Sincere Systems Group Limited – Are They a Scam?

Website URL: https://sinceresystemsgroupltd.cc

Founded: 2023

Regulations: Unregulated

Languages: English

Deposit Methods: Crypto

Minimum Deposit: $100

Free Demo Account: Not Provided

Number of Assets: Unspecified

Types of Assets: Currencies, Stocks, Indices, Commodities, Cryptos

Trading Accounts and Conditions

Sincere Systems Group Limited offers their clients four different types of accounts: the White Card, Green Card, Blue Card and Gold Card. Besides the minimum deposits for each account type, there is no information on the trading conditions. We know that the minimum deposit for the basic account type is $100. We do not know the spreads, leverage ratios, fees, commissions and other trading conditions.

Sincere Systems Group Limited – Advantages

There are no advantages to trading with Sincere Systems Group Limited.

Sincere Systems Group Limited – Disadvantages

Listed below are all the red flags that tell us that Sincere Systems Group Limited is a scam and not to be trusted:

• Unregulated and Blacklisted Broker

Regulation brokers provide all the corporate information a client would need to check their legal standing – the company name, location, contact numbers, email addresses, and most importantly, their regulation details. The regulation details include their registration and license number or numbers, as well as the name of the authority that has granted them that license.

On the other hand, Sincere Systems Group Limited claims to be a regulated broker based in the United Kingdom. However, this claim is false.

This broker does not provide us with all the required corporate information that we would expect from a regulated broker. We had to manually check the Financial Conduct Authority’s online database to see if their claim about being based in the UK was true or not since Sincere Systems had not provided any details themselves.

We found out that this broker is not only not regulated by the UK authority, but that the FCA has also blacklisted. According to the public notice, this broker is operating in the UK without the FCA’s authorization, i.e., illegally. The regulator goes on to warn all traders that this broker is in all probability a scammer and that dealing with them would lead to a loss of funds or worse.

When a reputed authority such as the FCA warns against doing business with a broker, then we know that that broker is a scammer. Therefore, Sincere Systems Group Limited is a scammer.

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• No Working Trading Software

We also can tell that this broker is a scammer by the fact that they do not have a functional trading software. What Sincere Systems Group Limited offers is a fake platform – one that is simply a set of charts enabled by Trading View. There is no way that anyone could actually carry out trades on this so-called platform.

Online brokers have only two things to offer their clients – their trading software and their trading conditions. The first is the platform that traders use to carry out trades and the second are the conditions for using that platform.

So, if a broker does not have a functional platform, then they are simply out to scam people, just as Sincere Systems Group Limited is doing here.

• Issues with Trading Conditions

As we mentioned earlier, brokers have only two offerings, their trading software and their trading conditions. Both need to be advantageous for a trader to do business with them.

We have already established that this broker does not have a trading platform, so the trading conditions are actually a moot point. However, we should still point out a few things here.

While the minimum deposit at $100 for the basic account is attractive and could fool novice traders into depositing funds with this broker, their other accounts are much too expensive.

Furthermore, this broker avoids providing any information on their cost of trade, which are the spreads and the commissions on a trade. We also do not have any line of sight on the leverage ratios offered, so we do not know the level of risk available to traders. The rest of the trading conditions such as order execution methods, calls, and so on are also missing.

Even if this broker did have a working trading software, we would still know that they are scammers by the lack of trading conditions.

• Issues with Payments

We also noted that Sincere Systems Group Limited does not provide us any payment information other than that they accept a single payment method: Cryptocurrencies.

Legitimate brokers will ensure that their clients have a wide range of payment methods to choose from – credit cards, debit cards, wire transfers, bank transfers, e-wallets (Skrill, Neteller, PayPal, etc.) and cryptocurrencies.

Unlike the more traditional payment methods, cryptocurrency transactions are all permanent and anonymous. Once you have made a payment using cryptocurrencies, there is no way to trace your money or get it back. And this is why it is the preferred payment method for scammers.

It is for this reason that we recommend to all traders that they should opt for a more traditional payment method if they are dealing with a new broker. Credit card/debit card payments are the safest. This is because in the event of you being scammed, you can actually file for a chargeback. While this might take up to 520 days, there is a good chance that you could retrieve your funds.

• Issues with Withdrawal Policies

Another issue is that this broker mentions nothing about their withdrawal policies. Sincere Systems Group Limited does not tell us how much the minimum withdrawal amount is, if there is any fee or tax for withdrawals, what the withdrawal methods may be, or if there are any conditions for withdrawals.

This lack of information simply underlines the fact that we are dealing with a scammer. 

Conclusion

Sincere Systems Group Limited is the antithesis of their name. They are not sincere or honest; they are scammers.

Sincere Systems Group Limited

2.2

User Experience

2.5/10

Payment Options

1.8/10

Security

1.8/10

Support

2.4/10

Reputation

2.6/10

Pros

• None

Cons

• Unregulated and Blacklisted Broker
• No Working Trading Software
• Issues with Trading Conditions
• Issues with Payments
• Issues with Withdrawal Polices