Beware! SSFX Limited is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
SSFX Limited is an offshore forex and CFD broker, offering four account types with a leverage of up to 500:1 on the MetaTrader4 platform.
When we tested a demo account we came across a rather impressive array of forex pairs – over 60, with a number of exotic currencies like South African Rand, Turkish Lira, Thai Baht, Singapore Dollar, Swedish Krona, Russian Ruble, Polish Zloty, Norwegian Krone, Mexican Peso, Hungarian Forint, Hong Kong Dollar, Danish Krone, Czech Krona, Chinese Yuan and Israeli Shekel.
We found also CFDS on spot metals like silver, gold, platinum and palladium, natural gas, oil and 11 indices. And spreads also looked good – 0,9 pips for the benchmark EURUSD pair.
But trading conditions put aside, our main issue with SSFX Limited remains its regulatory status.
SSFX Limited regulation & safety of funds
SSFX Limited says to be registered and regulated in Saint Vincent and the Grenadines, but as the local Financial Services Authority St. Vincent and the Grenadines simply does not supervise forex and CFD brokers, SSFX Limited turns out to be yet another low credibility, offshore, unregulated broker.
Trading with unregulated brokers is associated with unreasonably high risk of loosing your money to scammers so our best advise is to deal only with companies regulated by well respected financial authorities such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
Properly regulated brokers do guarantee the safety of your funds as they are required to abide by strict financial and ethical rules, among which to provide a negative balance protection for their clients, to keep all clients fund in a segregated, protected form creditors account, to maintain a certain minimum adequacy ratio, to allow external audits and many others.
In some cases brokers are even required to insure traders money. Thus, if you trade with a FCA broker and it files for bankruptcy, you will be entitled to a compensation of up to 50 000 GBP. Similarly, if you are with a CySEC broker you can receive back up to 20 000 EUR of your funds.
SSFX Limited deposit/withdrawal methods and fees
The minimum deposit requirement with SSFX Limited is just 10 USD and you can deposit funds with major credit cards like VISA and MasterCard, as well as popular e-wallets like Neteller and Skrill.
How does the scam work?
Usually you will be hooked by an offer to win some easy money after watching a video add on one of the so called robo- scam websites like Bitcoin Method or Bitocin Revolution. The video will be about some innovative trading app and if you get interested and register, leaving your e-mail and phone, you will be instantly transferred to the web page of a unregulated, offshore forex and CFD broker, where you will have to invest your first 250 USD.
Take a note, that your first trades with the scam broker will be amazingly successful. Actually the money in your account will probably double in just a few days. This, however, will happen not because of your exceptional trading skills, but simply because your account will be manipulated. The reason – that way you will be much more easily convinced to invest a larger amount.
And next you will receive a call form a “senior account manager”, who will explain exactly this – if you want to make some real cash, you will simply have to invest more – like 10 000 USD or so. Chances are you will invest those money as well, but you will not know that you have been scammed until you decide to withdraw some of your funds.
Scammers will tell you, you can not withdraw until you reach some minimum trade volume requirement. They will cite some clause in the Terms and Conditions. It could be anything, but the bottom line is you will not be able to get any money back.
What to do if scammed?
Do not hesitate and immediately file for a charge back with your credit card provider. Mind that with different providers you will be able to do that within different time frames. Under some newly adopted rules, if you are a MasterCard holder you will be able to do that within 540 days. A similar rule is expected to be adopted by VISA in December.
If scammers have tricked you to give them your credit card number or online banking password, immediately block your credit card and change the password.
Finally, in case scammers have tricked you to give them some money, do not waste any more of your funds by seeking the service of the so called recovery agencies. They will not retrieve your money, but will simply collect an upfront payment and basically that will be the end of the story.