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!
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.
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.
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?
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.