SagaTrade is an online trading brokerage trying to assure its clients they operate “under license.” Therefore, we’ve decided to check if SagaTrade is regulated and by whom and who owns the operation.
To get this information and much more, read our honest SagaTrade review.
- But firstly, you can increase your trading knowledge by reading our updated PrimeXBT, TradedWell and Primefin unbiased reviews.
|Broker Status:||Unregulated Scam Broker|
|Regulated by:||No Regulation (Unlicensed Scam)|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||N/A|
|Online Trading Platforms:||WebTrader|
|Mobile Trading:||Not available|
|Broker No Deposit Bonus:||Not available|
|Available Trading Assets:||Forex (FX), Commodities, Indices, Shares, Cryptocurrencies|
|Free Demo Account:||No, only live accounts|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Experts’ Verdict:||Don’t Invest in This Scam Broker!|
Is SagaTrade Safe And Regulated?
SagaTrade broker didn’t give us any info regarding the owner, and the alleged license remains a mystery. Since the official headquarters is in the UK, the company should opt for the FCA license. Yet, what they should and what they actually did are two different things.
Questions About SagaTrade License – Reputation Problems
After careful examination of the FCA, ASIC, CySEC, and a couple of other Tier1 registers, we found no SagaTrade regulation. It means you’re dealing not just with unregulated fraud but also with people who don’t hesitate to do anything to conduct a scam, even to mislead their clients with false information.
SagaTrade Login Problems – One Of The Signs Of A Scam
As one of the first scam signs, we’d like to point out login issues. Some brokers, including SagaTrade, block clients’ access to trading accounts once these clients ask for a payout. The company doesn’t want to allow any withdrawals, and since no regulator can make sure clients get their funds, the broker is free to do just about anything.
If you insist on a withdrawal too much, it can happen that your account has been suspended. If you notice that you cannot log in to your account a few days in a row, let us know.
SagaTrade Trading Platform Review – Trading Software
Allegedly, broker trading platform offer is as wide as it can be – MT4, MT5, and a WebTrader. Sadly, the reality is a bit different, and the broker provides only a web trader. While you can read about MT4 and MT5, you will have access only to a web trader and not even a good quality one.
Therefore, we would advise you to find a licensed brokerage that gives a MetaTrader for real.
SagaTrade Mobile Trading
Again, SagaTrade website gives us information about proprietary trading apps, yet there’s no link to download such. We would have to assume there’s no app and you can only access your trades from a mobile web browser regardless of whether you have an Android or an iOS.
SagaTrade Trading Instruments – What Can I Trade?
Again, we have a list of assets and nothing more from SagaTrade forex broker. So, here’s the list:
- Currency pairs (Forex)
If you’re looking for further information, you won’t find such. Since there’s no Demo account, we were unwilling to expose our funds to this broker to check out the offer ourselves. And we would advise you to do the same – avoid SagaTrade by all means.
SagaTrade Trading Accounts – Account Types
There are 7 different account types:
As you can imagine, the difference is in the amount of money you’re prepared to invest, the support you will get, and the so-called “risk-free trades.” Whoever tells you there’s a risk-free trade has to lie, since nobody can predict the market with absolute certainty.
SagaTrade minimum deposit for a Bronze account is $10,000, while the support department says you can start with $250.
Unfortunately, broker doesn’t provide us with the Demo account, meaning we cannot verify the complete asset offer.
According to its website, the broker gives access to Islamic swap-free accounts for all Muslim clients.
SagaTrade Withdrawal Methods – How To Withdraw Money?
If you’re lucky enough to get withdrawals from SagaTrade, you can use one of the 4 methods listed below.
- Credit card
- Debit card
- Bank wire transfer
- Internet payment transfer
Unfortunately, the broker doesn’t give any ETA for withdrawals, only deposits, since this money goes to SagaTrade bank, and that’s the only thing the company cares about anyways. The company doesn’t charge any fees for the first withdrawal during the month, while you pay undisclosed fees for others.
Did You Fall Victim to the SagaTrade Scam? – We Can Help You!
If you were scammed by SagaTrade or any similar illicit broker, let us know. Instead of being the next victim of the SagaTrade scam, file a dispute and get your money back.
Contact our support via online chat and book your free consultation with a chargeback specialist. Global Fraud Protection has received numerous complaints against the broker, and we’re helping people get their funds back.
Let’s take action immediately and get back what’s rightfully yours!
Don’t Let the Scammers Go Away for Free!
What Is SagaTrade, And Should I Invest Money In It?
This is an online trading brokerage without a license that you shouldn’t invest in.
What is SagaTrade's minimum deposit?
SagaTrade minimum deposit is $250 and can be made via debit/credit card and wire transfer.
Which Trading Platforms Are Supported by SagaTrade Broker?
The broker says to support MT4 and MT5, while it actually offers a WebTrader.
Are My Funds Safe With SagaTrade?
Since we’re speaking about unlicensed fraud, your funds are not safe with SagaTrade.