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SGFX Review - is it scam or safe?

Safe Gold FX (SGFX) Review - is sg-fx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz SGFX
SGFX is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account Type Minimum Deposit Minimum trade size Maximum leverage Spreads (& Commission)
Standard $100 0.1 (mini lot) 1:100 5 pips, fixed + commission $50 / lot

 

Safe Gold FX (SGFX) provides a single trading account type with leverage up to 1:100, fixed spreads, involving commission fees, and no micro tradeable lots available.

 

While most fixed-spread brokers offer spread of 2 pips on majors, SGFX’s spreads on EUR/USD are fixed at 5 pips, and, on top of that, a commission of $50 per standard lot applies. This makes it the broker with the highest trading costs we have encountered so far. If you are foolish enough to become a client of SGFX, you will pay 10 pips per each standard lot traded, which is at least $100.

 

By comparison, easyMarkets, a broker licensed by reputable regulators such as CySEC and ASIC, offers spread fixed at 1 pips on EUR/USD and no commission fees apply.

 

The Company. Security of Funds

 

Company Country Regulation

Safe Gold International (Belize) Limited

Belize

IFSC

 

Safe Gold FX (SGFX) is a forex and CFD broker that uses the ever popular MetaTrader 4 platform. It is operated by Safe Gold International (Belize) Limited, a company licensed by the Belize’s International Financial Services Commission (IFSC) for offering trading in securities services.

 

A part of Safe Gold Financial Holding Group, that also has a number of other businesses (Insurance, wealth management, real estate, etc), SGFX seems to target mainly Chinese investors.

 

Although a license issued by IFSC is indeed better than a simple registration as an International Business Company, Belize remains an offshore destination and the rules applicable to forex and binary options brokers cannot be compared to those in force in Australia, Cyprus or UK. Because traders have very limited protection (if any) when doing business with offshore brokers, we generally advise them to avoid such companies and select among brokers licensed by CySEC or ASIC, for example


Trading Platforms


SGFX offers its clients the MetaTrader 4 (MT4), available as desktop download and mobile apps.


Developed by Russian software company MetaQuotes, MT4 is still the preferred by most traders and brokers. The platform is equipped with solid charting tools, many built-in indicators, a wide range of Expert Advisors (EAs) and extensive back-testing environment. Apart from the ready-made Eas and indicators, traders can create their own in the MQL programming language.

 

 

SGFX’s demo MT4. Click on the image for a larger view.


Methods of Payment


SGFX’ clients are offered only bank wire transfer as a payment method.


Conclusion


Safe Gold FX is a MT4 forex and CFD broker that is licensed in Belize. Apart from the light-touch offshore regulation, this broker is not recommended because of the extremely high costs of trading, amounting to To some things up, here are the advantages and drawbacks in relation to this broker:

 

Pros

Cons

MT4 available

Registered offshore

 

Very high spreads

 

Salty commissions

 

Limited payment methods offered

 

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Traders` reviews for SGFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

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