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SiiFX Review - is it scam or safe?

SiiFX review - Is siifx.com scam or good forex broker?

RATING: 1.3 / 0 REVIEWS SiiFX
SiiFX is an offshore broker. Your money is not safe.

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SiiFX says to be a UK forex and CFD broker offering several account types with a leverage as high as 1:500 and the MetaTrader4 platform. Legally all brokers operating on British soil or in any other European Union country should be properly licensed and authorized. Unfortunately SiiFX turned out not to be regulated, so if you are thinking about depositing your funds with them be sure to read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Standard Account

$10 1:500

2,5 pips

TraderPro Account $5 000 1:500

1,5 pips

Gold Account $10 000 1:100

1 pip

VIP Account $20 000 1:100 spread + commission
VVIP Account $50 000 1:100 spread + commission

 

SiiFX Advantages:

 

Leverage as high as 1:500

 

We usually try to identify any positive sides about the broker and here naturally we will start with the generous leverage – 1:500, which currently happens to be quite rare, especially since the European Securities and Markets Authority (ESMA) restricted the retail market in August last year

 

And actually EU was one of the last major markets to restrict the retail leverage levels – US, Canada and Japan have long been much more conservative in their efforts to reduce the investment risks for retail tarders.

 

In any case, if you want to trade with higher leverage any way, you may also check our list of brokers regulated in Australia, where such leverage levels are still legal and the local regulatory framework is reliable:

 

>>Brokers regulated in Australia<<

 

Fine selection of forex pairs and lots of CFDs

 

SiiFX offers over 30 forex pairs (some of which exotic like USDHKD, USDMXN, USDTRY and USDZAR), as well as CFDs on various asset classes like commodities, including soybean, sugar, wheat, cocoa, coffee, corn, cotton and oil, metals like silver and gold, indices, stocks and bitcoin. And if you like the idea of trading crypto asstes, you may also check our list of brokers, trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

E-wallets and bitcoins accepted as payment methods

 

At SiiFX you can pay with all major credit and debit cards like VISA and MasteCard, bank wire and various e-wallets including NetellerSkrill, Payza, MegaTransfer and UnionPay, which is especially popular in China. And you can pay also with bitcoins. Here you may check our list of brokers, accepting bitcoins as well:

 

>>Forex Brokers Accepting Bitcoin<<

 

You can start trading with just 10 USD

 

This is definitely a good news too. And yet, while most brokers do require a minimum deposit, some big and well established players like FBS and IG will let you trade with virtually a dollar or two.

 

MetaTrader4 supported

 

MetaTrader4 is a remarkable platform. It has been around for more then 10 years now and it still dominates the market. It is reliable, offers excellent charting tools and nearly 100 customizable market indicators. And on top of that MT4 easily supports automated trading sessions with the help of specially designed customizable trading robots. So here you may check our list of MT4 supporting brokers as well:

 

>>MT4 Brokers<<

 

SiiFX Disadvantages:

 

Not regulated

 

SiiFX claims to be based in the UK and as all brokers targeting UK citizens, it should be regulated by the local Financial Conduct Authority (FCA). So we diligently checked the registers of the regulator, but were unable to find neither the name of the broker, nor the name of the company behind it - SIIFX FINANCIAL SERVICES LIMITED.

 

Keep in mind as well that most unregulated brokers are involved in scam for one very simple reason – they are completely unaccountable about the way they handle your money. And even if they are not outright scammers, almost all of them keep their clients money in the same account as their operational capital – something that is absolutely prohibited by the regulatory authorities. 

 

And besides, with FCA regulated brokers your account will even be covered by an insurance of up to 85 000 GBP, so here you may check our list of FCA regulated brokers as well:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses

 

SiiFX tries to win new clients with a welcoming bonus, and although that may seem attractive, you should be doubly careful when you hear about such an offer. Bear in mind that all trading bonuses are always linked to some minimum trade volume requirement, which basically will restrict your right to withdraw. That is the reason trading bonuses are restricted throughout Europe and virtually on all regulated markets.

 

High spreads

 

As tested with a demo account the benchmark EURUSD spread floated above 2,1 pips and that is higher than the levels most traders would consider acceptable with a standard account. So here you may check our list of brokers trading with tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

SiiFX is not a broker we can recommend. They are not regulated as they should be, especially if they are focused on the UK and the EU markets as it seems. And besides their trading conditions are mediocre, so our general advise is to avoid such unregulated websites altogether and to trade only with brokers, licensed by reliable financial watchdogs such as the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

Latest news about SiiFX
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Traders` reviews for SiiFX

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