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SFX Capitals Review - is it scam or safe?

SFX Capitals review - Is sfxcapitals.com scam or good forex broker?

RATING: 1 / 0 REVIEWS SFX Capitals
SFX Capitals is an offshore broker. Your money is not safe.

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SFX Capitals is a unregulated forex and binary options broker, which claims to be based in New Zealand. The broker does not offer a functioning demo account so we were not been able to check their trading conditions. That put aside, however, our main issue with SFX Capitals remains their regulatory status, so if your are thinking about opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:100 n/a

 

SFX Capitals Advantages:

 

Various payment methods available

 

Actually this is one of the few advantages we came up with about SFX Capitals – they accept payments with Neteller and Skrill, which are two of the most popular e-wallets on the market, as well as UnionPay and Perfect Money. 

 

And you can also pay with major credit and debit cards like VISA and MasterCard, bank wire transfers and even crypto coins, like  Bitcoin and Ethereum. Besides, here you may also check our list of brokers, accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Metatrader4 supported

 

That is another positive point about the broker. They offer a web based trading platform for their binary options trade and a MetaTrader4 for forex and CFD trade. MT4 is a very practical trading solution – light and intuitive, it features user friendly charting tools, lots of market indicators and the option to support automated trading sessions with the help of specially designed, customizable trading robots. Beside, here you may also check or list of brokers supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

Leverage of up to 1:100

 

The maximum leverage allowed with SFX Capitals is higher than the levels, current restrictions impose on many regulated markets like the EU, the USA or Japan. And still, taking in to account that higher leverage means higher risk, here you may check our list of brokers offering unrestricted leverage in Australia - the last major regulatory hub, where high leverage trading is still not limited:

 

>>Brokers regulated in Australia<<

 

SFX Capitals Disadvantages:

 

No license 

 

SFX Capitals is owned and operated by SFX CAPITALS MANAGEMENT LIMITED, a company supposedly registered in New Zealand. In their presentation they even offer a business registration certificate. 

 

That, however, is not a substitute for a legit license to provide financial services, issued by the the Financial Markets Authority is the New Zealand (FMA) – the official financial regulator in the country, or by any other official market authority, such as the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC).

 

On top of that the so called certificate, which is an obvious forgery, contains a spelling mistake – look at how the name of the company is spelled in the title and than in the body of the “document”:

 

 

Still, we diligently checked the registers of the Financial Markets Authority in the New Zealand and the Financial Service Providers Register at the New Zealand Companies Office, but our search did not yield any result.

 

So basically SFX Capitals is a unregulated broker, that possibly is not based in New Zealand at all – in their presentation we saw also an address in Belize and St. Vincent and the Grenadines and in the light of the forged business registration certificate, that makes us believe the company is based somewhere offshore.

 

Be aware that trading with unregulated brokers has always been associated with a unreasonably high risk of loosing your money to scammers.

 

Brokers, properly licensed by an official financial authority, such as the FCA in the UK,  ASIC in Australia,  CySEC in Cyprus,  FMA in New Zealand or any government regulator in the European Union, on the other hand are completely reliable as they are bound to abide by strict rules, among which to keep all traders' money in a segregated from the broker's own account, to provide them with a negative balance protection and to maintain a minimum operational capital of at least 730 000 EUR, in case the broker is regulated in EU and 1 million AUD, if it is regulated in Australia. 

 

On top of that regulated brokers have to file regular reports, to allow external audits and in certain cases even to insure traders funds. With FCA broker for example you do not have to worry about the first 50 000 GBP in your account, while with CySEC brokers the insured amount is up to 20 000 EUR. Besides, here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

No functioning demo account

 

Although  SFX Capitals gives you the option to download MetarTrader4, we were not able to open a demo account to check their trading conditions. What is more, the MT4 platform was branded with the name of another company – WinWinInternational, which is also unusual. 

 

Otherwise the broker says to be offering over 60 forex pairs, including EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, USDNZD, USDCHF and EURCHF. That, however we were also unable to check as well.

 

In any case here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

No information about the minimum deposit requirement

 

This is another piece of information that we miss in the SFX Capitals presentation. Still, have in mind that most brokers require an initial investment of about 250 USD, while some big names like FBS and IG do not have a minimum deposit requirement at all.

 

Conclusion:

 

We are very suspicious about the legitimacy of SFX Capitals, based on the false business certificate they present, and above all because of the fact that they do not hold a legit license. As always in such cases we will repeat our general advice to deal only with properly regulated brokers.

Latest news about SFX Capitals
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Traders` reviews for SFX Capitals

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