Beware! SagaTrade.io 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.
SagaTrade.io is revealed to be a legit and incredibly simplistic forex broker that does not reveal too much about itself. This approach may seem tempting and even profitable to some, but in this business such meandering is all but lucrative. Just think of how the weight of knowledge that users will be missing out on since SagaTrade.io has not included it. The only way to get a good grasp of what SagaTrade.io is is to create an account. But even then we found that there isn’t much to be experienced here. Read on to find out what we mean.
The registration page was definitely too easy to follow, thus making it very suspicious since it allows anyone to create an account. Anyway, we entered a user area and were disappointed to find that the minimalistic approach had been utilized for a second time.
Thankfully we were provided direct access to a trading software, that was nonetheless a popular terminal utilized by scammer brokers.
The EUR/USD cost of trade was indicated as being 0.6 pips which is excellent, but also too good to be true. It seems that with offshore brokers we keep on identifying this predicament. The available tradeable assets are forex currency pairs, commodities, cryptocurrencies, shares, and indexes. The leverage is capped at 1:200.
The website of SagaTrade.io is available only to English speakers.
SAGATRADE.IO REGULATION AND SAFETY OF FUNDS
The broker claims to be legit, but does not back up this claim with any evidence. This is the classic example of a scammer brokerage.
Its lack of a license is exemplified by the gibberish that it keeps throwing at its users; nonsense that barely covers any ground.
The first of such bull is found deep in the site where we read that the company is currently “in the process of obtaining a license”. Note that it does not say from whom or when it is expecting to acquire said license. This is absurdly random and is written without a backing principle.
The next absurdity is an alleged address in London, suggesting that SagaTrade.io is holding a license from the FCA. We couldn’t be further from the truth. The British overseer has nothing to do with this failed attempt at a brokerage firm.
The truth is that SagaTrade.io is UNREGULATED and a risk to all. There is no other alternative to this verdict.
SAGATRADE.IO TRADING SOFTWARE
The trading software is not one that we have not seen, nor is it one that we can call helpful. What this web trader tends to have is a great visual appeal that will considerably act as a lure to potential depositors.
Unfortunately, aside from this feature, this office has nothing interesting or special to offer.
SAGATRADE.IO DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area: we could not invest because we received an error page. This is outrageous, not only because of the issue itself, but because the broker is unlicensed and it just proved that it has completely lost control. What does SagaTrade.io expect to happen next?
The withdrawal area revealed the following payment methods: wire transfer, credit cards, and some mystery “wallet”. By following logic’s path, these methods for receiving money should also be used for investing said money. However, the issue deepens with unlicensed brokers. Payment conditions are all over the place.
At times, there are no payment details at all, as is the case with SagaTrade.io. Aside from a mention of a $250 minimum deposit requirement, there is no other payment information anywhere.
We see this as another reason to label SagaTrade.io a risk to all investments and a scam! Do not deposit here.