The problem with unregulated brokers is that they are untrustworthy and violate the rules. When a broker has your money, he can do whatever he wants, as long as it is not regulated. Traders should trade with well-regulated brokers such as UK or Australia brokers and reputable brokers.
You can also share your trading experience with Scion-Forex by commenting on this review. Use this comment to guide your trading decisions and conduct due diligence on Scion-Forex. Below, in our Scion-Forex broker review, we will learn about all the main elements of the platform and what our readers can know before depositing at Scion-Forex. In our broker review, we discussed trading products such as stocks, commodities, ETFs, foreign exchange, options, CFDs, bonds, indices, and cryptocurrencies.
Some brokers may offer a wide variety of trading products, while other brokers may specialize in one area, such as foreign exchange. The proprietary platforms of many high-quality brokers can provide an excellent trading experience. On the other hand, if the broker no longer provides communication methods such as email, phone, SMS, and chat, and there is a support team that does not seem to understand the transaction or avoid asking certain questions, this may be an indication that the scam is or at least low-quality broker. During our initial research on the broker, we encountered a large number of Scion-Forex reviews in which people said that the customer service after the initial exit was absolutely terrible.
If Scion-Forex is a no-withdrawal broker, most likely there is a problem with their license. The network has complaints about problems with withdrawing funds from Scion-Forex. Traders may also have to pay up to 2.6% for withdrawals if withdrawals are required without trading.
The minimum deposit of $250 is the average amount of foreign exchange, although many other unregulated brokers require lower amounts. The Scion-Forex scam really does not hinder these deposit costs. What is even more offensive is that the minimum deposit for a bronze account allows you to get more features from more reputable and regulated foreign exchange brokers. These account options sound tempting, but trading on Scion-Forex is nothing more than a scam.
Like all leading brokers, Scion-Forex provides customers with a series of account types to meet the different needs of different types of traders, from beginners to professionals. The broker is regulated by the Vanuatu Financial Services Commission and provides investors with a comprehensive trading environment, including impressive assets, platforms, trading options, and market options, which can satisfy different types of traders from beginners to professionals. need. Unlike binary brokers, Scion-Forex provides a slightly different online trading method. Potential investors can also try the Scion-Forex trading platform for free, and then make the final decision by opening a free demo account.
In general, the FCA advises UK investors not to invest with this broker. However, the Forex broker does not have a compulsory FCA license to do this. The Forex broker is licensed by the VFSC, but this is not enough to offer financial services or products in the UK or Europe.
However, Scion-Forex does not provide information on the availability of regulatory licenses in the UK. The company named its address Suite 110, 12 South Bridge, Edinburgh EH1 1DD Scotland, United Kingdom. Another cool feature of the Scion-Forex support page is that it lists several different Scion-Forex employees, which many other brokers do not, especially scammers. Obviously, Scion-Forex did not do any of the above, and could not even be regarded as a broker, but just a scam in the foreign exchange market.
In view of the above, regardless of the trading conditions provided by Scion-Forex, we do not recommend that you trade with it as it is unregulated and likely to be a scam. The trading tools available on the Scion-Forex platform are relatively limited compared to many other brokers. Traders around the world can learn from the Scion-Forex Broker Review that they provide five account types, each with its own trading characteristics and different minimum deposit amounts.
A number of unregulated brokers like Scion-Forex have been reported to cheat people. Some fraudulent brokers restrict clients to their own platform, which may not be a platform at all, but a bogus one. While these platforms would be good in the hands of other brokers, Scion-Forex makes unauthorized trades and traders have trouble withdrawing funds from Scion-Forex.
You may not be able to determine from the beginning whether Scion-Forex is the type that does not allow you to withdraw money after you open an account and make money. If Scion-Forex tries to keep your funds, it may try to force you to make another transaction when you request a withdrawal. They may also say that local taxes require them to charge certain withdrawal fees. Due to lack of information and unregulated Scion-Forex, funds are not safe with them.
For further reading, please see Scion-Forex: fund recovery