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SFX Markets
Rating: Rated with 1 star
Binary Option Programs Award
Min. Deposit
$500
Min. Investment
0.01 lot
Regulated Broker
No

SFX Markets Broker Review

  1. SFX Markets

    SFX Markets is an offshore, unlicensed broker that offers South African investors the ability to trade forex and bullions through a variety of platforms.

    SFX Markets was recently expelled from the Financial Commission due to its breach of membership rules.

    So, can this broker be trusted or is this a sign that SFX Markets is yet another scam?

    Read our full review and honest verdict to find out.

    The 4 Account Types

    Like most brokers, SFX Markets offers South African investors the ability to choose among a variety of account types, depending on the initial deposit.

    All SFX Markets account types are listed in detail below.

    ECN Account –> $500 Minimum Deposit

    • 30 trading instruments
    • $5/lot commission
    • Spreads from 1.0 pips floating

     

    Invest.TL Account –> $500 Minimum Deposit

    • 31 trading instruments
    • 1:100 leverage
    • $6/lot commission
    • Trading instruments: forex, bullions
    • Spreads from 0.1 pips floating
    • Minimum lot size: 1,000 currency units (0.01 lot)
    • 20% / 10% margin call
    • SFX Trade Leaders platform

     

    ECN.PRO Account –> $2,500 Minimum Deposit

    • 30 trading instruments
    • 1:100 leverage
    • $6/lot commission
    • Spreads from 0.1 pips floating
    • Minimum lot size: 1,000 currency units (0.01 lot)

     

    Islamic Account –> $2,500 Minimum Deposit

    • No swaps
    • 30 trading instruments
    • 1:100 leverage
    • No commissions
    • Trading instruments: forex, bullions
    • Spreads from 0.8 pips floating
    • Minimum lot size: 10,000 currency units (0.1 lot)
    • 20% / 10% margin call
    • SFX Web, MT4, MT4 mobile, MT4 web platforms

     

    Demo Account

    SFX Markets also offers a free demo account for all South African investors, which they claim you can access once you download the MetaTrader4 (MT4) trading platform. Demo accounts are an excellent way to practice trading entirely risk-free.

    However, there is not much mention of the demo account on their website besides the call-to-action buttons and we found we could not access the demo account at all. This is a definite red flag for SFX Markets that appears to promote demo accounts, but not have them available.

    Trading Platform & Assets

    SFX Markets is a broker that offers trading in forex and bullions. They claim to have over 85 currency pairs and bullions available for South African investors to trade.

    There seems to be inconsistency of information throughout their website though, as in their account descriptions they claim to offer only 30 instruments. In addition to that, in one section of their website they claim to have a minimum deposit of $300, whereas in their account sections the lowest deposit found was $500.

    Warning: Lack of transparency and information consistency is a huge red flag when it comes to offshore brokers. The best brokers make sure to offer South African investors all the necessary information upfront in a clear way. SFX Markets confuses South African users more than it helps them figure out how their company works.

    Moving on to platforms, SFX Markets offers South African investors the chance to trade with the infamous MetaTrader4 (MT4) trading platform, whether on their PC/laptop or mobile devices. In order to use the MT4 platform, you will need to download it.

    SFX Markets also has a web SFX platform available if South African users prefer to not download huge applications on their devices.

    Customer Support

    South African traders can reach SFX Markets through email, phone or by requesting a callback on their website. SFX Markets claims their customer support team is available 24/7 for South African users.

    If you prefer to not contact the broker directly, you can always check out their FAQ section on the site that offers answers to some of the most basic questions.

    Payment Methods

    SFX Markets is owned and operated by SFX Global Ltd. The company is located at Suite 305, Griffith Corporate Center, Beachmont, Kingstown in St. Vincent and the Grenadines.

    They used to be registered by the Financial Commission, as mentioned in the beginning of this review, but their membership was recently ceased.

    SFX Markets accepts various payment methods like credit card (Visa, Mastercard, Maestro), bank wire transfer and ePayments.

    Warning: South African users are strongly advised to not deposit any money with this broker.  

    Verdict: Is SFX Markets a Scam?

    Upon careful review of the offshore broker, our team concluded that SFX Markets is a scam and should not be trusted.

    Their lack of transparency and information consistency is an immediate indication that SFX Markets is not a professional broker. In addition, they are not regulated under any entity, while they recently got expelled from the Financial Commission for not paying their dues.

    These are all red flags that show the broker is not trustworthy and South Africans should stay away at all costs.

    Instead of investing your money in scams, invest them in licensed and award-winning brokers like IQ Option!

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