SageFX has been flagged by Commodity Futures Trading Commission for "Other". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I was about to invest with SageFX but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Commodity Futures Trading Commission has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Pros: Website looks legitimate on the surface
Cons: Not registered with regulators|Unrealistic promises
I invested $10,000 with SageFX after seeing their professional-looking website. At first, everything seemed fine - they showed me impressive returns on my dashboard. But when I tried to withdraw, they kept making excuses. First it was "processing time," then "verification needed," then "you need to pay a tax fee first." I never got my money back. I have since reported them to Commodity Futures Trading Commission.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
After doing some research AFTER the fact (I know, I should have done this first), I discovered that SageFX is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Pros: Professional looking website
Cons: Lost entire investment|Reported to authorities|Unresponsive
SageFX had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Segregated accounts|Clean UI
Cons: Website design could be more modern|Desktop app not available on Linux
I gave SageFX a fair chance. After since last summer of usage, I can say with confidence that there are far better options available. The interface is clunky, the fees are higher than competitors, and the customer support team seems overwhelmed or understaffed.
Pros: Demo account available|Detailed reporting|Multiple order types|Personal attention
Cons: Inactivity fee applies after 12 months|Search feature is basic
For anyone considering SageFX, please be aware that this company has been flagged by Commodity Futures Trading Commission. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Pros: Information is publicly available for verification
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction