SigmaforTrade Review Is Sigma for Trade a Scam or Legit Broker

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SigmaforTrade Review: Is Sigma for Trade a Scam or Legit Broker?

Sigma4trade Review: Scam or Legit? SigmaforTrade is registered at sigmafortrade.com and it is a forex trading broker with a collection of trading platforms tailored for the needs of clients individually. It is an innovative platform that offers users trading benefits with little to do. The website claims that the brokerage is run by a company in Majuro.

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Trading Platform

The broker claims to trade on the MetaTrader 4 platform.

Deposit and Withdrawals

Sigma4trade deposits and withdrawals through Visa, MasterCard, e-wallets like: Netteller, Skrill, SOFORT, PaysafeCard, TrustPay, iDeal, Neosurf. A minimum of $500 is accepted for deposit and a spread from 0.6. They promise that this is a quick method and made to fit every clients’ need.

Support

There is a contact address: Sigma4Trade Ltd. Trust Company Majuro 45058, a mobile number +00441512531771 and an email address [email protected]

Is it Licensed?

There is no verified license for Sigma for Trade, it is not a regulated body and its parent company is registered to Majuro which is the capital of Marshall Islands. This offshore address is fishy for reasons stated in the next section.

Conclusion

To begin with what the findings have led to, the company address given is in a shady location that several scam companies have been using as well because it is difficult to investigate. Regulatory agencies have warned against investing in such companies. Then, a demo account shows that the spread is lesser than the 0.6 and is somewhere at 0.4, which is too low for any company that is serious about making any money via trading. Absence of verified testimonies show that either it is too new to be trusted or that it does not work at all.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

SigmaForTrade Review – is sigmafortrade.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Mini $500 1:50 N/A
Standard $5 000 1:50 N/A
Gold $10 000 1:50 N/A
Platinum $15 000 1:50 N/A

This is a review of yet another offshore forex broker. It claims to offer three trading account types, as well as a choice of two trading platform. In this review, we will shed some light on SigmaForTrade, the company behind it, and its services.

As you can guess by the low rating, we don’t recommend this brokerage, and yet we will start off with a few possible benefits.

SigmaForTrade Advantages

SigmaForTrade claims to offer its clients both the industry leading MetaTrader4 (MT4), and Leverate’s Sirix. Both platforms are solid and well-known in the forex trading world, and we consider their availability as an advantage. That being said, we have to make two clarifications: we could not get access to SigmaForTrade’s Sirix, and when we downloaded what was supposedly the MT4, it turned out to be the MetaTrader5.

Nonetheless, the MT5 is a well-developed trading solution, featuring all functionalities of the its predecessor (MT5), plus some more perks. Both platforms support an algorithmic trading option, which allows you to run automated trading sessions with the help of specially designed, customizable Expert Advisor bots. Also, both MT4 and MT5 are available as desktop downloads, web versions, and mobile apps.

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SigmaForTrade Disadvantages

Offshore company, blacklisted by several EU regulators

This broker says to be owned and operated by Sigma4trade Ltd. This company is allegedly registered offshore, on the Marshall Islands, and is not unknown to us. The same firm operated Sigma4Trade (via the website sigma4trade.com, which now is not accessible).

Offshore brokers like SigmaForTrade are not allowed to provide financial services in the EU or other regulated markets like USA, Japan and Australia. It seems, however, that Sigma4trade Ltd. is targeting European investors, as Sigma4trade has been blacklisted by the UK’s Financial Conduct Authority (FCA).

As regards the brand we are currently reviewing, SigmaForTrade, it was recently flagged by the Italian financial regulator, CONSOB.

Click on the image to zoom in.

Doing business with unregulated brokers is not recommended in general, but if reliable financial regulators like FCA and CONSOB have officially blacklisted the company behind it, you’d better stay away.

When we tested SigmaForTrade’s MT5, the benchmark EUR/USD spread was floating around 0.5 – 0.6 pips, without any commission.

Click on the image to zoom in.

If trading costs are the same in live trading environment, there is no way for the broker to be profitable. Hence, we assume that the lack of commission fees and the tight spreads on demo accounts are just a trick to attract customers.

High initial deposit

In order to open an account with SigmaForTrade, one has to deposit at least $500. Such initial investment required is at least twice higher than what most brokers require as a start.

Conclusion

All things considered, SigmaForTrade is one of the many unregulated shady forex and CFD brokers on the market. Considering all the red flags we ran into while researching the company and testing its platform, this broker is most likely involved in some sort of investment scam.

Unfortunately, the financial markets are plagued with fraudsters trying to rip off investors in every possible way. Hence, the only way to stay safe in the wild west of forex is to only deal with well-established and licensed brokers.

Some of the most reliable ones in Europe are those regulated by the Cyprus Securities and Exchange Commission (CySEC) and UK’s Financial Conduct authority. They both apply strict rules on licensed companies with regards to capital adequacy, client account segregation, transaction reporting, etc. Besides, in both countries there are compensations schemes in place in case a regulated broker becomes insolvent.

To sum up the above:

Pros Cons
MetaTrader available Offshore company, blacklisted by several EU regulators
Unrealistic spreads
High initial deposit
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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