Breaking: USGFX Enters into Voluntary Administration
- BRI Ferrier has been appointed as the administrator.

Union Standard International Group PTY LTD (USGFX) has revealed to Finance Magnates via a statement that it has entered into voluntary administration on the 8th of July 2020.
According to the company, it has gone into voluntary administration to allow USGFX to restructure so that it can continue to provide financial services to its client. BRI Ferrier will be the administrator.
In its statement, the foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term) broker said that this move by the company has largely been forced by the Australian Securities and Investments Commission (ASIC), of which USGFX was regulated by.
USGFX claims ASIC harmed company’s reputation
“These actions have deeply harmed the USGFX brand and continue to consume excessive time and resources, despite no substantial allegations against USGFX being brought to court by ASIC since last December,” the company said in the statement seen by Finance Magnates.
Despite the voluntary administration, the FX and CFD broker said that the directors and management remain committed to continue working with all of the parties involved and will assist with matters to ensure all legal requirements are satisfied.
As Finance Magnates reported, towards the end of last year, ASIC obtained interim orders from the Federal Court in Sydney freezing the assets of representatives of USGFX. This was done as part of an ongoing investigation into the broker.
However, in its response to Finance Magnates at the time, a company spokesman from USGFX said that ASIC’s media release failed to mention a number of key matters, including that on December 17, the Federal Court dismissed, effectively in full, the application against USGFX.
In doing so, the company's statement at the time further stated that the court was highly critical of ASIC’s application against USGFX, which was not substantiated by the evidence provided to the judge.
ASIC declined to comment on the development. We will update this article if more information comes to light.
Union Standard International Group PTY LTD (USGFX) has revealed to Finance Magnates via a statement that it has entered into voluntary administration on the 8th of July 2020.
According to the company, it has gone into voluntary administration to allow USGFX to restructure so that it can continue to provide financial services to its client. BRI Ferrier will be the administrator.
In its statement, the foreign exchange (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term) broker said that this move by the company has largely been forced by the Australian Securities and Investments Commission (ASIC), of which USGFX was regulated by.
USGFX claims ASIC harmed company’s reputation
“These actions have deeply harmed the USGFX brand and continue to consume excessive time and resources, despite no substantial allegations against USGFX being brought to court by ASIC since last December,” the company said in the statement seen by Finance Magnates.
Despite the voluntary administration, the FX and CFD broker said that the directors and management remain committed to continue working with all of the parties involved and will assist with matters to ensure all legal requirements are satisfied.
As Finance Magnates reported, towards the end of last year, ASIC obtained interim orders from the Federal Court in Sydney freezing the assets of representatives of USGFX. This was done as part of an ongoing investigation into the broker.
However, in its response to Finance Magnates at the time, a company spokesman from USGFX said that ASIC’s media release failed to mention a number of key matters, including that on December 17, the Federal Court dismissed, effectively in full, the application against USGFX.
In doing so, the company's statement at the time further stated that the court was highly critical of ASIC’s application against USGFX, which was not substantiated by the evidence provided to the judge.
ASIC declined to comment on the development. We will update this article if more information comes to light.