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You can trade forex, crypto, indices, and stocks seamlessly on this broker’s account. They claim to be an international online broker whose main priority is the welfare of its investors. This is ironic because the opposite is true. SydneyFX is unreliable and dangerous.
The broker is not like other honest and trustworthy forex companies in the market today. On the contrary, this is typical example of a scam broker.
Though they claim to offer technical and fundamental analysis support, these are just marketing tactics to attract customers. They also allege to give free education and guarantee transparency. However, nothing could be further from the truth.
From their website, we gathered several claims about the broker. They say they have over 9,0000 trades running in a day, more than 34,000 registered members, and over 16,000 members online. However, they have not explained what they mean by “online members.”
From whois.com, we established that the domain was registered on 19th September 2023. Thus, it isn’t easy to believe that they might have grown within such a short period as they claim. Notably, the domain is set to expire in 2024; thus, the broker will be exiting the business soon, further raising suspicion.
We need to know who the founders are to establish the business philosophy. It is hard to tell what the company values are because we don’t know who runs it. Company values are a reflection of what the leaders stand for and what the founders had in mind when creating it.
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This broker needs to be more open about who its leaders are and who started the firm. They still need to state the date of inception. Even if they had, they would have given a false one. The company was started in 2023, and that’s why they didn’t include it.
To reach this broker, one can make a phone call, write an email, or visit their offices in Cyprus. This is an effective way to ensure that traders can get assistance when needed. However, since this broker is shady, there is no way to verify this information.
Trying to access them may be easy when depositing money. However, when withdrawing, it might become very hard and the broker will come up with all manner of excuses to delay your funds.
Since the broker is based in Cyprus, it’s natural that they should be regulated by the Cyprus Securities Exchange Commission (CySEC). However, when we checked the financial watchdog’s official database, we didn’t find the name SydneyFX.
Furthermore, we established that the Australian Securities and Investments Commission (ASIC) had raised serious concerns about the broker. They have blacklisted the firm on their database and have warned its citizens against trading with them.
Given these findings, it is evident that this broker is not who they claim to be. They aim to defraud many people by masquerading as forex trading brokers.
The broker has three accounts, and the minimum deposit is $250, while the highest is $50,000. Other conditions include a leverage of 300:1 on currencies but they haven’t specified the spread. These conditions appear good on the surface. However, they reveal much about the broker.
First, they show that the broker is lying about its licensure. If indeed they were regulated they would not hide crucial data like spread. Further, the 300:1 leverage exceeds the one recommended for European brokers. Their deposit and withdrawal procedures also need to be clarified.
SydneyFX is a scam broker. They claim to be regulated, but they are not. They have mastered the art of appearing legit but thankfully, we have unmasked them. They cannot hide for long since the truth will always come out. Avoid them and, instead, trade with notable, honest, and trustworthy forex companies.
There are many scam brokers in the market and as such, traders need to be very careful. Before depositing money, do a proper background check on the company to verify whether what they are saying is the truth.
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