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Safe Gold FX Review: Is SG-FX.com Scam or Safe?

Safe Gold FX Review: Is SG-FX.com Scam or Safe?

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Safe Gold FX which is also known as SGFX offers a single type of trading account with leverage of up to 1:100. This account does not support micro tradable lots and on top of this, it charges commissions and offers fixed spreads. With most brokers offering fixed spreads, major pairs usually attract 2 pips maximum but Safe Gold FX has decided to charge 5 pips for major pairs like the EURUSD. This is not all, Safe Gold FX has also decided to charge a commission of $50 per standard lot. This means the broker is really expensive to trade with. We have never encountered a broker which such a high trading cost. That means if people are foolish enough to start trading their hard earned money with Safe Gold FX, they will pay 10 pips for each standard lot which they trade on the platform, and this will amount to $100.

Now, if you compare this with what regulated and affordable brokers offer in the market, you will realize that there is a big disparity there. You will understand that Safe Gold FX is a rip off and a place where people should not trade their money if they do not want to get scammed. The company’s name is Safe Gold International (Belize) Limited and is based in Belize. Safe Gold FX uses the popular MT4 trading platform to offer Forex pairs and CFDs too. The company in question is regulated by Belize’s International Financial Services Commission (IFSC). However, this company has also invested in other businesses as well which include wealth management, insurance, real estate and so forth. Safe Gold FX seems to be targeting Chinese traders as the main language on their site is Chinese but they also support English language. 

Safe Gold FX

We’d like to say that a license from the IFSC is better than nothing. It is better than saying that Sage Gold FX is an internationally registered company since this alone does not add any form of credibility on the site. However, it remains a fact that Safe Gold FX is an off shore brokerage. This fact cannot be ignored. Now,  the rules that regulators have put for brokers who are based in Cyprus, Australia and even the UK are quite tough compared to those which govern off shore brokers situated in countries like Belize. Since traders have no protection at all when dealing with off shore brokers, we recommend that all traders should only deal with companies that are well regulated and authorized to provide trading services to members of the public. You may be able to select these brokers from this list as they are either regulated by CySEC, ASIC and many other reliable regulatory organizations.

Safe Gold FX review

Safe Gold FX runs the popular MT4 trading platform which can be downloaded on desktop or accessed through mobile devices. This software is considered the most preferred and reliable trading platform, which is why nearly all Forex and CFDs brokers are supporting it at the moment. The reason why MT4 is loved is that it comes with a solid charting tool, compatibility with many indicators including in built indicators that traders don’t have to pay for, extensive back testing environment and compatibility with all kinds of expert advisors for trading. In that sense, you cannot say that this platform is lacking in anything. Apart from these features, traders can also create their own MQL programming language. 

This broker is definitely one of those who support MT4 platform for trading. This is not a bad thing but you have to consider that nearly all brokers support this platform including those who are properly regulated. So this should not be the reason as to why you are peaking an expensive broker like Safe Gold FX for purposes of trading. It won’t be viable in the long run.

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Leverage

We may say that a leverage ratio of up to 1:100 is not necessarily bad but we would have appreciated leverage if it were up to 1:200. For the conservative trader, this leverage is still enough to get most trades going and not risking a lot of money in this operation. In terms of leverage, we think that this broker may not be suitable for the most aggressive trader who requires at least 1:500.

Methods of payment

Safe Gold FX accepts bank wire as method of payment. They do not accept any other means of payment which is really weird because most professional brokers have a wide range of choices for their customers. They accept bank wire in addition to master card, visa, e wallets such as skrill, neteller and many more. This is to ensure that there is always a variety for traders who want to deposit in one form or the other. Not every trader is comfortable with bank wire. So this may be one reason why many traders will avoid Safe Gold FX.

Very high spreads and salty commission

The high cost of trading with a broker like Safe Gold FX is evident. You cannot ignore the fact that this is one of the most expensive brokers out there and there is no reason why you should spend your money on a broker who does not mind your pocket. If they can charge unreasonable fees, then it is likely that they will also scam you.

The other issue is the fact that they are based in an off shore location (Belize) in this case. If you end up wiring money to this destination, the most likely thing shall happen. They will scam you at one point and that’s guaranteed. Regulations in those areas are not tight and so brokers can do whatever they want to with your money. You are literally in their mercies.

Our best advice for you

Safe Gold FX could have made a nice broker but due to these short comings, it is only best to avoid such a broker. There are more competitive brokers out there who do whatever it takes to secure their clients. Good examples can be found here. 

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Summary
Review Date
Product Name
Safe Gold FX
Author Rating
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One Reply to “Safe Gold FX Review: Is SG-FX.com Scam or Safe?”

  1. Really nice review. I had very bad experience with SG-FX.com Their commission and spread is very high. So stay very away from it. Thanks for making us conscious and sharing the articke.

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