Sinox FX Review
The sheer number of online brokers that you will find with just a Google search can be quite overwhelming. Most people are left confused after checking just a couple of companies because they all seem to be professional options. The services and features are quite similar and the claims quite impressive, which can leave people unsure of how to proceed. Sure, you could just choose any platform, but you have to remember that fraudsters are also very active in this space. This SINOX FX review highlights one such brokerage.
You need to bear in mind that if you expect to be able to identify a scam brokerage at first glance, you are going to be disappointed. Yes, there was a time when people could do that because the fraudulent platforms had some major flaws that could be easily identified. These days, these scams have gotten quite sophisticated and they know just how to disguise their reality. They use some very convincing tricks to fool people into thinking that they are legitimate, which means you cannot signal them as a scam straight away.
Instead, you have to take a close look at their offerings and verify their details because that is how you will be able to learn the truth. If the brokerage is a scam, you will find lots of reasons to not open an account with them. You will see the same in the case of SINOX FX that seems like the perfect brokerage at first glance because it is offering almost everything you could possibly wish for when trading online. Who does not want spreads that start at zero, great prices and a variety of forex pairs, shares, bonds, commodities and indices on an advanced and powerful platform?
But, as mentioned above, you should not believe everything a broker tells you. Taking a close look is necessary to ensure everything is on the up and up and there are no reasons to avoid the brokerage. Unfortunately, you will find that SINOX FX is not what it seems and there are reasons that tell you to stay away. Some of the top ones are highlighted below:
Absence of licensing and regulation
The licensing and regulation of an online brokerage is the greatest indicator of its authenticity. It shows that the company is being monitored by a regulatory authority and is capable of offering fair and transparent services because it has nothing to hide. If a broker does not have a license to provide its services, it is not possible for you to verify anything it claims. This is exactly the problem you will come across at SINOX FX that claims to be providing its services to over 10 million traders over the world.
It sounds quite impressive and you would want to trust the brokerage, but to be able to take their word for it, you have to check their regulation. This is where you will find that SINOX FX is not regulated anywhere. It gets worse when you realize that there is really no information available about the company at all. You can go through the entire presentation and not find any details about the brokerage, or its parent company.
Essentially, you are dealing with a virtually anonymous broker where SINOX FX is concerned because there is no corporate background, company name, or corporate address for that matter. As a matter of fact, there are no contact details given either and all you have is an email address that could belong to anyone. Hence, the fact that SINOX FX has no legitimate forex license is enough to show that the website is a scam because a genuine company will never operate without one. In addition, they would be upfront about where they are from and not hide who they are.
Lack of trading platform
When you decide to trade in the financial markets, you will need access to a trading platform to execute your trades and it is the job of the online broker to provide you this platform. You do not need just any platform; you want a good one that boasts advanced technology and a good set of trading tools that can help you make the best decisions. One of the offerings of SINOX FX is a powerful trading platform and you would definitely want access to one for trading profitably.
But, when you try to take a look at the promised platform, you will come to know that SINOX FX is lying and actually does not offer a functional trading platform at all. Why would you open an account with a broker that does not have a trading platform? It does not make sense because there can be no trading without a platform. If a company is not offering its most important feature, what does that tell you? It is proof that you are dealing with a scam and that is reason enough to avoid it.
The leverage ratios that SINOX FX is offering go as high as 1:500 that can be quite attractive because it means that even if you do not have a lot of capital, you can still make some big trades. This can help you make high profits, but it can also increase your losses. Therefore, regulatory bodies have limited the amount of leverage that can be offered to traders, which is significantly lower than what SINOX FX is offering. It is further evidence that it is not a reliable brokerage, or a regulated one for that matter.
Only crypto payments
The fact that you are only able to make deposits in bitcoin and ethereum at SINOX FX should not come as a surprise, given that you have already found reasons to avoid this brokerage. Crypto payments have become a favorite of scammers because they are not eligible for chargeback, which means you cannot get a refund if there are any problems. Once you have deposited, the broker can keep your money and you will not be able to do anything about it.
These are some excellent reasons for you to avoid opening an account with SINOX FX because it has all the signs of a scam.