Table of contents
SinaraCorp is a good example of a modern scammer broker. The following review can easily be applied to at least 90% of all encountered FX scams today!
The broker claims to be a German broker, first and fore most, using this claim as a clear leverage for user that doubt its legitimacy. There is no doubting the broker's legitimacy; users should downright accept this firm as a fraud! For one, the broker is not regulated in Germany, and it never will be. The local BaFin is one of Europe's leading regulators, and as such can never be take into custody a scam like SinaraCorp; and not to mention that the broker's name does not appear in the agency registry of regulated brokers.
The terms and conditions, and the rest of the legal provisions state that the broker is only available in certain jurisdictions. This suggests that the user is in charge of both upholding and keeping a track of the licensing status of the broker, which technically speaking is out of the hands of the client. The only entity that should be in charge of a license is the broker itself; it should not be putting this unnecessary pressure on users.
As a final note before we conclude the obvious, we just wanted to point to an official warning issued against the company by Austria's very own FMA, the local financial watchdog.
SinaraCorp is thus unregulated and a risk to all!
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that 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 broker did not grant us access to it user area for a very annoying and misleading reason. We were told that our email address was had been is use, even though we had never registered here before. Instead of thinking that we did something wrong, the truth behind this is that the broker does not wish to grant access to users that have not been approved by the firm itself. This is actually one of the main step in the investment scam process- building trust with the victim so that extracting money later on is easier.
We are left with the website for all trading information, details that may be manipulated to suit the expectation of eager investors.
So, as per the website, the leverage cap is at 1:500. The 0 pip minimum spread is obviously misleading, as there should be a commission attached to it, even though the broker does not speak of one. And the alleged tradeable assets are forex currency pairs, indices, shares, precious metals, and energies.
What proof do we need in order to confirm the presence of a trading software? Preferably, both an access to one via the user area, and a download link on the website of the firm.
At it currently stands, we have none of these present, and so we have to draw a rather stark conclusion. That even if there is a trading software, it is probably not worth your money.
SINARACORP MINIMUM DEPOSIT
The minimum deposit is said to be $250, which is the most common of such requirements.
The legal docs speak of credit cards, debit cards, and bank transfer as payment methods, but we cannot be sure that they really are.
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
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, oftentimes 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.
SINARACORP WITHDRAW TIME AND FEES
The minimum amount a user can withdraw is $100, or so we are told.
There are no withdrawal processing times revealed.
The broker confuses the user about third party fee, by stating at one point in the legal docs that there might be withdrawal fees from third party source, i.e the payment methods, and on another section of the legal docs we are told that the company actually pays for these fees. There also might be additional charges that the company, in typical unregulated style, does not reveal.
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 these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
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.
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!
We hate repeating ourselves, but here it is again: SinaraCorp is unregulated and a risk to all!
SinaraCorp compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines