SydneyFX Review: Check Out This Cyprus-Based Unregulated Brokerage

Investors should proceed with caution due to the new brokerage company that operates without a license, which is presented in our SydneyFX review. From lack of transparency to unregulated status, this broker is not suitable for any trader. 

Similar to many other scam brokers, SydneyFX is based in Cyprus, however, the majority of their traders come from the UK where regulatory oversight by FCA is required. Keep reading to learn more, and don’t forget to check out Conalp. 

About SydneyFX

The SydneyFX broker is not too long in the market; in fact, they have been established recently. However, they still claim to have been in business for over 10 years and offer the best trading conditions. 

The thing that surprised us the most with this broker is their reviews because there are no unfavorable comments. But reviews are not enough, which is why we’ve decided to write this SydneyFX review. 

The owner of the website is using a service to hide their identity on WHOIS and the registrar has a high % of spammers and fraud sites according to ScamAdviser. There are many red flags surrounding this broker, indicating he can’t be trusted. 

Legal Information

We were expecting the broker to be regulated, especially since regulation in Cyprus is easy to obtain. However, SydneyFX operates without a license and that is a huge red flag. They accept traders from the UK and Canada, where regulation by FCA in the UK and IIROC in Canada is required. 

Choosing a regulated broker is imperative for success and it provides an additional level of security because you are entitled to investor protection. With Sydney FX, your funds are not secure, so we recommend requesting a withdrawal immediately. 

SydneyFX Features

There are 6 asset classes and 500+ trading instruments to choose from, which include SydneyFX crypto, forex, indices, stocks, energies, and commodities. According to the website, the broker doesn’t charge commission and offers a 1:200 leverage. 

You can trade worldwide indices with SydneyFX and take advantage of both long and short positions on important price movements in the US, UK, Asia, Australia, and Europe. 

Additionally, there is a funding fee associated with maintaining your commodity position overnight, just like with an index position. You can adopt a short-term perspective on 26 important commodity markets with their new commodity offering. 

Information about spreads can be found for each asset separately and the web-based easy-to-use platform offers educational content, charting tools, and more. Overall, the features seem great but unfortunately, the concerns come when you want to withdraw your profits and not when depositing. 

SydneyFX Account Types

All account types have some features in common, while some don’t offer anything beneficial. The Micro account type doesn’t offer much; the leverage allowed is 1:50 in addition to market view and that’s pretty much it. The minimum deposit is $250.  

The Basic account type requires a $2,500 deposit, which is a large increase from Micro. The only thing you will get for that much money is 1:100 leverage, indicating that the plan is not worth it. 

Now with the Gold account, you can get a dedicated account manager, bonus funds, gold spreads, up to 1:200 leverage, risk management planning, and a prioritized withdrawal process level 3. The minimum deposit required is $10,000. 

And finally, with the Platinum account that requires $50,000 and the VIP account that is invitation only, you get pretty much the same things with the addition of 1:300 or 1:400  leverage and additional things that are not worth the money you need to pay. Account types that this broker offers are not even decent, to say the least. Stay away from SydneyFX. 

SydneyFX Reviews

SydneyFX has earned an overall score of 4.2 on Trustpilot, based on 19 comments. Most of the comments are favorable, except one 1-star review. However, the comment was flagged by Trustpilot for violating the policy with harmful or illegal content. 

On Sitejabber, there are no unfavorable comments, only 5- and 4-star reviews. Apparently, no one experienced any issues while using this company but either way, their unregulated status is a thing to be concerned about. Sydneyfx.io has a rating of 4.5 stars from 10 reviews, indicating that most customers are generally satisfied with their services.

After digging some more, we were able to find them on reviews.io, where they have 14 reviews and an overall score of 4.9. The broker’s reviews are very impressive, especially considering they were established recently. Additionally, reviews.io has a built-in system of flagging genuine reviews as verified, and most of the comments are marked. 

Payment Options and Process

The accepted payment methods include cryptocurrency and credit cards. There are no fees for depositing your funds and it’s mentioned in the terms and conditions that all deposits are final and not subject to refund. Only funds that have been deposited via Bitcoin can be returned via Bitcoin.

You are required to verify your identity before a withdrawal from your account is conducted. You may request a refund of your current qualifying account balance if you’re not happy with the company’s trading platform, however, a fee of 1% must be paid. The minimum withdrawal amount is $100 and the entire process is 7-10 working days long. 

Weighing the Pros and Cons

Can I Make Money While Trading Online?

Making money while trading online will be impossible while dealing with brokers like SydneyFX or Virtus Capital. That is why you need to take matters into your own hands and stop relying on shady agents by dedicating time to learning about the market. 

However, if your goal is to be a part-time trader or investing so much time isn’t convenient, you can try our analysis bot AI.F. This potent program can analyze billions of data points and forecast future price movements to make insightful recommendations on whether to buy or sell. 

If this sounds like fun, wait until you see all the features AI.F offers. For 14 days for free, you can experience the bot firsthand and enjoy the perks of becoming a profitable trader. Call us right now and book a consultation for more info about AI.F. 

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