Sgt Markets Broker Review: A Scam Forex Broker? - Topedgefx.com

Sgt Markets Broker Review: A Scam Forex Broker?

Welcome to the Sgt Markets broker review.

Sgt Markets is a premium-looking Forex broker with a website that claims to customize solutions for professional traders since 2006. 

This Forex broker is quite different from shady ones like FX Global, Nexo-Group, Richmond FX and many others.

In this Sgt Markets broker review, we want to let you know that SGTMarkets.com is offering 100+ trading instruments in Forex, Oil, Metal, and Equity Index CFDs.

The broker runs the popular MT4 trading platform and is operated by a British Virgin Island based company known as Sterling Gent Trading Ltd.

In addition to this, SgtMarkets.com is regulated by the Financial Services Commission (FSC) and are purporting to offer spreads as low as 0.0 pips, high leverage of 400:1 and up to 10 different deposit methods.

SGT MARKETS broker review

SGT markets is also providing FIX API trading which is basically to say that traders can use their suite of application program interfaces to automate trading in Forex, precious metals and CFDs.

The broker is currently offering 2 account types requiring a minimum deposit of $500 and $1,000 respectively.

The features of these SGT Markets account types are as follows:

[tabs][tab title=”Direct Account”]Spreads: Floating from 0.9 pips

Leverage: Up to 1:400

Commission: None

Trade from: 0.01 lot

Platform: MT4

[/tab] [tab title=”Prime Account”]Spreads: Floating starting 0.0 pips

Leverage: Up to 1:400

Commission: $6 per lot

Trade from: 0.01 lot

Platform: MT4

[/tab][/tabs]

Sgt Markets Broker review

On top of the two account types provided by SGTmarkets, Muslim clients can request for a special trading account that doesn’t charge commission or pay interest.

Fund managers have also been provided with a MAM/PAMM facility to enable them provide their services to investors.

In addition to this, SGTMarkets is selling white label brokerage services to entrepreneurs who want to start brokerage business.

This basically means that the person starting a broker will use SGT Market’s license to provide financial services to traders.

This service comes at an undisclosed cost and interested entrepreneurs must consult with SGT Markets to find the total cost associated with this type of business.

Regulatory status of SGT Markets

It gets interesting because this is an offshore broker.

Some traders don’t like investing with offshore brokers for fear that they are unregulated and manipulating spreads is very easy for them to do.

This assumption is true in some cases as we’ve seen one client accusing SGT Markets of manipulating spreads and causing them to lose 80% of their deposit and profit altogether.

All in all, SGT Markets broker is regulated by the FSC which lets companies operate oversees as well.

Brokerage companies operating in British Virgin Islands don’t face most of the tough requirements that their counterparts in the US and UK deal with.

SGTMARKETS forex broker review

For instance, brokers regulated by the FSC are not required to keep a certain minimum operational capital.

Their counterparts in the US and UK are required to do so.

Generally, we recommend trading with well-regulated brokers and at the same time, we tell traders to avoid offshore brokers if they can.

But if for some reasons an offshore broker is offering good trading conditions and is attracting positive feedback from other traders, then we can potentially consider this broker as well.

SGTMarkets Broker Spreads and commission

Both account types provide floating spreads.

However, Prime account type offers floating spreads starting at 0.0 pips which basically means the broker is offering raw spreads on their commission-based trading account.

These spreads are not necessarily bad but if you are a trader that prefers fixed spreads, then either of the account types offered by SGT markets will not suit your needs.

You would consider trading with a broker that offers fixed but low spreads such as the ones we recommend here. 

In addition to this, if commission is something that bothers you, then you could still utilize the services of the brokers recommended in the list above.

Initial Deposit requirement

SGT Markets is one of the brokers with highest minimum deposit requirement.

This works against them because most newbie traders do not like the idea of investing too much at first.

With a minimum deposit requirement of $500, one would be better off with brokers such as OctaFX ($50 minimum deposit) or FXchoice ($100 minimum deposit).

Trading platform

SGT Markets broker is offering the popular MT4 trading platform.

MT4 trading platform is robust with in-built trading indicators. In addition to this, the MT4 is compatible with Forex EAs and this gives less experienced traders an edge.

Also, if you don’t want to trade manually due to the time investment required to study the charts, the best way to approach trading is to find a good expert advisor.

We’ve recommended some of the best in the industry on this page.

SGT Markets broker payment methods

They announce to traders that they accept 10 different methods to fund a trading account.

Some of the methods supported include bank cards, wire transfers, Skrill, Neteller, China UnionPay and FasaPay.

Accounts can be funded in the following currencies:

USD, EUR and GBP

Conclusion

SGT Markets broker is generally a professional Forex broker.

However, we find that the minimum deposit is very high and not reasonable for new traders.

The other disadvantage is that SGTMarkets broker is offering limited account types which might not be suitable for all traders.

They also don’t disclose whether scalping is allowed.

Finally, SGT Markets broker is not properly regulated compared to brokers regulated by bodies like FCA.

They’re based in British Virgin Islands which is infamous for hosting a number of scams that provide fake financial services.

Thanks for reading this SGT Markets broker review.

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