. The European companies are suitably regulated, but most importantly, covered by deposit insurance funds protecting investors’ money. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are up to 85 000 GBP. So CySEC (Cyprus) and FCA (Britain) licenses are trustworthy, and you should keep this in mind while looking for trading opportunities.
Usgforex.com TRADING SOFTWARE
Usgforex.com’s trading software is as fraudulent as everything else around it. Shamelessly, they abuse the Union Standard Group’s MetaTrader distributions to make things even worse. If clients haven’t checked thoroughly, they’ll carry on thinking they are trading with the legit company while wasting money on fraud. The screenshot below shows precisely what’s going on.
Avoid it and consider the high-rated genuine MetaTrader4 brokers and MetaTrader5 brokers by following the links provided. MetaTrader distributions are market-leading platforms featuring advanced tools such as Expert advisors, many indicators, and excellent charting. The software also includes a marketplace with more than 10 000 apps and third-party developed solutions.
However, upon registration, the accounts created by Usgforex.com are not valid for the MT4 platform we downloaded, which helped us get reassured the broker in question is a dirty scam. So, as the platform is fraudulent, we can’t discuss real-time spreads or leverage levels. Nevertheless, the broker claims to deliver leverage levels ranging between 1:100 and 1:500, both ratios actually prohibited in the UK, which once again proves we are dealing with scammers. We’ve put the screenshot at the bottom of the next section, just to remind you how crooked Usgforex.com is.
We mentioned leverage because it’s so dangerous that many financial authorities regulate it to reduce the risks related. Consequently, the EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. Swiss brokers are safe but not leverage restricted, so experienced and risk-tolerant traders eligible to open an account in Switzerland can safely go for it. However, the rest of the high-leverage companies are poorly regulated and very likely a scam, so you need to be careful.
Usgforex.com DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Usgforex.com is $100, a demand pretty much in line with the regulated broker’s standards. The funding methods are said to be Credit/Debit cards, Wire Transfers, PerfectMoney, FasaPay, Skrill, Neteller, VoguePay, GCPay, AstroPay, cryptocurrencies and some Asian online banking systems. However, as we already exposed Usgforex.com as fraudulent, we haven’t checked any of those. Make sure to follow our example and miss sending money to those scammers.
Anyway, while talking about deposits, see our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
There are no minimum withdrawal restrictions, but every transaction will be subject to hefty fees. For example, a Wire transfer costs $40, while a Bitcoin transaction is around 14 USD. Well, Usgforex.com claims that fees are applicable only if the minimum trading requirements are not fulfilled, but the broker fails to specify anything about it. That’s probably related to the “losable bonus” option you need to click if you want to register, so Usgforex.com forces its clients to accept incentives. That’s a scam!
As for the incentives, there are various deposit bonuses (starting from 3%) we are not going to discuss in-depth because that’s a fraud. We’ll only need to mention that UK brokers are no longer allowed to offer bonuses, which yet again proves Usgforex.com is nothing else, but a scam!
Overall, Usgforex.com is a crooked clone firm we exposed in this review. Stay away from this scam and make sure to report immediately to the authorities if they approach you.
HOW DOES THE SCAM WORK
Swindling brokers and fraudulent websites appear literally every day. Still, most of the new schemes represent a modification of common fraud that’s not typical for the local markets but similar from country to country.
Nowadays, scammers are overcrowding the Internet and social media. Their offers look legit and present exciting opportunities to invest money in the Forex market. Traders would get reassured that the people behind the broker have an excellent track record, who can secure high returns, seamless trading and guaranteed profits. The scammers intentionally make people believe Forex is risk-free, but actually, the opposite is true.
In the usual scenario, scammers just steal the money and won’t send a dollar back. Sooner or later, clients would ask for a withdrawal, but the con artists would delay or downright refuse transactions. If traders persist, scammers would find excuses to deny and would even ask for more money or directly cut the communication. Whatever the case, people are going to lose some or all of the capital invested. At the end, when fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to evade further risks. Deactivate your bank card immediately, contact the bank and ask for advice.
Report what happened, file a complaint, contact the financial regulator, contact other government institutions overseeing trading and investments, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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