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Sigma Forex Review

Sigma Forex is a relatively new MT4 broker offering very low 1 pip spreads on 12 different pairs. Please be WARNED however, that its reputation among traders is fairly poor, with some calling Sigma Forex an outright scam. There are several reports cirulating around the internet about traders not being able to withdraw their profits, and even being denied withdrawals of their original deposits. Our traders opened a small account and traded with Sigma Forex for about a month until these scam reports started to surface. We had some problems making the withdrawal ourselves, but after more than a month the funds were finally withdrawn. Please be aware that the order execution was also very poor. Sigma Forex is supposedly based in Switzerland, but the address given on their website is a virtual office, and their domain name is protected for privacy. Combined with the scam reports which abound, as well as the fact that Sigma Forex is not regulated (despite misleading information on their website claiming otherwise), we feel it would be irresponsible for us to recommend making a deposit with this broker as it is clearly involved in some shady practices.

NOTE: It appears that after shutting down SigmaForex.com, the same people are now operating SimgaFX.com.

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Subjective Ratings

Charting: Four and Half star Charting Rating
Execution: Zero Execution Rating
User-friendliness: Four and Half star User-friendliness Rating
Customer support: Zero Customer Support Rating
Transaction costs (spreads): Five star Transaction Costs (spreads) Rating
Withdrawal processing: Zero Withdrawal processing Rating
Platform Functionality: Four star Platform Functionality Rating
Platform Reliability: Four star Platform Reliability Rating
Average rating: Two and Half star Average Rating

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Business Details

Broker Headquarters: Oslo, Norway
Regulated By: Unregulated
Client Account Segregation: No
Collect Taxes on Earnings: No
Accept US traders?:
Main liquidity providers: Private investors
Broker Capital as of 02-2009 Unknown
Also has offices in: Virtual Office in Zurich, Switzerland
Registered Business Name: Sigma Forex
In business since year: 2003
Deposit/Withdrawal methods:
MethodDeposit FeeWithdrawal Fee
e-Gold $0 $0
Wire Transfer $0 $0

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Trading Conditions

Browser platform: None
Downloadable platform: Metatrader 4 (MT4)
Mobile platform: None
Phone dealing: No
No Dealing Desk Execution: Apparently available, but maybe misleading information
Fixed spreads: No
Guaranteed stop losses? No
Hedging capability: Yes
Trading Hours: Sunday 24:00 GMT to Friday 24:00 GMT
Timezone GMT
Scalping allowed: No
Account currencies available: AUD, CHF, EUR, GBP, USD
Platform languages: Arabic, Bulgarian, Chinese, Czech, Dutch, English, Estonian, Farsi, French, German, Greek, Hebrew, Hungarian, Indonesian, Italian, Japanese, Korean, Lithuanian, Polish, Portuguese, Russian, Serbian, Simplified Chinese, Slovak, Spanish, Traditional Chinese, Turkish
Support languages: English
Demo account: 30 days
Live chat support: Yes, but very poor
Promotions & tournaments: Win a $50 account if you predict price. Trading tournaments also available.
Swap-free accounts  - All accounts are swap-free
Typical spread on EUR/USD: 1 pip (0.0001)
Order processing: Market Maker
OCO orders available: No
Trailing Stops: Client-side
If/then orders available: No
Account Types
Account Maximum
Leverage
Minimum/Maximum
deposit:
Minimum/Maximum
trade size:
Notes
Dealing Desk Account 500:1* $500/unlimited $1,000/$50,000,000
No Dealing Desk Account 500:1* $2,000/unlimited $1,000/$50,000,000
Tradeable Instruments: 0   
Automated Trading: Yes, on MT4
Depth of market view (Liquidity): No depth of market view available
Interest on Margin: No
Pending Orders Away from Market:

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* The high degree of leverage available in foreign exchange trading can work against you as well as for you. Investors should ensure they are fully aware of the benefits and risks before putting any money on the line.

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