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 contained in this article is for general information purposes only.
General Information
What is Sage FX？
Founded in 2020, Sage FX is still relatively new and thus offers a range of financial instruments, offering retail trading on popular financial assets with up to 1:500 leverage. Sage FX is a registered forex broker located in Saint Vincent and the Grenadines. As for regulation, Sage FX disappoints us much, for it is not authorized or regulated by regulatory authority.
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
Sage FX is a relatively new broker in the market that offers a wide range of trading instruments. However, the broker is unregulated, which can be a concern for some traders, and there is a lack of transparency regarding commissions and withdrawal processing time. Overall, it is important to carefully consider the pros and cons before deciding whether to trade with Sage FX.
Please note that this table is based on the information available at the time of writing and is subject to change. It's important to do your own research and exercise caution when choosing a broker.
Sage FX Alternative Brokers
There are many alternative brokers to Sage FX depending on the specific needs and preferences of the trader. Some popular options include:
Tickmill - a well-regulated broker offering low spreads and commissions, making it a good choice for traders of all levels.
Darwinex - a reputable broker that offers innovative trading tools and a unique social trading platform, making it a good choice for both beginner and advanced traders.
Forex Club - a well-established broker that offers a wide range of trading instruments and educational resources, making it a good choice for both novice and experienced traders.
Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.
Is Sage FX Safe or Scam？
The fact that Sage FX does not currently hold a valid regulatory license raises concerns about the safety and legitimacy of the broker. Investors should be cautious when considering trading with an unregulated broker. While the broker claims to offer certain safety measures including Segregated Accounts, Tier One Banking, Risk Management, and 2 Factor Authentication, it is important to thoroughly research and consider all aspects before investing.
Market Instruments
Sage FX provides access to a suite of financial assets. Forex traders will be pleased to see 8 major FX pairs and 20 crosses. 8 stock indices are also offered, including the Dax, FTSE, Dow Jones and Nasdaq. For crypto traders, 19 digital currencies are available, from Bitcoin and Litecoin to Ethereum and Dash. Sage FX also offers a handful of commodities, including precious metals and energies. This extensive range of instruments allows traders to diversify their portfolios and take advantage of various market opportunities.
Accounts
Apart from demo accounts, Sage FX only offers a single trading account type, which they refer to as the “Standard Account”. This account purportedly comes with tight spreads, high leverage, low commissions, and access to over 500 trading instruments. Unfortunately, without proper regulation, it's difficult to assess the safety of trading with Sage FX.
Leverage
When it comes to trading leverage, Sage FX does give a generous offering, offering leverage up to 1:500, which allows traders to open positions much larger than their account balance. See the following leverage ratio applied on particular instruments:
While leverage can amplify profits, it can also magnify losses, so it is important to exercise caution when using high leverage. Sage FX's high leverage may be attractive to experienced traders looking to maximize their returns, but novice traders should be careful and make sure they fully understand the risks involved before trading with such high leverage.
Spreads & Commissions
Spreads compare with some of the biggest names in the industry, with 0.1 pips available on assets. Spreads on major forex pairs start at 0.8 pips while silver is available from 0.5 pips. Spreads also move with market conditions and tighten during periods of high liquidity.
However, the broker has not provided clear information on its commission structure. It is important to note that lower spreads do not necessarily translate into lower trading costs, as high commissions can offset the benefits of low spreads. Therefore, it is important for traders to thoroughly understand a broker's commission structure before trading.
Below is a comparison table about spreads and commissions charged by different brokers:
Note: The information presented in this table may be subject to change and it is always recommended to check with the broker's official website for the latest information on spreads and commissions.
Trading Platforms
TradeLocker is Sage FX's proprietary trading platform, which is designed to provide traders with an advanced and intuitive trading experience. The platform offers a wide range of features, including advanced charting tools, integrated trading, and deep liquidity from a range of liquidity providers.
With TradeLocker, traders can access over 500 instruments, including forex, indices, commodities, and cryptocurrencies, and can execute trades quickly and efficiently with the platform's user-friendly interface. Additionally, TradeLocker is available on desktop, mobile, and tablet devices, making it easy for traders to access the platform from anywhere, at any time.
Overall, Sage FX's TradeLocker platform is a powerful tool that can help traders to stay ahead of the markets and make informed trading decisions.
See the trading platform comparison table below:
Deposits & Withdrawals
Sage FX offers a variety of payment methods for deposits, including cryptocurrencies, credit/debit cards, and Vload. The minimum deposit requirement is relatively low at $10, and there are no fees for deposits or withdrawals.
Sage FX minimum deposit vs other brokers
Deposits made through cryptocurrencies and Vload are processed instantly, while credit/debit card deposits may take up to 3-5 business days. However, there is no information provided on the withdrawal processing times, which can be concerning for traders.
See the deposit/withdrawal fee comparison table below:
Customer Service
Sage FX offers comprehensive customer support with a 24/7 multilingual service available through live chat, email or request a callback. Additionally, they provide an FAQ section on their website that addresses some of the common queries and concerns of clients. The broker also maintains a social media presence on platforms like Twitter, Facebook, and Instagram, allowing users to stay updated with the latest developments, promotions, and news related to Sage FX.
Note: the above information is based on the information available on Sage FX's website and may be subject to change.
Conclusion
On the whole, Sage FX is an offshore broker that offers a variety of trading instruments, including Forex, Cryptocurrencies, Indices and Commodities, with a minimum deposit of $10 and high leverage up to 1:500. The broker promises low commissions and raw spreads starting from 0.1 pips on a proprietary trading platform called TradeLocker.
However, the broker lacks a regulatory license, which raises concerns about the safety of funds. Additionally, the broker does not offer any educational materials. In conclusion, we advise traders to exercise caution and consider alternative regulated brokers.
Frequently Asked Questions (FAQs)
2023-02-24 16:13
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