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SGOption Review - is it scam or safe?

SGOption review - Is sagioption.com scam or good forex broker?

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

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SGOption is presented as a leading forex and CFD broker, with offices in New York and Manchester, which offers over 90 currency pairs with a choice of 6 account types, leverage as high as 1:200, trading bonuses of up 180%, competitive spreads and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads
Bronze Account $500 1:200 n/a
Standard Account $1000 1:200 n/a
Gold Account $5000 1:200 n/a
Platinum Account $10 000 1:200 n/a
VIP Account $50 000 1:200 n/a
Admin Account $100 000 1:200 n/a

 

And although this might sound as the perfect broker you may chose to trade with, be aware that things might not always be as they seem. To start with, SGOption is not regulated as it should be, if they want to target customers on heavily regulated markets like the U.S. and Europe. And what is even worse, their website is completely anonymous – we are not even told the name of the company, that runs the whole business. So if you are about to deposit your funds with them better read the following review.

 

SGOption Advantages:

 

Non that we can think of.

 

SGOption Disadvantages:

 

Anonymous website, no license

 

As we already noted, nowhere on their homepage do SGOption mention the name of the company that operates them. That alone is a clear sign of warning.

 

Also, if they really run their business from U.S. and British soil, they should be regulated both by the Financial Conduct Authority (FCA) in the UK and the Commodity Futures Trading Commission (CFTC), and the National Futures Association (NFA) in the U.S., where they should be licensed as a futures commission merchants (FCM) and a retail foreign exchange dealer (RFED). 

 

And besides, a U.S. license comes with a rather demanding capital requirement. All U.S. brokers should hold operational capital of no less than 20 000 000 USD – the same amount as required by the Swiss regulator for the Swiss banks. 

 

So it was not a surprise, when we found out that SGOption is not regulated neither in the UK, nor in the USA. Actually, here you may check our list of brokers, licensed and authorized by the FCA:

 

>>FCA Regulated Forex Brokers<< 

 

Trading bonuses

 

SGOption is offering trading bonuses of between 20% and 180% depending on the account type and we do not like this as well. We have a problem with all trading bonuses in general and that is because they always come with some additional withdraw conditions, which quite too often scammers use as a pretext to cancel your withdraw requests. 

 

Terms and Conditions missing

 

The Terms and Conditions or the Client Agreement is a key legal document that establishes the relations between the trader and the broker. With SGOption this document is missing on their website, but still, when you register you will have to agree with it, no matter that you have not read it.

 

MetaTrader4 not directly available, no demo account

 

SGOption says they offer the MetaTrader4 platform, but there was no link to download the platform on their website, nor we were given the option to open a demo account to check their trading conditions. 

 

Those are all bad signs, so what we would suggest here is that you check our list of brokers, which do support the MetaTrader4, probably the most popular trading platform on the market, featuring over 60 integrated market indicators and numerous trading bots, with the help of which you can easily run algorithmic trading sessions:

 

>>MT4 Brokers<<

 

Skrill not available as payment method

 

SGOption says to accept payments in lost of ways, including popular e-wallets like Neteller, Skrill and Perfect Money, bank wire, bitcoins, as well as Money Gram and Western Union. Unfortunately when we proceeded with our registration, it turned out the only payment methods available are bitcoins, bank wire, Money Gram and Western Union. Skrill was not among the options and that is worth mentioning because of their new anti scam policy. According it Skrill partners only with regulated brokers, and as we already established SGOption is a unregulated, anonymous website. Here you may check our list of brokers, accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

High minimum deposit requirement

 

SGOption requires a minimum deposit of at least 500 USD and that is at least twice the amount most brokers would ask for. Besides, with some big and well respected names like FBS and IG m you will be able to start trading with just 5 USD or even less.

 

Conclusion:

 

SGOption is an obvious scam. Not only that the website is not regulated, but also it is completely anonymous – we have no idea which is the company that operates it. So our general advise in such cases is to avoid unregulated websites like this one and to trade only with legit brokers, licensed and authorized by well respected institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).

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Traders` reviews for SGOption

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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Deposit/Withdraw

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Customer service

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