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SFX Markets Review - Is it scam or safe?

SFX Markets Review - is sfx-markets.com scam or good forex broker?

RATING: 1.4 / 2 REVIEWS SFX Markets
SFX Markets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Trading Account  Minimum deposit Min. trade size Maximum leverage Average Spreads
Micro $300 0.01 1:100 2.5 pips, fixed
ECN $500 0.01 1:100 From 1.0 pips + 5$/Lot
Islamic $2 500 0.01 1:100 From 0.8 pips
ECN Pro $2 500 0.01 1:100 From 0.1 pips + 6$/Lot
Invest.TL $500 0.01 1:100 From 0.1 pips + 6$/Lot

 

Clients of SFX Markets have many account options. All of them offer leverage up to 1:100 and micro tradeable lots and traders can choose between STP and ECN execution, fixed and variable spreads, and several platforms.

 

Besides, there is a special Islamic account with this broker that is swap-free and Sharia-compliant. Also, SFX Markets offers a unique social trading investment service, called SFX Trade Leaders. It is available on Invest.TL account and allows successful traders’ transactions to be duplicated in investor accounts for a commission paid to the trader. 

 

In addition, SFX Markets provides FIX API account, but one has to invest at least $100,000 in order to connect directly to liquidity providers and significantly improve trade execution speed on the broker’s in-house SFX Trader Pro and SFX Prime Trader platforms.

 

In fact, the fixed spreads offered by SFX Markets are above average – amounting to 2.5 pips, while most fixed-spread brokers offer 2 pips spread. Trading costs on the ECN accounts are at least 1.5 pips (involving a spread of 1.0 pips and a commission of $5 per standard lot), which also is above the average for the market.

 

By comparison, another offshore broker, FxChoice, offers average spreads of 0.5 pips plus commission of $7 round trip on its ECN accounts.  For further information and comparison, you may look up the real-time spreads of 15 leading brokers here.

 

The Company. Security of Funds

 

Company

Country

Regulation

SFX Global Ltd.

SVG

N/A

 

Founded in 2011, SFX Markets is an offshore broker that offers trading in around 30 currency pairs and precious metals on the popular MT4 and its proprietary SFX platforms.

 

According to the broker’s website, SFX Markets’ brokerage model is built on the execution of customer transactions directly to the market by the use of Straight Through Processing (STP) technology.

 

The company behind the brand is SFX Global Ltd., which is registered as International Business Company (IBC) in St. Vincent and the Grenadines.

 

IBCs in SVG are not obliged to meet capital adequacy requirements, to keep client money in segregated accounts, nor to arrange a compensation scheme in the event of insolvency. Registration procedure is fast and inexpensive and supervision of brokers is liberal.

 

In other words, trading with an offshore broker is a risky business. That is why we generally advise traders to invest their hard-earned money in a broker licensed in UK, Cyprus, or Australia for instance, where traders have certain level of protection and financial watchdogs are on alert.

 

Trading Platforms

 

SFX Markets offers its clients the most popular front-end application in the forex industry - MetaTrader 4 (MT4), desktop and mobile versions available, as well as its proprietary platforms. However, SFX Trader Pro and SFX Prime Trader are available only to FIX API account holders with investment of at least $100 000, so we will not discuss those platforms in detail.

 

SFX Web is an innovative trading solution that provides enhanced access to trading account reports and statistics via the SFX Private Office. It offers account access through any Web browser (including those on mobile devices), enhanced reports and statistics, account stop loss feature, and others. Unfortunately, we couldn’t try out the platform, as demo account is not available on SFX Web.

 

The MT4 Terminal is a perfectly equipped workplace that allows you to trade in the financial markets (Forex, CFD and Futures). It provides the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, create and use automated trading programs (Expert Advisors).

 

Methods of Payment

 

SFX Markets offers its clients the following payment modes: credit/debit card (Visa, MasterCard), bank wire transfer, and e-wallets Neteller, as well as SFX Debit Card.

 

The SFX Debit Card connects directly to your ePayments account that is provided by the Electronic Payments Association. 

 

Conclusion

 

SFX Markets is an offshore forex broker that offers various trading and technology solutions to its clients. Its main disadvantage is the loose regulation and the fact that trading costs on basic accounts are above average. Here are, in a nutshell, the pros and cons of SFX Markets:

 

Pros  Cons
Pure STP/ECN execution Not regulated
Choice of trading platforms, MT4 available Spreads/trading costs above average
FIX API and advanced social trading features offered No indices and stock CFDs available

 

Latest news about SFX Markets
No news about SFX Markets . Check back later.
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Traders` reviews for SFX Markets

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

AML compliance likely an excuse to buy time to confisticate client funds!


This is what i received from their representative so far....

Dear valued customer,

Despite the overall successful and fruitful year of 2018, we deeply regret to inform that the financial industry is currently undergoing Anti Money Laundering and Know Your Customer mandatory surveillance procedures due to the intense pressure from EU regulatory authority amid the recent alarming high-profile money laundering scandals in the region.

The exercise is also in line with the current global enforcement of checks and control over all financial activities by the financial institution regulators.

In view of the above, there will be inadvertent delay in payment of your withdrawals during this period of time and concurrently we would advise that deposits for new investment be deferred until the completion of the compliance process which you will be duly notified.

We are part of the financial institution who is fully committed to abide by all the regulations and compliances for the interests of all our customers, as such your understanding and patient is much appreciated.

We apologize and regret for all the frustration and inconvenience caused.
Thank you.

Alex 04/18/2019

Not able to withdraw the money

Joined SFX because of NordHill Capital's HAWK FX fund that only works there. The issue is I cannot withdraw the money I sent to the broker. I sent the 5k minimum to open an account to run HAWK FX, but after almost 2 years running it, I got laid off, and I needed the money to pay my bills, so I requested a withdrawal... But who says that's possible? I ordered a wire transfer, after 3 days of not receiving any answer from them, I sent them an email, and two days after, they said their bank is having issues. After exchanging more emails, they suggested me to use the credit card withdrawal. But who says that's possible too? The status in the financial tab says processing (6 days now), which usually takes 24 hours in other brokers.

They usually take 2 - 3 days to answer emails, and very unsatisfactorily.

So, if you don't wanna get stressed out, begging them to give back your own hard earned money, don't open an account with them.

I'm feeling like an idiot for trusting them in the past.

Luiz Roberto Junior 02/26/2019
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