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SGX Forex Broker provides real users with 1 positive reviews, 2 neutral reviews and 9 exposure review!

SGX Broker Review

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SGX Review 12

Latest All(12) Positive(1) Neutral(2) Exposure(9)
Neutral

They promised a trading environment that was superior, but I soon realized that it was all smoke and mirrors. The spreads were outrageously high, and my orders were always delayed, causing me to lose out on potential profits. And don't even get me started on the withdrawal process - it took what felt like an eternity to get my account balance transferred out.

不忘初心21686
2023-03-29
Neutral

I once traded FX on this platform, and my advice here is go to find some other professional forex brokers, exchange rates on this platform are much higher, and their customer support team don’t know much about forex trading.

FX1326596434
2023-03-06
Exposure
Freeze account and do not withdraw

If the stored value does not reach the estimated stored value during the event, the account will be frozen. Now I can only contact the online customer, but I can’t contact the customer service. Now the loan investment is all GG

Jessica6735
2022-12-23
Exposure
Unable to withdraw

Scam. Someone I met on dating web and ask me to play gold and foreign exchange platform with him

怡怡
2022-11-16
Positive

這個是詐騙網頁不出金我在pikabu 交友軟體預到一個46歲的男生要我上網玩外匯的黃金,結果被詐了32000台幣

怡怡
03-28
Exposure
It shows that withdrawal application submitted successfully, but cannot arrive

I just made two withdrawal before. The remaining balance cannot be withdrawn. They encourage me to deposit and become a member. I am afaid that more fund will be stuck in the platform and cannot withdraw.

爱学习(胡老师)
2022-01-07
Exposure
Induce to buy forex and unable to withdraw

I met a marriage partner on the Internet, added WeChat for the purpose of getting married, said that he works for the Singapore Exchange, the fifth exchange in Asia Then, he asked me to download a foreign software to facilitate voice communication. Later, he said he was in a company that had inside information about foreign exchange trading and asked me to help him purchase foreign exchange. At first, I was afraid that he was laundering money and lied to me. I asked him to show me his ID card to prove that he did not commit any illegal activities. Later, I was induced to buy foreign exchange. I don’t want that. He said that he deposited 1,000 yuan for me, so that I could make money and then think about it. I helped him to operate more than 3 million forex within that week. Because I couldn’t believe him, so we quarreled several times during this period. He said he work there, saying that he came from a military family, so he dispelled my worries. In the end, I was afraid so I tried to top up 10,000 yuan, and successfully withdrew 3,000 yuan, and then recharged 5,000 yuan. I was still worried in my heart. When I tried to withdraw later, it was stuck. The application for withdrawal was successful, but it could not arrive the account. The customer service said that I had to recharge the gold member. I checked some news on the Internet and didn’t dare to recharge anymore. I wanted to expose their behavior. The so-called fairness, insider, should be to induce me to place an order to buy foreign exchange, and even in the middle he even tricked me into loan recharge. Finally, his account was successfully withdrawn with a profit of more than 4 million. I begged him to recharge my account as a member and withdraw the money. He would not reply to the message.

爱学习(胡老师)
2022-01-07
Exposure
scam.

I invested $50k worth of usdt and he sent $140k of usdt. We doubled it within 2 weeks . It allowed me to transfer out $800 but when I tried to withdraw $30000, It stated that I needed to pay half my principal ( almost $200k) he insisted on saying that he’ll find the money to put in so we could get our money back , only to try to manipulate me to put in more. Also the app started glitching at some point of our trading and he sent me a new website.

FX7359315392
2021-09-08

  

SGX 2025 Review: Everything You Need to Know

  The SGX (Singapore Exchange) has garnered mixed reviews in recent evaluations, with significant concerns surrounding its regulatory status and user experiences. While it offers a diverse range of trading products and competitive spreads, reports indicate serious issues related to fund withdrawals and customer support, leading to warnings about its legitimacy.

  Note: Its essential to recognize that SGX operates under various entities across regions, which may contribute to discrepancies in user experiences and regulatory oversight. This review aims to provide a balanced and accurate assessment based on multiple sources.

  

Ratings Overview

Category Rating (out of 10)
Account Conditions 4
Tools and Resources 5
Customer Service and Support 3
Trading Experience 4
Trustworthiness 2
User Experience 3

  We score brokers based on user feedback, expert opinions, and factual data from reliable sources.

  

Broker Overview

  Founded approximately 5 to 10 years ago, SGX, officially known as Singapore Exchange Limited, provides a multi-asset trading platform based in Singapore. It offers various trading services, including securities, derivatives, and leveraged products. However, SGX has faced scrutiny due to its lack of valid regulatory oversight, with no prominent regulatory body overseeing its operations. The platform does not support popular trading platforms like MT4 or MT5, which may deter some traders.

  

Detailed Breakdown

  • Regulatory Regions: SGX operates without valid regulatory oversight, raising significant concerns among users. Many reviews emphasize the risks associated with trading on an unregulated platform.
  • Deposit/Withdrawal Currencies: Users can deposit and withdraw in Singapore dollars, with a minimum deposit requirement of 10 shares. However, withdrawal processes have been reported as cumbersome and problematic.
  • Minimum Deposit: The minimum deposit is set at 10 shares, which may vary depending on the asset class being traded.
  • Bonuses/Promotions: There is a lack of promotional offers or bonuses reported, which is common among unregulated brokers.
  • Tradable Asset Classes: SGX allows trading in a variety of asset classes, including stocks, REITs, ETFs, structured warrants, and commodities, providing users with a diverse portfolio.
  • Costs (Spreads, Fees, Commissions): The spreads are competitive, ranging from 0.005% to 0.05% for securities and 0.001% to 0.05% for derivatives. However, additional fees may apply, and users have reported hidden costs.
  • Leverage: SGX offers leverage of up to 7x through its daily leverage certificates, which can enhance trading opportunities but also increase risk.
  • Allowed Trading Platforms: SGX does not support MT4 or MT5, which are standard in the industry, potentially limiting trading strategies for some users.
  • Restricted Regions: There is no clear information on restricted regions, but users should be cautious, given the unregulated status of the broker.
  • Available Customer Support Languages: Customer support is available in English, but many users have reported dissatisfaction with the responsiveness and effectiveness of support services.

  

Ratings Breakdown

  

Account Conditions: 4/10

  The account conditions offered by SGX are minimal and lack the flexibility and variety that many traders seek. The absence of a demo account and Islamic account options further limits its appeal, particularly for new or specific traders.

  

Tools and Resources: 5/10

  SGX provides access to various trading tools and resources, including real-time price feeds and market insights. However, the lack of advanced trading platforms like MT4 or MT5 means that traders may not have access to the tools they need for in-depth technical analysis.

  

Customer Service and Support: 3/10

  Customer service has been a significant concern among users, with many reports indicating difficulties in reaching support and resolving issues, particularly regarding fund withdrawals. This has led to a low trust rating for the broker.

  

Trading Experience: 4/10

  While SGX offers a range of trading products, the overall trading experience is hampered by the lack of regulatory oversight and customer service issues. Users have reported challenges in executing trades and withdrawing funds, which detracts from the overall experience.

  

Trustworthiness: 2/10

  The most significant red flag for SGX is its lack of regulatory oversight. Numerous user reviews highlight experiences of being unable to withdraw funds, which raises serious concerns about the broker's legitimacy and trustworthiness.

  

User Experience: 3/10

  The user experience is mixed, with some users appreciating the variety of tradable assets. However, the overall sentiment is clouded by reports of poor customer service and withdrawal difficulties, leading to a negative perception of the platform.

  

Conclusion

  In summary, SGX presents a mixed bag of opportunities and challenges. While it offers a diverse range of products and competitive spreads, the lack of regulatory oversight and significant user complaints about customer service and withdrawal issues cannot be overlooked. Potential traders should exercise caution and conduct thorough research before engaging with SGX, as the risks appear to outweigh the benefits.

  For those considering trading with SGX, it is highly advisable to look for alternative brokers that are well-regulated and have positive user feedback to ensure a safer trading environment.