SigmaForTrade

Read on to see what SigmaForTrade is made of. Spoiler alert, it’s nothing that we haven’t seen more than a hundred times.

The only hint of a location that SigmaForTrade gives us concerning a registration is the city of Majuro. Majuro is the capital of the Marshall Islands, and as readers know, the island nation does not have a financial regulator. Seeing that there is no other mention of a registration and a regulation, we have to conclude that SigmaForTrade is UNLICENSED, and thus a risk to all investors.

The broker also claims to follow the MIFID legislative framework of 2006, but we highly doubt it since it is not regulated by any European regulator.

We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)

The leverage at SigmaForTrade is 1:50. Usually unregulated brokers offer a much higher leverage than this. However, a lower leverage means that users have to deposit more often, which is probably what SigmaForTrade is thinking too.

The EUR/USD spread taken from the MT4 platform is between 0.3-0.6 pips, which is very favorable, but is also not applicable to the broker. We will see why in the Login section why.
The website gives a EUR/USD spread of 0.6 pips.

The Sirix platform gives us a EUR/USD cost of trade of 0.1-0.2 pips.

The brokers claims to be dealing with Forex Pairs, Commodities, Indices, Equities, and Crypto.

The two default languages are English and Italian.

SIGMAFORTRADE LOGIN

The broker has included the MT4, or so it seems, and a Sirix trader. Read on.

METATRADER 4

MT4 stands tall against other trading terminals. Consider using Expert Advisors to set your automated trading while you do other business, or take full advantage of what MT4 has to offer: simultaneous chart management, micro lots, customized trading indicators, huge selection of trading options and much more.

However, the SigmaForTrade MT4 is not their own. After we easily opened a Live account, we were given access to the MetaQuotes-Demo MT4, which the official Metatrader website gives to users to try out for free.

And so, it turns out that there is no MT4 platform by SigmaForTrade, and so we cannot give you a direct spread. The leverage on the other hand, is 1:50.

ECN accounts are commissioned with $7, but it is not mentioned if the commission is per side or round turn. If the commission is $7 round turn then any ECN spread is increased by 0.7 pips; if it’s round turn then the ENC costs of trade are increased by 1.4 pips.

The MT4 as accessed from a desktop trader, and through any Android and Apple mobile device.

SIRIX TRADER

We opened a live account very easily and were presented with the entirety of the platform. All in all, the trader is quite decent: there are pending order, one point clicking, some room for customization, and there’s even copy trading. Unlike the MT4, Sirix is actually provided by SigmaForTrade.

The EUR/USD spread given here is 0.1-0.2 pips, an amount that we do not trust. The leverage is still 1:50.

The same ECN commission structure as the one mentioned above is applied here.

The Sirix her is exclusively a web-trader.

SIGMAFORTRADE DEPOSIT TIME AND FEES

The minimum deposit according to the Payments section is $5. In the Account Types it’s said to be $500 for the Mini Account. In the Deposit and Withdrawal Policy the claim is that all Credit/Debit card withdrawals cannot be below $250. It’s these types of inconsistencies that staple this as a fraudulent broker. Note that on the personal client dashboard when using VoguePay the minimum deposit was $2.

In the Payments section the broker list a huge number of funding methods, well over 20. However, on the Deposit Options on the Client Portal the broker gives us only Credit Cards and VoguePay.

Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

SIGMAFORTRADE WITHDRAWAL TIME AND FEES

According to the Deposit and Withdrawal Policy the minimum withdrawal amount for Wire Transfer is £3000. Further down the document we get the following statement:

How can you trust a broker that lies to itself?

The same policy document claims that processing times are 5 days from the broker’s side.

The withdrawal fees are there, but have not been detailed, just vaguely mentioned.

If a trader has an inactive account for more than 6 months, then a 10% fee will occur.

ADDITIONAL FEES AND TAXES

There is a clause that pretty much absolves the company from any damage that it does to its traders. It’s rather long but it does not take much time to grasp the meaning of it.

Furthermore, all claims against the company will be void after 12 months:

It also says that the SigmaForTrade does not provide services, which has us even more baffled and confused.

Furthermore, the broker can terminate an account for no reason whatsoever:

Need we add any more clauses. These three render the whole website a danger zone for anyone. Furthermore, we believe 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.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.

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 a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

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!

BOTTOM LINE

SigmaForTrade is a virtually unusable as seen by the clauses we have laid out for you. The broker can basically do what ever it wants, whenever it chooses it. Stay far, far away from SigmaForTrade.