When people initially came across the concept of online trading, they were eager to jump on the bandwagon and start reaping the benefits. Of course, many were able to achieve this goal and this drew in a bigger crowd. People had to learn about the existence of scam brokers the hard way i.e. by suffering the loss of their hard-earned money, or their personal data. Gradually, this phenomenon became well-known, yet it doesn’t seem to have stopped. The scammers have just improved on their tricks and continue to exploit people left and right. This SGP-Limited review will give some insight into how this practice continues.
After all, it is also one of the names you will find when you are on the hunt for a broker to start online trading. Over the years, thanks to the increasing number of people flocking towards the financial markets, the demand for these brokers has seen them quadrupled. There are a horde of them offering their services to global traders, so you are spoilt for options when you are looking for it. But, it also means that there are more scammers out there that could end up trapping you in their offerings. This is what you have to be careful about, but this is definitely easier said than done.
This is because the offerings and features of these brokers are such that many people end up falling for their tricks and it can be difficult to recover after that. You definitely want to avoid such a scenario and this is where you have to be diligent. SGP-Limited is the perfect example of why you should not look at the surface alone and take a closer look to know if it is genuine or not. How? It boasts to be the world’s leading CFD and forex trading platform that focuses particularly on the Asia-Pacific markets. They promise an unparalleled trading experience to their global clients along, along with high speed execution.
At first glance, their offer appears to be quite legitimate and this is exactly where the expertise of these scammers lie. They are able to create such a package that people find it hard to resist and they fall for their tricks. In reality, they are the opposite of legitimate and not a broker you want to be dealing with. This SGP-Limited review will help you see what’s wrong with this platform.
One of the first issues that you will encounter with SGP-Limited, when you take a close look at them, is that it is a completely anonymous and unregulated website. They do not provide any details that you would expect from a regulated and legitimate broker. For instance, they claim that the safety of their clients’ funds is their top priority, but how can they promise this when they are not regulated? They have not provided a physical company address and neither do they have a phone number on their website. There is only an email address that you will find and that could belong to anyone.
Apart from these essential details, SGP-Limited has not mentioned anything about their licensing or authorization either. This means that it is a completely illegitimate broker because there is nothing you can use to reach out to them and they can disappear completely at any point. Why would you trust a broker like that with your money and your personal information?
No Minimum Deposit Mentioned
Another problem that you will come across on a closer review of SGP-Limited is that they don’t provide any insight into how much deposit you will be expected to make in order to open an account with them. They have not mentioned any amount, which means you could be asked to deposit whatever amount they want and this is not something you want. What if it is out of your budget? Every legitimate broker you will come across will have their minimum deposit requirement mentioned clearly for the ease of their potential clients.
No Mention of Leverage
Like other details that are missing from the SGP-Limited website, you will discover that they haven’t given you details about leverage either. A lot of people consider the leverage they will have at their disposal when choosing a brokerage, so not having this data can be disappointing. If you take a look at the default leverage on the platform, you will find that it is around 1:200. This is usually how scam brokers attract clients because most regulated brokers are not permitted to offer such high leverage to their clients.
Confusion about the Trading Platform
The trading platform is, without a doubt, the most important feature of a broker because this is the software that’s to be used for trade execution and accessing the market. The top trading platform in the market is none other than the MetaTrader5 and every authentic and genuine brokerage in the market definitely adds the MT5 to their offerings. As per the claims on the SGP-Limited website, they have also incorporated the popular MT5, which can pull in people.
However, you will discover something peculiar about this. They have provided you with links to download the platform and depending on the link you go with, there are two different companies that are offering the MT5; these are East Century Group Ltd. and Select Global Partners Ltd. There is absolutely no information provided about either of these companies and this is another issue you have to contend with. It is difficult to figure out if they are only providing services on behalf of SGP-Limited, or whether they are connected to the broker in a more direct way. This clearly shows there is something fishy here.
To put it simply, when you opt for SGP-Limited, you will have to trust a broker about which you know absolutely nothing and have no way to contact them if something goes wrong. Plus, they haven’t been transparent about their offerings either and have all the hallmarks of a scam, which means you need to step away from them.