Many brokers choose St.Vincent and Grenadines (SVG) as their headquarters due to loose laws. Especially for Forex companies, because Financial Services Authority decided not to provide licenses for such businesses.
Certainly, we will check if they are doing the work legitimately or not in this detailed SageFX review.
On top of that, we seriously recommend you not to invest in the fake brokers Hugosway, SimpleFX, and EagleFx. Do not trade with these unlicensed brokers if you want to save your money!
| Broker status: | Unregulated Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | Sagefx.com |
| Blacklisted as a Scam by: | CFTC (US) |
| Owned by: | Sage Forex LLC |
| Headquarters Country: | St. Vincent and Grenadines |
| Foundation year: | 2020 |
| Supported Platforms: | MT4, MT5 |
| Minimum Deposit: | $10 |
| Cryptocurrencies: | Yes – ETH, LTC, BTC |
| Types of Assets: | Forex, Commodities, Indices, Cryptocurrencies, Shares |
| Maximum Leverage: | 1:500 |
| Free Demo Account: | Yes |
| Accepts US clients: | Yes |
Is SageFX a Scam or a Regulated Broker?
Not only that they are not regulated, but they earned a warning from one of the most rigorous institutions. In general, SVG doesn’t have an official regulatory body. Therefore, they recommend companies opt for licenses in the countries where they operate.
That’s why we checked other Tier 1 regulators worldwide like FCA, BaFin and ASIC. As a result, we got zero traces of SageFX broker in their register.
SageFX is a completely anonymous broker, offshore-based without any credibility. Even though the minimum deposit is tempting, we wouldn’t trust this broker because of warnings coming from US institutions.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Firstly, licensed brokers provide transparent trading conditions. Secondly, they provide some guarantees. For example, guaranteed stop-loss and negative balance protection. Thirdly, traders have specialized institutions to reach out to if something is wrong.
Moreover, a broker is required to provide compensation funds for every trader.
Warnings From Financial Regulators
Going through SageFX reviews, we found some interesting facts. Even though they claim not to offer services to US clients, they got a warning from US institutions.
In fact, Commodity Futures Trading Commission (CFTC) issued a warning against this broker in 2022. They are on the list because some traders from US reported it.
What Platform Does SageFX Provide?
Many offshore brokers usually have only web trader available. On the positive side, SageFX offers access to MT4. That is a huge advantage.
But it must be remembered that this is still an offshore unregulated broker. Don’t get tricked by trusted platform to invest money here.
SageFX MT4
MT4, as the most used app in the industry, has all you need for trading. Starting with advanced charting options and indicators to advanced trading tools. Moreover, this app is available for any device. Important to realize is that all features are available on iOS and Android apps as well.
The Opinions of Traders On About SageFX
Out of 26 reviews on Trustpilot, almost 20% are 1-star rated. Since this broker is not a genuine one, we can’t trust positive reviews.
In general, traders are complaining mostly about withdrawal procedures. Therefore, all funds that you deposit here are not in a separate bank account, but in the broker’s pocket.
SageFX’s Trading Assets and Instruments
On the positive side, SageFX has quite solid instruments available. Divided into 5 major classes, you can choose from:
- Forex USD/JPY, AUD/NZD
- Commodities oil, natural gas,
- Indices DAX30, FTSE100,
- Shares Apple, Deutsche Bank,
- Cryptocurrencies BTC, BNB, ETH
Must be remembered that this broker is not regulated. Therefore, all data presented by them could be fictive.
Which Types Of Accounts Does SageFX Offer?
SageFX offers 6 account types. Yet, unclear what exactly are benefits of each one. Anyway, those are:
- Standard – Standard symbols
- Pro deposits – spreads from 0.1 pips
- Var commissions – commission free
- Mini Pairs – 29 mini pairs
- Symbols – all assets available
- Margin & Stop level – 100% margin call and 70% stop level
But there is no specific account that can suit all your needs.
Does SageFX Have a Free Demo Account?
As a matter of fact, yes. Through the MT4 terminal, traders can choose a demo account instead of a live one. Quite a good choice since this broker is not regulated. Therefore, traders can check trading conditions and see if they are matching advertised ones.
SageFX Affiliate Program
Another suspicious activity is the SageFX affiliate program. All traders that bring another client to the company are rewarded for that.
Most of the time, those are bonus funds on the account. However, those are banned by ESMA for the EEA zone.
Minimum Deposit and How Do I Withdraw?
The minimum deposit requirement starts at $10. Even though this is a quite small amount, it is risky with this broker. Since leverage is 1:500, you can easily get into debt.
As a result, you can expect the broker to pitch you for more money. On the contrary, many traders who wanted to withdraw profits have complained about withdrawal issues.
SageFX Payment Methods Available
As for payment methods, SageFX is encouraging traders to use crypto transfers. However, those are the riskiest ones. Those transactions are encrypted and hardly traceable. As for the options they offer:
- Crypto transfer – Instant
- Cards – 3-5 business days
- Vload – Instant
Terms and Conditions for SageFX – What You Should Know
All T&Cs are mostly violated by this broker. Freezing traders’ accounts are strictly forbidden. But brokers like SageFX make up reasons why to do that. Most often, it’s when traders require withdrawals.
Leverage, Spreads and Fees
Leverage of up to 1:500 is directly violating all regulations and ESMA rules. Moreover, spreads and commissions are non-existent. Therefore you can expect everything. But primarily to get ripped off.
Scammed by a SageFX Broker? – We Want To Hear Your Story.
Firstly, share your story here. Secondly, reach out to our fund recovery team. A specialized team with advanced tools can trace all crypto transactions.
What Is the Chargeback Procedure?
Once you trace a crypto transfer or card transfer you can request a refund. With cards, you can request an instant reversal from the bank directly. Don’t waste too much time. Contact us today and book your free consultation.
What Is SageFX?
This is an offshore trading company operating since 2020 on FX and CFD markets.
Is SageFX a Scam Broker?
Absolutely. They are not licensed by any authority. Moreover, all trading conditions are indicating that this is nothing but a scam.
Is SageFX Available in the United States or the UK?
SageFX broker claims not to operate in the US. However, CFTC got different information. As for the UK, it remains unknown.
Does SageFX Offer a Demo Account?
Yes. The only positive side about this broker. Especially because it’s through MT4. But don’t let that trick you.
