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SGOption Review: Sagioption.com Crude Forex Scam

SGOption Review: Sagioption.com Crude Forex Scam

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SGOption (Sagioption.com) is another cruel CFDs and Forex scam platform targeting European investors. SG Option is claiming to offer exciting bonuses and light speed trading. Sagi Option is purporting to have more than 10 years of trading experience which is not true. With such empty claims and promises, most investors signed up without doing due diligence. It is why most are crying foul. Read this honest SGOPTION Review for more.

SGOption Review

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SGOption Review

With most members ruing signing up with this platform, we had to investigate the root course. As it turns out, SGOption is another rotten Forex online scam targeting investors in Europe. Empty claims and promises have been used to lure investors into believing this is a legit platform. Thanks to our years of trading experience, we know how to spot a scam from a mile away. It is best you read this entire review and find out some of the tricks used by these scam artists.

Scam artists have perfected the art of cloning websites in an effort to fool investors. SGOption is another well-crafted cloned website which is a attracting investors in their thousands. With claims of having over 10 years of experience, most investors easily fall for it. It is why we must protect the good Forex trading name by exposing these scams. Make sure to spot and verify the information below on your own time.

About SGOption

Disclaimer at the footer of the homepage claims this platform is based in New York and the UK. For all we know, this could be another offshore brokerage site which is using fake credentials. Contact details seem sketchy as phone number has been verified to be a virtual phone number. Scam artists are using virtual phone numbers to entice users to believe they are actually based in cited regions.

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Looking at their about us page, Sagi Option does not clearly indicate where they are ideally located. No one knows the actual founding members of this platform. It would be helpful if they posted a name of any broker associated with this platform. By doing so, it would make it easier to verify any scam claims. It is why they fail to issue any name as anonymity is dear to them. Scam artists don’t want authorities and victims to track them down for fear of retribution. It is why they prefer to stay anonymous.

Is SGOption licensed or registered?

Another disturbing feature with this platform is the lack of valid license and registration details. Being based in New York and London, you would expect the broker to comply with regulatory bodies. We contacted the bodies tasked with regulating Forex platforms in both countries. The FCA in the UK have never heard or licensed any broker with this name. In the US, the NFA and SEC have already issued a warning regarding the use of this platform. Any investor trading with this platform is in for a rude surprise.

Why have they failed to post any details regarding their trading license? Lack of any license certificates or documents is proof we are dealing with a scam. It is best to avoid any unlicensed entity as it means they don’t comply to set industry regulations. When it comes to trading platforms, SG Option is one to be avoided.

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Advantages of SGOption

We could not come up with any advantage of trading with an anonymous and unlicensed entity. Whatever world you are living in, never trust a platform whose actual ownership is a mystery. Since the platform does not follow set rules, recovering funds remains to be a thorny issue. It is best to avoid trading with this platform or any other that shares similar characteristics. Stay away from SG Option.

Disadvantages of SG Option

Account types

SGOption Account Types

SGOption is furnishing users with six different account types. Accounts are named Bronze, Standard, Gold, Platinum, VIP, and Admin Platform. Basic account holders are required to deposit $500 to start trading. It should be known that set industry standard is $250 and no one should ask for more. Accounts also come with a bonus which remains to be a bone of contention in the trading world. Stay away from accounts which offer bonus as they will come back to bite any investor who gets them.

Deposit and withdrawal

When it comes to depositing funds with this platform, SG Option has this area well-covered. SGOption is using a wide array of depository channels which include Bank transfer, Bitcoin MasterCard, and others. Deposit and withdrawal page lists all available channels but fails to disclose withdrawal services. It has come to our attention that most members are being blocked from accessing their funds. With withdrawals being a major flaw, it is best to avoid any platform with such challenges.

No demo account

Another serious flaw with this platform is lack of a working demo account. A demo account gives users a chance to know more about the trading conditions offered. Without a demo account, users don’t know the leverage and spreads available. With this kind of a loophole, it allows the broker to manipulate trading results with ease. Members trust an unknown platform with their trading practice.

Platform in use

According to information retrieved on their website, they claim to use MT4 trading platform. MT4 trading platform is a good platform to use if only the broker has their website well secured. It turns out SGOption is lacking in areas security wise as they fail to have DDoS Protection and SSL Encryption. Hackers can easily gain access to this website and steal personal data thanks to security flaws. It is best to avoid this platform or else become another Cyber victim of credit card fraud.

Are funds safe with SGOption?

Safety of funds with SGOption is in doubt as the broker fails to secure their website. How can funds be safe with a broker who is anonymous and unlicensed? SGOption is not recognized by any regulatory body which means funds are not insured. Members should not expect any compensation once the platform faces bankruptcy or shuts down. It is best to avoid such platforms without a valid trading license.

Is SGOption a scam?

SGOption Trading Platform

It is clear SGOption is a scam with no trading results being disclosed. Stay away from this platform and mark their emails as Spam. Warn your family and friends from joining any of their affiliate programs.

Final thought

We will be adding this platform to our scam blacklist to protect our readers from falling victim.

Another way of making money is using dependable Forex brokers. Make sure to sign up with brokers with a solid reputation.

We wish all investors a safe trading experience.

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