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.
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
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:
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
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:
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.
See the trading platform comparison table below:
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.
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)
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.
FX3246886990
Hong Kong
During this period, I called customer service many times. At first, the customer service was strictly regulated by the state, and then they did not reply.
Exposure
2022-05-17
A在路上73497
Hong Kong
Safegoldsf's withdrawal does not arrive. It is a pure scam and fraud platform
Exposure
2022-04-18
枯藤（饶斌）
Hong Kong
Withdraw in February and it has not arrived till the end of March. I ask the online customer service and they do not response.
Exposure
2022-03-26
FX3404074812
Hong Kong
Customer service always says the same words that they will urge the payment company. It has not arrived since December from last year till now.
Exposure
2022-03-02
carolyn17621
Hong Kong
The withdrawal has not arrived for a month. I do not know who to contact. So difficult.
Exposure
2022-02-10
෴ʚ࿆吖
Hong Kong
The withdrawal has not arrived for a month and cannot find the customer service. They shirk from it everytime I ask them. The withdrawal on Dec. 6 has not arrived till today, Jan. 21.
Exposure
2022-01-21
෴ʚ࿆吖
Hong Kong
My account 1161220 in Safegold, traded 120,000 and started to withdraw funds successively on 20th, and it has not been received for a month since January 20.
Exposure
2022-01-21
FX2641517322
Hong Kong
It used to be the T+1 withdrawal mode before. I withdraw on last Thursday (December 9),but it has not yet arrived (December 14). I contact customer service and they said that the bank is processing it and has urged it.
Exposure
2021-12-14
正心Xzhe567
Hong Kong
It's a complete three non-platform with no regulator or license. It's a clone firm of SGFX, but it has nothing to do with SGFX. I can say it is a total fraud platform. Block the market and the SL and TP are useless. Slippage of $3-$5. Who can believe it? If u ask the customer service, the customer service is so arrogant. Pls stat away from this fraud platform
Exposure
2020-12-21
郑先生34836
Hong Kong
My account, with hundred of thousand of fund left, was frozen. I have called the police.
Exposure
2020-06-03
丁
Hong Kong
After several minutes’ of system stuck,the trend has been fluctuated on a large scale.
Exposure
2019-11-14
FX8857841952
Hong Kong
The agent of Safe Gold Financial Group cheated me of money by giving reverse order recommendations. It attempted to buy more time to run away after admitting its misbehavior.
Exposure
2019-07-17
FX3306883233
Hong Kong
Because of the length limit, I put the whole thing on the first picture. I expose this thing to warn other people. Don’t invest in SGFX. They claim to be legit. But when you are scammed and find them, they would just ignore you. They give clients no guarantee at all. Stay away from them. Their website: https://www.sg-fx.com/contact, instructor Fang (Wechat account: jjgs02). Their customer service: QQ number 4001338880. You can see the platform’s attitude on the pictures. Everyone should be alert. Until now they gave me no satisfying answer. I’ve been contacting them for 3 months. That instructor Fang gave me wrong investment advice and let me lose 232600 RMB.
Exposure
2019-03-25
FX2628714365
Hong Kong
I doubted SGFX’s legitimacy. They set a virtual platform to earn clients’ service fees, spread, and losses. It’s been a while since I complained them last time, but they refused to settle this down. My bank is giving me pressure to pay the loan, so I have to report this thing to the government. I hope the government would handle this since it is serious, involves a lot people and mass sum of money. I hope the police would help other victims and arrest those criminals. This is my final warning. I’ve got a bunch of evidence. And I believe the court will give this thing a justice end. Call me if you want to protect your right (18687780681).
Exposure
2019-03-13
FX2628714365
Hong Kong
Hong Kong SGFX regardless of the agent, the agent with profit screenshot to induce customer trading, instead of customer trading, let the customer burst losses.The platform doesn't care."evil mind" platform
Exposure
2019-01-28
FX9809750227
Hong Kong
I’ve been trading on SGFX. They won’t let me withdraw now and froze my account. This is a god-damned scam platform. Stay away from it!
Exposure
2019-01-22
FX9809750227
Hong Kong
I trade on SGFX. I can’t log in to their website or withdraw now. Stay away from this trash.
Exposure
2019-01-15
Ai智能量化EA
Hong Kong
SafeGold in a dropped the server crashed at 2:08 p.m. while points today, serious slippage, responsive to customers, said his losses borne by, very suffer indignities do the Safegold , website, no phone calls, gro to delete my last month, the commission not to me, only QQ, contact customer service to wait for a long time, the selectivity of the service to answer the question, is very bad, and every day opening night, Hugh plate, early indexes line are wrong!
Exposure
2018-12-07
FX2989496628
Hong Kong
I was invited into the stock group and I was tempted to trade spot gold on SGFX for profits. The platform’s agent gave reverse order recommendations, causing me to lose 64,259. Later, the money was found to be transferred via a third payment platform to a shell company that is suspected of committing laundering and whose office is unknown. SGFX seriously violated the laws and regulations of foreign exchange and futures stocks. I have applied for information disclosure to the relevant government departments. No department recognizes that the platform’s qualifications are legal or registered. They do not have legal qualifications, so they use a third payment platform to cover their laundering behavior.
Exposure
2018-11-29
FX2989496628
Hong Kong
I was invited into the stock group and I was tempted to trade spot gold in SGFX for profits. The platform’s agent gave reverse order recommendations, causing me to lose 64,259. Later, the money was found to be transferred via a third payment platform to a shell company that is suspected of committing laundering and whose office is unknown. SGFX seriously violated the laws and regulations of foreign exchange and futures stocks. I have applied for information disclosure to the relevant government departments. No department recognizes that the platform’s qualifications are legal or registered. They do not have legal qualifications, so they use a third payment platform to cover their laundering behavior.
Exposure
2018-11-16
FX2909853194
Hong Kong
My name is He Wei, a real victim. I was induced by the agent in May this year to open an account and deposit money. At the beginning they promised me to gain profits. When I traded on the platform, the agent maliciously gave reverse order advice, causing me to suffer serious losses. I found that my money did not enter the international market, but went to a company Jinhua Luman Network Technology Co., Ltd. in the way of consumption. So that is not a formal investment platform. They are laundering.
Exposure
2018-11-05
吴亦国
Hong Kong
Expose this fraud platform! The salesman lobbied about the 100% profit!
Exposure
2018-11-01
FX6069368256
Hong Kong
All my deposit went to someone’s personal account. Check the pictures. Scam platform. I earned $2700 days before, they took it all back. Scammers!
Exposure
2018-10-21