The ease of deposit and withdrawal processes is directly tied to the safety of investors' funds. A trustworthy forex platform should guarantee that funds can be rapidly and securely moved in and out without unnecessary delays or hindrances. If a platform sets up numerous obstacles during withdrawals, it could imply issues with its capital flow or even the risk of misappropriating client funds.
Among the top 100 forex platforms listed by FxGecko, investors can refer to these for selections. However, if a platform falls outside this top 100, particular attention should be given to its primary white-label affiliations and risk warnings.
Today, an investor inquired about USGFX, wondering whether the deposit and withdrawal processes on the USGFX platform are secure and if their funds are adequately protected.
According to FxGecko's investigation, this platform, known as Union Standard USGFX, was established in 2010, ranks 778 globally, has a safety score of 70, and claims to hold three regulatory licenses, with 196 risk alerts detected through scanning.
Based on the provided search results, USGFX's deposit and withdrawal processes present several security concerns and are unreliable:
1. USGFX consistently delays customers' withdrawal requests, preventing timely access to funds. This seriously violates the standard withdrawal practices of legitimate forex platforms.
2. A Taiwanese investor reported having $12,000 trapped in a USGFX account, unable to contact the platform or withdraw the funds. This suggests issues of frozen funds or platform unavailability at USGFX.
3. USGFX has previously proposed suspicious withdrawal schemes, requiring clients to earn commissions through high-frequency trading before allowing withdrawals, which hints at possible manipulation.
In light of this information, it can be concluded that USGFX's deposit and withdrawal processes involve severe security risks, failing to provide adequate protection for client funds. Investors should exercise caution when considering this platform to avoid financial losses.
FxGecko's Comprehensive Assessment: In 2020, USGFX's Australian headquarters announced on July 8 that it had entered voluntary administration, initiating bankruptcy proceedings. According to USGFX, this move aimed to facilitate corporate restructuring to continue offering financial services. BRI Ferrier was appointed to oversee the administration process.
Since December of the previous year, the Australian Securities and Investments Commission (ASIC) has leveled significant allegations against USGFX, obtaining temporary court orders in Sydney to freeze assets held by EuropeFX and TradeFred, two authorized representatives of USGFX, and issuing a travel ban against John Carlton Martin, director of USGFX and TradeFred.
Currently, the official website is inaccessible, with numerous unresolved complaints primarily regarding withheld withdrawals, indicating a severe issue that renders the platform unsuitable for general investors.
The financial market is a mix of good and bad, all carrying investment risks. It's imperative to thoroughly investigate platforms before investing to avoid scams. Stay vigilant; start with FxGecko.
