Beware! SunTonFX 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.
Illicit broker names seem to be getting more and more ridiculous with the season’s passing. Todays’ SunTonFX is a monument to this claim. Just think of the name out of a Forex context; doesn’t it seem completely irrelevant and at best ambiguous. Moreover, the official slogan of the broker is “100% Safe Isolation of Funds” which has a double meaning. Either it isolates the users’ funds and never gives them back, or it isolates them in such a way to keep them safe. It’s the former, as the following review will disclose.
The website is what you might call a slow burn: slowed-down scrolling that made us almost mad. It takes us a very long time to reach the footer of the home page, as everything loads painfully slowly.
While opening an account we were able to create only a standard one with a leverage cap of 1:100. Unfortunately, we were never approved by the broker as it did not see us as a potential depositor. The unfortunate part is not taken personally. It is unfortunate because we have to take all the trading and payment information directly from the website of this shady broker.
We learn that users can trade with forex currency pairs, metals, indices, commodities, and shares. There are no specific spread values indicated anywhere on the website.
Also, please be aware that brokers such as SunTonFX cannot be trusted with the information on their website. They have the full power to lie to users! Thus we cannot be sure that these are the actual trading conditions, nor can we be certain that SunTonFX offers any trading conditions at all!
The website of the brokerage is available in English only.
SUNTONFX REGULATION AND SAFETY OF FUNDS
The company’s about page claim that SunTonFX is one of the fastest-growing global brands in Europe, Asia, South America, Africa, and Australia. But, we ask, where is the proof of this. In order to be recognized as a growing FX firm, one must have a license, and so far we have seen absolutely no proof of a license here. And by proof, we mean proof on the side of the license issuer, and not the broker, for SunTonFX claims to be regulated by none other than the FCA.
The address in the UK and the alleged FCA regulation are false. This firm is not licensed by the British overseer! If it is located in the UK, it is operating from there completely without lawful permission.
Moreover, it seems that there are no legal documents included with the broker. This is another definite sign that this brokerage is completely UNLICENSED, and a risk to all, not to mention a probable investment scam!
Always go for FCA or CySEC regulated entities when you have the chance. On the other side of the spectrum, never invest in unregulated brokers, for they will take all your money and never return it. License issuers employ an array of rules and restrictions to keep all their brokers docile. Moreover, overseers are capable of penalizing brokers by applying a plethora of different fines. Moreover, some regulators, most notably the FCA and CySEC, offer compensation schemes applicable to users whose regulated brokers cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
SUNTONFX TRADING SOFTWARE
We found an MT5 download link, confirming that this broker offers the MT5, somehow. However, without being approved for an account, we were not able to access the trader.
Please note, the inclusion of the MT5 does not improve the situation that the broker is in!
SUNTONFX DEPOSIT/WITHDRAW METHODS AND FEES
The only payment information found on the website reveals that the minimum deposit is $100. Other than that everything else we are about to reveal is purely based on speculation. What’s more, the minimum deposit requirement indicated on the site is not really evidenced.
Payment methods used by scammer brokers center around credit cards, debit cards, wire transfers, crypto methods, and at times, some alternative payment gateways. Withdrawals use the same methods, although with withdrawals users have to look out for fees! The typical withdrawal processing time is between 2 and 5 days.
In conclusion, SunTonFX is an unsurprising and conventional unregulated and scammer broker. All invested funds here are at a risk.
How does the scam work?
The ironic thing about the scam is that it is very simple to deconstruct.
It all starts with users being persuaded by fake ads that lead to either a scammer broker site or an intermediary website.
Either source will require a phone number or email address by means of which the scammer will contact the user.
The other side of the line will be a representative of the unregulated broker/investment scam asking for a preliminary deposit, one that will open the user up for more investments in the future.
If the client deposits this first sum, then she has fallen into the trap, and will never see her money back.
What follows, is a second wave of much more persuasive scammers whose job is to charm their way through the users’ funds by asking for more deposits. They will promise you huge returns, and probably have proof of the client accumulating profit, but they will never encourage withdrawals.
Once the user wishes to withdraw the reps of the scam will do everything in their power not to allow the user to do so. The excuse/tactics are many: shutting the website, closing down the account, stalling, not answering the client, etc…
It’s only then that you will realize you have fallen victim to an investment scam.
What to do if scammed?
File for a chargeback! Unfortunately, this only applies to cases where a user has deposited via a credit or debit card. Do note that MasterCard and VISA have a chargeback period of 540 days.
If money was invested, and lost, through a wire transfer, then the user should change her user name and password on her bank account. Then the defrauded client should contact the bak and try to find a solution together to the problem.
As for funds lost through cryptocurrency-related deposits, well, they cannot be brought back, unless the scammers themselves decide to.
There remains another threat in the form of the so-called recovery agents who promise to return all lost funds in exchange for a service fee. This commission is, of course, non-refundable, and once it is paid, the user will never hear from these second-hand scammers ever again.