SeguroFX

The third-rate broker SeguroFX modestly refers to itself as the world’s #1 provider for spread and CFD trading. It attempts to attract users through the presence of a license, appealing trading conditions, and a user-friendly platform. However, in our opinion, it does not merit the attention of traders, and depositing funds with this company carries a substantial risk of a complete loss. In the following review, we will explain why we believe this project resembles a scam and provide evidence to support our claim.

Overview of SeguroFX

Would you like to assess all the benefits of the “world’s #1 provider”? Let’s begin our acquaintance with SeguroFX. First and foremost, we will visit the broker’s official website to see what it has in store to amaze us.

Broker History

We have become accustomed to the fact that reputable stock and forex CFD brokers, operating under authoritative licenses, provide full disclosure of information about themselves. They publish their credentials and financial reports, and acquaint potential clients with the company’s history and management. This allows visitors to the official website to evaluate the platform’s reliability and determine how safe it is to entrust their funds.

However, numerous scam projects avoid posting such information on their web pages. The reason is simple: it’s easy to verify this information. If the details turn out to be inaccurate, luring traders to fraudsters becomes considerably more difficult. SeguroFX falls into the category of dubious brokers that conceal their data. This is the first argument against its credibility.

Segurofx.com Website

We have seen enough official websites of legitimate brokers, so we can confidently say that SeguroFX has failed to create anything remotely similar. Real participants and organizers of trading understand that traders are primarily interested in:

• Characteristics of various account types.
• Trading conditions.
• Contract specifications.

The creators of SeguroFX, on the other hand, appear to believe that new clients with money can be attracted by mere verbal descriptions of their advantages. Alternatively, they may be acutely aware that their offers would prove non-competitive, thus avoiding specific figures.

Registration Process and Personal Account

Registering with SeguroFX is remarkably simple — or so we thought. However, it turns out that there is no registration form on the broker’s website. Even on the page with account types, the “Open Account” links redirect to the login form, and there is no option for those who do not have accounts to proceed with registration. Moreover, the registration page is absent from the sitemap, making it currently impossible to create an account independently.

This approach is not unfamiliar to us. We frequently encounter it with scam brokers. They contact potential clients (obtaining contact details from previous similar projects or purchasing them from the darknet) and open accounts for those who agree to trade on their platform.

Please note! There could be another scenario. Traders interested in working with the broker may contact their support. Subsequently, company staff open accounts for clients and provide them with authorization details.

It appears that SeguroFX employs these methods when dealing with new users. In such a case, questions about the informativeness of the website content become irrelevant. Such a pseudo-broker merely needs to establish a presence online and place a “Login” button (or others leading to the same authorization form).

Naturally, we were not included in the number of users chosen by the gods invited by SeguroFX employees. We were never able to register; therefore, we did not see either the Personal Account or the trading platform.

Trading Platform

SeguroFX touts the uniqueness of its proprietary trading platform. Due to the inability to complete registration, we could not personally acquaint ourselves with it. However, judging from the photos, albeit not of the highest quality, on the website pages, we are over 80% confident that the broker’s specialists did not develop anything themselves.

The trading terminal, at least in appearance, seems to be a close relative of the well-known product Sirix. According to client reviews, the software is far from the best, but that does not grant SeguroFX the right to claim ownership of it.

Contacts

On the SeguroFX contact page, they deemed it necessary to provide only the following:

• Office address in Malaysia: Lot 2 (a), Kat 4, Wisma Lazenda Jalan Kemajuan, 87000, Labuan.
• Email address: support@segurofx.com.
• A contact form.

Additionally, there is an option for online chat on the official website. However, we were left wondering: Why hasn’t the “world’s #1 provider” allocated resources for renting an office with a phone or at least obtaining a telephone number in Malaysia, or in the place of registration in the Comoros?

Analysis of Services Offered by SeguroFX

Overall, the impression after the first encounter with SeguroFX is far from favorable. Useless content on the website’s pages and the unclear issue with project registration cast the broker in a less-than-favorable light. Let’s see what the company has in store for traders.

Funding and Withdrawal

In the FAQ Payment and Banking section, SeguroFX mentions the possibility of depositing funds via bank transfers, card transfers, or e-wallets. However, on the Deposits and Withdrawals page, the number of payment methods is somewhat reduced, including only credit cards and e-wallets.

Unfortunately, without access to a Client Portal, we were unable to observe how the trader’s money transfers to the account and withdrawal request processes are organized. We did not see what the term “e-wallets” encompasses.

This is important, by the way. Since the broker’s billing is handled by a third-party company, namely Cypriot Ceuda Investments Ltd., for example, to work with cryptocurrencies, they must have CySEC permission. However, the firm has not obtained such permission. This means that depositing and withdrawing via cryptocurrency wallets (if they are included in the broker’s eWallets) are conducted in violation of laws.

SeguroFX Trading Conditions

As mentioned earlier, the broker does not seem inclined to publish reasonably clear trading conditions. The only thing a trader can see are three types of trading accounts:

• Standard.
• Premium.
• Platinum.
• VIP.

Moreover, SeguroFX does not even disclose the differences in the initial deposit levels for these accounts. It appears that the company’s specialists believe that the main distinctions between the tariffs are not the size of leverage or spreads, but the access to an economic calendar or one-on-one lessons with a platform instructor.

As for the actual terms of executing trades, the client of the platform will have to figure it out on their own during trading. It goes without saying that this can lead to significant financial losses. For the broker, however, this seems unimportant, and even advantageous. With the order execution technology used by the trader, every loss incurred by a trading participant turns into a profit for the organizer, i.e., SeguroFX.

Is SeguroFX Trustworthy and Reliable?

Overall, concerning traders, it does not seem that we are dealing with an honest and reputable broker. Such discrepancies with registration or the publication of trading conditions are more characteristic of fraudulent projects aimed at misappropriating clients’ funds. So, should you trust SeguroFX?

Assessing Legitimacy

In the footer of the official website and in all official documents available to users, SeguroFX consistently states that the company Pangaia Ltd., which owns the broker, is registered in the Comoros and operates under license T202295 from the local regulator, Mwali International Services Authority (MISA).

A check in the regulator’s registry confirmed that such a company is indeed registered in the Union of the Comoros and is authorized by MISA. However, there is a question for the website creators and document compilers: Why is the wrong license number for Pangaia Ltd. provided, and it appears everywhere it is mentioned? One such error could be attributed to chance, but a multitude of them suggest a pattern. Could it be that SeguroFX’s staff are unaware and unable to check the company’s license number? Or perhaps the broker has no affiliation with this company whatsoever and randomly (incorrectly) selected the first entry from an open registry?

There is another intriguing question for SeguroFX. We remember its address in Malaysia and cannot understand why it did not register locally and obtain a license from the Malaysian regulator, which is quite reputable, by the way. Why go through the trouble of registering and seeking a license 6,000+ km (almost 3,500 miles) away?

Perhaps the cost is a factor – in the Comoros, obtaining a document ranges from $20k to $50k with a $500 annual fee. However, despite the license being an international broker’s license, the regulation does not significantly differ from its absence, similar to the case of Saint Vincent and the Grenadines. In short, the claim that SeguroFX holds a license does not inspire confidence in us, and the safety of traders remains a substantial question.

Established Track Record

As for SeguroFX’s history, just like Pangaia Ltd, the broker’s website does not provide any information. We are concerned by the reluctance to publish the project’s launch date, details about its development and achievements, and the team of founders and managers. Typically, such a practice is employed by scam brokers who, for obvious reasons, hide all information about themselves. But we have a way to assess the platform’s age. We can use a Whois service.

As we can see, the domain for the official SeguroFX website was registered only on May 23, 2023. We are not concerned that it has been operational for slightly over six months. What is more intriguing is the inconsistency between the dates of obtaining the license and the creation of the broker. It turns out that from the moment Pangaia Ltd. was authorized by MISA to the start of the broker’s operations, nearly 9 months passed (wasted). Do you believe in such inefficient business conduct?

Implications for Traders

We cannot definitively state that SeguroFX is unregistered and operates without a license, although we do have doubts about the authenticity of the registration information published by the broker. However, there are numerous other factors suggesting that the broker does not aim to conduct business transparently and honestly. Taking everything into account, we consider the likelihood of this being a scam to be quite high, and we do not recommend registering, let alone depositing funds, here.

Strengths and Weaknesses of SeguroFX