Sato4x Review – Just Another Illicit And Lying Scam Broker
Welcome to the Sato4x Review. We know how enticing this broker seems and that’s why it’s imperative that you read this analysis. We shall discuss the key aspects of trading as well as the legal background of this dishonest provider. Without further ado, let’s get into it.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||London, Switzerland, Poland, Spain, France|
|Minimum Deposit:||CAD 250|
|Types of Assets:||Forex, Stocks, Crypto, Commodities|
|Free Demo Account:||Unavailable|
|Accepts US clients:||No|
Sato4x Regulated Forex Broker?
Sato4x had the audacity to say it has offices in as many as five different countries. Five countries, people! That would imply that it operates in five jurisdictions. However, that’s the first thing that poked our eyes so we decided to investigate.
Our fears were true – Sato4x simply posted five fake addresses. Add to that the virtually anonymous website, and you’ve got yourself a scam. This fraudster was cunning when devising its awful scheme but we saw through the lies straight away.
Why Is Trading With a Licensed Broker Preferable?
All you need to do to check Sato4x’s regulatory status is search the regulators’ websites for the broker. We’ve done that for you. Guess what, the fraudster is not registered with any of these five authorities.
The UK’s FCA, Swiss FINMA, Spanish CNMV, Polish KNF and French AMF have no files on Sato4x. Neither does the Canadian Investment Industry Regulatory Organization (IIROC). Yeah, we checked that one as well since the financial swindler used the Canadian currency.
Therefore, this little scammer is unregulated and extremely dangerous. Your funds are not secure and there are no protection measures in place.
Is Sato4x a Legit Broker or a Scam?
Sato4x is an unlicensed and dangerous scam broker that lies about offering cutting-edge technology and a fantastic trading experience. It claims to have offices in the UK, Switzerland, France, Spain and Poland.
Sato4x Offers MetaTrader 5 Platform?
Of course not. At least not the real MT5 platform with all the features and options like automated trading and live-market reports. The version that Sato4x provides is an unpolished and rudimental trial version of the legendary MT5 that was taken directly from MetaQuptes Software, a leading provider of industrial software products for financial markets.
In addition, without a license to keep things “clean,” nobody knows what this software brings to the table. It could be rigged like most platforms offered by scammers. Yup, they manipulate it to create the illusion of trading while only enabling depositing.
Can I Trade From Any Device?
Sato4x was clever to enable unsuspecting victims to trade on multiple devices. That way, it increased the chances of succeeding in its scheme. However, you should know that the mobile version of the platform is inferior to the PC one. Don’t take our word for it, read the reviews posted by seasoned traders.
AnyDesk and TeamViewer. These two apps are great if they are used for genuine purposes. Otherwise, they could be unscrupulous tools for causing disasters. They allow one user to access the desktop of another.
Scammers mask these apps as customer support. Imagine the damage if Sato4x had access to your desktop files. Therefore, deny the fraudulent broker access at all costs.
Which Assets Can The Investor Trade?
Here’s what we know about the trading assets Sato4x offers:
- Forex pairs – EUR/USD, USD/GBP, EUR/CAD…
- Commodities – gold, silver, brent oil, natural gas…
- Stocks – Visa, Microsoft, Google…
- Crypto – Bitcoin, Ethereum, Litecoin, Ripple…
No indices? Shame. We aren’t sure about the rest, however. Scammers typically list as many instruments as they can to attract clients. They simply serve as bait in the grand scheme of things.
What Do We Know About Sato4x Account Types?
The phony broker claims to offer five different account types:
- Starter – CAD 250, leverage of 1:10, no fees, 5 financial markets;
- Bronze – CAD 10,000, 1:10, 3 financial markets;
- Silver – CAD 25,000, 1:20-1:50, 5 financial markets;
- Gold – CAD 50,000, 1:50, 5 financial markets;
- Platinum – CAD 100,000, 1:25, expertly managed account.
This whole section is rather misleading and ambiguous. Needless to say, the logic behind these account types is questionable. Nevertheless, all that interests the scammer is the minimum deposit amounts, which are hellishly large.
Free 7- Day Trial
Sato4x offers a 7-day trial. Supposedly, this should replace the demo account. Sorry, Sato4x, but we’re simply not convinced. However, we see why the cyber fraudster included this. Objectively speaking, it is a suitable tool for luring potential clients. Thus, do not fall for it.
Details About Leverage, Spreads, and Fees
As mentioned, the account type section states that the leverage caps at 1:50. That level is perfectly in line with what the Canadian regulator has prescribed. But, it’s above the UK and European limit (1:30). Yet, the financial swindler advertises leverage of up to 1:500 on its home page. Now that’s what we call overwhelming. Illegal as well.
As for commissions, some account types allegedly don’t charge them. We wouldn’t trust the scammer there either. Spreads? A complete mystery.
High Minimum Deposit and Withdrawal Terms
The minimum deposit is CAD 250, which is about $184. Given that we’re dealing with an unlicensed and suspicious broker, this amount is immoderate. Also, we highly doubt that Sat4x will allow you to withdraw any money whatsoever. After all, that’s the main principle of how these scammers operate.
Payment methods include credit/debit cards and the Chinese UnionPay. Pretty poor offer if you ask us. Legitimate brokers would surely provide more options such as Skrill, Neteller and wire transfers.
Trading Bonuses and The Terms of Their Receipt
Unsurprisingly, Sato4x offers hefty bonuses. Bear in mind that these little instruments of misconduct always come with strings attached. They are tempting, we know, but once you get a taste, you’ll pay the price. Scammers always have a clause in place that prevents you from withdrawing until you trade up to an unrealistically large amount. Sato4x is no different.
Scammed by Sato4x Broker? – Let Us Hear Your Story
The bad thing is that you’ve been scammed. It sucks. The good thing, however, is that there is a way to get your money back. However, it’s important to act with haste. Provided that you haven’t given Sato4x copies of your personal documents, you should be able to request a chargeback.
But What Is A Chargeback?
- A chargeback is a process of reversing a credit/debit card transaction.
- It can be requested at the issuing bank within 540 days.
- If you’ve provided the scammer with your personal documents, the chargeback will fail.
- In that case, inform your local authorities and let them take further action if possible.
What Is Sato4x?
This Broker Sato4x is an anonymous provider that falsely claims to operate in the UK, Poland, Spain, France, and Switzerland.
Is Sato4x a Scam Broker?
Sato4x is an outrageous scam broker because it is anonymous and unregulated.
Is Sato4x Available in the United States or the UK?
Sato4x is available in the United Kingdom but not in the United States.
Does Sato4x Offer a Demo Account?
The Broker Sato4x does not offer a demo account but it does offer a shady 7-day trial.