Saxo-fx24 Review – 5 things you should know about saxofx-24.com

Saxo-fx24 Review – 5 things you should know about saxofx-24.com

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Beware! Saxo-fx24 is an offshore broker! Your investment may be at risk.

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Saxo-fx24 is an extremely dangerous scam scheme that has attracted the attention of multiple European regulators – and not for good reasons. This is a fully anonymous broker who urges you to deposit before you have even seen what they have to offer – and who does not even provide access to any sort of legal documentation.

Such scammers are best avoided – turn to someone reliable and trustworthy instead.

Saxo-fx24 REGULATION AND SAFETY OF FUNDS

Saxo-fx24 is fully anonymous – the broker can only be reached via email and has provided no phone number, address, or information about regulations. The legal documentation we were offered was extremely brief and contained nothing essential – which is a huge red flag since you should always know exactly what you are agreeing to when choosing a certain broker.

Matters only get complicated further by the fact that the broker has already managed to attract negative attention from not one but two reputable financial regulators – the UK’s FCA and Italy’s CONSOB.

The FCA informs traders that this broker is unauthorized to offer financial services and you could therefore forget about all the protections you would get access to if you choose to work with a licensed broker.

CONSOB decided to straight-up blacklist Saxo-fx24 because they believe this broker to be a dangerous scam scheme.

Such warnings are always to be taken seriously – both of those mean that Saxo-fx24 will most probably run off with your money the moment they get the chance to and that you will not be protected by any laws if you start trading with them.

Only work with reliable, licensed brokers – this is the only way to actually stay safe while trading. Turning to a broker licensed in a strict jurisdiction such as the UK, the EU, or Australia would grant you access to many protections and would mean that your broker has to conduct business with consideration to many laws and procedures. All licensed brokers have to keep client money in segregated bank accounts managed by third parties – this ensures that your funds would not mix with those of the broker, and would not be used for any of the broker’s own financial operations. It also means that you would not lose your deposits if the broker goes bankrupt. However, this is not that likely – such brokers are obligated to prove their financial stability by maintaining a certain minimum capital. The number is €730 000 in the UK and the EU, and A$1 million in Australia but could potentially go higher for brokers with many clients. Negative balance protection is also a vital safety net – no retail trader could lose more money than they have in their account.

Saxo-fx24 TRADING SOFTWARE

Saxo-fx24 provides access to a web-based platform. The broker was also supposed to offer MetaTrader 4 – at least this is what they claimed – but this turned out to be a lie. The platform could not be downloaded from the broker’s website or client area – we were only allowed to log in to the web platform when we clicked the “Download” button.

Moreover, the broker would not even allow us to log in and try their platform before we have deposited – so we have no way of knowing how much of what they had said about their trading conditions is actually true.

Check out some brokers who really offer MT4. This is a good trading platform no matter your experience level – its intuitive, user-friendly interface makes it suitable for beginners while the many tools and features the software offers would be more than sufficient even for the pickiest among traders. MT4 offers many technical indicators, graphical objects, and timeframes as well as advanced features like Expert Advisors, VPSs, a Strategy Tester, a market where you could purchase additional trading apps as well as the chance to set signals or to subscribe to those set by other traders. Do not hesitate to see what this advanced platform has to offer – with a licensed broker.

Saxo-fx24 TRADING CONDITIONS

Saxo-fx24 asks you to deposit at least $250 in order to open an account for you – and we mean a Micro account which provides quite limited opportunities. Most legitimate brokers are far more affordable and would open an account for much less – even for as little as $10.

The maximum leverage the broker seems to provide access to is 1:100 – which is a bit too high and proves with full certainty that this could not be a legitimate UK or EU broker. Brokers licensed in any of these two jurisdictions cannot offer anything higher than 1:30 on forex majors to retail traders. Such restrictions exist because trading with higher leverage can lead both to much bigger profits and to much bigger losses, especially for inexperienced new traders.

Check out some brokers who can legally offer leverage of 1:100.

Saxo-fx24 DEPOSIT/WITHDRAWAL METHODS AND FEES

Saxo-fx24 offers the choice between some rather unconventional payment methods. Clients would supposedly be able to deposit with a credit or debit card, in crypto or via wire transfer or an e-wallet of their choice. However, we were not allowed to deposit with an e-wallet at all and if you wanted to use a wire transfer, you would have to contact the broker for more information. Credit or debit card payments were only allowed through a number of not very well-known electronic payment solutions such as Cardpayz, GatewayServices, and AMALD. Depositing in crypto was indeed possible.

This seems quite shady and only goes to show that the broker is trying to avoid chargeback requests. Both Visa and MasterCard allow chargeback within 540 days of the transaction but who knows what will happen if the payment passes through such an unreliable provider. Crypto transactions, on the other hand, are completely irreversible – which is convenient because you would never be able to ask for a chargeback.

Saxo-fx24 DEPOSIT/WITHDRAWAL METHODS AND FEES

Saxo-fx24 offers the choice between some rather unconventional payment methods. Clients would supposedly be able to deposit with a credit or debit card, in crypto or via wire transfer or an e-wallet of their choice. However, we were not allowed to deposit with an e-wallet at all and if you wanted to use a wire transfer, you would have to contact the broker for more information. Credit or debit card payments were only allowed through a number of not very well-known electronic payment solutions such as Cardpayz, GatewayServices, and AMALD. Depositing in crypto was indeed possible.

This seems quite shady and only goes to show that the broker is trying to avoid chargeback requests. Both Visa and MasterCard allow chargeback within 540 days of the transaction but who knows what will happen if the payment passes through such an unreliable provider. Crypto transactions, on the other hand, are completely irreversible – which is convenient because you would never be able to ask for a chargeback.

HOW DOES THE SCAM WORK?

Such scams are more common than you think and trick thousands of people into investing with fraudulent brokers who exist with the sole purpose to rob you. The best thing you can do to avoid them is check registers, research matters carefully, and have a general idea about how scam brokers operate.

Such brokers usually promise immense, fast profits – slow, gradual, and informed rarely seems to be the way for them. You take one look at a broker’s website and decide that it looks decent and legitimate and that all the promises and claims must be true. Such scammers often try to convince you that they are legitimate in various ways – they lie about being regulated, provide fake legal documents, and divert your attention with unbelievable offers. You decide to try your luck and open an account – providing the scammers with your phone number and email in the process.

After that you would not be left alone before you make a deposit – you receive dozens of calls and emails from smooth-talking scammers whose very job is to prey on unsuspecting people who are trying to turn a quick profit. And once you have deposited, they will keep asking you for more and more money – which you would gladly invest because, at that point, you might even be turning a decent profit. However, when you try to withdraw your profits, you will quickly see that you have been fooled. Different reasons why withdrawing is impossible will appear – additional taxes, minimum withdrawal limits, and previously unmentioned clauses in the Terms and Conditions.

At some point, you understand you are being scammed – but by the time you reach this point, the scammers will already be long gone.

WHAT TO DO WHEN SCAMMED?

Unfortunately, the chances of you tracking down the scammers and retrieving your money are not good.

You can, however, avoid additional problems and losses of money by changing your banking details and passwords, and removing all software they have asked you to install – this just provides them with easy access to your computer and all of your passwords.

Don’t trust any recovery agents promising to retrieve your money for a fee – this is just another type of scam, often conducted by the same people who initially robbed you.

If you have used Visa or MasterCard to deposit, there is a chance that you might be able to get a chargeback – both card providers allow chargebacks within 540 days of the transaction. Reversing wire transfers and payments made in crypto, on the other hand, is impossible – only use these payment solutions with trusted brokers.

Finally, make sure to notify the responsible authorities and share your story with as many people as possible – this way, others will know how to avoid such scams and stay away from them.

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