Part-Sgps: A Scam or A Legitimate Broker?

Website URL: https://part-sgps.com

Founded: N/A

Regulations: Unlicensed

Languages: English

Deposit Methods: Unknown

Minimum Deposit: $5,000

Free Demo Account: No

Number of Assets: Not Given

Types of Assets: Foreign Currencies & CFDs on Crypto Coins, Stocks, Indices

Trading Accounts and Conditions

According to its website, Part-Sgps offers its clients the following types of account with which to trade:

• Standard Account: To trade on a Standard Account, you need to first make a deposit of $5,000. The spread for this account type is 2.5 pips.
• Premium Account: You can trade on a Premium Account if you make a first deposit of at least $20,000. The spread for this account type is 2.1 pips.
• VIP Account: To start trading on a VIP Account, you need to first make a minimum deposit of $60,000. The spread for this account type is 1.5 pips.

All three account types have a maximum leverage of 1:200.

Part-Sgps – Advantages

Despite trying our best, we could not find any advantage to trading with this broker. Thus, we have had to leave this section of our review blank.

Part-Sgps – Disadvantages

The disadvantages of trading with Part-Sgps are many. Here is the list:

• Anonymous Broker

The only piece of corporate information that is provided by Part-Sgps its parent company is based in Portugal. Besides an address in Portugal, there is no company name given, not even in the Terms and Conditions.

In fact, in the Terms and Conditions (also called Client Agreement), Part-Sgps’s parent company is only referred to as The Company, and the address mentioned is a vague post-office box address.

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• Lack of Regulation

Since the address given on Part-Sgps’s website was a Portugal address, we checked the online registry of the country’s financial regulator – the Comissao Do Mercado De Valores Mobiliarios (CMVM).

We were not surprised to find that this broker was not registered with the CMVM. Considering the fact that this broker is supposedly based out of Portugal, but is not regulated by the financial authority there, we can conclude that Part-Sgps is not licensed to offer financial services.

• Blacklisted by AMF and CONSOB

During our investigation of whether Part-Sgps was regulated or not, we came across warnings from two different financial watchdogs about this broker.

Both the French AMF (Authorite des Marches Financiers) and the Italian CONSOB (Commissione Nazionale per le Societa e la Borsa) have blacklisted this broker since it has been operating illegally in their jurisdictions.

• Asking Clients to Install Team Viewer

Part-Sgps is pushing its clients to install the Team Viewer software. Team Viewer is a 3^rd-party software that is used for desktop sharing and remotely controlling your computer.

If you install this software offered by Part-Sgps, then you are basically giving them free access to your computer. This means that this broker would have access to all your personal and sensitive information such as your bank account details, your passwords, and so on.

At the best of times, this is risky move, but with an unregulated, anonymous and blacklisted broker such as Part-Sgps, this is dangerous and inviting trouble.

• Extremely Long Withdrawal Processing Time

According to the broker’s Terms and Conditions, Part-Sgps will take as much as 21 business days to process your withdrawal request. This is a ridiculously long time, considering that there are regulated and reputed brokers who can process and transfer your money into your bank account in 24 hours.

• Higher-Than-Normal Spreads

Part-Sgps offers a spread of 2.5 pips, which is about two times more than the industry average. This is not an attractive offer for its users, since is higher spread basically benefits the broker and not the trader.

Acceptable spreads are in the range of 1.5 pips or less.

• MT4 Platform Not Supported

While this is not a deal-breaker, it is a negative point that just strengthens the fact that trading with Part-Sgps would be a very bad idea. This broker does not offer the MT4 trading platform.

The MT4 platform is the world’s best software for Forex trading today. It is really easy to use, no matter what your level of trading proficiency. It also offers various tools for easier trading, such as trading robots that can automatically trade for you, charting tools, market indicators, etc.

Part-Sgps instead offers its clients some kind of web-based trading platform that lacks even the most basic features required for efficient trading.

• Seriously High Minimum Deposit Requirement

The minimum deposit requirement to be able to trade on Part-Sgps is $5,000. This is an absurd amount. The industry standard for minimum deposits is about $100 to $250, and some of the top brokers require you to deposit just $5.

A $5,000 deposit amount is simply absurd.

• No Information on Deposits and Withdrawals

Once again, there is a serious lack of information on one of the most critical details that traders require from their broker – the deposit and withdrawal methods.

As a norm, brokers clearly display the various ways in which a trader can deposit or withdraw money from their brokerage account. The standard methods include debit or credit card transfers and bank transfers. Nowadays, e-wallets such as Skrill and Neteller have also become popular methods of moving money to and from a trading account.

On Part-Sgps’s website, we do not know how you can transfer money.

Conclusion 

Considering the fact that there are so many legal issues with this broker, we would recommend to all our readers that they avoid contracting with Part-Sgps.

When trading online, it is best to choose brokers that are properly regulated and transparent about their operations. The stronger a broker’s regulation status, the safer your funds will be.

Part-Sgps

2.4

User Experience

3.3/10

Payment Options

2.0/10

Security

2.2/10

Support

2.5/10

Reputation

2.1/10

Pros

• None

Cons

• Anonymous Broker
• Blacklisted by AMF and CONSOB
• Asking Clients to Install Team Viewer
• Higher-Than-Normal Spreads
• MT4 Platform Not Supported