SigmaforTrade Review Is Sigma for Trade a Scam or Legit Broker

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SigmaforTrade Review: Is Sigma for Trade a Scam or Legit Broker?

Sigma4trade Review: Scam or Legit? SigmaforTrade is registered at sigmafortrade.com and it is a forex trading broker with a collection of trading platforms tailored for the needs of clients individually. It is an innovative platform that offers users trading benefits with little to do. The website claims that the brokerage is run by a company in Majuro.

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Trading Platform

The broker claims to trade on the MetaTrader 4 platform.

Deposit and Withdrawals

Sigma4trade deposits and withdrawals through Visa, MasterCard, e-wallets like: Netteller, Skrill, SOFORT, PaysafeCard, TrustPay, iDeal, Neosurf. A minimum of $500 is accepted for deposit and a spread from 0.6. They promise that this is a quick method and made to fit every clients’ need.

Support

There is a contact address: Sigma4Trade Ltd. Trust Company Majuro 45058, a mobile number +00441512531771 and an email address [email protected]

Is it Licensed?

There is no verified license for Sigma for Trade, it is not a regulated body and its parent company is registered to Majuro which is the capital of Marshall Islands. This offshore address is fishy for reasons stated in the next section.

Conclusion

To begin with what the findings have led to, the company address given is in a shady location that several scam companies have been using as well because it is difficult to investigate. Regulatory agencies have warned against investing in such companies. Then, a demo account shows that the spread is lesser than the 0.6 and is somewhere at 0.4, which is too low for any company that is serious about making any money via trading. Absence of verified testimonies show that either it is too new to be trusted or that it does not work at all.

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SigmaForTrade Review: Sigmafortrade.com Forex Scam

SigmaForTrade Review: Sigmafortrade.com Forex Scam

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Last Updated: Jan 29, 2020 @ 1:42 pm

SigmaForTrade (Sigmafortrade.com) is a harsh CFDs, Crypto Currency, and Forex scam broker to hit the lucrative trading world. Sigma For Trade is purporting to have an innovative trading platform. Sigma4Trade is offering free trading signals at the same time claiming to offer all financial markets. After going through a couple of emails from some of their members, we had to expose them. Make sure to read this entire SIGMAFORTRADE review.

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SigmaForTrade Review

After reading what most members were going through in the hands of this broker, we had to expose them. No investor should ever go through such a nasty broker to begin with. To stay safe when trading Forex, make sure to do a thorough research of the broker. One way to stay ahead is by reading reviews of these online brokers. Most brokers are trusted and have been vetted by the trading community. These are the brokers investors should partner with for a safe trading experience.

Sadly, SigmaForTrade is what’s wrong with some of the brokers who are tarnishing the Forex trading name. And this is why we must expose these brokers to keep the Forex trading name intact. Sigma4Trade is nothing but a rotten platform where newbie investors are being targeted. And this should be a reminder not to trust any online investment platform which shares similar characteristics. Just because they have enticing offers, doesn’t mean the broker will come through with the promises.

About SigmaForTrade

According to the information we have gathered, this platform is owned by Sigma4Trade LTD. Sadly, after looking at some of the registrar of companies site, no results yielded any fruits. What this means is SigmaForTrade is a platform which is owned by an anonymous company. Any broker who deposits money has given it away to possible scam artists. A good way to confirm this is by looking at the whois.com domain. Results will show not bear any fruits regarding this broker.

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And who are the founding members of this platform? Why have they failed to give us information regarding people running this platform? Something fishy is definitely going on with Sigma4Trade. A broker who has not provided real names of people running this platform is a scam. Investors are depositing funds to an unknown third party. It’s the same as throwing away money. Make sure to read this entire review and find out the tricks used by these scam artists.

Is SigmaForTrade Licensed or Registered?

SigmaForTrade is a brokerage firm which claims to be registered in the Marshall Islands. Never trust an offshore broker simply because they can’t be trusted with funds. How can funds be safe with an unknown broker?

After a while, we noticed this broker has not posted any documents to prove registration. Another reason to stay away from this broker is how they lack proper registration details. A real broker will post copies of their licensing and registration for all to see. What this does is create transparency and also shows the broker has been dully regulated. Stay away from Sigma4Trade or lose your entire deposits.

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Account Types

SigmaForTrade is offering four different account types to anyone who wishes to sign up. Accounts are named Mini, Standard, Gold, and Platinum. What we noticed odd was the high acceptable required deposit. Mini account, which is for beginners, sets a minimum required deposit of over $500. Industry set acceptable minimum deposit is $250. It means SigmaForTrade is out to steal funds without any shame.

Another disturbing feature we noticed with these accounts is how similar they are to each other. How can an investor deposit over $15,000 and get the same perks as one who deposits $500? It means the broker did not think it through which means we are dealing with a con artist. Such accounts are traps to get different types of investors. Be on the lookout for brokers who have accounts which don’t meet the industry standards. Most likely they are professional online scam artists.

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Demo Account

Members who have tried their demo account get huge profit margins of over 98% success rate. What these scammers have done is rig their demo account to produce these results. Ask any professional trader, they will tell you no trading tool or expert can achieve these results. Trading financial markets is not this easy!

Remember, the demo account uses virtual money which is not real. What these scammers hope for is to entice investors into believing they can mirror the same results. By opening a real account, most investors are led to believe they can actually make over 98% successful trades. Prices are always volatile and change due to unforeseen circumstances. Boardroom wars, competition, and politics may change prices at an instance. Make sure to stay away from this broker.

Are Funds Safe with SigmaForTrade?

How can funds be safe from a broker whose website is not fully protected? Lack of SSL encryption is proof we are dealing with a broker who can’t be trusted with funds. Another problem with security of funds is their banking policy. Where do they bank funds deposited by investors? It’s possible users are depositing funds straight to owner’s personal bank account!

Segregation of accounts is not done by this broker. In other words, SigmaForTrade is pooling funds in one single account which is extremely dangerous. Anyone who signs up with this broker should know their assets are not safe. Make the right move and stay away from this broker who is simply a hoax. By having no credible license and regulation, trusting this broker should be an issue. Stay away from Sigma4Trade and start making money the right way with the right tools.

Is SigmaForTrade a Scam?

Without a doubt, SigmaForTrade is a scam worth mentioning and should be exposed. Reasons not to trust this broker are endless, from lack of having a valid license to no security feature. Stay away from them and ignore any calls from their marketing team. Some of SigmaForTrade call agents are harvesting personal data information to steal from users.

Bottom Line

In order to protect our readers and the entire trading community, we are adding this broker to our scam blacklist. With this, we are hoping relevant authorities will look into SigmaForTrade and shut their website down. Stay clear from this broker and always use industry recommended brokers.

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Is Your Forex Broker a Scam?

If you do an internet search on forex broker scams, the number of results is staggering. While the forex market is slowly becoming more regulated, there are many unscrupulous brokers who should not be in business.

When you’re looking to trade forex, it’s important to identify brokers who are reliable and viable, and to avoid the ones that are not. In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of steps before depositing a large amount of capital with a broker.

Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.

Key Takeaways

  • If your broker does not respond to you, it may be a red flag that he or she is not looking out for your best interests.
  • To make sure you’re not being duped by a shady broker, do your research, make sure there are no complaints, and read through all the fine print on documents.
  • Try opening a mini account with a small balance first, and make trades for a month before attempting a withdrawal.
  • If you see buy and sell trades for securities that don’t fit your objectives, your broker may be churning.
  • If you are stuck with a bad broker, review all your documents and discuss your course of action before taking more drastic measures.

Separating Forex Fact From Fiction

When researching a potential forex broker, traders must learn to separate fact from fiction. For instance, faced with all sorts of forums posts, articles, and disgruntled comments about a broker, we could assume that all traders fail and never make a profit. The traders that fail to make profits then post content online that blames the broker (or some other outside influence) for their own failed strategies.

One common complaint from traders is that a broker was intentionally trying to cause a loss in the form of statements such as, “As soon as I placed the trade, the direction of the market reversed” or “The broker stop hunted my positions,” and “I always had slippage on my orders, and never in my favor.” These types of experiences are common among traders and it is quite possible that the broker is not at fault.

Rookie Traders

It is also entirely possible that new forex traders fail to trade with a tested strategy or trading plan. Instead, they make trades based on psychology (e.g., if a trader feels the market has to move in one direction or the other) and there is essentially a 50% chance they will be correct.

When the rookie trader enters a position, they are often entering when their emotions are waning. Experienced traders are aware of these junior tendencies and step in, taking the trade the other way. This befuddles new traders and leaves them feeling that the market—or their brokers—are out to get them and take their individual profits. Most of the time, this is not the case. It is simply a failure by the trader to understand market dynamics.

Broker Failures

On occasion, losses are the broker’s fault. This can occur when a broker attempts to rack up trading commissions at the client’s expense. There have been reports of brokers arbitrarily moving quoted rates to trigger stop orders when other brokers’ rates have not moved to that price.

Luckily for traders, this type of situation is an outlier and not likely to occur. One must remember that trading is usually not a zero-sum game, and brokers primarily make commissions with increased trading volumes. Overall, it is in the best interest of brokers to have long-term clients who trade regularly and thus, sustain capital or make a profit.

Behavioral Trading

The slippage issue can often be attributed to behavioral economics. It is common practice for inexperienced traders to panic. They fear missing a move, so they hit their buy key, or they fear losing more and they hit the sell key.

In volatile exchange rate environments, the broker cannot ensure an order will be executed at the desired price. This results in sharp movements and slippage. The same is true for stop or limit orders. Some brokers guarantee stop and limit order fills, while others do not.

Even in more transparent markets, slippage happens, markets move, and we don’t always get the price we want.

Communication Is Key

Real problems can begin to develop when communication between a trader and a broker begins to break down. If a trader does not receive responses from their broker or the broker provides vague answers to a trader’s questions, these are common red flags that a broker may not be looking out for the client’s best interest.

Issues of this nature should be resolved and explained to the trader, and the broker should also be helpful and display good customer relations. One of the most detrimental issues that may arise between a broker and a trader is the trader’s inability to withdraw money from an account.

Broker Research Protects You

Protecting yourself from unscrupulous brokers in the first place is ideal. The following steps should help:

  • Do an online search for reviews of the broker. A generic internet search can provide insights into whether negative comments could just be a disgruntled trader or something more serious. A good supplement to this type of search is BrokerCheck from the Financial Industry Regulatory Authority (FINRA), which indicates whether there are outstanding legal actions against the broker. And if appropriate, gain a clearer understanding of the U.S. regulations for forex brokers.
  • Make sure there are no complaints about not being able to withdraw funds. If there are, contact the user if possible and ask them about their experience.
  • Read through all the fine print of the documents when opening an account. Incentives to open an account can often be used against the trader when attempting to withdraw funds. For instance, if a trader deposits $10,000 and gets a $2,000 bonus, and then the trader loses money and attempts to withdraw some remaining funds, the broker may say they cannot withdraw the bonus funds. Reading the fine print will help make sure you understand all contingencies in these types of instances.
  • If you are satisfied with your research on a particular broker, open a mini account or an account with a small amount of capital. Trade it for a month or more, and then attempt to make a withdrawal. If everything has gone well, it should be relatively safe to deposit more funds. If you have problems, attempt to discuss them with the broker. If that fails, move on and post a detailed account of your experience online so others can learn from your experience.

It should be pointed out that a broker’s size cannot be used to determine the level of risk involved. While larger brokers grow by providing a certain standard of service, the 2008-2009 financial crisis taught us that a big or popular firm isn’t always safe.

The Temptation to Churn

Brokers or planners who are paid commissions for buying and selling securities can sometimes succumb to the temptation to effect transactions simply for the purpose of generating a commission. Those who do this excessively can be found guilty of churning—a term coined by the Securities and Exchange Commission (SEC) that denotes when a broker places trades for a purpose other than to benefit the client. Those who are found guilty of this can face fines, reprimands, suspension, dismissal, disbarment, or even criminal sanctions in some cases.

SEC Defines Churning

The SEC defines churning in the following manner:

Churning occurs when a broker engages in excessive buying and selling of securities in a customer’s account chiefly to generate commissions that benefit the broker. For churning to occur, the broker must exercise control over the investment decisions in the customer’s account, such as through a formal written discretionary agreement. Frequent in-and-out purchases and sales of securities that don’t appear necessary to fulfill the customer’s investment goals may be evidence of churning. Churning is illegal and unethical. It can violate SEC Rule 15c1-7 and other securities laws.

The key to remember here is that the trades that are placed are not increasing your account value. If you have given your broker trading authority over your account, then the possibility of churning can only exist if they are trading your account heavily, and your balance either remains the same or decreases in value over time.

Of course, it is possible that your broker may be genuinely attempting to grow your assets, but you need to find out exactly what they are doing and why. If you are calling the shots and the broker is following your instructions, then that cannot be classified as churning.

Evaluate Your Trades

One of the clearest signs of churning can be when you see buy and sell trades for securities that don’t fit your investment objectives. For example, if your objective is to generate a current stable income, then you should not be seeing buy and sell trades on your statements for small-cap equity or technology stocks or funds.

Churning with derivatives such as put and call options can be even harder to spot, as these instruments can be used to accomplish a variety of objectives. But buying and selling puts and calls should, in most cases, only be happening if you have a high-risk tolerance. Selling calls and puts can generate current income as long as it is done prudently.

How Regulators Evaluate Churning

An arbitration panel will consider several factors when they conduct hearings to determine whether a broker has been churning an account. They will examine the trades that were placed in light of the client’s level of education, experience, and sophistication as well as the nature of the client’s relationship with the broker. They will also weigh the number of solicited versus unsolicited trades and the dollar amount of commissions that have been generated as compared to the client’s gains or losses as a result of these trades.

There are times when it may seem like your broker may be churning your account, but this may not necessarily be the case. If you have questions about this and feel uneasy about what your advisor is doing with your money, then don’t hesitate to consult a securities attorney or file a complaint on the SEC’s website.

Already Stuck With a Bad Broker?

Unfortunately, options are very limited at this stage. However, there are a few things you can do. First, read through all documents to make sure your broker is actually in the wrong. If you have missed something or failed to read the documents you signed, you may have to assume the blame.

Next, discuss the course of action you will take if the broker does not adequately answer your questions or provide a withdrawal. Steps may include posting comments online or reporting the broker to FINRA or the appropriate regulatory body in your country.

The Bottom Line

While traders may blame brokers for their losses, there are times when brokers really are at fault. A trader needs to be thorough and conduct research on a broker before opening an account and if the research turns up positive for the broker, then a small deposit should be made, followed by a few trades and then a withdrawal. If this goes well, then a larger deposit can be made.

However, if you are already in a problematic situation, you should verify that the broker is conducting illegal activity (such as churning), attempt to have your questions answered, and if all else fails, and/or report the person to the SEC, FINRA, or another regulatory body that could enforce action against them.

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