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USG Broker Warning

Dec 31 2015 at 19:22
posts 99
Please read: https://www.financemagnates.com/forex/brokers/usg-capital-israel-is-facing-a-18-million-class-action/

To those using USG broker, let's hope they have enough capital to fund withdrawals should they lose the lawsuit.
Jan 02 2016 at 16:55
posts 115
Let's hope they lose everything!
That's what you get for trading with a scam broker lol whose is a market maker and who cheats clients with their stupid spreads and pathetic slippage etc... oh not to mention bad customer service!
Jan 03 2016 at 09:55
posts 823
Ugh, the market is full of scammers, it's like navigating a veritable minefield when you have to pick a new broker.
Jan 04 2016 at 08:51
posts 115
Anything to do with money attracts all sorts of scammers.
Jan 08 2016 at 18:21
posts 1487
I was reading this earlier today: 'The Australian Securities and Investments Commission (ASIC) issued on Tuesday a notice in which it warned against untruthful claims on www.usgforex.com regarding ASIC regulation. The website claims it is associated with Australian forex broker Union Standard International Group, which is regulated by the ASIC.

Union Standard, however, said it is not linked to the website in any way. The watchdog added it does not regulate the services provided by www.usgforex.com.' (https://theforexreview.com/2015/12/22/asic-warns-against-fake-unit-of-union-standard/) and I am a little confused now. One is USG Capital and the other is USG Forex, but are they connected in some way or is it just a coincidence that they're named so similarly?
Wilson (WilsonWang)
Mar 14 2016 at 07:37
posts 11
Hi, here is to solve your problem.
www.usgfx.com is Union Standard International Group = USGFX, which is regulated by ASIC
Now, www.usgforex.com is not USGFX, USGFX only holds one official website, www.usgfx.com
As for USG Capitial, I've never heard of tbh.
So, before you start any kind of collaboration with a broker, you must study their regulator etc etc.

Message if you and related questions :)
Apr 26 2016 at 09:40
posts 1487
A district court in Israel’s capital Tel Aviv has ruled in favor of the local forex broker USG Capital. It said algorithmic trading is not portfolio management and does not require additional license, reports the website Bizportal.co.il. The decision comes after the country’s financial watchdog, the Israel Securities Authorities (ISA), has stated that companies who offer computerized portfolio management services, such as algorithmic trading, are violating the law, if they don’t have a specific license. (Source: https://smnweekly.com/2016/04/18/israeli-court-rules-in-favor-of-usg-capital-no-extra-license-for-algo-trading-is-required/)

I am not sure how that relates to the class-action lawsuit, however. Does it mean it will be thrown out now? Or does the complaint about the unlawful commissions and fees still stand?
vontogr (togr)
Apr 26 2016 at 13:35
posts 4862
I do not have any experience with this broker.
But there were many accounts here on MFB with unrealistic profit.
Majority of them were on this broker...
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