SydneyFX Review 2024 – Not From Australia and Not Legit

Despite purporting to be a perfectly transparent and efficient trading platform with over 34k users, SydneyFX is not what it claims to be. We have undisputable evidence against this monkey business.

It is just as bad as Vkkcoin, if not worse. For more information about the truth, keep reading our honest SydneyFX review. We can help all victim of this cyber fraud recover their money quickly.

Legal Info: Is SydneyFX Regulated?

Let’s first debunk the claims of SydneyFX broker being a legitimate business. The website says this platform is powered by Unlimited LTD, a British-based company engaged in media. This is a lie. As for the Cypriot address, we checked and confirmed it is fake as well. The legal documentation text sabotaged the whole operation.

After investigating the provider further, we stumbled upon a regulatory warning from the Australian Securities and Investments Commission (ASIC). The Aussie watchdog, in charge of supervising the domestic markets, said on December 22, 2023, that SydneyFX “is not authorized by a licensee,” implying fraudulent practices.

A few weeks later, the Dutch AFM authority also blacklisted the broker, indicating that it has no permit to operate across the European Economic Area (EEA). These alerts stress that your money is not safe.

We thus recommend you stick to regulated firms operating under the supervision of renowned financial market authorities such as the FCA (UK), ESMA (Europe), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc.

Who Are SydneyFX’s Targets?

According to WHOIS, the sydneyfx.io website domain was created on September 19, 2023. Since then, the financial swindlers behind this hoax have been targeting unsuspecting traders from the following jurisdictions: 

• United Kingdom;
• Australia;
• Cyprus;
• Israel.

All four countries have stringent regulatory laws in force for their markets. Their respective financial watchdogs oversee all participants and transactions to prevent virtual fraudsters like Emx1.vip from tricking traders and investors.

With two regulatory warnings to its name, the SydneyFX Forex platform is not among the reliable bunch. It is not authorized to provide trading services whatsoever. 

Trader Reviews – Sharing Experiences

As for SydneyFX reviews, the feedback is mixed. Namely, the broker received 29 comments on trustpilot.com and an average score of 3.6 (average). On the other hand, scamadviser.com shows nothing but complaints against the firm.

There is even one lengthy negative review on reddit.com about the provider, indicating that “Everything about it seems dodgy. The fake names/addresses. The previous registered names to the same address etc.”   

This claim aligns with the evidence of fraud we provided in the previous sections. User feedback is critical for discerning the right firms from the wrong. You should always read what traders and investors think about a certain company or platform before investing. 

Which Trading Platform Is Available?

The SydneyFX trading platform is web-based, supporting popular instruments such as Forex currency pairs and stocks. Although the interface offers fundamental tools like charts and graphs, it lacks sophisticated options.

Moreover, the lack of regulatory oversight also raises concerns about the legitimacy of the SydneyFX WebTrader. Therefore, we suggest you opt for licensed providers that offer reliable third-party software like MetaTrader 4, MetaTrader 5, or cTrader.

Available Account Types

Trading Info – Leverage, Spreads, Commissions

SydneyFX’s maximum leverage scales up from 1:50 to 1:500, depending on the account type. Since the legal cap for retail clients in Europe is 1:30, the broker directly violates regulations by offering considerably more.

High leverage is pretty risky; it can bear huge profits if you bet correctly, but should the market move against you, the losses will also be magnified.

As for the trading costs, the website did not disclose the spreads while claiming zero commissions. Given how unreliable the whole business is, this is probably a lie.

Can Traders Use a Free Demo Account?

There is no risk-free demo account available on the website. If you try to access the platform, you will be blocked by the SydneyFX login screen, which you cannot pass unless you fund a live account. 

That’s a clear red flag as the majority of legitimate brokerage firms nowadays include a demo account traders can use to practice their skills. Once they feel comfortable trading with virtual funds and learn risk management techniques, they can switch to using real money. Scammers purposefully omit the demo option.

Deposit and Withdrawal Process

The website listed two payment methods that can be used to make a deposit and withdraw profits free of charge:

• Credit/debit cards;
• Bitcoin.

Considering all that we have exposed so far, it’s unlikely that you will be allowed to withdraw your money from this platform. If case you experience SydneyFX withdrawal issues, there are other ways to pull out your funds from the platform.

For MasterCard or VISA credit/debit card payments, you can request a chargeback at the issuing bank within 120 days to get a refund. Present bank officials with evidence and relevant documents to make a strong case. 

Recovering stolen crypto is more challenging and requires advanced software such as CipherTrace, as well as professional assistance. Our team can help you with this one.

Key Facts To Consider About SydneyFX

Let’s recap: SydneyFX is a phony broker claiming to have over 30k clients. The main targets included users from the UK, Australia, Cyprus, and Israel. The regulators from Australia and the Netherlands have exposed the sham business and issued warnings to their traders. 

We do not recommend you trade on this platform due to its unregulated status. In case you have lost money to the SydneyFX scam, you must seek our professional help to recover your funds! A chargeback is your best option.

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

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