BROKER REVIEW

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GENERAL INFORMATION

Broker Name:

Sigmafortrades

Broker Type:

CFDs, Crypto Currency, Forex broker

Country

N/A

Operating since year:

N/A

Regulation:

Not Regulated

Address:

9 Boulevard du Jardin Exotique 98000 Monaco

Broker status:

Not Regulated

CUSTOMER SERVICE

Phone:

441512531771

Languages:

English

Availability:

N/A

TRADING

Trading platforms:

MT4

Trading platform Time zone:

N/A

Demo account:

YES

Mobile trading:

YES

Web-based trading:

YES

Bonuses:

N/A

Other trading instruments:

N/A

ACCOUNT

Minimum deposit ($):

$500

Maximal leverage:

1:500

Spread:

fixed

Scalping allowed:

N/A

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GENERAL INFORMATION

SigmaForTrade is a relatively new broker, founded in 2017. Their office is located in Majuro; however, their headquarters are in Monaco. To be exact, the address is 9 Boulevard du Jardin Exotique 98000 Monaco.

There’s a lot to unwrap when SigmaForTrade is concerned, and only a small fraction of that are good things. They come off as extremely shady from the start, hiding info on their semi-functional website. The suspicion is only enhanced by the fact that they’re blacklisted by many serious regulation companies.

So that already indicates that they are a scam broker. What scam brokers usually do is provide an unreasonably good service to try and get you to invest, and then just don’t pay you out. Assuming that’s the road SigmaForTrade took, they should have a long list of theoretical positives to serve as bait. That’s the funny part, however, as the broker provides such an underwhelming service, we’re unsure why anyone would even consider trading with them.

We like to start each review with a small outline of the best things the broker does, but with this one, we can’t define even a few clear advantages. The only thing that’s even slightly commendable is their marginally above average asset count.

FUNDS TRADING AND SECURITY

Every single detail about SigmaForTrade strongly indicates that they are a malicious company. To start off, a few different licensers placed the broker on their blacklist. Among the regulators that did that are the FCA and CONSOB, and while the former is definitely more well-known than the latter, both are respected institutions. That’s already a huge issue, as you really need to mess up to end up on a blacklist.

Next, their offshore location allows them to go unpunished if anything goes wrong. Now, not all brokers coming from that location will scam you, but for SigmaForTrade, the likelihood is quite high. Also, there’s no banking info on the broker, which results in them being able to shut down and leave with all their users’ money. Even if they don’t do that intentionally, they might be keeping user and company funds together, so in the case that the broker goes bankrupt, customers won’t ever see their money.

It’s quite clear that you shouldn’t even consider investing any actual funds into a SigmaForTrade account, but we still wanted to look at some user experiences. However, we weren’t able to find any users sharing info about the broker online. That might be due to the fact that they weren’t able to draw in enough customers with their sub-par service.

TRADING ACCOUNTS

The only account type worth considering at SigmaForTrade is their demo

account. You’ll be able to kill some time by trading without losing any actual money, which is more than can be said for the live accounts.

There are four different types of live accounts, and even the lowest tier requires a hefty investment of $500. That’s another hallmark sign of a scam, a high initial investment. It’s also another possible reason why there aren’t many reviews of the broker online, as few are willing to invest $500, especially into a service that isn’t special at all.

The even sadder thing is that the service doesn’t even get that much better as you progress through accounts. SigmaForTrade’s $15001, Platinum account gets you the value you could get elsewhere for $100-$200.   

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Here’s some more specific information, so you can get a firmer grasp on what we’re talking about:

• MINI

Minimum deposit: $500
Maximum leverage: 1:50
Personal Trading Trainer: No
SMS Trading Alerts: No
VIP Trading Support: No

• STANDARD

Minimum deposit: $5001
Maximum leverage: 1:50
Personal Trading Trainer: Yes
SMS Trading Alerts: Yes
VIP Trading Support: No

• GOLD

Minimum deposit: $10001
Maximum leverage: 1:50
Personal Trading Trainer: Yes
SMS Trading Alerts: Yes
VIP Trading Support: Yes

• PLATINUM

Minimum deposit: $15001
Maximum leverage: 1:50
Personal Trading Trainer: Yes
SMS Trading Alerts: Yes
VIP Trading Support: Yes

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As you can see, the only thing that you get is SMS alerts, a personal trainer, and VIP support. While the first one might matter, the trainer and support are left vague (we assume intentionally), and are probably nothing amazing. Also, leverage is misspelled on their account page, which, while not a deal-breaker, shows a high level of carelessness and sloppiness.

The jumps between accounts are also quite high, with each requiring you to drop $5000 more than the previous one. Also, there’s literally zero reasons for you to upgrade from Gold to Platinum, as that unlocks no extra features. As we already said, the live accounts are far from worth it, and the best thing you can do at SigmaForTrade is play around with a demo account for a while.

TRADING CONDITIONS

If you’ve taken a look at the account specifications, you’ll already be aware that the trading conditions at SigmaForTrade are sad. The max leverage is at a measly 1:50, and the spreads are floating, allegedly starting from 0.4. They aren’t normally that low, and we assume that number is just for show, aiming to lure in potential customers.

The deposit and withdrawal options are numerous, and all of them promise instant transactions. That’s difficult to believe, as many of the services they list don’t process transactions instantly, but we can settle with saying they’re quick. The website is half-functional, with a lot of the info being hidden, or laid out in a confusing manner. Some buttons, like the one that should pick the language of the website, don’t even do anything once you click them.

Another thing that worsens the conditions is the abysmal account options. You’ll need a hefty investment to even start trading with your own money, and even then, the price is way too high compared to the value. The same story continues through the higher tier accounts, with neither of them really providing enough to justify the investment.

On top of everything else, the security is horrible, and there’s no guarantee you won’t get scammed. Actually, the probability of you getting tricked out of your money is higher than that of you having a fair experience.

TRADING PLATFORM

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SigmaForTrade advertises its platform as MetaTrader4, which would be a good choice, as many are already aware. However, once you download and open the platform up, it turns out that it’s MT5 after all. Now, MetaTrader5 is no slouch, it’s quality software, and is in many ways an upgrade over MT4. Where the problem arises is that the website couldn’t even get their own platform right.

At first, we thought it was perhaps a typo, so we went around their website and checked. Wherever we saw the platform mentioned by name, it said MetaTrader4. That leaves us with two possible conclusions. The first is that the broker doesn’t know which platform they’re using. The second, and much more likely one, is that they just copied most of their website from another broker and changed the design slightly.

Not even putting the correct platform on their website shows you just how careless they are, and how little effort they put in.

But back to the platform itself, it has a mobile client that you can download for free and use to trade on the go. MT5 also has a web client, but SigmaForTrade uses a different platform for browser-based trading. They use Sirix Webtrader, which we couldn’t check out due to the button to access it not working on their website.

SIGMAFORTRADE’S TRADING PRODUCTS

As we’ve stated near the beginning of our SigmaForTrade review, the trading instruments are the only decent area of the broker’s service. Here’s what you can expect to see if you trade:

• Fifty currency pairs – There’s a solid variety to pick from when trading currencies at SigmaForTrade. They included the most popular choices, and you can see their spreads when you look through the list on their website.

• Commodities and indices – The commodity and index selection the broker provides is quite a bit above average. Besides the usual precious metal and energy selection, there’s a few agricultural commodities, among others.

• Spot shares – Stocks are the richest section among the options SigmaForTrade provides. With nearly 200 options, you’re certain to see some of the world’s premier firms.

• Digital currencies – The cryptocurrency selection is, for some reason, separated from the rest. However, there are a few coins you can trade in BTC, LTC, DASH, and ETH.

CUSTOMER SERVICE

The customer support options at SigmaForTrade are slightly below average, as they include an email address and phone line, but exclude a live chat option. That’s a shame since, for many users, a live chat is the preferred option to resolve issues.

Phone number: +00441512531771

Email: [email protected]

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CONCLUSION

SigmaForTrade is a service with few redeemable qualities. All the signs point towards it being a scam, but it doesn’t even provide enough to lure users in. The only thing that might attract you is the slightly above average list of assets, but you can find much richer selections elsewhere.

The initial investment is high, and the trading conditions you get are nowhere near the level at which they should be for that much money. The company was sloppy, getting a lot of info wrong on its own website. Overall, the level of service you’d get is so bad that we’d recommend literally picking a random broker than SigmaForTrade. Save your time and money and look into better alternatives, of which there are plenty.

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