Thinking of getting into business with Sapphire Markets? Here is what you must know about this broker. Carefully read this review to find out if sapphiremarkets.com is the trading platform you will want to trade with.
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About Sapphire Markets Broker
Sapphire Markets is an offshore brokerage company with a lot of promises for traders. Firstly, the broker address cannot be found on the webpage. To begin with, this is a red flag that tells us the fraudulent move of the broker.
Added, the broker claims to be licensed in St Vincent & Grenadines.
To clarify, in spite the trading instruments Sapphire Markets claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Here is a warning by Financial Service Authority. See below.
sapphiremarkets.com: Reasons to Avoid This Broker
Firstly, sapphiremarkets.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because local financial authority, SVGFSA does not monitors or give license to forex brokers.
Secondly, we noticed sapphiremarkets.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Sapphire Markets discusses 2 to 5 business days as the timeframe for withdrawal request to be processed.
As for an inactive account of 6 months, the broker charges $10 inactive fee.
Minimum Deposit
Minimum deposit is not provided by this broker.
As for the payment methods, the broker accepts only Crypto currency. In fact, you should not consider making any payment with this broker because it is a risk. So beware!
Sapphire Markets Platform
Sapphire Markets offers MT5 (Industry standard trading platform), however, that doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it is pegged 1:500. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Sapphire Markets Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is sapphiremarkets.com a Reliable Broker?
No, sapphiremarkets.com does not seem like a reliable broker for traders even though it promises offers that look good to be true. The broker has shown to us that relevant info are not important to the public.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.