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SnokGroup has no intentions of letting members withdraw funds, even after making profitable trades. The platform is already on the crosshairs with the SFC. There’s a warning regarding trading with this platform. And this is the reason we had to investigate them to find out about the notification. Most members have had the distaste of not withdrawing a penny from Snok Group. Please find out more in our detailed SNOKGROUP REVIEW.
According to the about us page, SnokGroup was founded to promote the rapid development of business. The about us page comes with a dark theme and later changes as you scroll downwards.
Even if this isn’t a feature you would want to investigate, it speaks volumes about their professionalism. A professional trader will point out the fact that dark themes are not trading friendly.
The about us page also leaves us guessing about the platform’s background and history. There’s also a claim the platform has expanded in America, Asia, and Europe. These are unfounded claims with the platform mainly targeting Asian investors.
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As far as transparency goes, there’s no background or history of the platform. So we don’t know their mission or objective. And this also points to the fact that the platform is offshore-based. So there is no way of trusting offshore platforms with a warning from international regulators.
It would be best if you did due diligence before embarking on trading. Do some research and find out what others are saying about a particular platform. It helps you make an informed decision before committing funds.
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SnokGroup claims to offer one account type for all trading purposes. The problem with the account is the lack of information. Members don’t know the available trading conditions beforehand. You have to sign up first to learn the general trading conditions.
As an investor, it’s your right to have all the information you need from a platform. But, unfortunately, the platform doesn’t even list the acceptable minimum deposit. Instead, this is done on purpose, and the platform wants to take advantage of naïve investors.
Without disclosing the acceptable minimum deposit, the platform is likely to take advantage. You will be required to deposit more funds in the hopes of getting more out of the platform. The industry has set $250 as the acceptable minimum deposit.
Members also don’t know the leverage and spread available on the platform. For example, the maximum allowed leverage in most jurisdictions is 1:100. In America, retail traders can enjoy the leverage of up to 1:50.
And these are some of the reasons that led the regulator to flag down the platform. Members have no way of knowing what conditions are available. The platform wants investors to blindly sign up.
The platform calls upon investors to become affiliate partners of the platform. On their partner page, the platform claims to offer an IB program. You can become their affiliate partner and earn commission and rewards.
Being an affiliate partner means earning passive income. It could be a noble idea if only the platform were legit. Unfortunately, members are likely to point the finger at you for losing their funds. Without reaching the platform, you will be their next contact.
The platform claims to offer five classes of trading instruments. These include Commodities, Crypto, Forex, Indices, and Shares. In addition, you can trade various commodities such as cotton and sugar on the platform.
With Cryptocurrency gaining ground in the international markets, everyone wants a piece. The platform claims to offer leading cryptos such as Bitcoin Dogecoin, Ethereum, Litecoin, and Ripple.
These crypto come with major pairs only. There’s no room for trading cryptos with other pairs. However, when it comes to forex trading, members get it all. You can trade forex with exotic, major, and minor currencies.
The stock market is well covered with leading international Company stocks. In addition, you get to trade the FAANG group stocks and other shares. The only problem is that we suspect the platform keeps on changing the leverage.
Information on who owns or runs Snok Group Limited is not available. And this makes it look suspicious. The company is not even registered anywhere in Asia or Europe. So investors should be wary of such investment platforms.
Anonymity is another reason the SFC had to blacklist the platform. There’s no transparency as to who is held responsible for funds. For all we know, members may be funding a personal project for the owner.
You should test how practical a platform’s support is before signing up. The platform should provide ample, convenient, and fast responses to any queries. On their part, the platform offers dismal contact services.
Members have to wait for days before receiving an email response. There’s no live communication channel such as a phone number. It’s their way of remaining evasive to clients. The best option is to stay away from such platforms.
Funding accounts with SnokGroup is fast, and the process takes less than five minutes to complete. First, you use bank and wire transfer channels to fund your account. Then, after registering, the platform sends an email with bank account details.
Once you fund your account, the amount will reflect in your trading account within 24 hours. After that, you can start trading and hopefully make winning trades. The time for withdrawal is when you realize Snok Group is blocking withdrawals.
When you try to withdraw, the platform will start giving excuses for why this isn’t possible. These excuses range from server error to your bank account not accepting their funds. It’s all a roost to keep you from accessing your funds.
SnokGroup is not a licensed entity and doesn’t have any documents to prove it. As a result, regulators already blacklist the platform. Other regulators such as CONSOB also plan to warn investors from depositing funds with the platform.
There’s no effort from the platform to show compliance. The only tangible thing we see is a regulatory profile page. On the page, the platform claims to be licensed by the NFA. We have seen such entities even using registration details of legally licensed platforms.
Make sure to check with regulators and find out whether a platform is dully licensed. The platform should offer valid documents that match those on the regulator’s authorized list. Without any regulatory framework, the platform is free to operate as they wish.
One of the few positive aspects of the platform is the availing of MT5 trading terminals. It’s one of the best trading terminals to use. The terminal comes with advanced trading tools and over 50 indicators.
You also get to see the platform trying to associate themselves with leading financial institutions. On the partner page, the platform wants to make itself look credible in the eyes of naïve investors.
Your funds are far from secure with a platform that fails to offer investors actual trading conditions. Moreover, the platform doesn’t have a safety net for investors. And this is a sad situation for members.
We won’t recommend the platform as it’s facing a warning from the SFC. There’s no way the platform offers reliable trading services. So please stay away from them.
It would be best to go for better alternatives to trading, such as Coin staking and Masternoding. Now it’s your time to join revolutionary investment options.
If you have any questions, kindly drop a comment or write to us.
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