SydneyFX Review: An Impressive Company Statistic or SCAM?

SydneyFX - logo
Rating:
1.3

SydneyFX boldly declares that prioritizing clients is the key to success. They boast an impressive company statistic, asserting that over 30,000 individuals have registered on their platform. However, we remain skeptical of such figures without concrete evidence and have initiated our investigation to determine whether it is a legitimate platform or potentially another scam. Read our comprehensive review to uncover the answers.

SydneyFX General Information

Website https://sydneyfx.io/
Phone Number
  • +61251108310
  • +442030317771
Email support@sydneyfx.io
Address 327 Archbishop Makariou, Limassol 3106, Cyprus
License
Minimum Deposit $250
Assets CFDs
Leverage Up to 1:400
Trading Platform WebTrader

Registration and Client Portal Review

SydneyFX has invested some effort in the design of its website, featuring a minimalist layout that is fairly well-presented. The website is available in English and Arabic, an interesting yet peculiar language choice. Despite the aesthetic appeal, the site relies heavily on clichéd elements such as a scrolling ticker with market quotes and typical trader-themed images with charts.

It’s worth noting that the homepage is saturated with self-promotion and urges visitors to open an account promptly. Surprisingly, the broker reveals limited information about itself. However, there are some legal details provided on the site.

SydneyFX - website

Registering on the SydneyFX website is an exceptionally simple process. You are required to fill out a brief form, providing your full name, contact details, and country of residence. Additionally, you’ll need to create a password. However, what sets this process apart is the absence of any confirmation codes sent to your email or phone number — a rather peculiar practice.

The lack of 2FA raises concerns about the security of user accounts. It adds an extra layer of protection by requiring additional verification steps beyond just a password. SydneyFX’s decision not to implement this security feature is questionable and leaves user accounts more vulnerable to unauthorized access.

Registration

SydneyFX’s client portal boasts a clean and minimalist design, creating a visually pleasing interface. Using a fresh color scheme adds to the overall modern look. However, while the portal encompasses all the essential functions, it lacks additional features that could enhance the user experience. The simplicity may appeal to some, but those seeking more advanced tools and functionalities may find it wanting.

SydneyFX - Client Portal

SydneyFX Trading Conditions

We are delving into SydneyFX’s trading conditions to verify whether the company genuinely prioritizes traders or has substantial offerings to present. Stay tuned for insights into the trading environment and what the broker has in store for its users.

Account Types Review

SydneyFX caters to traders with a range of 5 account types — Micro, Basic, Gold, Platinum, and VIP. However, it seems the mention of a demo account got overlooked. Moving on to the specifics, the minimum deposits for each account are $250, $2,500, $10,000, and $50,000, respectively. The VIP account keeps its minimum deposit undisclosed, revealing conditions exclusively through invitations. As account status ascends, so does ‌leverage, accompanied by an increase in supplementary services.

For instance, traders starting with the basic account gain access to 200 trading assets and market reviews. In contrast, VIP account holders enjoy an array of benefits such as financial planning, risk management planning, special venture promotions, access to lucrative VIP events, and private analyst sessions.

It’s concerning when a broker reserves comprehensive features solely for those depositing substantial amounts. The company is excluding traders with smaller budgets from crucial resources and benefits.

Trading Platform

SydneyFX’s trading terminal falls short of expectations, portraying a rather lackluster trading opportunities. The platform’s design is disappointingly basic, lacking the sophistication and user-friendly features found in more advanced terminals.

Trading Platform

Another one notable flaw lies in the limited array of indicators and analytical tools available on the platform. Traders accustomed to a diverse set of technical indicators for in-depth analysis may find SydneyFX’s offerings to be quite restrictive.

In addition to the deficiencies highlighted in the trading terminal, it is crucial to underscore the absence of both a dedicated mobile application and downloadable platforms offered by SydneyFX. This lack of flexibility with various devices is a notable drawback for traders who value the convenience of mobile trading or prefer standalone apps for their desktop.

SydneyFX — Deposit and Withdrawal of Funds

The intricacies of deposit methods at SydneyFX left us perplexed. While the user agreement vaguely mentions credit and debit cards as acceptable means of depositing funds, the actual client portal presents an enigmatic scenario. The firm suggests reaching out to managers before initiating any deposits, providing no transparent details or options for traders.

As for withdrawals, the broker claims to support сredit сard and Bitcoin еransfers. However, the withdrawal process introduces its own set of uncertainties. Traders are informed of a processing period lasting 7-10 days, and the minimum withdrawal fee is advertised at 1 percent.

The lack of clarity regarding deposit methods and the peculiar requirement to consult with managers before funding raises concerns about transparency and accessibility.

Verification

SydneyFX insists on a compulsory verification process for its traders. After successful registration, the next step involves submitting crucial documents for verification. The company requests identification documents, proof of residence, and any other documentation deemed necessary to comply with regulatory standards.

Once the documents are submitted, the SydneyFX team undertakes a thorough review. This involves validating the authenticity of the provided documents to ensure compliance with legal and regulatory requirements.

With the completion of the verification process, traders gain full access to their trading accounts. This includes the ability to deposit, trade, and, if necessary, initiate withdrawal requests.

Additional Options

While SydneyFX boasts a range of supplementary services such as financial planning, risk management, and analytics, several factors contribute to our skepticism.

The platform and its associated analysts maintain an air of anonymity. Its secretive approach extends beyond analytics to encompass even the overall nature of the company. SydneyFX reveals minimal information about its operations, making it challenging for traders to assess the credibility of additional services offered.

Is SydneyFX a Scam?

As of now, the broker doesn’t strike us as the most compelling option for long-term collaboration. However, our evaluation is ongoing, and we reserve a final judgment until we explore the latest nuances. Stay tuned for updates as we delve deeper into the intricacies of SydneyFX.

The legal details provided by SydneyFX have raised some red flags. Despite stating their office location in Cyprus in the contacts section, our search in the Cypriot registry yielded no results. What’s more intriguing is the discovery in the company’s Client Agreement, where the Governing Law is listed as Saint Vincent and the Grenadines. By the way, with the oddity of using lowercase letters. It’s a real-life mystery novel where the governing law’s lowercase letters only add to the intrigue. Maybe it’s a secret code for “This jurisdiction is not to be taken seriously.”

Legal data check

By the way, in the footer, there is also mention of a legal entity, Unlimited LTD. However, it’s not entirely clear what role it plays. Payment agent, website developer, management company? Anyway, this legal entity is still not found in the registry of Saint Vincent and the Grenadines. In essence, it appears that SydneyFX operates without proper registration and licensing.

Sydneyfx.io Domain Info

Let’s take a brisk walk through the broker’s legend. A whopping 34,000 registered members and 5 million online members — it sounds like a bit of a stretch, doesn’t it? What exactly is an “online member,” and how does one trade on the platform without being registered? Frankly, we’re skeptical of such figures. For SydneyFX to achieve these numbers, it would need at least 5 years in the industry. However, a simple fact-check reveals a different story. The Whois service indicates the domain was registered in September 2023, marking the broker’s actual operating period.

Domain info

Contacts Review

SydneyFX provides comprehensive contact information, including a phone number, email address, and even an office address. However, given the issues with legal registration, we have significant doubts about the legitimacy of this office, especially considering that even the address of the main headquarters is spelled incorrectly. Seriously, they state that their office is in Limsassol, not Limassol. It seems like ‌developers should have been more careful.

Therefore, we would strongly advise against attempting to visit any of their offices. The availability of contact details doesn’t necessarily guarantee the broker’s credibility, especially when other aspects of their operations raise questions about transparency and authenticity.

More details

Despite the broker’s website listing various markets, including commodities, cryptocurrencies, and more, these assets are not actually offered. Only CFDs are available for trading. Additionally, it’s essential to highlight that the company does not execute transactions on the interbank market. Traders should be aware of this limitation and carefully consider their investment choices.

Pros and Cons

  • Multiple account options.
  • Lack of transparency.
  • No demo.
  • Short operational history.
  • No legal registration.
  • No licenses.

 

2.8 TOTAL SCORE

SydneyFX Summary

SydneyFX - favi

It appears that all the broker's claims and legends are fake. In reality, SydneyFX has only been operational for a few months and has not taken the necessary steps to undergo official registration or obtain any form of licensing. Therefore, we strongly advise against engaging in this obvious scam.


Website information content 3
Client Portal 4
Trading conditions 3
Trading platform 4
Deposit and withdrawal 2
Verification 4
Extra options 3
Licenses and guarantees 1
Work duration 1
Feedback 3

Frequently Asked Questions (FAQ)

What Does SydneyFX Offer?

SydneyFX claims to provide a range of services, including financial planning, risk management, and analytics. However, given the lack of transparency and anonymity surrounding the broker, we approach these services with skepticism.

How Much Money Should I Invest With SydneyFX?

According to their trading conditions, the minimum deposit required varies depending on the chosen account type, ranging from $250 for the Micro account to an undisclosed amount for the VIP account.

Is SydneyFX Safe?

SydneyFX raises significant safety concerns. The broker operates without official registration or licensing, making it a highly questionable choice.

Subhash Mishra
Forex & CFD Trader

Subhash is a Bengali who has been trading for 16 years. You will find the most objective reviews of Forex and CFD brokers in his articles.

Subhash is a Bengali who has been trading for 16 years. You will find the most objective reviews of Forex and CFD brokers in his articles.

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Client Reviews

  1. Jacob Alexander

    In short, don't fall for it

    I came across this company with what seemed like a cool website, claiming several years of operation, although without any proof. Realizing there’s no rush, I decided to thoroughly investigate the entire company. I went to Google to check for reviews, wanting to understand what people were saying about the company. Surprisingly, there were hardly any comments or mentions. It’s puzzling how a company with so few online mentions could boast 30,000 clients. Doubts started creeping in. I checked the domain registration date – autumn 2023. Well, it seems they lied about their operating period. At this point, trust is non-existent, and opening a deposit makes no sense.

    Reply
  2. Bite

    Once again, I've lost money

    Honestly, delving into the world of Forex and trading was a terrible decision. It seems like 99% of the companies in this field are fraudulent, making it impossible to identify a reliable and safe firm. I started trading, and everything was fine. I traded steadily for two months, even withdrawing money. However, one fine morning, I wake up, try to log into my account, and the website is inaccessible. It’s just down. I sent them emails, called their phones, but no response. I deposited $2000, managed to withdraw only $600, and the rest of the money disappeared. My $1400, plus the $1500 earned from trading, ended up locked away.

    Reply
  3. Jon C.Main

    SCAM

    On the 25/01/24 I was phoned up after seeking info about investing in the market from a firm called Sydney FX,,,they requested a deposit of $380 AUD to enter the market to buy USD250 to be able to enter the market,,,at the same time as money was transferred to them another payment of $392.35 was taken from my Visa account,,,BoQ is investigating that payment as it was unautheroused by myself,,,the broker one Danny Russo,,, denied that that payment was piggy backed into Sydney FX,,,Bank checked and the number associated with the money was 442030317771,,,, the. D Russo number is,,, 61251108310,,,After a few days and showing a small profit D Russo kept pushing for me to borrow $5,000 AUD to invest with Sydney FX,,,I kept stating that at my age small fish were sweeter then a big earn,,, he kept pushing so I decides to close off all trading and attempt to get back $279.12 USD,,, ater two weeks and having no joy in having fund returned as they state,,,and 2 emails they don’t answer from their supped address,,, now is the time to report this scam,,,as checking they are not registered traders in Australia

    Reply