Is Sigma Trade Finance Legitimate or a Scam?
A red flag for this company is its purported regulation. While claiming licenses from CySEC (Cyprus) and MFSA (Malta), it’s essential to note that Canadian firms should first secure domestic licenses. However, Sigma Trade Finance is absent from the databases of these regulators.
Furthermore, the company asserts authorization from the FCA to operate in Canada and the US, but the recognized regulators in Canada are IIROC, and in the US, it’s the CFTC, SEC, and NFA. Searching for this investment firm yields no credible results. Additionally, the claim of its registration in 2012 appears false, and even the Legal Entity Identifier (LEI) lookup provides conflicting information.
Traders’ Experience with Sigma Trade Finance
Examining Sigma Trade Finance reviews is crucial, and notably, the absence of both positive and negative feedback over 11 years on independent platforms raises suspicions. Despite the company’s claim of numerous comments on its website, the lack of reviews on Trustpilot, Sitejabber, and other forums suggests potential fabrication. Should you encounter issues with this firm, contacting our team for guidance and assistance with the chargeback process is advisable.
How Sigma Trade Finance Operates
Sigma Trade Finance attempts to present an appearance of legitimacy, capitalizing on strategies that appeal to traders. While they may mislead traders into believing in their reliability, experienced individuals can discern the deceptive practices. The company often induces clients to deposit funds by employing a fictive proprietary platform, manipulating emotions, and encouraging additional investments. Unfortunately, the outcome tends to be disappointing, with either the company disappearing or clients losing their entire investment.
Sigma Trade Finance Victims
While the company claims global authorization, evidence is lacking. Regardless of whether operating since 2012 or 2023, Sigma Trade Finance appears to target specific countries, including the United States, India, Canada, and the United Kingdom. Additional information from affected individuals can aid in fund recovery or obtaining relevant advice.
Available Trading Platforms
The primary concern, apart from regulation, centers around Sigma Trade Finance’s trading platform. Although they showcase an appealing proprietary app for Windows and Mac, its download option is not publicized. Unfortunately, the absence of a demo account adds to the uncertainty.
Is the Sigma Trade Finance Mobile Trading App Available?
Issues with a mobile app are anticipated, as the company’s claim of an available app for iOS and Android lacks credibility. If it exists, it is not listed in trusted stores, emphasizing the importance of avoiding downloads from unreliable sources.
Financial Instruments on the Platform
Several details about Sigma Trade Finance remain speculative, but the company purports to offer various financial instruments, including Forex, commodities, stocks, indices, ETFs, options, bonds, and futures. However, given the speculative nature of the information, caution is advised.
Sigma Trade Finance Account Types
Sigma Trade Finance lacks a specific account type classification. Instead, traders can opt for individual or corporate accounts, with the primary distinction being the required deposit. Individuals must deposit $10,000, while corporate clients are required to deposit $50,000.
Can a Trader Use a Sigma Trade Finance Demo Account?
Unfortunately, Sigma Trade Finance does not provide a demo account, a notable drawback considering the high deposit requirement. Understanding the significance of a demo account is crucial, as highlighted in our Profiton review.
Sigma Trade Finance Fees, Spreads, Leverage, and Commission
While the company claims attractive spreads starting from 0.3 pips, the lack of platform access makes it challenging to verify. Notably, the company includes a 12% interest rate for short selling commissions, along with undisclosed overnight fees. Additional fees include a manual margin execution fee of $90, an inactivity fee of $50 in specific cases, negative balance fees, and a $90 fee for special requests.
Is Sigma Trade Finance Withdrawal Possible?
Considering the included fees, the absence of a transparent withdrawal policy, and concerns about Sigma Trade Finance’s regulation, the possibility of a smooth withdrawal is questionable. Transparency issues and irregularities suggest potential problems with non-transparent companies.
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