SGP Forex Broker

Note: SGP's official website: https://www.sgpbinary.com/ is currently inaccessible normally.SGP Information SGP is a binary broker registed in the United Kingdom. According to WikiFx, its regulatory status is listed as “Suspicious Clone”.Is SGP Legit？ SGP's regulation is listed to the category of “suspicious clone” , which means it has no valid regulation. It claims to be regulated by the United Kingdom FCA regulation (license number: 768451) and the Seychelles FSA regulation (license number: SD027), but these are considered offshore regulations and is suspected to be clone. You should be aware of the risk and better to avoid choosing this company. Financial Conduct Authority Current StatusSuspicious Clone Regulated by United Kingdom License TypeStraight Through Processing (STP) License No.768451 Licensed InstitutionZeal Capital Market (UK) Limited The Seychelles Financial Services Authority Current StatusSuspicious Clone Regulated by Seychelles License TypeRetail Forex License License No.SD027 Licensed InstitutionZeal Capital Market (Seychelles) LimitedDownsides of SGP Unavailable Website SGP's official website is now inaccessible, so you are unable to open an account or trade. In addition, there is no way to know about any detail information about this broker. Lack of Transparency SGP provides no information about its fee structure, account type, way of trade and security measures. Regulatory Concerns SGP is unregulated, which means its practice is unrestricted, and it may even violate the law without being held responsible.Conclusion SGP lacks official regulation and provides no information about trading. So, dealing with such broker is very risky, and you don't get any security guarantees. Therefore, you are advised to choose a regulated and transparent trader.