Sumedha foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website http://www.sumedhafiscal.com, about the company's legal and temporary regulatory information, the company's address 8B Middleton Street, 6A Geetanjali, Kolkata - 700 071.
Sumedha broker review
Sumedha Fiscal Services Ltd., commonly referred to as Sumedha broker, was established in 1989 and has since evolved into a prominent financial services provider based in Kolkata, India. The company operates primarily in the financial sector, offering a wide array of services that include investment banking, wealth management, and stock broking. It is a publicly traded company listed on the Bombay Stock Exchange (BSE) under the symbol 530419.
Throughout its journey, Sumedha has achieved several milestones, including the establishment of its stock broking division in 1996 following its registration with the Securities and Exchange Board of India (SEBI) as a category III merchant banker, which later upgraded to category I. The company has expanded its operations across India, with a presence in major cities such as Mumbai, Bangalore, New Delhi, and Ahmedabad.
Sumedhas business model primarily focuses on providing retail forex trading services, catering to individual traders and institutional clients alike. The firm has built a reputation for its comprehensive approach to financial services, ensuring that it meets the diverse needs of its clientele.
Sumedha broker operates in a regulatory environment governed by several key authorities. However, it is crucial to note that Sumedha Fiscal Services Ltd. is currently unregulated, meaning it does not fall under the oversight of any specific financial regulatory authority. This lack of regulation introduces additional risks for clients, as there are limited legal protections and recourse available in case of disputes.
While there are no valid regulatory licenses associated with Sumedha, the company adheres to basic compliance measures, including Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. These measures are essential for maintaining the integrity of financial transactions and protecting clients' interests.
The absence of a regulatory framework raises concerns regarding transparency and accountability. Clients engaging with Sumedha should be aware of the potential risks and conduct thorough due diligence before entering into any financial agreements.
Sumedha broker offers a diverse range of trading products and services designed to cater to the needs of its clients. The company provides access to a variety of forex currency pairs, including major, minor, and exotic currencies, allowing traders to capitalize on market fluctuations.
In addition to forex trading, Sumedha offers Contracts for Difference (CFDs) across multiple asset classes, including:
The firm is committed to regularly updating its product offerings, ensuring that clients have access to the latest trading instruments and market opportunities. Retail trading services are complemented by institutional client services, which include tailored financial solutions for larger entities.
Sumedha also provides white-label solutions for businesses looking to enter the financial services space, along with asset management services for clients seeking professional portfolio management.
Sumedha broker supports the widely recognized MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, offering clients a robust and user-friendly environment for executing trades. These platforms provide advanced charting tools, technical indicators, and automated trading capabilities through Expert Advisors (EAs).
In addition to MT4/5, Sumedha offers a proprietary web-based trading platform, enabling clients to trade directly from their browsers without the need for software installation. Mobile applications for both iOS and Android devices are also available, allowing traders to manage their accounts and execute trades on the go.
The execution model employed by Sumedha is primarily Market Making, with a focus on providing competitive spreads and fast order execution. The company has established a strong technological infrastructure, with servers located in strategic data centers to ensure low latency and high availability for clients.
API access is also supported, enabling clients to engage in automated trading strategies and integrate their trading systems with Sumedhas platforms.
Sumedha broker offers various account types to accommodate different trading preferences and experience levels. The primary account options include:
Standard Account:
Minimum Deposit: ₹10,000
Spreads: Starting from 1.5 pips
Commission: None
VIP Account:
Minimum Deposit: ₹1,00,000
Spreads: Starting from 1.0 pip
Commission: None
Islamic Account: Available upon request for clients adhering to Sharia law, ensuring compliance with Islamic finance principles.
Demo Account: Sumedha provides a demo account for traders to practice their strategies without any financial risk.
The leverage offered by Sumedha varies depending on the asset class, with a maximum leverage ratio of 1:100 for forex trading. The minimum trade size is 0.01 lots, allowing traders to start with smaller positions.
Overnight financing fees apply to positions held beyond the trading day, and clients should review the specific terms associated with their account types.
Sumedha broker supports a variety of deposit methods to facilitate client transactions. Accepted methods include:
The minimum deposit requirement varies by account type, with standard accounts requiring a minimum of ₹10,000. Deposits are typically processed within 24 hours, depending on the method used.
While Sumedha does not charge any deposit fees, clients should be aware of potential fees imposed by their payment service providers. Withdrawal methods mirror those of deposits, and clients can expect withdrawal processing times of 1-3 business days.
Sumedha maintains a transparent fee structure, and clients are encouraged to review the withdrawal fees applicable to their chosen methods.
Sumedha broker prides itself on offering comprehensive customer support through multiple channels, including:
The support team is dedicated to providing timely and effective assistance, ensuring that clients receive help with their inquiries promptly.
In addition to customer support, Sumedha offers a range of educational resources, including:
Market analysis services are also provided, including daily market updates, news, and research reports to help clients make informed trading decisions.
Sumedha broker primarily serves clients within India, with its operations extending to major metropolitan areas. The firm has established a pan-India presence, with branches in Kolkata, Mumbai, Bangalore, New Delhi, and Ahmedabad.
However, Sumedha does not accept clients from certain jurisdictions, including:
These restrictions are in place to comply with international regulations and ensure that Sumedha operates within legal frameworks. Clients are advised to check the specific terms and conditions based on their location before opening an account.
In conclusion, while Sumedha broker offers a wide range of financial services and trading opportunities, potential clients should be aware of the inherent risks associated with engaging with an unregulated broker. It is essential to conduct thorough research and consider the pros and cons of trading with Sumedha before making any financial commitments.