Sigma Broking Review – Is This Broker Reliable As It Looks?
Sigma Broking LTD is a company registered in the UK since 2008. For the time given, the company operates with a valid license. Yet, they breached some of the rules and they were fined for that.
That might tell you to avoid all the brokers. Yet, UK traders can get compensation of up to 85.000 GBP. To find out why and how read our unbiased Sigma Broking review.
|Is This Company Safe?||Possibly not|
|Have Warnings From:||N/A|
|Trading Assets:||Forex, commodities, indices, shares|
|Free Demo Account:||Not Available|
|How To Withdraw From This Company?||After violating regulations and getting a 531K GBP fine, you should rethink your decision to invest here. In any case, if you experience withdrawal issues, our refund team is available for consultation.|
Legal Info: Is Sigma Broking Legit?
Sigma Broking Limited is a company with a still valid FCA license. But as you can see, in 2022 the FCA fined them for 531K GBP. So, it’s up to you to judge if the mistake is made by accident or intentionally.
It should also be noted that they are a member of the NFA. This adds a bit more credibility to the story.
Who Are Sigma Broking’s Clients?
Important to realize is that even with FCA regulations, the broker should have other licenses for other countries if they operate out of the country. As can be seen, sigma-broking.com mainly works with traders from:
- United States
- United Kingdom
- United Arab Emirates
Surprisingly, there are no reviews about the broker. Be the first one to leave a comment about your experience with this broker. But also, to contact our refund team if you face any withdrawal problems.
Investment Costs With Sigma Broking
Surprisingly, for a regulated broker, they don’t reveal any trading costs. This can be a dealbreaker for experienced traders, but especially for beginners. Nevertheless, with FCA regulations you shouldn’t get leverage higher than 1:30 as a retail trader.
Sigma Broking Trading Features
With their unsafe website and quite mysterious approach, it’s quite questionable how they operate.
In fact, the company doesn’t reveal any detailed information about the trading software either. But nowadays, the software plays the key role in choosing a broker.
Available Trading Assets
According to the company, they are offering all major categories except cryptos. Yet, without a demo account, it’s hard to confirm those statements. Anyway, potential options are:
- Forex – USD/EUR, EUR/SEK, AUD/HKD
- Commodities – gold, silver, platinum
- Indices – DowJones, FTSE100, ASX200
- Shares – Microsoft, Nvidia, Nike
In general, account types present your motivation to trade or deposit more. Very often it comes with more financial, supportive and educational benefits. Yet, with Sigma Broking account types don’t exist officially. After all, it’s all irrelevant if the broker is not genuine and one of the great examples you have in our ITGSolution.net review.
Mobile Trading App
With unknown trading software comes the unknown mobile app. It’s quite strange that such a regulated broker doesn’t reveal these things. Anyway, you should opt for MetaTrader or cTrader. Primarily because of high reliability and unlimited advanced features.
Generally speaking, considering so many missing things a demo account would be a nice touch. Thus, the company doesn’t offer it. There’s not even an option to register by yourself. Instead, you have to contact their agents directly.
Educational packages with regulated brokers can be very suitable options. Firstly because it leads you in the right direction. Secondly, you are learning from licensed brokers.
Note that this one doesn’t mention any educational programs. However, it’s important to diversify legit educational programs from the ones you can see in our Dukasbance review.
Sigma Broking Withdrawal
Without transparent legal documents and a withdrawal policy, everything is speculative. Therefore, withdrawal methods, processing time and fees can only be obtained from their agents. Thus, that’s not something experienced traders would trust enough.
As for the contact options, the company only has e-mail and phone line. Ultimately, that can be enough. But without any reviews about the broker, it’s hard to determine if their support was ever useful. Except for opening an account.
Sadly, working hours are not revealed either. Even though some brokers offer more contact options, that doesn’t make them legit and a perfect example is in our TradeWL review.
Key Information To Consider About Sigma Broking?
Even though the broker has been in the market for a long time and has a valid license, they are quite suspicious. Considering a fine from the FCA you can also expect potential issues. Since they don’t have more credit with the FCA, just reporting them would be enough. Of course, if something happens.
But if you are looking for withdrawal or refund advice, you are at the right place. Our specialized refund team can advise you on further steps already today. Get in touch now.
Is Sigma Broking Legit?
Yes and no. With a valid FCA license and NFA membership, you can say yes. But with the FCA fine of 531K GBP and non-transparent conditions, then no.
What does Sigma Broking offer?
Sigma Broking offers FX and CFD trading services excluding cryptocurrencies which are one of the most popular assets nowadays.
Are Funds Safe With Sigma Broking?
Considering their still valid FCA regulation, most likely yes. But still after the previous problem, you are wondering if is enough for you to trust this broker.
Can I withdraw my funds from sigma-broking.com?
You should be able to. But if you experience any withdrawal irregularities you can contact our expert refund team for detailed guidance and advice.