Sapphire Markets Review – A Broker Who Cheats Traders

by admin

Exposing the lies of a seemingly clean broker? Another day at the office for us. In the Sapphire Markets Review, we’ve provided ample evidence of fraud. Give it a read to find out exactly why this broker is dangerous.

Sapphire Markets is run by the company of the same name. The headquarters is in Saint Vincent and the Grenadines (SVG).

Yes, the notorious Caribbean island full of shady offshore entities. They choose to settle there because the jurisdiction isn’t strict at all. SVG’s Financial Services Authority (FSA) regulator even says it doesn’t issue Forex trading licenses.

Therefore, the Sapphire Markets regulation is fake and the broker is unlicensed to provide the services it offers on the website. 

It goes against the rules adopted by onshore regulators such as the European Securities and Markets Authority (ESMA) and the UK’s FCA. Both regulatory bodies set a leverage cap of 1:30 for retail clients. Sapphire Markets, on the other hand, offers 1:500, which could lead to devastating losses.

To sum up, the offshore broker is far from being a Tier 1-regulated broker. It’s not registered with respectable authorities such as the FCA, BaFin, ASIC, CySEC, etc. That means your investments aren’t safe.

Sapphire Markets is an SVG-based provider that does not possess a Forex trading license. Since May 2021, the broker has been defrauding traders from the United States, the United Kingdom, Ghana, Turkey and Australia.

Although Sapphire Markets LLC is registered with the FSA, that doesn’t mean much to us and Sapphire Market reputation is questionable. Don’t forget that the FSA regulates only the banking sector, not Forex, CFD or crypto trading brokers.

Legitimate brokers must have a physical address in the country they operate and be authorized by the local regulator. If not, it’s probably an online investment scam.

From what we gathered, Sapphire Markets set its fraudulent gaze on English-speaking traders. We’re talking about the following countries:

Turkey is there as well. The UK, the US and Australia are heavily regulated. An offshore provider with limited information about its business couldn’t possibly operate legally in those countries.

This one is tricky. We checked Trustpilot and found only positive reviews of Sapphire Markets. There’s room for doubt since they all kind of look fake. 

It’s quite possible that the scammer hired agents to write them. Nevertheless, we still advise you not to invest in this broker due to its unlicensed status. 

The Sapphire Markets trading platform is Meta Trader 5. If you know anything about trading, you’ve probably heard of MT5, the leading software in the game.

Equipped with cutting-edge tools such as automated trading and live market reports, MT5 is truly a gem of a platform. It’s a pity that Sapphire Markets is unregulated. The platform could’ve been provided by some shady boiler room.

There is a mobile version of the MT5 platform as well. While it may be a great accessory, the mobile version is inferior to its desktop counterpart.

Trader reviews on play store websites will confirm this claim. It seems there were also some adaptation issues with the software.

Offshore scammers have mastered methods for finding potential victims. They either buy Google ads or make posts on Facebook, Instagram or Snapchat. YouTube videos are also a possibility.

Perhaps Sapphire Markets interacts more directly with traders via WhatsApp and Telegram chats, phone calls or emails.

You’ll notice the increasing number of fake ads on LinkedIn. That website is probably the last place you’d expect to find a scammer.

Here’s a quick overview of the available trading instruments:

Sapphire Markets advertises spreads of 0.01 pip. That’s incredibly tight and too good to be true. Since there’s no demo account, we weren’t able to check it.

Furthermore, the trading company didn’t disclose the commissions. We believe that they do exist and that they’re probably high.

There are three different Sapphire Markets account types:

No commissions? But brokers make money from them. This is a cunning lure so don’t fall for it. The con artist didn’t mention the minimum deposit amounts for each account type.

There’s also a PAMM account that lets you choose between “investor” and “money manager” but requires prior MT5 info.

There’s no demo account. It means you have to invest from the start and risk getting defrauded by Sapphire Markets. As mentioned, the minimum deposit is unknown.

From some sources, we found that the financial swindler demands 30 $ for the live account. It’s not much, but we’d rather trust a regulated broker.

It seems that the broker accepts deposits from three payment methods:

However, the Sapphire Markets withdrawal methods differ. There are no cards, which violates AML rules. The broker must perform withdrawals using the same method you used to deposit funds.

Deciding to write a complaint could result in your account getting frozen. After all, the firm is free to do what it wants, i. e. there’s no authority to stop it.

Feel free to notify our team if you’re having withdrawal issues or have fallen victim to Sapphire Markets scam broker. Global Fraud Protection deals with these things on a regular basis.

We can help you by going through the process of requesting a chargeback from your bank or tracing crypto transactions using advanced tools such as CipherTrace. 

If this broker steals your money, contact us for help. Do so using Online Chat. Booking a free consultation with us has never been faster and easier.

We would not recommend you invest in Sapphire Markets. The broker is unlicensed. If you already did, contact us immediately.

No. There is no free demo account available at Sapphire Markets.

Yes. Sapphire Markets included a mobile app version of its MT5 platform.

No. The broker is unregulated and could vanish at any moment with all your hard-earned money.

We would not recommend you invest in Sapphire Markets. The broker is unlicensed. If you already did, contact us immediately.

No. There is no free demo account available at Sapphire Markets.

Yes. Sapphire Markets included a mobile app version of its MT5 platform.

No. The broker is unregulated and could vanish at any moment with all your hard-earned money.

The post Sapphire Markets Review – A Broker Who Cheats Traders appeared first on Global Fraud Protection.

source

Related Posts

Leave a Comment