Table of Content
SagicorFinance Review – Stay Away From SagicorFinance.Pro
Table of Content
In today’s analysis, we are discussing an investment scam—SagicorFinance operating from Saint Vincent and the Grenadines, a safe haven for offshore-based brokers involved in fraudulent trading activities. From the moment you access its website, you encounter baseless statements. It claims to be transparent, reputable and licensed, but this is easily rebutted. How to put trust in a forex provider that is not authorized to provide services in any market? Therefore, it is more accurate to say that the SagicorFinance broker is a dishonest, anonymous, and unlicensed brokerage company. So, continue reading our SagicorFinance review and discover why everyone should stay away from sagicorfinance.pro.
|Minimum Deposit||250 USD|
|Broker Type||Forex provider|
Is SagicorFinance Broker a Reliable Financial Investment?
When it comes to forex trading, for obvious reasons (money and fraud), it is a heavily controlled industry. Every broker, regardless of country of service, must be regulated to operate legally. In terms of regulation, after checking the registers of major supervisory bodies, it turns out that SagicorFinance is an unauthorized broker. This company is registered in SVG, one of the jurisdictions that don’t control the foreign exchange markets. In other words, it is not safe to invest with this shady brokerage firm.
By comparison, legit brokers, especially those licensed under tier-one financial authorities like the British FCA, German BaFin, and Australian ASIC, are extremely trustworthy. They cooperate with premium banking institutions and implement risk management measures, such as negative balance protection and segregated accounts. By doing so, your money is protected from inherent trading risks like losing more than invested and being affected by brokers’ insolvency. On top of this, traders are covered by indemnification programs. For instance, FCA compensates for up to 85K GBP per trader. So, none of these you can have with an illicit broker, hence, there is no point in considering the SagicorFinance offer.
Overview of SagicorFinance Trading Platforms
Speaking of the SagicorFinance trading platform, it is as worthwhile as this phony broker. Its web trader can’t provide any successful trading experience because it comes with generic functions. This trading software can’t even be compared to any modern programs such as cTrader, Sirix, MetaTrader 4, and MetaTrader 5. They are equipped with advanced tools, e.g., copy trading, fast execution, expert advisors, and stop loss. Apart from that, they are accessible on any device (desktop version, mobile app, and browser-based platform).
Account Types Available
Regarding what types of accounts are offered by SagicorFinance, here is a quick overview of them.
- Start: minimum deposit of 250 USD, 50+ trading instruments;
- Basic: minimum deposit of 1,000 USD, 100+ trading instruments;
- Pro: minimum deposit of 10,000 USD, 150+ trading instruments;
- Ultimate: minimum deposit of 25,000 USD, 200+ trading instruments.
Allegedly, each account version comes with negative balance protection. We doubt it is the case here because scam brokers don’t want to stop you from losing money but encourage you to invest/lose more.
In addition, there is no demo account option at SagicorFinance, which is expected and common for fraudsters. This option allows traders to test trading conditions and platforms but also practice trading for free, which goes against the deceitful intentions of this broker scam.
Trading Instruments Available
In relation to tradable assets at SagicorFinance, only holders of the ultimate accounts have full access to all trading products (allegedly, over two hundred). This means that you have to invest 25K USD to be allowed to trade on all instruments. Of course, this raises a red flag and is one of many signs of trickery. In addition, here is an overview of available markets.
- 50 currency pairs: USD/EUR, GBP/USA, EUR/JPY;
- 15 índices: Germany 30, US NAS 100, S&P 500;
- 40 stocks: Apple, Google, Coca-Cola;
- 19 commodities: gold, lumber, coffee.
As you can see, there are no crypto assets, which is a surprise. With reference to trading conditions, according to the SagicorFinance website, its spreads start at 0.5 pips while maximum leverage is 1:300. As expected, these terms are fabricated to draw your attention. First, fraudsters always give empty promises of ultra-low spreads. Then, the leverage ratio of 1:300 is against many legislation since leverage is limited in many jurisdictions due to being risky for retail traders (e.g., 1:30 in the EU).
Deposit and Withdrawal
Concerning deposits and withdrawals, as introduced, the minimum deposit required by this phony broker is 250 USD. This is an unnecessary risk considering the status of this company and the fact that you can open a live account with a legitimate forex provider for less than 10 USD. In connection with what funding methods are supported by SagicorFinance, this financial swindler is not transparent about that. By being ambiguous, this unscrupulous broker makes room for cooking something up, such as insisting on deposits via crypto wallets. That is an issue with bogus brokerage firms because crypto payments are complicated to trace and reverse. That being said, there are no money withdrawal guarantees with this fraudster.
How Do I Get a Refund from SagicorFinance if I was Scammed?
If you are one of the unsuspecting victims of the SagicorFinance scam, it is important to act fast. So, don’t be ashamed to report this cyber fraud to the relevant authorities. Also, don’t forget to leave negative reviews on this shady brokerage firm to warn others.
As per cyber security experts, getting your money back is possible, which is certainly a relief to all victims. Cashback is doable with credit/debit cards, for example, VISA and Mastercard offer a refund if you apply for it within 540 days. As well, bank transfers can be annulled but only if a transaction hasn’t been confirmed. Lastly, as mentioned earlier, crypto payments are challenging to charge back; but with professional help, it is viable. Therefore, you can contact us for this matter.
To conclude this SagicorFinance broker review, let’s go through the key facts. So, this fraudulent broker is headquartered in SVG, operating without a license and regulations. Aside from that, it lies about providing a MetaTrader platform, and in fact, it has a poor web trader. Its minimum deposit is much higher than the industry norm as well as the leverage ratio. All in all, this dishonest scam broker uses many dirty tricks to lure and defraud you. One of them is fake SagicorFinance reviews on the internet. Thus, be very cautious of this and similar con artists and check every online forex broker before starting trading.
FAQs About SagicorFinance Broker
What Is the Minimum Deposit for SagicorFinance Broker?
It is 250 USD, which is too much since you can start trading for less than 10 USD with reliable brokers.
How Long Do SagicorFinance Withdrawals Take?
Its website doesn't reveal that information, which is typical of scam brokers.
Is My Money Safe with SagicorFinance?
No, it is not, because it is an unlicensed broker involved in trading scams.