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SGT Markets Review - Is it scam or safe?

SGT Markets Review - Is it scam or safe?

RATING: 2 / 2 REVIEWS ForexBrokerz SGT Markets
SGT Markets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

Account type  

Min/Max deposit 

Minimum trade size

Maximum leverage

Spreads           

MT4 Startup

$50

0.01

1:400

From 1.6 pip pips on EUR/USD

MT4 Direct

$500

0.01

1:400

From 0.9 on EUR/USD,

MT4 Prime

$1000

0.01

1:400

From 0.0 + $6 commission per standard lot round turn

 

SGT Markets offers its clients a three basic account types, all of which provide STP execution, leverage up to 1:400, micro tradeable lots and access to the popular MetaTrader 4 platform (MT4).

 

The Startup and Direct account types offer commission-free trading, while the Prime account involves a small commission fee for the raw spreads its provides.

 

In addition, swap-free (Islamic) services are available upon request from clients who are not willing to pay or earn interest forreligious reasons.

 

Besides, SGT Markets offers MAM/PAMM accounts for fund management. In order to qualify, managers must have at least 3 clients with a total equity of USD $10,000 or equivalent.

 

The Company. Security of Funds

 

SGT Markets (formerly SGTForex) is an offshore STP brokerage company offering a wide range of trading instrument (90+): Forex, Metals, Oil, and Equity Index CFDs) on the MT4. This is the trading name of Sterling Gent Trading Ltd., incorporated in the British Virgin Islands (BVI) and licensed by the Financial Services Commission (FSC).

 

Despite offering regulated status, FSC allows companies to be entirely based overseas. Furthermore, BVI-registered financial services providers do not face most of the requirements that brokers based in the UK or US do. For example, BVI-registered brokers are not subject to any minimum capital requirements and are not required to contribute to a compensation scheme.

 

Generally, we advise traders to choose among UK, Swiss or other well-regulated brokers, where their funds will be protected. If you, however, prefer offshore ones for some reason, SGT Markets is a reliable choice, as it has more than 10 years of experience and offers pretty good trading conditions. 

 

Trading Conditions

 

Minimum Initial Deposit

The minimum initial deposit for SGT Markets clients is $50, which is a low initial amount. Yet, other offshore brokerages require less. For instance, LiteForex, demands $10 as a start, and Belize-based FX Choice, requires $100 from its clients for all account types, including ECN one.

 

Average Spreads & Commissions

SGT Markets offers floating spreads, which vary by account type. Spreads on the commission-free MT4 Direct account are average, starting from 0.9 pips on EUR/USD, while the ones on the MT4 Prime account are raw, starting from 0. This is a really good offer, as the average cost of trading per lot for the EUR/USD pair is around 0.9 pips if we add the commission applicable ($6).

 

In comparison, BVI-registered Fibo Group offers fixed spreads amounting to 2.0 pips for the EUR/USD pair on its MT4 Dealing Desk account types. For further information, you may check out and compare real-time spreads of 15 leading brokers here.

 

In comparison, Liteforex offers variable spreads averaged 1.1 pips on its ECN commission-free accounts. For further information, you may look up and compare real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage offered by this broker is 1:400. Although this is considered as high leverage level, many forex brokers offer leverage equal to or exceeding 1:500. LiteForex, for instance, provides leverage up to 1:1000. 

 

The higher the leverage, the greater the risks of loss. That is why the default leverage at SGT Markets is 1:100, and the maximum levels provided depend on the account equity.

  

Trading Platforms

 

SGT Markets supports the industry’s standard platform, MetaTrader 4 (MT4), available as desktop and mobile versions. MT4 is preferred by most traders, because it is equipped with an advanced charting package, a number of technical indicators, Expert Advisors (EAя) and extensive back-testing environment.

 

What is more, SGT Markets has partnered with VULTR in order to provide VPS (Virtual Private Server) hosting. It allows Forex traders to run automated algorithmic strategies 24/7 on a Virtual Machine, thus minimizing the chance of system downtime due to technology or connectivity failures. 

 

To keep their VPS free, clients of SGT Markets need to generate at least 100 standard lots or deposit a minimum USD 5,000 (and trade 30 lots in the first month).

 

FIX API Service is also available with this broker - a turnkey solution for institutional and high volume clients looking to access market leading liquidity at affordable prices.

 

An ideal solution for traders who don’ have the time to build their own trading strategies, and for those who simply want to remove the element of emotions, is Auto trading. SGT Markets offers advanced auto trading solutions via MyFXBook’s Autotrade and ZuluTrade.

 

Methods of Payment

 

Clients of SGT Markets may choose from a wide range of payment methods: bank wire transfer, bank cards, Skrill, Netteller, FasaPay and China UnionPay.

 

Accepted currencies: USD, EUR and GBP.

 

Conclusion

 

Despite its light-touch regulation, SGT Markets is a reliable broker, that offers trading in numerous different instruments and assets on MT4 under competitive trading conditions. To sum up the above, here are the advantages and drawbacks in relation to this broker:

 

Pros  Cons
Raw spreads on MT4Prime account and low commission Light- touch regulation
MT4 available No choice of trading platforms
High leverage levels    
STP execution model   
Advanced autotrading options  

 

Latest news about SGT Markets
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Traders` reviews for SGT 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

 

 

SGT Market is a scam company

SGT Market is a scam company, there are people who work inside this company and cheat customers by selling fake signals on accounts that do not exist. In practice they publish on Tradin Signals or other portals false signals of false accounts to attract customers to whom they ask to open accounts on their broket in exchange for the sale of signals. The person that deals with this scam is an Italian named Simone Ambrogio and lives in Italy in the province of Romano Lombardia (Brescia).

Daniel 09/01/2019
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