If you are considering trading with Scion Forex, you may want to consider several things before making a decision. For one thing, the broker is an offshore one, meaning that it does not have a license to trade. This means that you have no protection and your funds could be at risk.
It is an offshore broker
Many investors have been scammed by Scion Forex, a broker that purports to be an offshore broker. This company may operate under a fictitious name and lacks any regulatory oversight. The Financial Conduct Authority (FCA) warns investors to stay away from such brokers and to look for other alternatives.
Scion Forex has an impressive list of features, including a binary options platform and the trading of forex pairs and cryptocurrencies. The company advertises high payouts and offers four investment plans. It also promises to manage your account. The website also claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC).
Another offshore broker that offers forex trading services is AFX Markets Online. The website claims to offer over fifty thousand financial instruments. However, there is little information available on the company's website about its working conditions or its trading platform. In addition, the website makes false claims about its regulation by the Aduno Capital Group Ltd.
Another downside of a broker located offshore is that it may have restrictions on a trader's leverage. EU regulations only allow retail traders to use leverage of up to 25:1 on major currency pairs, twenty-one for minors and twenty-five percent for exotics. This is not a major concern with Scion Forex as it employs a non-EU based broker. It also allows trainee students to trade at higher leverage limits. However, this type of trading requires a substantial time commitment and significant financial investment.
It doesn't have a license
If you're considering joining an online forex trading company, you should know that there are several important factors that should be taken into consideration. First, you need to know who the provider is. Unlike other Forex trading companies, Scion Forex doesn't have a license from the European Securities and Markets Authority (ESMA). This means that it isn't regulated in EU countries, so it's likely that you're not protected by EU laws and regulations.
Scion Forex is a London-based company that specialises in forex trading training programmes. The aim of their courses is to teach newbies how to make money through trading and develop their trading skills. The company has trained more than 2,200 students and is open to online students who aren't located in the UK. They also offer one-on-one and group training programmes. The latter are ideal for students who are working or have other commitments that prevent them from attending an in-person course. Besides this, Scion Forex students have access to a variety of extracurricular resources that can further their knowledge and skills.
Scion Forex claims to be regulated by CySEC, a Cypriot regulatory agency. However, the Seychelles has its own licensing agency, which does not include Scion Forex in their database. Furthermore, the company's website does not contain legal documents. You should check if it has a license before you invest any money through it.
It has been rated negatively by reviewers
A lot of reviewers have reported that Scion Forex is an offshore firm that has high commissions and hidden fees. These fees may be unavoidable, but there are several things you can do to avoid paying these charges. One way to avoid these fees is to not invest large amounts of money with these companies.
Many people have said that Scion Forex is a scam. In fact, they have been blacklisted by a respected financial body. In addition, they have not received any endorsements from current customers. This means that Scion Forex is doomed to fail. Even worse, many reviewers have questioned the effectiveness of their services.
The course offered by Scion Forex is intended for new forex traders. It features a three-day course that teaches forex trading fundamentals. It also offers a one-on-one program for those who are new to the market. The course is structured in a way that will help new traders network with other traders and gain a competitive edge.
informed decisions. As well as the training videos, the company provides a telegram group for members to ask questions and get answers to their questions.
The firm claims to be based in Seychelles. CySEC, a Cypriot regulatory agency, does not list Scion Forex's current broker in its database. There are also no documents on the site regarding privacy and legal issues.
Scion Forex is a non-EU based broker