SatoshiFX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://crm.satoshifx.com/login, about the company's legal and temporary regulatory information, the company's address Suite 305, Griffith corporate centre, Beachmont, Kingstown, St Vincent and the Grenadines..
SatoshiFX Forex Broker
Basic Information
Saint Vincent and the Grenadines
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
SatoshiFX broker review
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Satoshi FX Broker - Complete Information Guide
1. Broker Overview
Satoshi FX, officially known as Satoshi FX LLC, was established in 2021 and is registered in Saint Vincent and the Grenadines. The company operates as a private entity, focusing primarily on cryptocurrency trading and forex services. Satoshi FX aims to cater to a diverse clientele, including individual traders and institutional investors, by providing a range of trading products and services.
The company has positioned itself in the financial market by offering flexible trading conditions, including high leverage options and competitive spreads. Over the past few years, Satoshi FX has developed its services to include various account types and trading platforms, enhancing its appeal to traders looking for opportunities in both forex and cryptocurrency markets.
Satoshi FX operates under a business model that emphasizes retail forex trading and cryptocurrency investments. The firm claims to provide a user-friendly trading experience, backed by robust technology and customer support. However, it is important to note that the company has faced scrutiny regarding its regulatory status, which will be discussed in detail in the following sections.
2. Regulation and Compliance Information
As of now, Satoshi FX does not hold any valid regulatory licenses, which raises concerns about its compliance and operational legitimacy. The broker is categorized as having "no license" by various regulatory review platforms, receiving a notably low score of 1.15/10 on WikiFX. This lack of regulation is a significant risk factor for potential investors.
The company is registered in Saint Vincent and the Grenadines, a jurisdiction known for its lenient regulatory environment. However, this also means that clients are not afforded the protections that come with trading with regulated brokers. Satoshi FX does not participate in any investor compensation schemes, which further increases the risk for traders.
In terms of compliance, Satoshi FX has not provided detailed information regarding its Know Your Customer (KYC) and Anti-Money Laundering (AML) measures. Without these protocols, there is a potential risk for fraudulent activities. Consequently, potential clients are advised to exercise caution and conduct thorough research before engaging with this broker.
3. Trading Products and Services
Satoshi FX offers a variety of trading products, primarily focusing on cryptocurrency and CFDs (Contracts for Difference). The broker advertises a selection of trading pairs in the forex market, although specific details on the number of currency pairs available are not disclosed.
In addition to forex trading, Satoshi FX provides access to a range of CFD products, including:
- Indices
- Commodities
- Stocks
- Cryptocurrencies
The broker claims to update its product offerings regularly, although the specifics regarding the frequency of updates and the introduction of new trading instruments are not explicitly mentioned.
For retail traders, Satoshi FX provides two main account types: the STF MT5 Silver and STF MT5 Gold accounts, each with distinct features and minimum deposit requirements. Institutional clients may also find tailored solutions, although detailed information on such services is limited.
4. Trading Platform and Technology
Satoshi FX supports the MetaTrader 5 (MT5) platform, which is widely recognized for its advanced trading capabilities. The MT5 platform is available for various devices, including desktop, web, iOS, and Android, allowing traders to access their accounts and execute trades conveniently.
The broker does not appear to offer a proprietary trading platform, which is common among many brokers. However, the MT5 platform is equipped with features such as:
- Real-time market quotes
- Advanced charting tools
- Technical analysis capabilities
- Automated trading through Expert Advisors (EAs)
Satoshi FX emphasizes the use of robust technology to ensure reliable trade execution. The companys servers are reportedly located in the United States, contributing to the platform's performance. Additionally, there is no mention of API access for automated trading, which could limit options for algorithmic traders.
5. Account Types and Trading Conditions
Satoshi FX offers several account types designed to meet the needs of different traders. The main account types include:
- STF MT5 Silver Account:
- Minimum Deposit: $10,000
- Spread: Starting from 0.8 pips
- Commission: Not specified
- STF MT5 Gold Account:
- Minimum Deposit: $50,000
- Spread: Starting from 0.2 pips
- Commission: $7 per lot
- Bank Transfers
- Credit Cards
- E-wallets like Skrill and SOFORT
- A fee of €10 for bank wire withdrawals under €100.
- A €10 fee for withdrawals amounting to €20 or less.
- Phone: +44 20 38075111
- Email: info@satoshifx.com
- Social Media: Platforms such as Telegram, Twitter, Facebook, Instagram, and LinkedIn.
The broker allows for leverage ranging from 1:25 to 1:500, which can amplify both potential profits and losses. Additionally, Satoshi FX provides a demo account with a virtual credit of $10,000 for traders to practice their strategies.
The minimum trade size and overnight fees are not explicitly detailed, which may pose challenges for traders looking to understand the cost structure fully.
6. Fund Management
Satoshi FX claims to support a variety of deposit methods, including:
The minimum deposit requirement varies by account type, with the lowest being $10,000 for the Silver account. The broker does not specify maximum limits for deposits or withdrawals, but clients are reminded that they cannot withdraw more than their account balance.
Deposits are said to be processed promptly, although specific processing times are not provided. Withdrawal fees apply under certain conditions, such as:
For bank wire withdrawals, the minimum amount is €50 after the basic fee deduction, while SEPA transfers have a minimum withdrawal amount of €5 after the fee deduction.
7. Customer Support and Educational Resources
Satoshi FX provides customer support through various channels, including:
The support service is available 24/5, catering to a multilingual audience. However, the specific languages supported have not been disclosed.
In terms of educational resources, Satoshi FX appears to offer limited materials. There is no clear mention of webinars, tutorials, or comprehensive market analysis services. Traders may find basic tools such as calculators and economic calendars, but detailed educational offerings are lacking.
8. Regional Coverage and Restrictions
Satoshi FX primarily serves clients in Saint Vincent and the Grenadines and other regions. However, the broker has not specified its operational reach or the distribution of regional offices.
It is important to note that Satoshi FX does not accept clients from certain jurisdictions, although specific countries or regions are not listed in the available information. Potential clients are encouraged to verify their eligibility before attempting to open an account.
In summary, while Satoshi FX presents itself as a competitive option in the forex and cryptocurrency trading space, the lack of regulatory oversight and comprehensive customer support raises concerns. As always, potential investors should conduct thorough due diligence before engaging with any broker, particularly those lacking proper licenses.