On a long list of financial swindlers, SagicorFinance broker found its place. The company is registered in Saint Vincent and the Grenadines, allegedly operating under Polish laws.
Since the information itself is obscure, we decided to investigate further. Read our thorough SagicorFinance review to learn more.
The broker SagicorFinance belongs to Parity Group LLC, registered in December 2021 in Saint Vincent and the Grenadines. Knowing that this offshore island has no regulator overseeing the activities of Forex and CFD trading firms, it was an immediate red flag.
Furthermore, the Terms and Conditions state the following:
“The Poland courts shall have exclusive jurisdiction to settle any claim or dispute which might arise out of or in connection with these terms and conditions.”
This is a clear implication that SagicorFinance regulation is with the Polish KNF. We found nothing after checking this and other Tier1 registers, such as ASIC, BaFin, and FCA. The firm is unlicensed and hiding offshore, avoiding any legal consequences of its illicit activities.
SagicorFinance is another financial brokerage operating with no license. The company owner, Parity Group LLC, is registered in Saint Vincent and the Grenadines. A low trust index indicates that you can easily be defrauded.
SagicorFinance trading scam is mainly active in:
The website was registered in February 2022, and ever since, SagicorFinance reviews have been screaming “fraud.” If you want to avoid it, it is best to decline any offers from this phony brokerage.
SagicorFinance broker says they know how the market works and have knowledge based on experience, allowing them to be professional and help their clients. If only it were true.
According to reviews, broker employees create fake financial plans, promising everything and anything to get ahold of clients’ funds. Sometimes, they ask unsuspecting victims to download AnyDesk, TeamViewer, or similar remote desktop access apps. Once you approve their access, account managers have control not only over the trading platform but your entire device, including online banking and crypto wallets.
If you try to get a withdrawal, these people will do anything in their power to dissuade you, going as far as to block your access to a trading account.
The advertised trading software on the broker’s website is MetaTrader. It supposedly enables customers to strike their trading goals in no time.
Imagine our surprise once we reviewed the SagicorFinance trading platform and were given access to a basic WebTrader. While this web-based software has a decent amount of trading tools, it’s nowhere near the real MetaTrader. It falls far behind in advanced trading tools, such as social trading or EAs.
SagicorFinance login is not enabled through the mobile app. Instead, clients will need to use their web browser.
The best thing you can do is avoid this broker and its platform altogether. Rather, find a legitimate investment firm giving access to MT4 or MT5 that always comes along with mobile apps.
If you are still interested in this broker’s offer, here’s an overview of trading instruments.
If you were hoping for crypto trading, you wouldn’t find it here.
The spread is relatively high, starting at 3 pips for EUR/USD pair. Just for comparison, the industry average is 1.5 pips.
Other fees are not specified, but the broker charges swaps and other commissions. Being costly, this firm is even less desirable for potential investors.
The choice of SagicorFinance account types is rather poor. Clients can access:
Each account offers negative balance protection, while you can gain access to more trading assets with price increments. Furthermore, the Start account has unspecified account fees, while the other 3 accounts have risk management tools. Pro and Ultimate members have access to Expert Advisors.
Once you register an account, you can overview the platform. But, you cannot place any trades before making an initial deposit.
SagicorFinance minimum deposit is set to $250. It’s a high amount compared to legit brokers with Micro accounts starting at as low as $10. There’s no reason for you to risk as much with this shady platform.
The broker’s Withdrawal Policy is intentionally vague on withdrawal fees and additional charges. It’s specified that deposits are not subject to any commissions, while withdrawals are left out. Furthermore, clients are prevented from requesting a payout if they’ve accepted the SagicorFinance bonus. In such a case, they must have a rollover of 25 times the deposit plus the bonus amount.
Besides this scam clause, the brokerage asks customers to pay taxes and other unrelated fees before approving withdrawal requests. Such demands are illegal, and you should contact the authorities immediately.
Being defrauded and left without your hard-earned money is never easy. Let us know if you find yourself a victim of a SagicorFinance scam. Global Fraud Protection chargeback experts may be able to help you recover your funds.
SagicorFinance is not a legit brokerage and you should ensure to avoid it. If you are already involved, let us guide you through the chargeback procedure to help you recover your funds.
SagicorFinance offers a platform overview upon registering an account. However, there’s no risk-free Demo account, only Live ones.
You can trade CFDs on commodities, indices, and shares. Cryptocurrencies are not on offer.
SagicorFinance is not a legit brokerage and you should ensure to avoid it. If you are already involved, let us guide you through the chargeback procedure to help you recover your funds.
SagicorFinance offers a platform overview upon registering an account. However, there’s no risk-free Demo account, only Live ones.
You can trade CFDs on commodities, indices, and shares. Cryptocurrencies are not on offer.
The post SagicorFinance Review – Signs That This Is a Scam Broker appeared first on Global Fraud Protection.
