Mon, January 30, 2023

SunbirdFX review 2021: Scam or Legit?

SunbirdFX review 2021: Scam or Legit?

Finding an accurate and legit broker in today’s foreign exchange industry is not easy. The more advanced technology gets, the more complicated scams we come across every day. One of these unreliable brokers we want to introduce to you today is SunbirdFX. In our in-depth SunbirdFX review, we will analyze all the essential aspects where SunbirdFX fails.

SunbirtFX: General Overview

Founded in 2005, Sunbirdfx is a foreign exchange and CFD broker. SunbirdFX claims that its customers can choose various account types, all of which provide an NDD environment, micro-tradable lots, variable spreads, and leverage up to 1:300. They claim to offer Escrow accounts and Islamic (no credit card) accounts too.

However, even though all these offers look attractive, we don’t recommend you invest your funds with them, as the broker is unregulated. They are registered in an offshore zone in the Commonwealth of Dominica.

Moreover, the sunbirdfx.com website fails to proceed, making it practically impossible to get full access and information about their services. Now, let’s continue with a more specific analysis.

Safety concerns with SunbirdFX

Although SunbirdFX was previously pointed out to be regulated by the International Financial Market Relations Regulatory Center (IFMRRC), the broker does not seem to be regulated by any financial institution at this stage.

They are registered in an offshore zone, which means no one takes responsibility for their financial activities.

Besides, there is no information on whether the broker opens separate bank accounts for the clients’ funds or not, so there is no guarantee the company will protect your personal and financial data.

Trading conditions with SunbirdFX

Speaking of trading conditions, SunbirdFX offers MetaTrader 4 as their default trading software. However, as the website is practically inaccessible, we can not guarantee they provide accurate MT4 or fake.

As mentioned above, SunbirdFX customers can choose various account types, providing NDD environment, micro-tradable lots, variable spreads, and leverage up to 1:300.

Although the minimum initial deposit of 100 USD is reasonable, the average spread of SunbirdFX on standard accounts is higher than the average range of 1.0 – 1.5 points for EUR/USD. The transaction cost of the Pro (ECN) account is low. However, we do not recommend investing USD 5,000 in this broker because it is registered overseas.

Additional “features”

SunbirdFX’s education center includes very standard fare guidance videos and tutorials for beginners and advanced traders, guiding the installation and use of the MetaTrader4 trading platform. However, only account holders can view these videos, after logging in to the website, which is very frustrating for people who have not yet opened a trading account.

Besides, the company offers welcome bonuses to newcomer traders. This is another well-used trick for scam brokers to attract beginner traders.

None of the legit, official brokerage firms grant traders free money or cashbacks for signing up, so consider it another red flag.

Deposits and Withdrawals

Traders can proceed both deposits and withdrawals with SunbirdFX using several popular methods: CashU, Credit/Debit Cards, Neteller, WebMoney, and Bank Wire Transfer.

Brokers also did not specify whether they charge additional fees for deposits or withdrawals. So, it is an essential factor affecting trading profitability.

Many brokers do not charge additional withdrawal fees.

As with all brokers, the processing time for deposits and withdrawals will depend on the selected payment method.

In addition, traders should pay attention to prohibiting third-party deposits and withdrawals. During withdrawals, traders must use the same method they used to provide funds for the corresponding trading account.

Finally, SunbirdFX also did not specify the deposit currency accepted for funding the trader’s account.

When conducting Forex transactions, it is usually best to choose multiple deposit currencies. Having to withdraw funds from a currency other than the base currency will increase the cost of affecting your profitability, usually by paying a conversion fee.

These conversion fees may occur during the transaction and when withdrawing funds from your trading account.

Lack of contact information

Currently, the broker’s customer support portal is not accessible. It is impossible to determine which methods traders can use to contact the broker’s support team.

This inability to access the support team portal is a severe problem. It illustrates limited access to the broker’s website.

For those who need to resolve the pressing issues affecting their transactions, the lack of adequate customer support can cause serious problems for them, especially if the broker is unregulated.

Final thoughts about SunbirdFX

To conclude, trading with an unregulated broker is extremely risky, especially when it comes to the super fluctuated forex industry. Also, the company hides all the commission fees and essential information. Anyway, we don’t see any valid reason to attract a trader to invest with them.

If you are aware of trading risks and are ready to start trading, check out our forex brokers list, which will give you access to the most legit and trustworthy brokerage firms.

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