Looking to read Sharon FX reviews, you are in the right place. Read this honest review to know about this Sharonsg.com forex broker and why you should beware.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About Sharon
Sharon FX is an offshore brokerage operated by Sharon Group Limited with a lot of promises for forex traders. The company openly presents its address in Singapore.
The broker offers different account types such as —
In addition, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Deposit and Withdrawal
Withdrawal process:
Sharon withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Sharon Minimum Deposit:
Sharon deposit is just $10, which is fantastic if the broker was no a scam and a risk. In the case of Sharon, it’s not worth investing in this one.
In comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
The available payment methods are bank transfer, credit cards, debit cards, Skrill, Neteller, Bpay, Union Pay, and other unrevealed ones.
Just so you are aware, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Sharon Platform:
We confirm that there was a MT5 link, but it seemed very shady and the name of it seemed all wrong.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Sharon leverage can get up to 1:2000. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
What We Discovered about Sharonsg.com Regulation
First of, Sharon claims to be a Singapore based FX broker, but it does not do a good job in the convincing department.
We checked the regulator, and saw that Sharon was nowhere to be found in the list of regulated entities. To make matters worse the broker claims to be regulated by the Singapore Securities and Investment Commission, but this body does not exists, or it existed in the past as a separate regulator.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Sharon FX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Bottom Line:
Sharon FX, like Protosscapgroup appears like a good looking forex broker, however, we encourage you to be careful and to turn to brokers with proven reputation instead. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
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