Thinking of getting into business with Select Global Partners Limited? Here is what you must know about this broker. Carefully read this review to find out if sgcgroupltd.com is the trading platform you will want to trade with.
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About Select Global Partners Limited Broker
Select Global Partners Limited is an offshore brokerage company with a lot of promises for traders. The broker is located in the UK.
There are different account types the broker offers. See below.
To clarify, in spite the trading instruments Select Global Partners Limited claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Here is a warning from the Financial Conduct Authority, FCA. See below.
sgcgroupltd.com: Reasons to Avoid This Broker
Firstly, sgcgroupltd.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because FCA does not recognize this broker has a licensed entity.
Secondly, we noticed sgcgroupltd.com has no demo account for traders. Since traders can’t test Select Global Partners Limited 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 as your money cannot be refunded.
Further, the importance of legal documents cannot be under emphasized especially when doing due diligence. Truly, we could not assess the broker’s legal documents as we found it missing on the webpage.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Select Global Partners Limited leaves us with no information on what fees forex traders will be charged for any withdrawal nor processing days on each withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
The broker minimum deposit is not available.
As for the payment methods, there is no information. But, you should not consider making any payment with this broker because it is a risk. So beware!
Select Global Partners Limited Platform
Select Global Partners Limited offers MT5 (Industry standard trading platform), however, that doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, nothing is said on that. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Select Global Partners Limited 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 activities are truly a red flag and must be avoided.
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Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
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BEGINNER FRIENDLY
Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is sgcgroupltd.com a Reliable Broker?
No, sgcgroupltd.com does not seem like a reliable broker for traders even though it promises offers that look good to be true. The broker has proved to us that relevant information is not a concern to them as account types, minimum deposit, withdrawal, leverage are all missing.
Most importantly, 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 scam 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.
