SGP-Limited – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
SGP-Limited - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://sgp-limited.com
Founded: 2020
Regulations: Unlicensed
Languages: English, Cantonese, Japanese
Deposit Methods: Skrill, MasterCard, Visa
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: Unknown
Types of Assets: Forex, Metals, Oils, Indexes
Trading Accounts and Conditions
SGP-Limited focuses on the Asia-Pacific forex and CFD trading market. However, this broker does not provide any information about the kinds of trading accounts it offers its clients. Furthermore, there is not information provided about its trading conditions. Therefore, we do not know what the spreads or even what the minimum deposit requirement is. There is a mention of a 1:200 leverage on one of the platforms.
SGP-Limited – Advantages
There is nothing we could find in our review that we could call an advantage with SGP-Limited.
SGP-Limited – Disadvantages
Here are all the reasons why it would be a very bad idea to do business with SGP-Limited:
-
Anonymous Broker
The first thing we noticed about SGP-Limited is its complete anonymity. There is no company name, no physical address, or even a phone number. Furthermore, there is absolutely no information regarding its legal status – whether it is licensed or not.
By law, if a broker is licensed to operate, then it needs to provide its corporate information (company name, physical address, contact details) as well as details of its license and registration. The fact that this broker has not provided any of this information clearly tells us that it is an illegal entity and that means that it is a scammer.
We strongly recommend to all our readers that they should never deal with unregulated or illegal brokers. These types of brokers are all scammers, and your money is not safe with them.
When you deal with a regulated broker, there are rules in place that protect you and your funds. Brokers have to ensure that your money is keep in a segregated account – they cannot mix your money with theirs, and they cannot use your money for their operations. Plus, you get a kind of an insurance cover wherein you get compensated if your broker goes bankrupt or is found to be defrauding you. There are many other benefits of dealing with regulated brokers.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
-
No Legal Documents
Another strong indicator of a scam is the lack of legal documents. Legal documents are another requirement for brokers that are operating with the appropriate licenses and registration. These documents specify the contract terms between the trader and the broker. They the trader what to expect from the broker in terms of the services the broker provides and the fees it charges. The policies and terms are also specified in these legal documents, so that the trader knows what the withdrawal and deposit terms are, what the policy around inactivity is, etc.
With SGP-Limited, all you have is a Disclaimer page which does not even come close to covering all the terms of service a broker is legally required to present. Without the legal provisions in place, if you sign up with this broker, you are giving SGP-Limited the freedom to do what they want with your account and your money.
-
Issues with Trading Platform
SGP-Limited offers its clients the MetaTrader 5 (MT5) trading platform, which would have been a huge plus point for this broker had it not been for something strange that we noticed about the versions offered. Depending on whether you downloaded the mobile version or the PC version, the platform was offered by two different companies – and neither of them seem to be directly linked with SGP-Limited.
One version is provided by Select Global Partners Ltd and the second by East Century Group Ltd.
-
Trading Conditions are Scanty
A legitimate broker will usually present its trading conditions very clearly – the account types, the minimum deposit required for each account type, the spreads, leverage, commissions and so on.
With SGP-Limited, we were only able to see the leverage (which was at 1:200 at its maximum) on the MT5 platform. This information is also not something we would take seriously since we are not even sure about who owns these platforms! There is no mention of the trading accounts – if any – this broker offers. We also do not know something as basic as what the minimum deposit you would need to make is. And, of course, spreads and commissions are also unknown.
We need to mention at this point that if that leverage of 1:200 is true, then it is a big red flag. High leverage is extremely risky as it can lead to bankruptcy. Which is why the strongest regulators in the world – the FCA in the UK, the EU regulators, the US regulators, Canadian, Australian, and so on – have all placed limits on the maximum leverage that brokers can offer their customers. UK, Australia, the EU all allow a maximum of 1:30, while Canada and the US allow a maximum of 1:50. Therefore, a 1:200 leverage is just high and dangerous. Even Japan has limits of just 1:20 on leverage, therefore this broker is offering leverages that are illegal!
-
Payment Conditions Missing
As with everything else on this broker’s website, the payment conditions are also missing. We do not know what the deposit conditions are. And we definitely do not know what the withdrawal conditions are. And while SGP-Limited has stated that it offers Skrill, MasterCard and Visa as its payment options, we were unable to verify the truthfulness of that claim.
We do not know what the minimum withdrawal amount is, or if there are any withdrawal fees imposed on clients. We also do not know what the withdrawal processing time is or how much time it will take for you to get your money.
Conclusion
SGP-Limited is the classic scammer. It makes tall claims on its website, none of which are true. Its only purpose is to con unwary traders into investing money with them and then stealing those investments. Stay away from this broker.
SGP-Limited
Pros
- None
Cons
- Cons Anonymous Broker
- No Legal Documents
- Issues with Trading Platform
- Trading Conditions are Scanty
- Payment Conditions Missing
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.