SandWindFX review – 5 things you should know about sandwindfx.com

SandWindFX review – 5 things you should know about sandwindfx.com

Rating: 1

Beware! SandWindFX is an offshore broker! Your investment may be at risk.

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SandWindFX claims that it aims to provide only the best trading experience, guaranteed seamless and high-speed execution, plus powerful performance. That’s partly true as it delivers a leading platform for trading, but the brokerage is too shady to consider it legit. SandWindFX is a risky broker, and we are going to show you why in the following review.

SandWindFX REGULATION AND SAFETY OF FUNDS

SandWindFX is seemingly a Chinese broker, but we found that out only before the registration completion. Other than that, the brokerage refuses to disclose anything about itself- as seen from the screenshot above, it provided some Contact links, but all of them are actually broken. Anyway, SandWindFX claims it’s abiding by the Chinese laws, which doesn’t really mean anything. Fairly speaking, we didn’t even try to find out whether it’s licensed in China or not as it accepted clients from the EU like ourselves, thus breaching financial regulations as it’s not authorised to operate within the Union. It’s illegal and most probably a scam, so your funds will be at risk if you deposit. Let us explain why.

Each broker who wants to offer its services in regulated jurisdictions needs to be licensed to do so. If it doesn’t have one, then it’s illegal and unregulated, so no one is monitoring the broker while carrying out its business, meaning that the people running it can do anything with your funds- steal it, for example. Needless to say, a Chinese license would be worthless in this case as your money would still go out of its country and potentially get exposed to risks while clients have limited chargeback options available. Moreover, we don’t really know if SandWindFX is Chinese or not, as it may also be some offshore brokerage fraudulently claiming to be based in China. Whatever the case, though, the broker reviewed is a shady unregulated entity worth being avoided.

That being so, why don’t you check the high-rated EU brokers and British brokers if you are genuinely interested in trading and investments. The ones on top of both lists store money segregated, which reduce the risk of misuse or misappropriation and generally helps prevent fraud. The European companies are also covered by deposit insurance funds, and clients of CySEC brokers can claim up to €20 000 in compensation, while the British guarantees are even up to £85 00 per person. You’d better consider the money protection schemes in Europe when looking for brokers.

SandWindFX TRADING SOFTWARE

SandWindFX comes with the leading MetaTrader5 that’s a platform packed with numerous advantages, including Expert Advisors and reliable indicators, to mention some. The trading costs are also seemingly favourable- 0.2 pips for EUR/USD spread, meaning that clients pay $2 per lot traded, matching the industry standards. However, the absence of a regulation overshadows the competitive trading conditions offered- SandWindFX is still a suspected scam operating without a license.

As to leverage, we registered a virtual money training account with the maximum ratio available- 1:300. Still, we can’t confirm that the same level applies to real accounts, too. Whatever the case, though, it’s a ratio no longer allowed in the EU, UK or Australia as all mentioned restrict its usage to 1:30. Another proof that SandWindFX operates illegally.

SandWindFX DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit and the funding methods are unknown, as the brokerage fails to specify anything whatsoever. Also, we didn’t test the deposit system due to KYC issues, so we can’t show the actual funding methods available. Well, it’s out of the question to submit copies of personal documents to this shady website.

As for withdrawals, there is nothing, too, as the brokerage doesn’t even provide legal documentation. That’s a major red flag showing that the brokerage yet again fails to comply with international standards- legit brokers are bound by law to provide T&Cs, User Agreement, Client Agreement etc. that are documents serving as contracts between both parties. Also, the absence of documentation indicates that the brokerage knowingly hides critical information about its services- a red flag by itself. Beware.

HOW DOES THE SCAM WORK

This review proved that SandWindFX is highly unreliable and actually a suspected scam, so make sure to avoid it no matter what. Now, we’ll concisely describe how fraudsters usually work while trying to rip people off their hard-earned money.

In a nutshell, you get enticed by an offer that sounds too good to be true, deposited as instructed by scammers and eventually get ripped off. Actually, the Forex scam is a process that significantly differs from ordinary fraud, which is usually a one-time event. In contrast, in Forex fraud, you are in constant touch with scammers who will manipulate you to deposit over and over again. For example, they will pretend to manage your accounts and will show you incredible profits. Or, if you trade by yourself, they’ll distort market prices to make your account look profitable, thus luring you to put even more money in the scheme.

The scam becomes obvious as soon as you start insisting on getting your funds back. Scammers will reject withdrawal requests for whatever reason they choose and even instruct you to pay taxes first. It’s 100% a scam if you are required to send money when you want to withdraw. When it’s apparent that you won’t send money again, the cons will simply cut the communication, leaving you with losses almost impossible to recover.

WHAT TO DO WHEN SCAMMED

Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your bank card immediately and contact your bank and ask for advice.

Report what happened to you, file a complaint, contact the authorities, call the police. Seek help actively!

Then, it would be best if you were careful with your attempts to recover funds because fraudulent chargeback agencies and individuals would be happy to take you for a ride again. They usually ask for upfront payment but will do nothing in exchange.

Share online your experience; it’s important to protect others, too. Be responsible

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