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USG claims to be owned and operated by two companies, including United Strategic Group LLC (a registered entity with SVG FSA, registration number: 648LLC2020) and Union Standard International Group Limited (an FCA-regulated firm with FRN:798776). However, despite its claims, this broker does not fall under any regulations as following reasons.
1) We do find a match result to USG in SVG FSA. But please be informed that SVG FSA does neither issue any licenses for forex trading nor regulate any forex activities. Having registration does not mean having any regulation. So United Strategic Group LLC is merely a registered firm that operates under no regulations.
2) When searching in FCA, we also find a match result to Union Standard International Group Limited (USG UK). But as per the information presented on FCA, the only approved domain of the USG UK is "https://www.ukusg.co.uk/." That means USG has no connection with the licensed entity since the former's domain is not the one USG UK registered in FCA. The truth is that USG is a clone firm of USG UK. Investors' money in this broker is unsafe and cannot be protected by any law. Therefore, it is a scam.
On 29 Dec 2022, the United Kingdom Financial Conduct Authority (UK FCA) issued a warning that USG was providing financial services or products in the UK without authorisation. You may visit: https://www.fca.org.uk/news/warnings/union-standard-international-group-limited
On 29 Dec 2022, BrokersView found that the domain of USG (https://www.usgfxchina.com/) was invalid.
The domain may just be suspended, but the invalidation of a broker's domain is often a bad sign.
BrokersView has found that USG is using new domains, https://www.usgfx.global/ and https://www.usgfx.co.uk/, to scam.
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