Thinking of getting into business with Saga Trade? Here is what you must know about this broker. Carefully read this review to find out if sagatrade.io is the trading platform you will want to trade with.
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About Saga Trade Broker
Saga Trade is an offshore brokerage company with a lot of promises for traders. The location of the broker shows — 115 Bishopsgate London EC2M 3UE.
Also, the broker claims to offer 24/5 Customer Support, market reviews, customized account, personal assistant, premium algorithmic trading system and social trading.
There are different account types Saga Trade offers namely BRONZE €10,000, SILVER €25,000, GOLD €50,000, PLATINUM €100,000, DIAMOND €250,000, PREMIUM €500,000, VIP €1,000,000.
In spite the trading instruments Saga Trade claims to offer, traders must know they are dealing with an unknown broker whose regulation claim is false.
sagatrade.io: Reasons to Avoid This Broker
Firstly, sagatrade.io is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Financial Conduct Authority, UK does not recognize this broker.
Secondly, we noticed sagatrade.io has no demo account for traders. Since traders can’t test Saga Trade on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk.
These are cons for forex traders to avoid losing money with this broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Saga Trade provides us with the following information. See below.
Minimum Deposit
Saga Trade minimum deposit is said to be €10,000 from the account type.
As for the payment methods, we can make payment via Credit/ Debit card, Bank Wire Transfer, internet payment transfers (unspecified). However, you should not consider making any payment with this broker because it is a risk. So beware!
Saga Trade Platform
Saga Trade offers web based trading software and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1: 200. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Saga Trade Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated financial activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is sagatrade.io a Reliable Broker?
sagatrade.io does not seem like a reliable broker for traders even though it promises offers that look good to be true.
More so, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
