Warning! SG Option is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
SG Option, or Sagi Option, quickly reveals itself to us its true nature. Read on to find out what it is.
The only information that we were able to find that can help us determine the legitimacy of the broker is found in the contact us page. There the broker claims to have both location in the UK and the US.
The FCA, the UK’s financial watchdog, enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
As for the address in the USA, we can immediately rule out any possibility that SG Option operates there. For a broker to operate in the US it must be a member of the National Futures Association (NFA), and has to be registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC); it cannot be registered as an offshore entity and at the same time be regulated by both the NFA and CFTC. not to mention that the minimum capital requirement for any broker to be licensed in the US is $20 000 000.
What’s more is that SG Option never once mentions that it is actually regulated, and so we have to conclude that this brokerage firm is UNLICESED, and a risk to all traders.
We tried to register an account but where unable to proceed, because the referral email address was not accepted by the broker. This referral email address in probably confirmed once the broker has contacted you, a result of the trader being lured by fake ads. If the case is such, then users should be aware that they have fallen into the most popular scammer scheme in the book. Should users provide a real phone number they willl be, without a doubt, called by the broker’s representative whose one and only goal is to push you to make an initial deposit. In so doing, the first stage of the scam is complete- the pitchers have won themselves a hefty commission. After the pitchers are done with you, the retainers, or so called “personal account managers” will charm and manipulate you into funding your account with much larger sums of money ($10 000…), because, as they will claim, that is the only for you to profit in the tens of thousands.
Only after the client is hooked, will the broker reveal the user portal with all the depositing methods. Whatever the case is, without a registration we could not get any real spreads, leverages and assets.
There is one more concerning thing that requires our attention: the totally missing legal documents. Without binding documents between the broker and the client, the company can basically do whatever it wished, for there is no written legal frame to contain its actions.
According to the Accounts page, the Bronze, or standard, account has a minimum spread value of 7 pips which is a laughably high cost of trade. It seems the broker does not realize how ridiculous of a value this is. On the same page, SG Option claims that the leverage is capped at 1:200 ruling out any regulation from both the FCA and the NFA/CFTC.
The website claims two things: to be a forex broker offering CFDs and Currency Pairs, and that it also is a binary options trader. Again, without a proper registration, we could not confirm any of these claims.
The website can be accessed only in English.
SG OPTION LOGIN
Two platforms are said to be in use here: the MT4 and a Web Trader, yet we could not confirm the presence of these two platforms. Unregistered users are left only with promises of these two terminals, and are never presented with actual evidence both platforms’ presence. Objectively, most illicit brokers are know to lie about their trading platforms, usually advertising one terminal and then presenting signed up users with a completely different and underwhelming one.
SG OPTION MINIMUM DEPOSIT
It is with the deposit/withdrawal resources that the missing regulation and legal document, as well as the unsuccessful registration, are most felt. Illicit brokers should not be trusted with the payment information they provide on their website. Nevertheless, for the purpose of this review, here is what we found out.
The deposit methods are said to be Wire Transfer, bitcoin, Skrill, Perfect Money, Neteller, MoneyGram, and Western Union. We assure users that more than half of these options will not be available once they have successfully registered.
The minimum deposit is allegedly $500 for the Bronze account. For the later account types, these values rise of up to $100 000.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
SG OPTION WITHDRAWAL TIME AND FEES
Unfortunately, but unsurprisingly, there is no withdrawal information to be found. Without any legal docs, and no access to a user dashboard, we are left with no choice but to fold. Unlicensed brokers are known to exclude withdrawal details, because most of them will never allow you to get back your funds.
ADDITIONAL FEES AND TAXES
There are no additional fees mentioned in because there are no Legal Documents.
Be sure to note that any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use this to build a stronger case against you in the event that you request a chargeback.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
SG Option is a pure scammer broker. Make sure not to deposit here; you will sooner or later be faced with the harsh facts. Best leave this one, and let it slowly fade away.