We didn’t find any detailed review of this broker except for the complaints on Trustpilot. Frankly, the financial swindler’s website lacks transparency and key info, similar to Profitrop, another cyber fraud.
It’s also full of lies that we’ll address in the Sundell FX Review. After reading about this broker’s fake license, deceptive practices, and trading platform, you will turn your head the other way.
Shortly, yes. There’s not much to talk about Sundell FX’s regulation; it’s a lie. Namely, Sundell FX claims to be registered in the UK with the local Financial Conduct Authority (FCA).
This deceitful claim can easily be checked by searching the FCA’s register for this dubious Sundell Limited company. Unsurprisingly, it’s not there.
Therefore, Sundell FX is an illicit broker with no trading license, just like the offshore scam provider HeyForex.
We recommend you forget about Sundell FX and find a reliable broker that complies with the regulation of the European Securities and Markets Authority (ESMA), which entails negative balance protection, segregated funds, leverage restriction (1:30), and a compensation scheme (up to 20,000 EUR).
If you’re from the US, make sure your broker is registered with the CFTC and the NFA. IIROC is your go-to for checking the validity of Canadian brokers.
Sundell FX is a dishonest phony brokerage that presents itself as legitimate. This fraudulent broker has been active since December 6, 2022, mainly targeting unsuspecting traders from the United States and Canada.
To make its reputation seem legit, Sundell FX posted its US Money Services Business (MSB) registration number. This, however, means little to us because Sundell Limited is registered in the UK but not licensed by the FCA.
Moreover, the US MSB clearly wrote a disclaimer saying “the inclusion of a business on the MSB Registrant Search Web page is not a recommendation, certification of legitimacy, or endorsement of the business by any government agency.”
Sundell FX’s MSB ID is meaningless in this case. Do not fall for this trap, this broker is not regulated by the FCA or the US CFTC.
Sundell FX adopted its cunning appearance to deceive unsuspecting traders. Based on our findings, the unscrupulous broker mainly targeted traders from two countries:
Despite being in the database of the US MSB, this broker is not regulated or authorized to provide trading services in the States or in Canada, for that matter. Therefore, stay away from this fraudster.
Sundell FX doesn’t seem to have any official social media accounts. We didn’t find links to platforms such as WhatsApp or Telegram on the website either.
All Sundell FX did include was a phone number and an email. Hence, we guess that’s how the cutthroat broker gets in touch with potential clients. Or, maybe Sundell FX has hired agents to do the dirty work.
Similarly to VideForex, Sundell FX received negative reviews on Trustpilot. We found several complaints against the broker.
Traders that trusted Sundell FX ended up having withdrawal issues and problems with a fake app. Here’s what traders have been saying about Sundell FX:
So-called Sundell-fx is completely fraudulent… They will lure you in with a demo and small deposit that you are allowed to withdraw. If you deposit any more, they will freeze your assets and demand a ransom payment…
Sundell FX advertises some kind of proprietary platform that can be downloaded for Windows, Android and iOS.
As one of the traders that had issues said, Sundell FX’s mobile apps aren’t available on Play Store, contrary to the broker’s claim.
We even got a glimpse of Sundell FX’s trading platform, which is browser-based but couldn’t gain full access unless we created a live account. If that’s the case and Sundell FX’s platform is a simple WebTrader, it’s bad news.
Web-based trading terminals are usually limited when it comes to tools and features, i.e. they offer just some basic charts, indicators and graphs. Sundell FX doesn’t support valid third-party trading software such as MT4, MT5 or cTrader.
According to Sundell FX’s website, the broker offers the following trading instruments:
You can. However, Sundell FX’s demo account is meant to lure you into the scheme. Remember what the trader said in the complaint we posted, Sundell FX will allow you to deposit a small amount and withdraw.
The problems will pop up once you switch to a live account and invest real money. Then you’ll be prevented from withdrawing profits.
Sundell FX simply stated “multiple deposit and withdrawal methods” without listing them. We didn’t find Sundell FX’s withdrawal policy because it doesn’t exist.
The shady broker also failed to disclose the minimum deposit & withdrawal amounts and the related fees. It just shows how crooked and non-transparent this bogus website really is.
To sum up, Sundell FX is an online con artist with no trading license or regulation. Thus, do your best to avoid this scammer.
In case you already invested to trade with Sundell FX and ended up having withdrawal issues, please notify our team.
Global Fraud Protection can assist you in getting a chargeback or recall, or help track down a crypto transaction using advanced software such as CipherTrace.
If this broker steals your money, contact us for help. To learn what you can do, book a free consultation with our team using Online Chat, it’s the easiest and fastest way.
No, Sundell FX is an unregulated scam broker. Do not invest! If you already did, contact us for help as soon as possible.
Yes, you get a large virtual budget but it’s a trap. Do not trust Sundell FX’s fraudulent offer.
Sundell FX advertises Android and iOS versions of its platform but it’s a hoax.
We saw that Sundell FX offered a web-based platform, which is very limited and ineffective, so no.
No, Sundell FX is an unregulated scam broker. Do not invest! If you already did, contact us for help as soon as possible.
Yes, you get a large virtual budget but it’s a trap. Do not trust Sundell FX’s fraudulent offer.
Sundell FX advertises Android and iOS versions of its platform but it’s a hoax.
We saw that Sundell FX offered a web-based platform, which is very limited and ineffective, so no.
The post How We Plan To Expose The Scam In the Sundell FX Review appeared first on Global Fraud Protection.
