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The services of an online broker are crucial for you to start trading in any financial market. It is true that you can just do a Google search to find a list of brokerages offering their services, but this does not mean that you can pick one at random. There are impostors in the market as well and this is something you need to bear in mind. There was a time when you could easily determine that there was something fishy about a platform, but cybercriminals have also upped their game these days. Now, it can be extremely difficult for anyone to identify a fraudulent brokerage just from a glance. So, how do you learn the truth? This Sunrisefxtrade review can shed some light on it.
There are certain aspects of a brokerage that you can check to find out if you are choosing one that can be trusted or not. This can save you from losing your hard-earned money in the long run and also bring you closer to your goal of making money from the financial markets. Yes, it might take a bit of your time, but doing so can help you avoid a big hassle, which makes it worth it. You have to take the same approach where Sunrisefxtrade is concerned, which is one of the brokerages you will come across in your search of a trustworthy broker.
By all appearances, you will find that Sunrisefxtrade is trustworthy because it is presented as one of the most successful platforms in the world of online trading. It claims to be licensed in the United States and is offering trading services in different markets, including forex, cryptocurrencies as well as binary options. This makes it seem like the perfect platform, but can you trust it? It is only when you check closely that you find out just how misleading the broker is. Why can’t you trust this broker? Let’s find out:
Blacklisted in the UK
Even though Sunrisefxtrade has claimed to be regulated in the United States, you will discover that the brokerage is apparently offering its services illegals to investors in the United Kingdom. How can you know that? This is because the broker has drawn the ire of the Financial Conduct Authority (FCA), which is the regulatory authority for the UK and it has issued a warning against the company.
The warning of the FCA about Sunrisefxtrade is a solid piece of evidence about the broker being unregulated because no legitimate company would ever offer its services illegally. This is a clear indication that you are dealing with a scam and not a trustworthy brokerage at all.
False regulation claims
Now that we have established that Sunrisefxtrade is offering its services illegally in the United Kingdom, it is time to check its regulation claim to determine if it is telling the truth or not. Regulation is not something you can compromise on because it can offer you a great deal of protection and security that you cannot get otherwise.
According to Sunrisefxtrade, its headquarters are located in the United States and it is regulated by the Commodity Futures Trading Commission (CFTC). As a matter of fact, the brokerage has gone as far as uploading a license on their website. But, you will find out soon enough that this license is forged because the broker is not regulated by the CFTC. You can check their online register and discover that the company is not mentioned.
Along with the CFTC, brokers registered in the US also have to be members of the National Futures Association (NFA), but you will not find Sunrisefxtrade mentioned there either.
The problem does not end here because you will find that Sunrisefxtrade has made yet another claim to convince people of its authenticity. It tries to pass itself off as a subsidiary of the parent company of one of the leading brokerages in the market i.e. Forex.com. However, the company has absolutely nothing to do with the brokerage, which means it is lying and no genuine platform would ever do that.
No legal documentation
When you are signing up with a brokerage, they will ask you to agree with their Terms and Conditions and this makes complete sense. These are the policies you have to follow and the charges you will be expected to pay. Of course, it is understandable that you want to check them out beforehand because you want to know what you can expect. Therefore, it comes as quite a shock for traders when they discover that there is no legal documentation available on the Sunrisefxtrade website.
You will not find any legal documentation on their website, whether it is Terms and Conditions, Client Agreement, or something similar. This means that when you open an account with Sunrisefxtrade and they ask you to agree with the Terms and Conditions, you will be expected to do so without having any knowledge of what they are. That makes absolutely no sense and you should not agree blindly to any conditions.
No trading software
Another classic scam move that you will find at Sunrisefxtrade is the lack of a trading software. Since you cannot execute trades in the market without a software, it does not make sense for the brokerage to not offer a trading platform. All they have on their website is a dashboard that displays third-party quotes for the purpose of creating an illusion of a platform. Even novice traders will be able to see that it is of no use, which means Sunrisefxtrade is not worth trusting at all.
The fact that no credit cards are supported at Sunrisefxtrade is a concern because it means that you cannot file for a chargeback in case something goes wrong. If you make your payments via bank transfer or cryptocurrencies, they are considered final and cannot be reversed, which means in case of a scam, you will not be able to get your money back.
Considering the problems you discover about Sunrisefxtrade, you can come to the conclusion that it is not a platform you can trust.