Given that the bogus website is down, it seems that Sogtradex felt the heat and decided to shut down its fraudulent operation. Nevertheless, we managed to gather enough evidence to prove that this platform was deceitful and it’s all here in our Sogtradex Review.
Moreover, the FCA caught several unlicensed providers using the same controversial address – 6595 Boles Road, Johns Creek, GA 3009 and blacklisted all of them.
If you decide to trade on an unregulated platform, you won’t be protected by the UK Financial Services Compensation Scheme (FSCS) if things go wrong, meaning you won’t get compensated if the firm goes out of business.
If you want a reliable trading platform, we suggest you find a licensed brokerage firm that operates under the supervision of a renowned financial market authority such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), MAS (Singapore), IIROC (Canada), etc.
The United Kingdom is considered a major global financial hub. In order to obtain a regulatory license in the UK, brokerage firms must have a minimum operating capital of 730,000 GBP.
Furthermore, their clients must receive negative balance protection, a segregated bank account in a top-tier bank (e.g. Barclays), a safe leverage cap (1:30), and a compensation scheme contract with the FSCS of up to 85,000 GBP.
Judging by what we read on the forum, withdrawal issues are inevitable with this platform, which is why you should not invest money in it. Instead, stick to licensed providers with excellent reputations and positive trader reviews.
Sogtradex used to offer a rudimental web trading platform with limited features and an oversimplified interface. Aside from elementary charts and indicators, there is nothing else worth mentioning. The platform supported only Forex currency pairs and cryptocurrencies.
For a proper trading experience, you want to find a licensed firm that supports credible and recognized third-party software such as MetaTrader 4 or MetaTrader 5.
The phony broker did not offer a demo account, meaning that if you wanted to try out the platform, you had to open a live account and invest real money into it. This is a typical trick used by cyber hoodwinkers.
If you are a beginner, do not risk real money right away without first training on a demo account. Every legit broker nowadays offers it so be sure to choose the right one.
Sogtradex did not disclose any of the trading conditions, i.e. leverage, spreads, or commissions. Thus, traders were left in the dark in this department.
Such a lack of transparency is a clear indicator of a diabolical scheme, designed to defraud people and steal their money. Honest providers unambiguously specify the maximum leverage they offer and how much they charge per trading lot.
When it comes to the payment process, it could not have been more shadier. Namely, the dubious website listed only one funding method – Bitcoin. Scammers usually prefer crypto transactions because it allows them to remain anonymous, plus it is very hard to reverse such payments.
If you deposited funds into your account via crypto, you’re going to need professional assistance in recovering your money. Luckily for you, we offer just that so please make haste and book a free consultation with our team.
Sogtradex is a virtually anonymous Forex/crypto trading scam, allegedly based in the US. The main targets included traders from the US, Philippines, South Africa, and Jamaica. The scheme was exposed recently by the UK’s FCA.
We stressed the importance of regulations and why it is better to trade under jurisdictions supervised by top-tier financial market watchdogs.
If you cannot withdraw your funds from this platform, please book a free consultation with Global Fraud Protection. We boast a team of skillful professionals who can assist you in the fund recovery process and get your money back as soon as possible.
Book your free consultation today and get your money back.
Sogtradex is an anonymous Forex slash crypto scam broker that lies to unsuspecting traders.
Sogtradex is definitely a trading scam. This platform was recently blacklisted by the UK’s FCA.
Sogtradex used to offer a rigged trading platform but now the website is down. If your funds are still stuck on it, contact us for help.
The post Sogtradex Review: Is The Shady Scam Broker On The Run? appeared first on Global Fraud Protection.
