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United Kingdom|5-10 years|
Payment License|Suspicious Scope of Business|Suspicious Overrun|High potential risk|


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+44 020 7220 1740
41 Eastcheap London EC3M 1DT United Kingdom


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WikiFX Risk Alerts 3
Previous Detection : 2024-05-20
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!
  • This broker exceeds the business scope regulated by United Kingdom FCA(license number: 510014)Payment services Non-Forex License. Please be aware of the risk!

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SGM-FX · Company Summary

Aspect Information
Registered Country United Kingdom and Malta
Founded Year Not provided
Company Name SGM-FX
Regulation Operates under the Payment Services Non-Forex License issued by the UK's FCA with license number 510014 but EXCEEDED
Services Foreign currency exchange, Bespoke solutions, Fast and secure international transfers, Prepaid currency cards
Deposit and Withdrawal Electronic methods including CHAPS, BACS, SEPA, FPS
Charges Commission-free policy, Transfer charges under £20,000 are £10 each, transactions over £20,000 are free, Large transactions and multiple payments have a structured fee system
Customer Support Email (, Phone (+44 (0)20 7220 1740), Visit offices in London and Malta, Online enquiry form, Multilingual support

Overview of SGM-FX

SGM-FX, headquartered in the United Kingdom and with operations in Malta, operates under the Payment Services Non-Forex License issued by the UK's FCA, license number 510014, though it has exceeded its regulated business scope. The company offers a comprehensive range of services including foreign currency exchange, bespoke solutions, fast and secure international transfers, and prepaid currency cards. Clients can conveniently deposit and withdraw funds through various electronic methods such as CHAPS, BACS, SEPA, and FPS. SGM-FX maintains a transparent fee structure, including a commission-free policy and structured charges based on transaction sizes. With multiple customer support channels, including email, phone, physical visits, and online enquiry forms, coupled with multilingual support, SGM-FX prioritizes accessibility and responsiveness for its clients.

Overview of SGM-FX


SGM-FX, operating under the Payment Services Non-Forex License issued by the United Kingdom's FCA with license number 510014, exceeds its regulated business scope by engaging in activities beyond the permitted payment services. This license likely restricts SGM-FX from conducting foreign exchange transactions, limiting its operations to specific payment-related services. By operating outside the boundaries of its license, SGM-FX risks regulatory scrutiny and potential penalties from the FCA for non-compliance.


Pros and Cons

SGM-FX offers a range of services catering to diverse client needs. While their services provide convenience and flexibility, it's essential to consider potential limitations such as regulatory compliance issues.

Pros Cons
  • Competitive foreign currency exchange rates
  • Operating beyond the scope of regulated license may lead to regulatory scrutiny
  • Tailored bespoke solutions
  • Potential limitations in conducting foreign exchange transactions
  • Fast and secure international payments
  • Prepaid currency cards for hassle-free travel

In summary, SGM-FX's services offer competitive rates, tailored solutions, and efficient payment methods. However, concerns about regulatory compliance should be noted.


SGM-FX offers a range of comprehensive services tailored to meet the diverse needs of its clients:

  1. Foreign Currency Exchange: With a blend of independence and extensive market experience, SGM-FX provides competitive exchange rates coupled with top-notch service. Whether for personal or business needs, clients can expect reliable and favorable rates.

  2. Bespoke Solutions: Recognizing the unique requirements of each client, SGM-FX tailors its products accordingly. Regardless of the situation, they offer customized solutions to meet specific needs effectively.

  3. Fast and Secure Transfers: SGM-FX ensures swift and dependable international payments through their transfer-ready systems, operational round the clock. Utilizing cutting-edge technology, they prioritize security while facilitating seamless fund transfers.

  4. Prepaid Currency Cards: SGM-FX offers prepaid currency cards designed to simplify international transactions for both individual and corporate clients. These cards come with a host of benefits, making them an ideal choice for hassle-free travel and payment needs.



SGM-FX maintains a straightforward and equitable fee structure, ensuring clients are well-informed about charges:

  1. Commission-Free Policy: Clients benefit from SGM-FX's commission-free services, eliminating additional costs and promoting transparency in transactions.

  2. Transfer Charges: Transactions under £20,000 incur a modest fee of £10 per transfer, providing a predictable cost framework for smaller trades. For transactions surpassing £20,000, no transfer charges apply, incentivizing larger transfers.

  3. Handling Large Transactions and Multiple Payments: In instances involving significant transactions or multiple payments, SGM-FX implements a structured fee system. The first payment is exempt from fees, with subsequent payments incurring a £10 charge each. This approach ensures flexibility while maintaining fairness in fees for clients engaging in sizable transactions or complex payment arrangements.

Deposit & Withdrawal

SGM-FX exclusively accepts funds through electronic means, offering clients convenience and efficiency in their transactions. The accepted electronic payment methods include:

  1. CHAPS (Clearing House Automated Payment System): A same-day sterling payment system in the United Kingdom, CHAPS enables fast and secure transfers of funds between bank accounts.

  2. BACS (Bankers' Automated Clearing Services): Widely used for bulk payments such as payroll, BACS facilitates the electronic transfer of funds between bank accounts within the UK, typically taking three working days for funds to clear.

  3. SEPA (Single Euro Payments Area): Designed for euro-denominated transactions within the SEPA region, SEPA enables fast and cost-effective electronic payments between European countries, streamlining cross-border transactions.

  4. FPS (Faster Payment System): A real-time payment system in the UK, FPS allows for instant electronic transfers of funds between bank accounts, providing rapid and efficient payment processing.

By exclusively accepting electronic payments via these reliable and widely-used systems, SGM-FX ensures timely and secure fund transfers for its clients, enhancing convenience and trust in their financial transactions.

Customer Support

SGM-FX prioritizes exceptional customer support, offering various channels for clients to reach out and receive assistance promptly:

  1. Contact Information: Clients can easily connect with SGM-FX through multiple contact channels. They can reach out via email at or by phone at +44 (0)20 7220 1740 for general inquiries and assistance. Additionally, a dedicated line for suppliers is available at +44 (0)20 7220 1744.

  2. Visit Them: SGM-FX provides physical addresses for its UK and Malta offices, allowing clients to visit in person for face-to-face assistance if needed. The UK office is located at 41 Eastcheap, London EC3M 1DT, while the Malta office is situated at 157 Archbishop Street, Valletta, VLT1440.

  3. Enquiry Form: Clients can utilize the online enquiry form available on the SGM-FX website to submit their queries or requests conveniently. The form prompts clients to input their name, phone number, email address, select the type of enquiry, and provide their message, streamlining the communication process.

  4. Multilingual Support: SGM-FX offers customer support in multiple languages, including English, French, Hungarian, Arabic, Korean, and Spanish, ensuring effective communication and assistance for clients from diverse linguistic backgrounds.

By offering a range of contact options, including email, phone, physical visitation, and online enquiry forms, along with multilingual support, SGM-FX demonstrates its commitment to delivering responsive and accessible customer service to cater to the needs of its clientele.

Customer Support


SGM-FX presents a comprehensive suite of services aimed at meeting diverse client needs. From competitive foreign currency exchange to tailored bespoke solutions, the company prioritizes efficiency and customer satisfaction. However, it's important to note that SGM-FX operates beyond the scope of its regulated license, which may expose it to regulatory scrutiny. While the company offers transparent fee structures and efficient electronic payment methods, clients should exercise caution and be aware of potential risks. Despite this, SGM-FX's commitment to responsive customer support and multilingual assistance underscores its dedication to client satisfaction.


Q1: How does SGM-FX ensure the security of my funds?

A1: SGM-FX utilizes cutting-edge technology and secure payment systems to safeguard client funds.

Q2: Can I visit SGM-FX offices in person for assistance?

A2: Yes, SGM-FX welcomes clients to their offices in London, UK, and Valletta, Malta, for face-to-face support.

Q3: Are there any fees for transactions under £20,000?

A3: Yes, transactions under £20,000 incur a £10 transfer fee per transaction.

Q4: Does SGM-FX offer prepaid currency cards for international travel?

A4: Yes, SGM-FX provides prepaid currency cards for seamless and hassle-free international transactions.

Q5: How can I contact SGM-FX for general inquiries?

A5: You can reach SGM-FX via email at or by phone at +44 (0)20 7220 1740.

Risk Warning

Online trading carries substantial risk, potentially leading to the total loss of invested funds. It may not be appropriate for all traders or investors. It's crucial to fully comprehend the associated risks before engaging in trading activities. Additionally, the content of this review is subject to change, reflecting updates in the company's services and policies. The review's creation date is also relevant, as information could have become outdated. Readers should confirm the latest information with the company prior to making any investment decisions. The responsibility for utilizing the information provided herein lies exclusively with the reader.

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more than one year
I sent several emails to ask about the mortgage loan service charges, but no one responded to me. The propaganda is strange, but the reality is different, or should they be treated differently?
2022-12-19 13:33
more than one year
Terrible experience. Today, I made a mistake to register on this platform before pulling out. Fortunately didn’t deposit any funds. And since 10 mins after I registered, have received calls from different numbers. One after another... I hate cold calls!
2022-12-07 16:55
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