SungerFX Detailed Review
SungerFX is yet another anonymous website without an apparent owner. Since this is the case, we came into this SungerFX review prepared for the worst. And that’s precisely how it turned out to be. Let’s start and see what you can expect from this fraudulent firm.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||FCA|
|Owned by:||SungerFX Ltd|
|Types of Assets:||FX, commodities, indices|
|Free Demo Account:||Yes|
|Accepts US clients:||Yes|
What About SungerFX Regulation?
SungerFX stated almost shy in the About Us section that it’s owned by SungerFX Ltd from the UK. However, they did give a bold statement that the company was actually established in 2003 in Australia. It gave us two tasks – to check the FCA and ASIC.
As you can already imagine, SungerFX Ltd doesn’t exist in any, nor does this company have a registration number in any country. It means you’re dealing with another fraudulent scheme and your money is at risk.
SungerFX Trading Services
Broker offers trading only in 3 markets, including:
There are no shares or cryptocurrencies, practically the most tradable assets on the market in 2021. It makes the broker’s offer less appealing, if possible. On the other hand, the spread starts from 1.2 pips, while the leverage is said to be high. What that means, we are not really sure. Since regulators are limiting it to 1:30 for the Forex market, we believe you are entitled to much more, risking more funds.
At the same time, all trades are executed on MT5, while the minimum deposit is not disclosed. It’s yet another in the long line of red flags that should show you why to stay away from SungerFX.
SungerFX Warnings From Financial Regulators
If none of the above was enough to convince you to stay away from SungerFX, here’s an official warning from the UK regulatory body, FCA. It added SungerFX to the blacklist stating that the broker has no relation to the UK whatsoever, and anyone involved cannot get money back from the regulatory compensation fund.
Fund Withdrawal Issues With SungerFX Broker
Broker is not under any regulatory jurisdiction and provided a false company name. Company believes it’s safe enough to conduct fraud. In fact, anyone who invested any money with this trading firm stated that withdrawals are nearly impossible.
You may submit a request that will never be processed or will be declined due to numerous false reasons such as unpaid debts towards the company, accepted bonuses, and more.
Let us know if you have any issues withdrawing your funds from your SungerFX account.
Areas Of SungerFX Scam
According to reviews, it seems that the broker is mainly present in the US and Canada. However, the official FCA warning tells us they operate in the UK, while complaints come from Australia, Singapore, South Africa, and more.
Be aware that SungerFX cannot provide legal financial services anywhere, and don’t fall for its nicely packed story.
Traders About SungerFX Scam
As you would have nothing good to say about the scammer, SungerFX clients feel the same. All their reviews talk about are issues with getting money back, problems with unregulated leverage that makes clients lose more money quicker, and account managers that care only about their own bonuses and benefits, not about clients’ success on the market.
How Does Online Trading Scam Work?
Online trading scams are scams that involve a fake presentation by alleged brokers that are, in fact, anonymous shady websites luring clients to invest money. Usually, you will be promised enormous amounts of profit, much more than any regulated company will ever offer you.
Once you involve yourself in it, you will understand that you cannot withdraw your funds, and the whole story was just that – a nice story to steal your funds. Be aware of companies such as SungerFX that belong under no regulations.
Scammed by SungerFX? – Tell Us Your Story
If you fall victim to the SungerFX scam, let us know. There’s no shame in being defrauded, but there’s no reason to let scammers win and keep your funds. Our specialists may assist you in filing a dispute and requesting a chargeback.
But What Is A Chargeback?
A chargeback is a way for your bank to reverse the fraudulent transaction. For further details, contact us via online chat and book a free consultation with our team of experts. So let’s get your money back before it’s too late!
What Is SungerFX?
SungerFX is an online Forex and CFD trading provider without a license.
Is SungerFX A Scam Broker?
Yes, company has been blacklisted in the UK and marked as a scam.
Is SungerFX Regulated?
SungerFX is not regulated and provides financial services without any authorization.