Note: Regrettably, the official website of Safe Gold FX, namely http://www.safegoldinternational.com/, is currently experiencing functionality issues.
What is Safe Gold FX？
Safe Gold FX is a financial brokerage that was founded 2-5 years ago and is based in China. Safe Gold FX offers trading services through the popular MT4 platform. However, it's important to note that the company is currently unregulated and their official website is not available.
If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics.
Pros & Cons
Pros:
- MT4 Supported: Safe Gold FX offers the popular MetaTrader 4 (MT4) platform, which is widely recognized and preferred by many traders for its advanced charting tools, indicators, and expert advisors.
- Acceptable Minimum Deposit: Safe Gold FX requires a minimum deposit of $100, which can be considered relatively low compared to other brokers in the industry. This lower deposit requirement can make it more accessible for traders with limited capital.
Cons:
- Very High Spreads: Safe Gold FX has a spread starting from 5 pips for the EUR/USD currency pair. This is considered quite high compared to the industry average, which can significantly affect the profitability of trades, especially for short-term or scalping strategies.
- Salty Commissions: The broker charges a fixed commission of $50 per lot traded, which can be relatively high compared to other brokers. This additional cost increases the trading expenses and potentially impacts the overall profitability of trades.
- Limited Payment Methods Offered: Safe Gold FX provides only wire bank transfer. The availability of only a few payment methods can inconvenience some traders who require more flexibility in managing their finances.
- Inaccessible Website: The fact that the official website of Safe Gold FX is inaccessible raises concerns about the reliability and stability of the broker. A reliable and secure website is essential for traders to access their accounts, perform transactions, and obtain information about the company's services and policies.
- Not Regulated: Perhaps the most significant disadvantage of Safe Gold FX is the lack of regulation. As an unregulated broker, it operates without oversight from a regulatory authority, which means there is no guarantee of fair practices, client fund protection, or adherence to industry standards. This lack of regulation increases the risk of potential fraud or misconduct.
Is Safe Gold FX Safe or Scam？
Safe Gold FX is not regulated. This increases the potential risk of fraudulent activities, inadequate security measures, and potential challenges in resolving disputes or complaints.
Moreover, the fact that their official website is inaccessible raises concerns about the reliability of their trading platform. These factors contribute to a higher level of risk associated with investing in Safe Gold FX.
If you are considering investing with Safe Gold FX, it is crucial to conduct thorough research and carefully evaluate the potential risks compared to the potential rewards before making any final decisions. In general, it is advisable to select brokers that are properly regulated to ensure the safety of your funds.
Accounts
Safe Gold FX offers the Standard account, which requires a minimum deposit of $100. To obtain accurate and up-to-date information about Safe Gold FX's account offerings, it is recommended to directly contact their customer support.
Leverage
Safe Gold FX offers a maximum leverage of 1:100. Leverage is a tool provided by brokerage firms that allows traders to control larger positions in the market with a smaller amount of capital. For example, with a leverage of 1:100, a trader can control a position that is 100 times larger than their actual account balance.
While high leverage can potentially amplify profits, it is important to note that it also increases the level of risk. When trading with high leverage, even small market fluctuations can have a significant impact on account balances. This means that both profits and losses can be magnified.
Spreads & Commissions
Safe Gold FX offers a spread starting from 5 pips, along with a fixed commission of $50 per lot. The spread refers to the difference between the buying (ask) price and the selling (bid) price of a financial instrument. In this case, the “from 5 pips” spread indicates that the minimum spread for certain trading instruments is 5 pips. It's worth noting that the spread can vary depending on market conditions, trading instruments, and account types.
Furthermore, the fixed commission of $50 per lot is an additional cost charged by the broker for each lot traded. This commission structure is common among brokers and is separate from the spread. Traders should consider both the spread and commission when evaluating the overall cost of trading with Safe Gold FX.
Trading Platforms
Safe Gold FX provides its clients with access to the MetaTrader 4 (MT4) trading platform, which is available for desktop download and mobile apps. MT4, developed by the Russian software company MetaQuotes, remains the preferred choice for many traders and brokers. This platform offers robust charting tools, a multitude of built-in indicators, a vast selection of Expert Advisors (EAs), and comprehensive back-testing capabilities. Along with the pre-existing EAs and indicators, traders have the option to create their own using the MQL programming language.
Deposits & Withdrawals
Safe Gold FX facilitates deposits and withdrawals through bank wire transfer. Bank wire transfer is a traditional and widely-used method for transferring funds between bank accounts. To deposit funds into a Safe Gold FX trading account, clients can initiate a bank wire transfer from their personal bank account to the designated bank account of Safe Gold FX.
Customer Service
Customers can get in touch with customer service line using the information provided below:
Email: cs@sg-fx.com
Conclusion
Safe Gold FX is a forex broker that offers trading services primarily through the MT4)platform. However, it is important for traders to carefully evaluate the risks associated with trading with Safe Gold FX. The lack of regulation, high spreads, and limited payment options are significant concerns that outweigh any potential advantages the broker offers. It is generally recommended to choose regulated brokers that prioritize client fund protection, offer competitive trading conditions, and maintain a reliable online presence.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
