SagaTrade Review – Beware of This Crooked Online Hoax

It seems that this FX rat has nowhere left to run or hide. The cover has been blown by financial market regulators and now it’s time for justice.

In the SagaTrade Review, we plan to jump on the bandwagon and expose the dirty little secrets of this phony broker. So, without further ado, let’s begin analyzing all the lies of SagaTrade!

Also, we recommend you not to invest in the fraudulent brokers TriumphFX, STB Markets and RXK Capital.

SagaTrade Is Not a Legitimate Scam Broker?

Notice how SagaTrade is all wrapped up in secrecy. Sure, the website appears professional but the information on it is pretty scarce. We know nothing about who runs this joint but the fraudster was kind enough to leave an address.

London? Right… We checked the database of the UK’s Financial Conduct Authority (FCA) and found SagaTrade on the blacklist. Therefore, this isn’t a UK-based broker, it’s an illegal-oriented hoax. 

SagaTrade is a cunning cyber scammer that claims to offer Forex, crypto and CFD trading. This broker has been flagged as a scam by as many as seven financial market regulators, mainly European.

Arguments For Trading With a Licensed Broker

As mentioned, SagaTrade is not authorized by the FCA to provide services in the UK. Thus, it’s safe to say that the broker doesn’t fulfill any conditions necessary for obtaining an FCA license.

These conditions include a minimum operating capital of 730,000 GBP, negative balance protection of clients, segregation of their funds, leverage restriction (1:30), transaction reporting, and a compensation scheme in case of bankruptcy (up to 85,000 GBP).

Warnings Issued by Financial Regulators

All the small illicit details and discrepancies led to SagaTrade being ostracized from the market by several regulators. Yup, as many as seven financial market authorities have flagged this broker as an unequivocal scam.

Namely, we’ve got the FCA, CNMV, CONSOB, FSMA, and FMA from Europe, the OSC from Canada, and the FMA from New Zealand. These warnings will help you understand how dangerous SagaTrade is.

SagaTrade Provides Which Platforms? – Trading Software

Again, the website treats visitors with false promises and lies. We’re referring to SagaTrade saying it offers Meta Trader 4, Meta Trader 5 and WebTrader.

As you may have already guessed, only the last platform is available. We didn’t expect to see MT4 & MT5. After all, this unmatched software has left its mark on the trading world due to excellent conditions, cutting-edge tools and advanced features.

On the other hand, WebTrader is a beginner, browser-based platform devoid of any slightly advanced options. Sadly, this platform cannot satisfy seasoned traders. Plus, it’s susceptible to manipulation since SagaTrade is unregulated.

SagaTrade’s Trading Instruments

SagaTrade was pretty lazy in this segment. The unscrupulous broker listed the classic trading assets, claiming they are all available. However, the trading instruments weren’t disclosed, if there are any.

• Forex currency pairs;
• Indices;
• Commodities;
• Stocks;
• Crypto assets.

There’s no demo account available so we couldn’t check the instruments for ourselves. Nevertheless, we wouldn’t even bother investing in this shady monkey business.

SagaTrade was vague in regard to trading conditions, so we briefly saw that leverage goes up to 1:200, i. e. illegal heights. The limit in the UK, EU and Australia for retail clients is 1:30. As for the spreads & commissions, they are unknown.

SagaTrade’s Fraud Risk Zones – Countries of Service

On similarweb.com, we found that SagaTrade’s website was visited a total of 11,900 times in December 2022. The most activity was recorded in Australia, thus we believe that the scammer searches for potential victims there.

SagaTrade probably doesn’t mind taking a detour to New Zealand as well. Fortunately, the local FMA issued a warning against fraud. Speaking of warnings, based on the ones we found, we can assume that SagaTrade targets traders from the following:

• UK;
• Canada;
• New Zealand;
• Spain;
• Belgium;
• Italy;
• Austria.

Also, avoid the trading frauds Red Finance Capital, OnyxTraders, and VTindex at all costs! Moreover, before investing, always look into the past of internet trading firms!

What Do We Know About SagaTrade’s Account Types?

This section is so typical of fraudulent online schemes. Expensive accounts that are essentially selling snake oil. Nevertheless, here’s a quick overview of SagaTrade’s account types:

• Bronze – 10,000 EUR;
• Silver – 25,000 EUR;
• Gold – 50,000 EUR;
• Platinum – 100,000 EUR;
• Diamond – 250,000 EUR;
• Premium – 500,000 EUR;
• VIP – 1,000,000 EUR;
• Islamic.

First of all, these prices are absurdly high. SagaTrade cannot be serious – 10,000 EUR just to start trading?! Preposterous. Of course, the scammer’s goal is to persuade you to make a deposit, after which, it will embezzle your funds and slither away without notice. 

Access to a Free Demo Account?

There’s no demo account available, which is shady. However, we checked the registration menu and found a referral code option. This means that SagaTrade sends out this code to traders it considers suitable to be defrauded.

Without a demo account, we weren’t able to confirm the trading instruments or the spreads and commissions.

SagaTrade’s Deposit & Withdrawal Methods

We found a discrepancy regarding the minimum deposit that made us frown upon SagaTrade. Recall that the weakest account type, i. e. the bronze account, requires a minimum deposit of 10,000 EUR. Yet, in the T&C section, the financial swindler says you can trade for just 500 $.

As for the payment methods, SagaTrade promises fee-free deposits and withdrawals via the following options:

• Credit/debit cards;
• Wire transfers;
• Internet payment options.

SagaTrade Broker Scammed You? – Please Tell Us Your Story

This is the end of the road for the shady broker. We’re afraid the Saga will not continue. The warnings issued and reviews such as this one contributed to exposing and putting an end to this scheme.

Now, if you’re a victim of SagaTrade, we can help you get a chargeback. Just give us a call so we can set up a consultation and go through the process together.

What Is the Chargeback Procedure?

• A chargeback is used to reverse credit/debit card transactions.
• It can be requested at the issuing bank within 540 days.
• Wire transfers can be reversed via recall, but only if the transaction hasn’t gone through yet.
• We’re unsure which Internet payment options SagaTrade accepts, but whichever they are, you’ll have to contact the issuing company to see what’s the next step.

Contact us today and start your chargeback process.