Thinking of getting into business with Sunger? Here is what you must know about this broker. Carefully read this review to find out if sungerFX.com is the trading platform you will want to trade with.
Table of Contents
Do You Know You Could Get Back Your Money If You Have Been Scammed? Great News! Click HERE to Get Started
About Sunger Broker
Sunger is an offshore brokerage company with a lot of promises for traders. Firstly, the broker address cannot be found on the webpage. What we saw was a email address. To begin with, this is a red flag that reminds us of similar fraudulent scheme of scam brokers.
The broker claims Financial Conduct Authority FCA UK regulation.
To clarify, regardless of the trading instruments Sunger claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
sungerFX.com: Reasons to Avoid This Broker
Firstly, sungerFX.com is a platform with no financial authority overseeing its financial services. We discover this broker is not worth your money because its claim of FCA regulation is a scam. Here is a warning from FCA UK itself.
Secondly, we noticed sungerFX.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 withdrawal policy, Sunger withdrawal process takes 1 to 5 working days. The broker claims zero withdrawal fee.
Minimum Deposit
Sunger minimum deposit is pegged at $1000.
As for the payment methods, the broker does not discuss much on payment options other than Wire Transfer. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
Sunger Platform
Sunger claims to offer MT5 (Industry standard trading platform), however, the option of MT5 doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, the broker discusses nothing for traders. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Sunger 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 which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
Instead, Trade with TOP RATED BROKERS
Accounts
Free Trial
Projects
SSL
S
Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
TOP CHOICE BY TRADERS
Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:300
BEGINNER FRIENDLY
Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is sungerFX.com a Reliable Broker?
No, sungerFX.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
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 find out 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.