The Forex industry has been flourishing for a series of years by now, and it reached global proportions with the launch of online platforms. Many traders enjoy the benefits of trading wherever they want. If they want to see how the market in Asia works, no problem, they just register with a broker who provides access to the exotic eastern market. This might be great, but the decentralization also has its bad side. Many Forex broker scammer companies are using the circumstances to falsely advertise their services and deceive many traders and market participants. This review is concerned with the UK Forex company which goes by the name SVSFX. The company’s website looks good, and the company seems to have a large customer-base. The company has been in business for many years and can be freely called an experienced and old hand in the business. Let us see what this broker offers and what controversy lies behind the name of this broker.
Forex Brokers We Recommend
SVSFX Info Check
The broker entered the business already in 2003 with its main office in the United Kingdom. The broker expanded its services also to India and China and enables traders to participate in the exotic Asian market. The broker looks overall normal and has even some good reviews from clients, but yet there is reason to raise a red flag with this broker. Namely, the broker claims to be FCA-licensed, whereas the Financial Conduct Authority claims the opposite.
The FCA Controversy
The SVSFX broker claims and proudly presents themselves as a protégée of the FCA. If we go to the FCA register where all legal firms and companies are listed, we can see that the FCA already warns against this broker. They wash their hands off this broker and claim that the broker has no FCA license. IN SVSFX’s defence, the FCA does not claim that the broker is a scammer; they just say that the broker does not operate under their regulation and that they do not know if the broker is honest about its business. Still, since it is not under their supervision, the FCA suggests staying away from the broker. On the other hand, many traders and market participants praise the broker and claim that the broker is honest and offers great trading conditions, and most importantly, pays the earned profits to traders. Of course, a small fraction of traders also states that the broker failed to pay them. This could mean two things: either the broker scammed these people or the people are inexperienced traders and do not know how the broker business works. In the end, it is solely your decision whether you want to give this broker a chance or not and we will not interfere, but we will tell you about the trading conditions with this broker.
SVSFX offers the most popular platform in the industry. Of course, we are talking about the Meta Trader 4 platform. There is no other platform that meets the needs of traders as this one. Traders benefit from the many features incorporated in the platform, like auto-trading, scalping and hedging options, graphically advanced charts, and free trading signals. For an all-around trading experience, the broker also offers the SVSFX mobile app. It seems that mobile trading already topped desktop trading since more and more traders prefer to place and monitor their trades on the go.
The broker offers CFD and Forex services. The broker offers only one account for all traders with a minimum deposit of $100. Usually, a universal account is also sub-divided and dictated by the deposit amount. For example, if you deposit the minimum of $100 you will probably not have access to all features that the broker offers. Yet, if you deposit a higher amount you will probably “unlock” the next level of features. The universal accounts could be freely split into multiple account types, but yet some brokers, like the SVSFX prefer the level-up principle under a single account. Maximum leverage is 1:400 and spreads start from 1.60 pips, and there is no commission charged for using the account. The broker has not yet made the shift to encompass ECN services like many brokers have. ECN services became a big deal in the Forex industry, and every broker should consider including them in the service package.
Finally, we can report some good news in terms of bonuses. The broker offers an SVSFX $100 no-deposit welcome bonus in the form of trading credit to all those who decide to join SVSFX. This is the only regular bonus offered by the broker, but we have to admit, it is pretty generous. The majority of brokers offer $10 or $20, but SVSFX really makes a statement with the $100 of trading credit.
The broker offers several payment methods to its highly-appreciated customers:
- Wire transfer
- Credit cards
The broker processes withdrawals within one business day, and the minimum amount to deposit is $100. Traders are also warned that if they deposit via one method, they have to withdraw via the same method.
The SVSFX customer support team is multilingual and will help you with any further inquiries. You may call the support team, write them on live chat, or send them an e-mail. The live chat pops out automatically, so you do not have to search for the option on the SVSFX website.