While we do appreciate cool looking brokers, there is something about Sagellc.io that gave it away, despite its fresh approach to the aesthetics. Of course, the moment we started to doubt about the legitimacy of this one, was the moment that we started to notice little bits of information that acted as proof of the company’s illicit nature. Although well structured at first glance, Sagellc.io proves to be nothing more than your average illegitimate broker, just with a very good disguise. Read the review to find all about this one.
The review of Sagellc.io is off to an awful start because we learn that all the registration pages are broken. Yes, we cannot create an account for all the sign-up processes lead to error pages. Now, we can theorize that Sagellc.io only lets only the chosen few, which would mean that there is another way into a user are that that is reserved only for those that will 100% invest. This approach is the bread and butter of all scammer brokers.
Whether this is the reason for Sagellc.io not letting us in, or something else, we don’t know. And it really doesn’t matter. What matters for us now is that we will have to quote the website form all the trading conditions. Take the following with a grain of salt.
The leverage is said to be capped at 1:500. The available financial assets are forex currency pairs, commodities, indices, stocks, and cryptocurrencies. We find no information on a spread value for any asset.
The website is available in English, Thai, and Vietnamese.
SAGELLC.IO REGULATION AND SAFETY OF FUNDS
The terms and conditions reveal that the user-client agreement is governed by the laws of Saint Vincent and the Grenadines. This Caribbean country does not have an FX regulator, which is all that matter. The broker is not licensed there, thus there is no legal bond.
However, the footer discloses a very scammer thing, that the website is not directed to users of any jurisdiction where its usage would be contrary to local law or regulation. There couldn’t be a broader statement than that. This statement basically asserts that the website is available both everywhere and nowhere. The only way to check it to ask you local authorities, a prospect that seems ridiculous, because it is!
This company is completely UNLICENSED and a risk to all investors.
Also, please do not confuse Sagellc.io for Sagellc.com. The latter is a non-broker online business.
Never rely on unlicensed brokers. They are scams and will steal form you! Put you money where the real FX trading happens, with any FCA or CySEC regulated broker, or any other brokerage licensed by a legit overseer. All watchdogs demand a safe and integral conduct and do not tolerate unlawful behavior. Moreover, the FCA and CySEC offer compensation schemes applied to users whose broker cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
SAGELLC.IO TRADING SOFTWARE
It turns out that except for the stylized website, Sagellc.io has nothing really going on. Nor does it offer a trading software of any kind. All the links to the proclaimed MT4 and MT5 are useless, and the failure to create an account only helps to perpetuate our inability to access a trading software.
SAGELLC.IO DEPOSIT/WITHDRAW METHODS AND FEES
Since we could not register an account, we have to rely on the website for all payment details. And they all seem very vague and incomplete.
According to the website, client can deposit by mans of a bitcoin wallet. It says that in the future user will be able to invest through credit cards, debit cards, Vload, and bank transfers. The minimum deposit is $10.
The exact same thing is applied to withdrawals, in that they appear to happen only through some unknown Bitcoin wallet. According to the terms and conditions, the typical withdrawal processing time is 2 to 3 days. The legal docs mention on multiple occasions that there are various fees applicable.
But users shouldn’t really be bothered by these because this broker is not worth investing it. All deposited capital is at risk, and so is your personal information.
How does the scam work?
The scam really works when the reps of the broker contact the user, either through a phone call or an email address. They will start asking for deposits all the while promising super profit gains. Those that deposit might even get a taste of false gains, whose true purpose is to compel the client to deposit more. These scammers know very well how to manipulate users. Their catalogue of psychological trickery is vast, and their patience is unbreakable.
An initial deposit leads to a second one, a third one and so forth.
As for the methods of these fraudsters getting a hold of your phone numbers or email addresses, they are many, and most of them follow simple steps. It takes a false ad to convince a user to give her contact details. These false ads are very promising, but ultimately misleading and very manipulative. You might have already seen them: luxurious cars and villas, care-free lifestyles, expensive items, and beautiful vistas. All are stock images to start you imagination and propel you to give away your contact address, and in the perfect scenario, to invest.
Once the client wishes to withdrawal, either because she feels suspicious, or because she wishes to take out some cash from her profit, the broker will apply a number of very cheap techniques to make withdrawals impossible. For one, the scammer will close down the accoutn, shut the entire website, or just not return phone calls and emails.
What to do if scammed?
If a user has lost funds by means of a credit or debit cars, then the firs thing to do if file for a chargeback. MasterCard and VISA have a chargeback period of 540 days.
Bank account swindles are harder to get bank but not impossible. First of all, change you bank account user name and password, and then call the bank to find a plan of action together.
Never invest with cryptocurrencies sin an unregulated broker. All such deposits are lost, and cannot be recuperated.
Also, don’t trust the self-proclaimed recovery agents. These are also scammers, and will ask you for a fee, and return they promise to recover all your lost funds. Obviously, once this commission is paid you will never hear from them again!
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