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The WikiFX Score of this broker is reduced because of too many complaints!

SafeGold FX

Belize|5-10 years|
MT4 Full License|Regional Brokers|Belize Retail Forex License Revoked|High potential risk|

https://www.sg-fx.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

2
Server Name
SafeGoldInternational-Demo MT4
Server Location China

Contact

cs@sg-fx.com
https://www.sg-fx.com/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

Other ways of contact

Broker Information

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Company Name

Safe Gold FX

Abbreviation

SafeGold FX

Platform registered country and region

Belize

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 4
Previous Detection : 2024-07-12
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 31 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • BelizeFSC (license number: IFSC/60/431/TS/17) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!
  • The Belize FSC regulation with license number: IFSC/60/431/TS/17 is an offshore regulation. Please be aware of the risk!

WikiFX Verification

SafeGold FX · WikiFX Survey

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    SafeGold FX · Company Summary

    Note: SAFEGOLD FXs official site - https://www.sg-fx.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

    SAFEGOLD FX Review Summary in 10 Points
    Founded 2017
    Registered Country/Region Belize
    Regulation FSC revoked
    Market Instruments Forex currency pairs, Commodities, Metals, CFDs
    Demo Account Available
    Leverage Up to 1:100
    EUR/USD Spread From 5 pips
    Trading Platforms MT4
    Minimum Deposit USD 100
    Customer Support Email, QQ

    What is SAFEGOLD FX?

    SAFEGOLD FX is a Belize-based global brokerage firm that offers Forex currency pairs, Commodities, Metals, CFDs as its market instruments to traders. However, it is important to note SAFEGOLD FX is currently with FSC revoked regulatory status which raises concerns when trading.

    In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

    Pros & Cons

    Pros Cons
    • Wide range of trading instruments across multiple asset classes • Not regulated
    • Acceptable minimum deposit • Website unfunctional
    • MT4 trading platform • Negative reviews from their clients
    • Multiple payment methods • Limited customer support options
    • Multiple account types

    SAFEGOLD FX Alternative Brokers

    There are many alternative brokers to SAFEGOLD FX depending on the specific needs and preferences of the trader. Some popular options include:

    • Forex.com- Forex.com is a reputable and well-established broker known for its user-friendly trading platforms and extensive educational resources, making it an excellent choice for both novice and experienced traders.

    • TigerWit- TigerWit offers innovative blockchain-based trading technology and a wide range of financial instruments, making it an attractive option for traders seeking cutting-edge solutions and diverse market opportunities.

    • TD Ameritrade- TD Ameritrade is a powerhouse in the brokerage industry, offering a comprehensive suite of investment services, advanced trading platforms, and research tools, making it a top choice for traders and investors looking for a full-service brokerage experience.

    Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

    Is SAFEGOLD FX Safe or Scam?

    When considering the safety of a brokerage like SAFEGOLD FX or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:

    • Regulatory sight: It is FSC (Financial Services Commission) revoked with License No. IFSC/60/431/TS/17 which means that there is no guarantee that it is a safe platform to trade with.

    revoked FSC license
    • User feedback: 34 reports of exposures, most regarding to scams and unable to withdraw on WikiFX should be taken into consideration as potential red flags. It is recommended to conduct thorough research and due diligence before engaging with any broker or investment platform.

    • Security measures: So far we cannot find any security measures info on Internet for this broker.

    Ultimately, the decision of whether or not to trade with SAFEGOLD FX is a personal one. You should weigh the risks and benefits carefully before making a decision.

    Market Instruments

    Market Instruments

    SAFEGOLD FX caters to a broad spectrum of traders by offering a diverse range of market instruments.

    This includes the dynamic and globally popular Forex currency pairs, which provides ample opportunities for traders to capitalize on the fluctuations of global currencies.

    Additionally, it provides access to commodities such as crude oil and agricultural products, granting traders the ability to engage with a market tied closely to global economic conditions.

    SAFEGOLD FX also offers trading in Metals, providing further diversity in portfolio construction.

    Lastly, it makes available Contracts for Difference (CFDs), which have become a popular way to speculate on the price movements of various assets, thereby expanding avenues for trading.

    Accounts

    SAFEGOLD FX appears to offer an array of account types to accommodate differing trader needs and preferences. Although specific benefits and features for the Mini, VIP, and Islamic Accounts are not mentioned, one can expect each to cater to a unique trading style and experience.

    The demo account typically enables beginners to practice trading without financial risk, whereas the Mini Account might suit those wanting to trade on a smaller scale. On the other hand, the VIP Account generally offers exclusive benefits for high-volume traders. Moreover, SAFEGOLD FX acknowledges the specialized requirements of Muslim traders by offering an Islamic Account that aligns with Sharia law.

    Importantly, a minimum deposit of USD 100 can activate SAFEGOLD FX's account, which offers trading accessibility to clients with varying capital capacities.

    Leverage

    SAFEGOLD FX offers its clients leverages up to 1:100. Leverage is a powerful tool that allows traders to control a larger position in the market with a relatively smaller amount of capital. With a leverage ratio of 1:100, clients have the potential to amplify their trading positions substantially, thus increasing the potential for both profits and losses.

    While higher leverage can enhance trading opportunities, it also comes with increased risk, as market fluctuations can have a more significant impact on account balances. Traders are advised to approach leveraged trading with a thorough understanding of the associated risks and to implement risk management strategies diligently.

    Spreads & Commissions

    SAFEGOLD FX operates with a rather high-cost structure, featuring a fixed spread of 5 pips coupled with a commission of $50 per lot.

    This structure, whilst providing predictability, could make trading costlier, potentially affecting profit margins for traders. Compared to industry averages, SAFEGOLD FX's spreads and commission appear to be less competitive. This could be a deterrent for cost-conscious traders seeking optimal trading conditions. Therefore, despite the clarity in their fee structure, prospective clients might want to carefully assess SAFEGOLD FX's cost effectiveness before deciding to engage in trading with them.

    Below is a comparison table about spreads and commissions charged by different brokers:

    Broker EUR/USD Spread (pips) Commissions (per lot)
    SAFEGOLD FX 5 pips $50 / lot
    Forex.com From 0.0018pips Variable (depending on product)
    TigerWit From 0.6 pips Variable (depending on account)
    TD Ameritrade Not disclosed Variable (depending on product)

    Please keep in mind that spread values can vary depending on market conditions, account type, and other factors. Commission structures may also differ based on the broker's pricing model and the type of account being used. It's important to review the official websites or contact the brokers directly for the most accurate and up-to-date information on spreads and commissions.

    Trading Platforms

    SafeGold FX offers the robust MetaTrader 4 (MT4) as their choice of trading platform.

    This platform, well-regarded in the trading community for its dynamic capabilities, is available across multiple interfaces including Desktop, web, and Mobile versions. This multi-platform access ensures that traders can engage with the market flexibly, whether at their desks or on-the-go.

    MT4's comprehensive toolset coupled with its platform versatility provides a conducive and flexible trading environment. Whether you're a beginner or an experienced trader, the choice of MT4 caters to varying levels of trading expertise and styles.

    MT4

    See the trading platform comparison table below:

    Broker Trading Platforms
    SAFEGOLD FX MT4
    Forex.com Forex.com and MT5
    TigerWit WebTrader, Mobile App
    TD Ameritrade Thinkorswim

    Deposits & Withdrawals

    Deposits & Withdrawals

    SAFEGOLD FX provides a comprehensive list of payment methods to facilitate smooth transactions for its traders.

    Starting with traditional bank transfer, a universally recognized method, they also accept credit and debit card transactions, which include popular options for quick and secure transfers.

    For clients preferring digital solutions, they offer Mega Transfer and the widely used China Union Pay. They also cater to locality-specific preferences by accepting local transfer.

    User Exposure on WikiFX

    On our website, you can see that total 34 reports of scams and unable to withdraw which should be marked as red flag. Traders are encouraged to carefully review the available information. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.

    User Exposure on WikiFX

    Customer Service

    SAFEGOLD FXs offering for customer service seems to be somewhat limited as it only provides email and QQ as channels for communication. This could potentially impose a delay in resolving trader queries or issues, considering these methods do not provide immediate response compared to phone support or live chat.

    QQ: 4001338880.

    Email: cs@sg-fx.com.

    The absence of these more direct lines of communication may suggest constraints on the accessibility to customer service, which clients should be aware of when considering FDEX as their trading platform.

    Conclusion

    According to available information online, SAFEGOLD FX is a Belize-based brokerage firm offers Forex currency pairs, Commodities, Metals, CFDs as market instruments to traders.

    However, the fact that its FSC revoked regulatory status is an immediate red flag, as regulated brokers are subject to oversight and compliance with established financial regulations, providing clients with a level of assurance and protection. The lack of proper regulation and oversight increases the potential risks for traders, leaving them vulnerable to potentially fraudulent activities or misconduct. Additionally, an unfunctional website indicates a lack of professionalism and attention to details, which further erodes confidence in the company's ability to provide reliable and efficient services. In addition, there are 34 escalated claims of scams, coupled with reported failures in withdrawal processes, which pose significant concerns, potentially deterring prospective clients and casting a shadow over the reliability of SafeGold FX.

    As such, individuals considering SAFEGOLD FX as their brokerage firm should exercise caution and thoroughly research alternative, regulated options that prioritize transparency, security, and accountability.

    Frequently Asked Questions (FAQs)

    Q 1: Is SAFEGOLD FX regulated?
    A 1: No. It is FSC (Financial Services Commission) revoked with License No. IFSC/60/431/TS/17.
    Q 2: What kind of trading instruments does SAFEGOLD FX offer?
    A 2: SAFEGOLD FX is a Belize-based brokerage firm offers Forex currency pairs, Commodities, Metals, CFDs as market instruments to traders.
    Q 3: Is SAFEGOLD FX a good broker for beginners?
    A3: No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of the lack of transparency and negative reports on WikiFX.
    Q 4: Does SAFEGOLD FX offer the industry leading MT4 & MT5?
    A 4: Yes, it provides MT4 in desktop, web and mobile version.
    Q 5: Whats the minimum deposit does SAFEGOLD FX request?
    A 5: SAFEGOLD FX requests a minimum deposit of USD 100.

    Risk Warning

    Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

    In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

    User Reviews

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    Comments

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    旭99364
    more than one year
    The so-called SafeGold FX is not safe at all, on the contrary, it is an outright scammer whose sole purpose is to defraud clients of their money by presenting itself as a reliable company!
    2023-02-17 15:52
    Reply
    0
    0
    家順
    more than one year
    This hateful Belize-based broker closed my trading account arbitrarily. I asked my account manger for explanation, but he didn’t give me any response… I was so speechless, my money!
    2023-02-16 10:27
    Reply
    0
    0
    乘着风
    more than one year
    The platform is no longer open
    2023-01-06 04:56
    Reply
    0
    0
    34
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