Beware! SGP-Limited.com is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Offering transparency , variety, and client devotion is not really worth it unless you back it with some actual proof of hard work. 95 percent of of all brokers do this, and 95 percent of all brokers are considered risky and illegitimate. The other 5 are licensed. SGP-Limited.com falls in the former category as it unable to fulfill these promises. Not only that, but it also employs elements that those 95% also use, making this broker a classic investment scam. How do we know all this? Read the review to find out. And what ever you do, don’t invest before going through what is written here. You will regret it later on.
We had to go through a relatively simple registration process. Yet, we had already completed the exact same form dozens of times before, with previously reviewed brokers, all of which were unlicensed.
However, upon completing the form, we never received a confirmation email. This is a problem, but not an uncommon one. We waited for the acceptable time, and then proceeded to go to search the website for all trading conditions, as well as payment details.
Unfortunately, websites of unregulated brokers cannot be trusted with such details! So take the following info with a grain of salt!
From the site we learn that the only available trading instruments are metals, oils, and indexes, which is an unacceptably low number of assets. The leverage we found is capped at 1:200.
The website of the broker is available in either English or Chinese.
SGP-LIMITED.COM REGULATION AND SAFETY OF FUNDS
SGP-Limited.com is absolutely anonymous. And by that we mean that there is no mention whatsoever of a license or an address. This type of attitude is usually conserved only for the very worst of scammer brokers. You don’t get the impression that SGP-Limited.com is such a broker, but the firm is goo dat hiding its true nature. Most scammer brokers focus on this one thing, and that is why they succeed in scamming users.
There are also no legal documents. There is a “disclaimer” subsection on the site, but it barely covers what the legal documents usually detail. Lacking in legal documents and zero mention of a license is a one way ticket to UNREGULATED time.
Just as a reminder, the legal documents are perhaps the most crucial aspect of any service provider. They form the core of the legal bond between the two parties, broker and user, and keep things in check. Not having these provisions means that SGP-Limited.com can treat its users anyway it wants.
Always go for FCA or CySEC regulated entities when you have the chance. On the other side of the spectrum, never invest in unregulated brokers, for they will take all your money and never return it. License issuers employ an array of rules and restrictions to keep all their brokers docile. Moreover, overseers are capable of penalizing brokers by applying a plethora of different fines. Moreover, some regulators, most notably the FCA and CySEC, offer compensation schemes applicable to users whose regulated brokers cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
SGP-LIMITED.COM TRADING SOFTWARE
SGP-Limited.com is one of those scammer brokers whose acquirement of the MT5 is utterly inexplicable. However, most fraudulent broker creators are knowledgeable in the art of computer science and can easily bypass certain defenses.
With that said, don’t let the presence of the MT5 lower your guard. This is still an unregulated broker.
SGP-LIMITED.COM DEPOSIT/WITHDRAW METHODS AND FEES
All we have left to work with here are our own general believes as to the payment conditions. This is because there is absolutely no payment info revealed anywhere on the website. This move is very annoying, and is yet another sign of the broker’s illicit status.
The most common minimum deposit requirement is $250, but it really depends on the broker.
Popular payment methods include bank transfers, debit cards, credit cards, crypto wallets, and e-payment methods.
As for withdrawals, there almost always is some sort of fee, while the typical withdrawal processing time is around 2 to 5 days.
But all we can do is speculate. In conclusion,SGP-Limited.com is a complete failure, and not to mention a scammer broker. We truly believe that all deposits here will be at a risk!
How does the scam work?
The ironic thing about the scam is that it is very simple to deconstruct.
It all starts with users being persuaded by fake ads that lead to either a scammer broker site or an intermediary website.
Either source will require a phone number or email address by means of which the scammer will contact the user.
The other side of the line will be a representative of the unregulated broker/investment scam asking for a preliminary deposit, one that will open the user up for more investments in the future.
If the client deposits this first sum, then she has fallen into the trap, and will never see her money back.
What follows, is a second wave of much more persuasive scammers whose job is to charm their way through the users’ funds by asking for more deposits. They will promise you huge returns, and probably have proof of the client accumulating profit, but they will never encourage withdrawals.
Once the user wishes to withdraw the reps of the scam will do everything in their power not to allow the user to do so. The excuse/tactics are many: shutting the website, closing down the account, stalling, not answering the client, etc…
It’s only then that you will realize you have fallen victim to an investment scam.
What to do if scammed?
File for a chargeback! Unfortunately, this only applies to cases where a user has deposited via a credit or debit card. Do note that MasterCard and VISA have a chargeback period of 540 days.
If money was invested, and lost, through a wire transfer, then the user should change her user name and password on her bank account. Then the defrauded client should contact the bank and try to find a solution together to the problem.
As for funds lost through cryptocurrency-related deposits, well, they cannot be brought back, unless the scammers themselves decide to.
There remains another threat in the form of the so-called recovery agents who promise to return all lost funds in exchange for a service fee. This commission is, of course, non-refundable, and once it is paid, the user will never hear from these second-hand scammers ever again.