SGBFinancesa.io Review – Baiting The Victims With High Bonuses

Access to a myriad of markets, large numbers of different account types and a generous bonus turn out to be just bait for a financial scam. When the layers of lies are peeled from this rotten apple, you’ll see that none of what is advertised holds to any scrutiny.

Keep safe online! See our SGBFinancesa.io review to learn more about forex fraud, and how to recover lost money.

Broker status:	Unlicensed Broker
Regulated by:	Unregulated
Operating Status:	Active Forex Trading Scam
Known Websites:	sgbfinancesa.io  webtrader.sgbfinancesa.io
Blacklisted as a Scam by:	FCA
Owner:	SGB Finance S.A
Headquarters Country:	Estonia (alleged)
Foundation Year:	2023
Online Trading Platforms:	Web Trader
Mobile Trading:	No
Minimum Deposit:	$250
Deposit Bonus:	Up to 40%
CFD Trading Option:	Available
Crypto Asset Trading:	Yes – BTC, ETH, XRP, ADA, DOGE
Available Trading Instruments:	Forex, Cryptocurrencies, Stock, Commodities, Metals, Indices
Maximum Leverage:	1:500
Islamic Account:	No
Free Demo Account:	No
Accepts US clients:	US clients are not accepted
Global Fraud Protection Experts’ Verdict:	Seek help from our legal team, and file a chargeback in order to recover your funds.

Illegal In Every Aspect

The nameless business running the website we’re reviewing doesn’t openly share their address anywhere on the site. Legal documents, however, reveal that the governing laws are those belonging to the Estonian court, which means this platform should have obtained a license from FI. After searching their database for SGB Finance S.A, as they claim to be named, we found no matches.

However, there’s a company under the name of SGB Finance that is allowed to provide cross-border banking services, with their native country being France. The connection between the two cannot be established.

That implies that the firm in question isn’t regulated even in their own jurisdiction. Further search of the reputable databases like BaFin, CySEC, CNMV and others only reveals one public warning, issued by the leading UK financial authority – FCA.

Perhaps at a glance, this firm seems solidly genuine, just like Sallix Capital. The sad truth is that no fund safety is ensured, compensation scheme access is denied and negative balance insurance isn’t provided.

How The Fraudsters Operate

Many of these online scams, including NDDFX, rely heavily on the work of boiler room agents. If you’re unfamiliar with the term, these could be compared to the telemarketers of the fraud industry.

They go through the phone books one number at a time, and introduce themselves as some sort of stock market experts that seek new investors. If the victim bites the bait, they immediately shift the narrative to ask for deposits.

The required deposits grow over time, and so does the alleged profit, but once the victim tries to withdraw the agents cut communication. Recovering the lost money is a difficult affair, so book a free consultation with our legal team on how you may file a chargeback.

Lying About Their Age

The company claims to have been in business online since 2009. This is difficult to believe, considering that the WhoIs register dates the inception of sgbfinancesa.io to May 2023.

Majority of the victims are from these nations:

• Italy

• United Kingdom

• Bulgaria

Compromised Trading App

You won’t find any of the industry standard programs with this firm, such as cTrader, MT5 or MT4. Instead, what you get is a web trader that doesn’t have any of the advanced functions.

The chart information is provided directly from the con artists’ own server, which lets them tailor the data whichever way they see fit. We did notice exactly this with some of the instruments, as the shown market shifts were too regular and perfect for a volatile trading environment such as Forex.

Range Of Instruments

The company says that they offer access to over 16,000 different markets, which is a bold claim at best. Many of the advertised groups of assets are not available in the trading app, so we can just dismiss this as false advertising.

Here’s a few examples of what we’ve found in the web trader:

• Forex – EUR/USD, AUD/CAD, GBP/SEK, CAD/CHF
• Cryptocurrencies – BTC/EUR, ETH/USD, LTC/USDT, XRP/USDT
• Stocks – 3M, BMW, Amazon, Tesla
• Metals – Silver, Gold, Platinum
• Indices – Nikkei225, Amsterdam25, HongKong50
• Commodities – UKOil, Brent, Natural Gas, Sugar, Cocoa

Funding Stages

Seemingly the selection of different SGBFinancesa.io accounts seems large, yet these are all tiered live trading accounts with no demo. Higher tiers, or “Funding Stages” allow for greater access to the market, larger leverage and more hefty bonuses.

Compared to the competitors, these are all quite costly to fund:

• Basic – $250
• Standard – $5,000
• Classic – $25,000
• Exclusive – $50,000
• Business Exclusive – $70,000

Costly Services

In nearly all the aspects, this broker is a lot worse than their regulated competitors. The leverage is 1:100 minimum and 1:500 maximum, which is in both cases much higher than the 1:30 legal maximum in EEA.

The spreads are floating from 0 pips for the EUR/USD benchmark, but may rise to over 9 Pips in a second. The commissions are not even mentioned.

Withdrawal fees are quite costly, ranging from $25 for e-wallet payments to $50 for wire transfers. An additional 10% levy is charged from any account that did not execute 200 trades, or an account that has not been verified. Dormant accounts are charged 10% of the balance each month after 6 months have passed.

Company Offers Bonuses

Welcome bonuses are quite large, ranging from 10% up to 40%. In addition, the firm also offers a Friends Zone bonus of 25%.

Remember, bonuses are banned in the EEA for a good reason, as they always come with some caveats. In case of the SGBFinancesa.io scam, the volume of bonus + 25x the added funds of trading volume must be accomplished before any assets may be withdrawn from the account.

Overcharged Transfers

The SGBFinancesa.io payouts are anything but safe, that’s first. Since the trading host hasn’t acquired a proper Forex license, you can expect all kinds of malevolent behavior on their part. That’s why you should be extremely careful when sharing your personal data and bank information.

High withdrawal fees apply to every payout attempt, as we’ve already clarified. Unfortunately, that is not the end of your troubles with this swindler. You can expect additional and previously undisclosed fees and taxes that the firm will directly deduct from your total account balance.

Who Can Help You In Case Of Scam

Even if the situation seems desperate and unsolvable, you should not give up easily and let the cyber criminals get away with their crime. There’s confirmed strategies to employ in order to get your funds back. If you just contact our operators via Live Chat, they will organize your free consultation with our legal experts.