Saga Trade promotes itself as a legitimate broker located in the United Kingdom, providing great trading and investment possibilities via seven account types and two prominent platforms – the MetaTrader4 and MetaTrader5. They also claim to be fully regulated, which would be wonderful if it were real. Unfortunately, Saga Trade has all the characteristics of a fraud, so if you’re still thinking about it, you should read the following review which is honest and proves that certain online brokers are better left untouched in the hope that they will disappear and stop stealing money from people.saga trade review

About the Saga Trade scamming strategy

Not only is Saga Trade not regulated, as they try to imply, but no one knows the name of the business that runs the website. Moreover, while they claim to be running a “fully legal business operating under a license,” they also state that “regardless of our regulatory status, we are a registered business and you can call us to learn more about this matter,” and that they are “in the process of obtaining proper regulation” for their offerings. So, Saga Trade explicitly admits that they are not regulated in any way and it’s all there on the official website.

You will not be able to make a single dime with an unregulated, null credibility website like Saga Trade, which, as previously said, has all of the hallmarks of a fraud. For starters, they provide the infamous trading rewards, which usually come with extra withdrawal restrictions, such as minimum trade volume requirements, making any withdrawal attempt nearly unachievable.

Not to add that Saga Trade also provides “an investment account,” with the assurance that “you may accumulate earnings even by retaining money in your account.” In a sense, you are handing over your money to the broker to invest. When they invest and earn a profit, they are required to share a certain proportion of that profit with you. Well, this is clearly fake as the company would need a banking license to do that. How can they achieve a banking license when they don’t even have a forex one?

Saga Trade is a SCAM

The claimed minimum deposit requirement for Saga Trade’s beginning Bronze Account is as high as 10,000 EUR. However, when you try to make a payment, it turns out they accept considerably lesser sums, such as $250. This is a clear indication that whatever they advertise on the webpage is fake and that they are doing everything in their power to attract unsuspecting clients to steal their money.

Saga Trade advertises MetaTrader4 and MetaTrader5 as its trading platforms. However, this is just not the case. In fact, the website is using an untested and sketchy-looking web-based platform. Saga Trade advertises a variety of payment methods too, including credit and debit cards, bank wire transfers, and other unnamed e-wallets, but does not elaborate. The general feeling here is that this broker has added some basic details on the webpage so it can look legit at a first glance. However, if you dig a little deeper, everything they advertise in there is fake and only meant to draw people in and get their money. Nobody will make any profit by working with this scam broker.

When it comes to their customer support, their display phone numbers and e-mail addresses that do not seem to be active. Nobody answers to the clients and they are left with a contact form that they should complete, also in vain.

As for withdrawals, there is extremely little information on the website about how the entire process works. Is like they don’t even need to mention this detail because nobody will bother sending money to you anyway. They only say that if you withdraw using a card, the process is almost instant. If you withdraw using a wire transfer, the money may reach you within 3 to 5 working days. This is definitely fake as no money will reach your account, not today or any other given day. Once they have your money, you will never hear from Saga Trade again in your life and you will be left with no way of contacting or punishing them. You will become a scam victim, like so many other people.

Saga Trade bad review conclusion

In short, Saga Trade is a SCAM online broker that nobody should put their trust in, whatever they claim. While their official website looks nice and professional, some research will show you that they are simply a team of scammers who want to steal money from people without much effort. We strongly advise you to keep away from this so-called broker and to keep your money safe. There are a plethora of professional and trustworthy brokers out there that can truly help you learn more about trading and investing. This is not one of them!

Check our entire list of reviews and educational articles HERE.

By Ricardo Martinez

Ricardo Martinez has been active in the financial markets for around 10 years. In the early days in his career he was a trader and worked as market analyst in different online brokers advising clients on key decisions of trading instruments in foreign exchange and commodity markets. Ricardo is currently working as independent trader with diversified portfolio over different markets. His writing for LearnMarketonline is part of his commitment to share knowledge with traders.