SagicorFinance Review – Reasons to Not Trust this Broker

SagicorFinance Review

The financial markets are a competitive and vibrant place that have opportunities to offer to anyone who is interested in taking risks in exchange for high returns. Online brokers play a very important role in this space because they provide you access to the markets and at some excellent trading conditions.

Unfortunately, this does not apply to all the companies out there because scams also happen here and you need to be prepared for them, as this SagicorFinance review indicates. The company itself will never give you a warning and just take your money.

When you have decided to engage in online trading, your relationship with a broker will last a while, so you should take some time to ensure that you are choosing one you can trust.

This is necessary not just to stay safe from scams, but also to find an appropriate brokerage for your trading needs. No two traders are the same, or have the same goals and priorities due to which you should not rely on the opinion of others. Always check out a broker on your own to determine if it is worth considering or not.

You just need to remember that everything you are told by the company itself should be taken with a grain of salt because they are unlikely to be upfront about their actual nature if they are really fraudulent.

As a matter of fact, they would go to great lengths of convincing you otherwise and have lucrative offerings to confuse you into signing up with them. But, you need to dig deep into the fine print to learn the truth, so you can avert disaster as in the case of SagicorFinance that attempts to come off as a legitimate brokerage.

However, when you begin to go over what it really says, you will find plenty of reasons why you should not trust SagicorFinance at all. What are they? Go over some of the reasons below.

Absence of licensing

There are two kinds of brokerages you will find in the market; licensed ones and those that are unlicensed. You will notice that the latter make a lot of big promises and have generous offers and whatnot, but you should also be aware that it is this category of brokers that turns out to be scams in the end.

Therefore, the easiest way to protect yourself is to opt for a brokerage that falls in the former category.

A licensed and regulated brokerage deserves your trust because they have gone through the effort of obtaining the said license from a regulatory authority.

What about SagicorFinance? When you check out its website, it will inform you that it is owned and operated by a company named Parity Group LLC and it is registered in Saint Vincent and the Grenadines.

It does not take much effort to find out that this small island nation has a reputation of being a scam haven, so this does not add any credibility to SagicorFinance.

The regulatory authorities in Saint Vincent and the Grenadines have outright stated that they do not regulate the forex markets, which means it anyone can setup their offices in the region and begin operating without any accountability.

Offshore brokers should never be trusted because they do not have a license and this is quite true in the case of SagicorFinance as well.

Shady bonus clause

One of the offerings that draw people to SagicorFinance is that of trading bonuses. Who does not want something for free? Bonuses give you more money for trading and this is a huge plus, but there is a downside.

These bonuses come with strings attached due to which many regions do not permit brokers to offer them to clients anymore. These conditions are usually aimed at blocking withdrawals and exploiting traders because of which they were banned.

Not only is SagicorFinance offering trading bonuses, but when you check its Terms and Conditions, you will find a shady bonus policy. It says that profits generated through non-deposited funds i.e. bonuses cannot be withdrawn until a minimum trading volume requirement has been achieved.

This does not sound too bad until you realize that there is no way for SagicorFinance to physically distinguish which profits have been generated from your own money and from the deposits.

Essentially, it means that SagicorFinance can use this policy for blocking all withdrawals and since the minimum trading volume requirement is so high that it is impossible to achieve, your money is as good as gone. Does that sound like a broker you can trust?

Lack of professional trading platform

You use the trading platform provided by the broker you choose for executing your trades in the markets. But, this does not mean that you would be willing to accept just any trading platform.

Every trader would want a decent and powerful solution that boasts the right functionalities and tools that can help them in making the best trades and decisions. But, what SagicorFinance offers does not even come close to what you want.

It is a basic and oversimplified web trading platform that does not have the automated trading features and tools that are known to be a part of professional platforms like the MT4 and the MT5.

The platform that SagicorFinance offers does not have anything special to offer and is one that is commonly available amongst a number of scam brokers.

Poor trading conditions

Since your profits and earnings depend on the trading conditions of a brokerage, checking out the spreads and leverage at SagicorFinance is a must. The fact that they have spreads starting at 3 pips is another reason to just avoid this platform altogether because this is more than 3 times what a professional broker would charge.

In addition, the leverage that SagicorFinance offers is 1:100 and while this may seem attractive, you should remember that such high ratios are not permitted in many jurisdictions because they can be extremely risky. It shows that the brokerage does not have your best interest at heart.

Final Words

These are good enough reasons for you to not trust SagicorFinance for trading purposes and look for another brokerage.