Is SabioTrade legal?
SabioTrade is a legal service provider. It is owned by a European company, while the trading platform is provided by Quadcode Solutions, the same platform provider that powers Iq Option, a global trading powerhouse that has been around for over a decade. The company behind SabioTrade is CODEVIL IT ENGINEERING LIMITED, registered in Ireland under company number 680139 and located at 2c, Grangegorman Lower, Smithfield, Dublin, D07a433. It was established in 2023. SabioTrade does not require a brokerage license from the relevant authority. Sabio Trade funds the accounts, so there is no trading risk for customers.
What is SabioTrade?
Imagine someone gives you money to trade based on financial market movements. If you manage to make a return on the initial balance, you keep 80% or even 90% of the profit, without any actual investment and risk of your own money. That’s what SabioTrade does. If you pass their evaluation, they will give you a funded account of up to 200,000 EUR/USD to trade.
How does SabioTrade work?
SabioTrade offers so-called proprietary trading. For a fee, SabioTrade will equip potential traders with a demo account. With the demo account, traders must achieve a profit rate of 10% within certain trading parameters. After reaching the 10% target profit, they will receive a funded account to use for trading. Any profit made is shared between SabioTrade and the trader. In most accounts, the profit payout for you is 80%, while SabioTrade keeps 20%.
Here’s how it works:
- Choose Your Account: Select the size of the funded account that aligns with your trading goals and risk tolerance.
- Pay the Evaluation Fee: Each account size has a corresponding evaluation fee, starting at $119 for the Standard tier. This fee grants you access to the evaluation phase.
- Achieve Target Profit: The main goal of the evaluation is to reach a 10% target profit within 30 days.
- Follow Risk Management Rules: SabioTrade enforces certain risk management rules during the evaluation. These rules typically include maximum daily losses and maximum allowed drawdowns.
- Complete the Evaluation: Once you achieve the target profit while adhering to the risk management rules, you successfully complete the evaluation.
- Allocation of Initial Capital: After successful completion, you will be allocated a funded account with the selected capital amount.
- Trade and Earn: You can now trade with the capital in the funded account. If you are successful, you keep a significant portion of your profits, up to 90%.
The evaluation process at SabioTrade is relatively straightforward compared to some other trading companies that have multi-phase challenges. However, the 10% target profit within 30 days can still be a significant hurdle for some traders. It’s important to approach the evaluation with a well-defined trading strategy and strict risk management principles.
SabioTrade Evaluation Fees
SabioTrade’s fee models follow a simple rule. The higher the fee you pay, the more initial capital you get. For our review, we chose the Standard account, especially considering that a discount code was active at that time. We used PERFECT20 to get a 20% discount.
Plans range from 20,000 EUR/USD to 200,000 EUR/USD. Higher fees also bring more initial capital on the funded account per USD paid in fees. For the Standard account, you will get around 173 USD for every USD 1 fee. On Platinum, you will get around 212 USD for every dollar paid in the tariff fee. That is about 17% more initial capital once you pass the evaluation.
Explanation of Hard Breach
A hard breach is essentially a way to fail the evaluation at SabioTrade. If you exceed
- the daily loss of 3% or
- the trailing drawdown rule of 6%
you officially fail the evaluation.
We would all like to see wider limits, as traders would follow different strategies to achieve the required 10% profit. However, these limitations have value because SabioTrade likely wants to avoid meme stock traders, day traders of cryptocurrencies, and similar types who can hit the target profit by investing in highly volatile instruments where a 10% price change can be achieved simply by luck. These large swings amplified by leverage would allow for easy lucky achievement of 10% in one day even after significant losses. The goal is to prove someone can build a small portfolio over 30 days and improve the overall position, not that they can recklessly trade all or nothing. There is no point in allocating funded accounts based purely on luck.
SabioTrade Profit Sharing
One of the most attractive features of SabioTrade is its profit-sharing model. Traders can earn up to 90% of the profits they make with funded accounts, which is higher than many competitors. This generous share allows traders to maximize their earning potential, especially those who consistently perform well.
Signing Up for SabioTrade
Our test of SabioTrade was conducted from Malta, an EU country, and we were able to access the proprietary trading provider without any issues. SabioTrade representatives assured us that the service is offered globally with some exceptions such as the US or Iran.
Steps to sign up:
- Choose a plan.
- Enter your details – email, phone, first name, last name.
- Select a payment option.
- Make the payment.
- Create a password.
- Confirm your email.
- Log in.
As soon as we signed up, we received a WhatsApp message asking if we wanted to use it for communication with SabioTrade. It is clearly an automated solution, but it’s nice to have the option to decline. We accepted.
Prepare to receive several emails:
- One email for account confirmation, as mentioned in step 6.
- Another email includes your trading room details. With these, you can open the trading room in a separate window, so you do not have to use it in a small window within the SabioTrade dashboard. We recommend downloading the app, especially on your phone.
You can conduct multiple evaluations with one account. So, you do not need to open multiple SabioTrade accounts just to have more chances for a funded account. You can also easily switch trading sub-accounts by selecting the account number at the top of the dashboard.
SabioTrade Discord Community
The next step was setting up Discord for chat support, community, and frequently asked questions. This did not go as smoothly as the sign-up because we were consistently rejected at the verification step for full server access. This probably also made SabioTrade’s chat support unavailable as it would launch the Discord app and take us to the friends add section. We sent a message to the WhatsApp support chat, but no one replied. We assumed it was because it was a Sunday. We never got a response on WhatsApp.
Within a few hours, the problem with Discord resolved itself. We are unsure what caused the Discord issue.
SabioTrade Trading Platform
At SabioTrade, you get an integrated trading platform as soon as you access the dashboard. You can also download the desktop or mobile app or use the link from the email to launch a separate browser window.
The platform is a Quadcode Solutions online trading solution. We thoroughly tested and reviewed this platform in our IQ Option review. In short, we really like this trading platform. It has many indicators and other trading tools, a decent selection of securities, integrated chat, and support.
We found that there are ways in which the platform differs from the one known on IQ Option. The main difference is that some trading parameters, such as leverage, seem to be preset.
We are not very happy about the inability to set the leverage, but in the EU leverage amounts are low anyway unless you are a professional trader.
With SabioTrade, you cannot take a test to access professional trader parameters since you are not the one funding the account and SabioTrade is not a broker. You also cannot trade on weekends during the evaluation, even with assets like cryptocurrencies that are active on weekends. This is because the SabioTrading evaluation closes all open orders on Friday afternoon.
Placing Orders on SabioTrade:
- Select the security
- Choose the amount
- Set some additional parameters if you want (buy at price, close with profit, close with loss)
- Press the Buy/Sell button
Especially during the evaluation phase, the close with profit/loss functions will come in handy as you navigate the 3% daily limit or the 6% trailing drawdown rule, which are both hard breaches that end your evaluation.
Traders used to popular platforms like MetaTrader 4 or 5 may need some time to adjust to SabioTrade’s interface and features.
We placed many trades. Almost all of them worked well.
Most trades were executed quickly. At one point, we made a nice move on Nvidia stock the night before the first quarter 2024 results and the trade did not execute. This left us with a bitter taste in our mouths as the stock jumped 10% the next day. We blame the browser version of the platform, but still. It dampened our excitement about the platform.
We do not recommend trading in the iPhone browser. The whole platform did not fit on the screen of our iPhone 13 Pro. We had to keep using the desktop application since there is no iPhone app. If you use Android, you can download the SabioTrade app from the Google Play Store.
In any case, for any details about the platform, check out our IQ Option review for a deeper insight since it is based on the same software.
SabioTrade Assets
The SabioTrade trading platform uses CFDs as instruments, and trades are based on all types of underlying assets. In our opinion, the selection is quite good for the average trader. Those who are professionals and like to exploit some more exotic corners of the market may not be satisfied.
- 30 currency pairs (FOREX)
- 167 stocks
- 3 commodities
- 22 ETFs
- 12 index CFDs
- 8 cryptocurrencies
Education Oportunities
SabioTrade does not have a trading academy where you can learn trading. They organize webinars and offer support and knowledge through the Discord community. If you cannot trade, perhaps try to get some education first and then try SabioTrade as the 30-day evaluation period is not enough for learning and passing the test. The best strategy for this is to open a trial account with a free 7-day trial period with an initial balance of 10K to test your own skills and possibly attend some webinars, then later pay for testing.
SabioTrade Payments and Withdrawals
When paying the evaluation fee, SabioTrade offers several types of payment methods.
We were offered:
- Apple pay
- Google pay
- Credit/debit cards
- Cryptocurrencies
Withdrawals are another area where SabioTrade excels. The company offers instant payouts on request, meaning traders do not have to wait for set payout periods to access their funds. This flexibility is a significant advantage for traders who prefer quick access to their money. As soon as you make some profit, you can request a withdrawal and it will be paid out quickly. There is no minimum amount.
The current withdrawal payment method is a bank transfer, but we were told that other payment methods such as Skrill are being added. We like Skrill simply because it is super fast, especially if you do not use SEPA transfer. We hope it will be added soon.
SabioTrade does not offer refunds of paid money.
Advantages and Disadvantages
Advantages of SabioTrade:
- Perfect for beginners and average traders
- Competitive pricing: Reasonable evaluation fees when discounts are added
- High profit share: Up to 90% profit share
- Instant payouts: No waiting, no minimum amounts
- Good and well-tested Quadcode trading platform
- Trading signals (on Discord)
Disadvantages:
- No iPhone app
- Limited asset offering for professionals
- Proprietary platform: Some traders may prefer MetaTrader
- Possible issues with placing trades outside of market trading hours
SabioTrade User Experiences – Summary
General user opinions:
- Mixed, but mostly positive: SabioTrade has received mixed reviews on Trustpilot and Reviews.io, with a higher concentration of positive experiences.
- Average rating: The average rating on Trustpilot is 3.8 out of 5 stars, while on Reviews.io it is 4.67 out of 5 stars.
Common positive experiences:
- Fast payouts: Many users highlight SabioTrade’s fast and efficient payout process as a significant advantage.
- Helpful customer support: Many reviewers praise the speed and helpfulness of SabioTrade’s customer support team.
- Good platform and tools: The trading platform and available tools are generally well received by users.
Negative experiences:
- Evaluation difficulty: Some users find the evaluation challenge difficult to pass, particularly the target profit requirement.
- Lack of educational resources: Several reviewers express a desire for more comprehensive educational resources or mentorship programs.
- Technical issues: A small number of users report occasional technical problems with the platform or payout process.
While SabioTrade receives positive reviews for its payouts, customer support, and platform, potential users should be aware of the challenges associated with the evaluation process. If you have never traded before, some education first might be useful. The limited availability of educational resources might also be a consideration for new traders.
Our Verdict on SabioTrade
According to our assessment, SabioTrade represents a compelling opportunity for forex traders. Its standout features, including a low barrier to entry, attractive profit shares up to 90%, and fast payouts, make it an appealing choice for those looking to learn trading and get initial capital for trading.
Early user reviews are mostly positive, and while the platform’s limited track record requires a degree of caution, its proprietary platform, though intuitive and we absolutely loved it, may not attract traders seeking the MT4 experience. The asset selection, while decent, could be broader.
We appreciate SabioTrade’s transparent fee structure and rapid customer support. Their instant payout feature is definitely a highlight, providing traders with unmatched flexibility and control over their earnings.
We recommend SabioTrade for disciplined traders with a solid strategy and approach to risk management. If you are comfortable with a newer platform and prioritize fast payouts and high earning potential, SabioTrade could be a valuable step in your trading career.
