Name of Broker – Saxo-fx24
Website – saxo-fx24.com
Regulated By – Unregulated, Blacklisted
Warning Issued By – Commissione Nazionale per le Società e la Borsa (Italy)
Introduction to Saxo-fx24 Broker Review
Saxo-fx24 is a trading brokerage firm owned and operated by the parent company of the same name, Saxo-fx24 Limited. Trading in today’s world has its own long list of pros and cons. Despite the great opportunity, it is providing to people across the world to connect on the online platform and invest in the trade market to earn great profits, the trade market has its own evils to handle. As it is a huge profit earning industry, scammers find loopholes to enter the market and pose as legitimate brokerage firms. Furthermore, by cloning legitimate firms, they lure in innocent customers who are new to trading and make fake promises such as instant returns, double the profits, etc.
Lured in by these incentives, these poor traders end up losing all of their hard-earned life savings to such petty scams. To provide a solution to this, we bring to you scam broker reviews every day. With extensive research by our investigative team, we provide you with the red flags posted by the scam brokers and help you decide whether you should invest with the broker or not. Read the Saxo-fx24 review to know whether the broker is a scam or not.
Is Saxo-fx24 a regulated firm?
While the preliminary search about Saxo-fx24 didn’t tell us anything about the company’s legitimacy, further research revealed that Saxo-fx24 is actually an offshore trade broker. This is a huge red flag as offshore brokers are dangerous. The website of Saxo-fx24 does not even reveal its address or the regulation that they have a license. It is clear from this that Saxo-fx24 is neither a regulated firm nor is it operating from a safe place. Offshore zones are called that because of the lack of government-approved regulations operating there. The brokers from offshore zones have a 99% possibility of being a scam.
Does Saxo-fx24 provide customer support?
Saxo-fx24 does not provide any details on the basic information such as the amount of leverage, spreads, types of accounts, etc. Upon proceeding to enquire about it, we observed that Saxo-fx24 does not even provide their customers with a phone number. It follows the same tactic used by scam brokers all around the world which includes filling out a form and waiting for them to get back to us. It is clear that there is something fishy about Saxo-fx24 that the company is attempting to hide.
Is Saxo-fx24 regulated by any of the regulators?
Although on the website, Saxo-fx24 claims to be regulated, it does not specify the names of the regulations. It took us only a jiffy to realize that this is yet another tactic by Saxo-fx24 and the reality is that Saxo-fx24 is not regulated by any of the brokers. Saxo-fx24 is UNREGULATED.
Furthermore, Saxo-fx24 is also blacklisted by the CONSOB. They have stated Saxo-fx24 to be a potential threat to the public.
Conclusion: Is Saxo-fx24 a scam or not?
We leave it upon you to decide whether Saxo-fx24 is a scam broker or a legitimate one. However, we request you to proceed with full caution as the firm has already been blacklisted by a regulation. If you have been scammed by Saxo-fx24 or any other scam broker, do not worry. We will help you get all of your hard-earned money back. All you have to do is fill out the form given below and our experts will get back to you with customized solutions for fund recovery.
To read more such detailed reviews about scam brokers and the red flags they possess, stay tuned to All Scam Reports.
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