​Fraud Again: Licensed USGFX Comes for You!

Licensed forex platforms under efficient regulation can also cheat you in the forex market.

USGFX, used to be a controversial and scandal-plagued forex broker, has announced its name change recently, in a bid to rebuild its brand. As a reminder herein for traders, please be alert!

Established in 2006, USGFX has operated its business for over a decade under the regulation of the Australian Securities and Investments Commission (ASIC), thereby boasting some brand popularity. However, it has been complained against because of its massive fraud and its wrongdoing is presented as follows:

1. Provided fake evidence and fabricated the rosy prospect to lure clients to its platform.

2. Spread false information of other platforms in this industry online, in order to increase the number of potential customers.

3. Took advantage of EuropeFX and TradeFred, two authorized representatives, to transfer clients capital, causing traders billions of losses.

4. Passed the buck to agents instead of apologizing after being disclosed.

The license held by USGFX was revoked in the wake of the aforementioned disclosure and the platform ended up with liquidation conducted by ASIC as funds in its account were insufficient to repay harmed investors.

USGFX changed its name into United Strategic International Group on May 3rd, 2021, a corporation that has been approved by regulators in the U.K. and South Africa. At present, the broker is restoring its brand with its local subsidiaries.

Based on WikiFX APP, USGFX tops the list of customer complaints. Therefore, please watch out for its new brand!

According to the example of USGFX, traders should be aware that it is both licenses and reputation that should be checked when they search qualifications of forex brokers. Check with WikiFX APP (bit.ly/wikifxIN) before trading, a small but prudent step to protect you from millions of losses!