Sunbird FX Review

Filed under: Learn Forex Trading |

I have just come across a forex broker called Sunbird FX, a company currently offering what seems like a very generous promotional offer. They are offering a 30-day risk-free trading account, whereby any losses you make in your first 30 days will be refunded, up to $1000! Sounds good doesn’t it? However, as always, it is prudent to look into the small print and examine the reliability of a company before going bounding in…

 

With regards to the promotion, there are various catches. The first is that you can only make one trade at a time, but the main problem is that you can only leverage 5 times your initial deposit (which has to be over $3000). This means that you would be trading with very small amounts of money (a usual leverage amount would be 1:100 rather than 1:5), which makes the promotion less impressive – but nevertheless, useful if it is legitimate.

 

So, is this a company that you can trust to send your $3000 to? Well, with regards to this, there are a number of questions. The company was founded in 2005 but has only been online since 27th September 2010 and the offices are, supposedly, based in Ireland. This seems a bit odd, that it has taken them five years to get an online presence in the era of Internet forex brokers. After a little digging, I discovered that the website is registered to an address in the Seychelles! Moreover, the broker is not regulated, which also sends out a red flag.

 

However, having said all of this, Sunbird FX may well be a reputable broker who offers a good service. It is just that, with so many regulated brokers out there, it seems like an unnecessary risk to deposit $3000 for the sake of the deceptively meagre promotion. Therefore, I will be giving this one a miss…

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