SCC Forex Broker provides real users with * positive reviews, * neutral reviews and 2 exposure review!
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Lost 80000 principle and profit of 425018. I can only withdraw 9 screenshots
Apply for withdrawal on 6/14. Today, they give a HK official document and ask me to pay 16.5% tax to withdraw. Scam me for 80000 and 80000 from my friend. The total is 160000 dollars
The SCC brokerage has garnered mixed reviews in the online trading community, with significant concerns raised about its regulatory status and overall trustworthiness. While some users appreciate the trading platform's features, many experts warn against engaging with an unregulated broker. Notably, SCC operates without oversight from major financial authorities, which raises red flags for potential investors.
Note: It is crucial to understand that there are different entities operating under the name "SCC" across various regions. This review focuses specifically on the SCC brokerage based in Hong Kong, and we have taken steps to ensure fairness and accuracy in our assessment.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3.0 |
| Tools and Resources | 4.0 |
| Customer Service and Support | 5.0 |
| Trading Experience | 3.5 |
| Trustworthiness | 1.0 |
| User Experience | 4.0 |
We score brokers based on a combination of user feedback, expert analysis, and regulatory compliance.
Established in 2021, SCC is a forex brokerage based in Hong Kong, located at 19 F, Keen Hung Commercial Building, 80 - 86 Queens Road East. The broker offers access to various financial instruments, including forex, contracts for difference (CFDs), commodities, and indices, primarily through the MetaTrader 4 (MT4) platform. However, SCC lacks proper regulatory oversight, which is a critical factor for many traders when selecting a broker.
SCC operates without regulation from any recognized financial authority, such as the FCA in the UK or the SEC in the US. This lack of oversight is a significant concern, as unregulated brokers can engage in practices that may jeopardize client funds. Multiple sources, including BrokerChooser and PediaFX, emphasize the risks associated with trading through unregulated entities.
SCC allows deposits and withdrawals primarily in major currencies, but specific details regarding cryptocurrencies remain vague. Users have reported difficulties in withdrawing funds, which is a common issue with unregulated brokers.
The minimum deposit requirement for opening an account with SCC is reportedly around $250. This entry point is typical for many brokers but can be a barrier for novice traders looking to start with smaller amounts.
There is little information available regarding any current bonuses or promotions offered by SCC. This lack of promotional offerings may indicate a focus on basic trading services rather than attracting new clients through incentives.
SCC provides access to a range of asset classes, including forex pairs, CFDs, commodities, and indices. However, the absence of regulatory oversight raises questions about the safety and execution of trades on these instruments.
Trading costs at SCC are not transparent, and users have reported varying spreads and fees. According to PediaFX, the overall rating for cost-effectiveness is low, which is a crucial factor for active traders.
SCC offers leverage, but the specifics regarding leverage ratios are not clearly stated. High leverage can amplify both gains and losses, making it essential for traders to understand the risks involved.
The primary trading platform offered by SCC is MetaTrader 4 (MT4), a popular choice among forex traders for its robust features and tools. However, the lack of alternative platforms may limit options for traders seeking different trading experiences.
SCC does not appear to have any explicit restrictions on regions, but the unregulated nature of the broker may pose risks for clients in various jurisdictions.
Customer support is reportedly responsive, with users noting that the service is generally satisfactory. However, the lack of clear regulatory backing may affect the quality and reliability of support in resolving disputes.
The account conditions at SCC are average, with a minimum deposit of $250. However, the lack of transparency regarding fees and withdrawal issues significantly detracts from the overall experience.
SCC provides access to the MT4 platform, which is well-regarded in the trading community. However, the absence of educational resources or advanced trading tools limits the broker's appeal, especially for novice traders.
Customer support has received mixed reviews, with some users praising the responsiveness while others express concerns about the effectiveness of the support provided, especially when dealing with withdrawal issues.
While the trading platform is functional, the overall trading experience is marred by the absence of regulatory oversight and the potential risks associated with unregulated brokers.
The most significant concern regarding SCC is its lack of regulation. Experts across various platforms strongly advise against trading with unregulated brokers, citing the high risk of fraud and mismanagement of funds.
User experiences vary, with some reporting satisfactory trading conditions, while others express frustration over withdrawal difficulties and the lack of transparency regarding fees.
In conclusion, the SCC brokerage presents a mixed bag of features and services, but the overwhelming consensus among experts and user reviews is to exercise caution. The lack of regulation and transparency places it in the category of high-risk brokers, making it advisable for potential investors to consider other more reputable alternatives.
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