In today’s SGT Markets review, we’ll take a look at this offshore broker and its operations. We’ll explore trading terms, license coverage, and more.
After you’re through with reading, you can make an educated decision about whether this broker is right for you. What’s more, you will understand the drawbacks of offshore licenses.
The Financial Services Commission of the BVI belongs to a Tier 3 zone due to a lack of stringent demands. Namely, unlike Tier 1 authorities such as FCA, ASIC, and BaFin, FSC has low initial capital requirements, while trading firms don’t need to form a compensation fund. Simply put, there’s no money ready to reimburse potential victims.
With this in mind, let’s talk about leverage. While it can give you some advantages, as it increases your buying power, it also increases your chances of loss. That’s why the European watchdog, ESMA, set the limit to 1:30. The same limitation applies in Australia, while in the US, it’s slightly higher, standing at 1:50. On the other hand, SGT Markets offers starting leverage of 1:100, with unspecified maximum.
Now that you understand some bad sides of trading with offshore-based firms, let’s continue with regulatory oversight.
SGT Markets is currently registered in the British Virgin Islands and regulated by the local authorities. The Romanian ASF has banned the broker.
This is an official confirmation of malicious business practices – onboarding customers without proper licensing.
Our recent search for clients showed that the broker mainly onboards residents of:
This complies with SimilarWeb traffic analysis showing that, while the broker doesn’t have as many visits, most are from India.
We’ll give some credit to the SGT Markets trading platform. Broker offers access to the two most popular software today, MT4 and MT5.
MT4 is an older MetaTrader version released in 2005. It has a lot of technical and analytical tools and plenty of charts, and supports advanced features such as EAs and social trading.
On the other hand, MT5 was released in 2009 as an improved version. The software has enhanced speed, more tools, and is user-friendly and easy to navigate. It’s the most popular platform amongst retail traders such as yourself.
SGT Markets mobile app is available for Android and iOS. However, iOS recently removed download links from its App Store. Therefore, Apple users can no longer use the MetaTrader platform unless they have downloaded it previously.
SGT Markets offers the following range of tradable assets:
Depending on the SGT Markets account type, you can expect a 1.0 to 0.0 pips spread with various commissions. On the Basic account, you’ll pay 6 BPs per side for crypto trading, while other accounts have $5-6 per lot for FX and metals or $12-30 per million, depending on the volume.
Speaking of accounts, here’s a detailed listing.
Individual accounts:
Each higher account includes more perks, such as crypto depositing, free hedging facilities, and lower fees. Just a few years back, customers needed to deposit $50, while today, the minimum amount is $500. It seems that inflation even hits trading businesses.
Professional accounts:
With Pro Trader, you’re entitled to a dedicated client support manager and daily reporting.
Institutional accounts:
We’re unsure about the initial sums for these accounts, but each brings different perks for companies and other legal entities registering with SGT Markets.
You can choose the SGT Markets Demo account prior to paying the funds. It’s a 30-day free trial, where you can test different FX and CFD trading strategies.
A Demo account is only available through MT4 as a Basic or Active account. Each simulates perks offered with a Live account of the same name. You will receive $100,000 in virtual funds regardless of your choice to check the broker’s offer.
SGT Markets withdrawal requests can be processed through one of the following payment methods:
The company says there is no minimum amount, while the maximum withdrawal is limited to $20,000. Additionally, the broker only works with Mastercard, meaning that Visa card users cannot choose this option but only a bank transfer. According to the website, the request will be processed within 72h, while it can take up to 14 business days for you to receive the funds. Seems rather long.
In case of any problems with your SGT Markets account, let us know. Global Fraud Protection has dedicated chargeback experts and CipherTrace crypto tracking specialists who will investigate your case.
If we find that you have grounds to request a refund, we’ll assist you with the necessary steps. Don’t wait too long. Let’s get your money back now!
SGT Markets is an offshore broker with a Tier 3 license. In case of any unfortunate event, we may be able to assist you with the recovery procedure.
SGT Markets requires $500 for clients who wish to open a Live account.
It takes 72h to process the request, plus additional 14 business days for you to receive the money.
SGT Markets is an offshore broker with a Tier 3 license. In case of any unfortunate event, we may be able to assist you with the recovery procedure.
SGT Markets requires $500 for clients who wish to open a Live account.
It takes 72h to process the request, plus additional 14 business days for you to receive the money.
The post SGT Markets Review – Everything We Know About This Broker appeared first on Global Fraud Protection.
