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Sure Forex Trade – Is It Safe or a Scam?

Erik Taylor

ByErik Taylor

Aug 9, 2019

Sure Forex Trade Review

The Forex market is one of the biggest financial markets in the world that has a trading volume in trillions. Hundreds of thousands of people in different parts of the world take a part in forex trading because the market is open 24/7, which gives them flexibility to trade when it is convenient. Wouldn’t you love doing that? In addition, the market also gives you the opportunity to earn huge profits. But, in order to cash in these benefits, you need to partner up with a forex broker. There will be tons of choices at your disposal when you start looking. One of them is Sure ForexTrade. The question is, can you really rely on this broker? Is it safe or just another scam? Let’s find out:

Sure ForexTrade – An Introduction

Sure ForexTrade is a CFD and forex broker, which also provides binary options. Operated by Sure Forextrade Limited located in New York, USA, it offers Contract for Difference (CFDs) on six asset classes; spot indices, shares, spot energies, spot metals, futures and forex. It claims that you can enjoy advanced trade execution, top tier liquidity and there is absolutely no dealing desk intervention.

If you visit the broker’s website, you will notice that Sure ForexTrade claims to be a regulated and licensed broker. It states that it is authorized and licensed in a number of jurisdictions and by several prominent regulators, including the South African Financial Services Board (FSB), the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK and the Dubai Financial Service Authority amongst others.

However, most of these regulators now have online registers where you can check whether a broker is listed or not. It turns out that Sure ForexTrade is simply making false claims about its licensing and is trying to delude its clients by providing them with false regulation details.

Sure ForexTrade – Trading Instruments

Another trick the broker has used for luring in clients is by claiming to provide them access to nearly 35,000 trading instruments. As per their presentation, if you sign up with Sure ForexTrade, you will be able to trade more than 80 currency pairs and plenty of CFDs on precious metals, such as gold and silver, indices, commodities, stocks and even bitcoins. Yes, it is all very tempting, but when you check out the broker’s website, you will notice that they have not provided any details about these instruments like trading conditions. The information is quite vague.

Sure ForexTrade – High Leverage

The broker claims to offer leverage as high as 1:400. This level of high leverage is usually common amongst brokers regulated in Australia or offshore brokers. This is another reason why it is certain that Sure ForexTrade is lying about being regulated in Cyprus or the UK as a cap was officially placed on leverage in the summer of 2018. Hence, brokers operating in these areas cannot offer a leverage higher than 1:30.

Sure ForexTrade – Payment Methods

On the surface, you will find that Sure ForexTrade is offering a variety of payment methods to their clients for making deposits and withdrawals. This certainly adds to your convenience as there are debit and credit cards, PayPal, Western Union, Skrill, Neteller, MoneyGram, bank transfer and even bitcoins. However, the fact is that the broker is not regulated by any authority, which means that it probably doesn’t use segregated accounts for storing customer funds. In addition, brokers that are regulated by CySEC or the FCA usually provide compensation to clients in case they go bankrupt. But, since Sure ForexTrade has made false claims about their regulation, there is a good chance you will not receive anything and will lose your funds.

Moreover, the broker has not placed a minimum deposit requirement in order to get customers to deposit as much as they can. While some reputable brokers may also decide not to have such restrictions, they do have clear deposits and withdrawal policies and charges. You will not find any such thing on Sure ForexTrade’s website. No withdrawal charges have been mentioned, which could create a problem if you are charged a high fee at the time of withdrawal.

Sure ForexTrade – Trading Platform

The well-known and regulated forex brokers usually offer the popular MetaTrader 4 platform for trading purposes. After all, it is one of the most intuitive and innovative trading platforms out there and boasts a ton of features and trading tools that can be helpful. Yet, Sure ForexTrade provides you with a web-based trading platform developed in-house and has very limited options. It doesn’t have any advanced charting tools and doesn’t support any algorithmic trading sessions. There is no information available about how user-friendly the platform may be.

Sure ForexTrade – Trading Bonus

The idea of getting a bonus appeals to everyone and Sure ForexTrade has banked on this very fact. Nevertheless, you should be aware that bonuses don’t really come for free. They are usually associated with some minimum trading volume requirements, which is sometimes used as a pretext for cancelling any withdrawal requests you might make. As this practice is controversial, regulated markets such as the European Union, have banned bonuses altogether. While Sure ForexTrade offers 100% and 200% trading bonuses, depending on the account you open, they have not mentioned the terms and conditions associated with them, which has all the hallmarks of a trap.

Sure ForexTrade – Demo Account

On its website, Sure ForexTrade has claimed that they provide excellent trading conditions, but they have not shared any details about the spreads they offer and any other information. Plus, they have not offered a demo account either, which makes it difficult to know what to expect when you sign up with the broker. They do claim to offer a 95% payout with binary options, but it cannot be verified as there is no demo account for this either.

Sure ForexTrade – Conclusion

Any broker that lies about its regulation is one you should not trust with your hard earned money. In addition, they have not provided any clear information on their website so it is best to steer clear of Sure ForexTrade.

Erik Taylor

Erik Taylor

Erik Taylor, contributing author for Big Trends Signals, leverages his vast online trading knowledge to provide thorough guides and impartial reviews, simplifying complex trading concepts for readers.

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