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Sandton Direct (Sandton.direct) is another Forex brokerage scam to hit the industry. It should be noted that this scam is offering both forex and crypto trading services. We received a disturbing email from one member who claimed to lose all his investment with SandtonDirect. As experts in forex trading, we decided to have a look at this brokerage firm. What we found out will shock you. Read on to find out more.
These brokerage firm claims to offer forex trading 24 hours a day, seven days a week. Yes, they even offer trading services on US holidays. This is one of the lamest terms we’ve ever heard. Who trades on a day where financial markets are closed? Only scammers can pull such a load of crap. For those who don’t know, forex trading only occurs on weekdays.
Sandton Direct claims to trade spot gold and silver market. What we found ridiculous was that they do this 23 hours a day. And it all starts on a Sunday! This is simply absurd and never going to happen in the forex world. Crypto currencies are offered 24 hours a day. SandtonDirect offers these services starting from Saturday GMT. As we said earlier, no market is opened on a weekend. These people are obviously fooling us.
Sandton Direct has added that there’s potential for liquid market conditions during particular weekends. All these ladies and gentlemen are nothing but bull. They simply want you to think you can trade all day and make money all day. There’s no brokerage or software that can do this. As we earlier said, this is one big red flag that we first spotted. Read on to find out more shocking details regarding Sandton Direct.
Notice that on the homepage, they claim that they made a decision to upgrade their product. Claims of upgrading their platform from flash to HTML5 is a lie. They claim that most browsers are not supporting flash technology. We have to deny this since all browsers support flash technology. They simply want users to note that they are using a high-end product which is a lie.
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According to the website, all clients are required to keep adequate margins in their accounts. Failure to do so is paramount to the closure of an account. Sandton Direct claims that if margins fall low in any account, they will be forced to close the account. Why would they do that? What they claim is that they reserve the right to close the account. Ladies and gentlemen, this is a ploy to ensure you keep depositing your money with Sandton Direct.
Note that the only reason such an account will be opened is if a client deposits adequate funds. This means that they simply won’t allow you to trade without a certain balance in your account. If you lose money and still have a balance, they will take your balance away from you. Yes, they said they have reserved the right to close your account, right?
Margin levels allowed with Sandton Direct is 30%. If your account is below 30%, it will be stopped automatically. To avoid automatic stop out, clients are asked to have margin levels of over 60%. This is insane. They simply want users to keep on depositing money without making any profits. SandtonDirect smells of a dangerous scam.
Sandton Direct claims to have a few minutes of processing time especially for deposits. When it comes to withdrawal, things change as users have to wait 2-3 business days. SandtonDirect claims to credit your account within minutes of depositing. They claim to have an account number with Emirates NBD.
We contacted this bank and they had no account under such a name as Sandton Direct. Doesn’t this sound off? What is more alarming is outgoing wire transfers. You will be charged a certain amount of withdrawal depending on the bank you’re using. Numerous claims are floating all over the web in regards to the insane withdrawal fees Sandton Direct is charging.
Process time of Bitcoin deposits is instant according to Sandton Direct. They also add in that there’s no minimum deposit. On the face of it, they claim to offer very low Bitcoin transaction costs. What they fail to mention are their absurd withdrawal charges. Mandy Brooke claimed to have been charged an excess of $400 for 0.1BTC. This is way and above the industry’s standard withdrawal fees.
There’s also a matter of inactivity fees. Accounts with zero balances will be automatically expired from the system. They claim that this aids in anti-money laundering rules. Sandton Direct adds that they are not permitted to service any accounts for any purposes. What if a client loses all the money? It means your account will be closed. Not forgetting if you don’t reach the required minimum of 30%, it will be closed.
We are dealing with a lousy forex broker whose aim is to take away your money. It’s like the moment you deposit money with Sandton Direct, your investment is as good as gone.
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Sandton Direct allows wire transfers, Credit cards, and Neteller. They have a strict no cash policy. Why do you think this is? It’s because they don’t want to have any real time connection with victims. They also don’t want authorities to know about they shoddy dealings with Forex. This is why you should avoid SandtonDirect as the plague itself.
In their terms and conditions, they also claim that your payments can be withheld from you. Reasons as to why this is possible is still a mystery. They don’t clearly explain why your investments are withheld from you.
Another red flag we noticed was that this brokerage firm is not regulated. This means they don’t fall under any government regulatory body. It makes Sandton Direct even more dangerous since there is no way victims can get their lost money. We checked with FCA and CySEC to see whether this firm has been regulated, and the answer was NO.
None of the leading financial authority governing bodies has ever heard of Sandton Direct. We tried to get a hold of them via email and have heard no response.
Yes, we have no doubt that Sandton Direct is a scam that should be avoided at all costs. Numerous emails we have been receiving confirms this is a fake forex brokerage firm. Don’t deal with them at any time. Ignore all incoming message alerts asking you to join Sandton Direct.
We have no other option but to blacklist this fake forex broker. We urge all of you to stay away from SandtonDirect and look for recommended brokers.
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