Recently, a Taiwanese Huiyou complained to me, saying that his US $12,000 in the USGFX Federated International account has been lying for more than two years, and he has not been able to withdraw it, and the platform has been unable to contact me.

Can't withdraw money, can't contact the platform

According to Huiyou's description, he opened an account with USGFX in the first half of 2019, when the platform claimed to have ASIC regulatory certification, FCA regulatory certification, and Commonwealth Bank of Australia customer margin trust account certificate. Huiyou said that he had contacted him with the account manager's business card and personal data he has kept, signing video data and relevant evidence are also kept, said that after one or two years of signing, the account funds will be returned to Huiyou's account, signing the program is the customer deposit personal trust account 10% annual interest.

However, more than two years have passed, Huiyou's application for withdrawal has not been accepted, and the account manager has long been unable to contact. At present, Huiyou account still has 12,000 US dollars outstanding.

Huiyou said that he tried to contact USG's official website customer service a few months ago, but did not get any reply. Since then, he has tried every conceivable way to try to contact the platform, including sending Facebook private messages and emails to three different email addresses on the site, at least 10 more messages, but has not received any response.

USGFX no longer has any regulatory license

In July 2020, USGFX Australia declared bankruptcy and entered voluntary trusteeship. Huiyou was worried about the account funds and asked the platform customer service. At that time, the platform customer service informed Huiyou that the account of a British company did not affect Huiyou's rights and interests due to the liquidation of the Australian company. Recently, Huiyou found that USGFX UK's FCA license has been cancelled, FCA has also included USGFX UK in the warning list, and his withdrawal has already passed the promised time, Huiyou worried about whether their funds can be returned?

Without the protection of the FCA license and the FSCS customer compensation Scheme, it is really hard to say whether Huiyou can successfully get its funds back!

Before choosing a trader, many investors know the importance of reviewing the regulatory license of the platform, but don't think that everything is OK after the first step! Be aware that traders' regulatory information may change at any time, and investors need to keep an eye on their regulatory developments in order to protect their accounts. Listen to the voice of the real investors of the platform, find the problem in time to retreat, there are so many good platforms, do not take their hard-earned money to block the problem platform!