Beware! Sunpor Group 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.
Sunpor Group Limited claims to be the best derivatives broker offering unmatched advantages for clients, but the truth is quite the opposite, though. It’s an exposed scam blacklisted by an Asian regulator, so make sure to avoid it at every cost. In the following review, we’ll show you critical details about this scam and explain how you can further detect fraudulent offers.
Sunpor Group Limited REGULATION AND SAFETY OF FUNDS
So, Sunpor Group Limited falsely claims to be ASIC authorised in Australia and even shares a number- a fraudulent one as we couldn’t find a thing. However, Hong Kong’s register produced a result- a warning issued against Sunpor Group Limited by the local regulator SFC that actually proves it’s a scam broker. Your funds will be stolen if you deposit.
Now, let’s look at the brokerage more closely. It fraudulently claims to be regulated, thus aiming to deceive people and trick them into believing that Sunpor Group Limited is trustworthy. Needless to say, it’s always a scam if a broker makes false statements and can’t prove it’s legit.
Another thing we need to note is that all scam brokers are unregulated. If you pay attention to the warning below, you’ll see SFC explicitly taking into consideration that it’s an unlicensed entity. The regulator does so because it strictly monitors the local Forex brokers to ensure that all clients are being treated fairly. The absence of regulation implies that Sunpor Group Limited is, in reality, operated illegally by people with undisclosed identities who are not bound to follow any rules, meaning that they can do whatever they want with your funds. In most cases, scammers set up companies and bank accounts in offshore jurisdictions so that your money goes out of its country where no one can actually track it down.
That’s why you should deal with licensed Forex companies only. For instance, EU brokers should store deposits in segregated bank accounts, which makes funds abuse or misappropriation impossible. The segregation benefit clients in many ways- improved transparency, increased safety, faster withdrawals, less complicated chargebacks and overall control. Above all, though, if a broker gets into trouble, clients’ money won’t be lost as it’s kept separately in trustworthy solvent banks.
Now, check the high-rated EU brokers and British brokers on our lists. These companies keep deposits segregated and are further secured by the European deposit insurance funds laid down to make the environment even safer. Namely, CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000- another layer of security that actually makes the European companies a preferred choice for seasoned traders and investors. Think about it.
Sunpor Group Limited TRADING SOFTWARE
Sunpor Group Limited comes with a MetaTrader5 distribution- the most widely used platform on the market actually. However, the excellent software is a downside in this case as many people may wrongly believe that Sunpor Group Limited is trustworthy because of the platform. It’s not; that’s still a scam. Note that many scams can find a way to obtain MetaTrader and provide it: not every MT broker is legit, is what we mean to say.
That’s why we’d like to offer the high-rated licensed MetaTrader4 brokers and MetaTrader5 brokers topping both lists instead. We recommend the MTs due to the advanced indicators, excellent charting tools and sophisticated features such as algorithmic trading provided- great devices that can help you accumulate profits in the long run.
The EUR/USD spread delivered by the platform is 1.6 pips– pretty much in line with the industry standards. Trading with Sunpor Group Limited isn’t costly in general, but that’s irrelevant in this case.
As to leverage, it’s either up to 1:300 or 1:400: we found conflicting pieces of information, which is a red flag nonetheless. Leverage is risky, and brokers should always clearly specify what the actual levels are. In fact, it’s so dangerous that it’s been regulated for quite some time by many reputable authorities- due to regulations, licensed EU, British and Australian brokers have to limit retail clients to 1:30 leverage for FX majors, while Canadian brokers and US brokers to 1:50, respectively. In contrast, most of the high-leverage brokers are unregulated, so you should be careful with them.
Sunpor Group Limited DEPOSIT/WITHDRAW METHODS AND FEES
Account types, minimum deposit requirements and funding methods are not specified. Also, we didn’t test the deposit system because we couldn’t register- there was some verification that Sunpor Group Limited never sent to us. In any case, though, that’s a scam, so you shouldn’t deposit even a penny with this phony brokerage.
Anyway, while talking about funding, we’d like to offer high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system.
Discussing withdrawals and fees is actually pointless in this case, and we couldn’t find anything either. Sunpor Group Limited doesn’t utter a word about withdrawals in its Terms, which is a red flag nonetheless.
HOW DOES THE SCAM WORK
Sunpor Group Limited is an exposed scam, so make sure to stay away. Below, you’ll find out how scammers usually work, and we believe the broker reviewed also deploys the same or very similar trickery to defraud people.
Scammers won’t let go once they get your phone number and will constantly keep you on the line. If you fall into the trap and deposit, they’ll pretend to manage your account, and out of the blue, you’ll see mind-boggling profits in your account. You’ll probably believe that’s true and may ask to take the funds out. However, scammers will skillfully manipulate you to deposit again, promising even greater profits. In the worst case, you’ll do, as they say, hoping to make even more money. Well, that’s not going to happen, but those crooks will carry on asking for more, which will inevitably raise your suspicions. You’ll insist on getting your funds back, and then they’ll announce that you should pay a hefty tax if you want to withdraw your funds. At this point, the scam is apparent, and as soon as the fraudsters understand they can’t get more money out of you, they’ll simply stop answering your calls and e-mails.
WHAT TO DO WHEN SCAMMED
Getting scammed may have long-lasting consequences. If you fall victim to fraud, you need to look for help and reduce further possible risks. Deactivate your bank card immediately and call your bank to inform them what happened.
Quickly report what happened to the authorities, file a complaint, call the police. Seek help actively!
Then, it would be best if you didn’t act hastily because swindling funds recovery agencies and individuals are waiting to scam victims once again.
Finally, please share your experience; it’s important to protect others, too. Be responsible!