Sun CFD Review – Can You Trust This Forex Broker?
Sun CFD Forex Broker is an online trading platform for those who are interested in Forex trading. The site claims to be designed for both – newcomers and experienced traders, and having all-device support is a plus. However, the trustworthiness of the platform may be in question. The main webpage suggests that Sun CFD is fully regulated and licensed by the Commission de Surveillance du Secteur Financier (also known as CSSF), although, upon checking we discovered that this information is not even close to the truth and the creators of this broker are trying to mislead its customers. This is already a red flag because not having a license means that trusting them with your money might be a bad idea and we advise you to avoid such websites.
Another bad news is that we could not find anything about leverage ratio, as the site does not say anything about them. Sun CFD FX Brokerage suggests a spread of 0.7 for EUR/USD. Another important aspect is the software that they use – they suggest their own trading platform that is intuitive and user-friendly, with full mobile and web support, however, it is unknown if this platform is MetaTrader 4, MetaTrader 5, or another custom platform.
The minimum deposit is set to $50, meaning that you have to deposit $50 before starting your trading journey. There are no commission fees and pricing is transparent, however, we highly doubt that this information is accurate. There is nothing you can find out about bonuses or promotional offers which means that they do not have any. You will also not be able to discover the types of accounts, the only thing mentioned is the live account, which is a standard one. Customers can trade Forex and CFDs including indices, shares, commodities, and cryptocurrencies.
Is Sun CFD Legit?
We would not say so. As already mentioned above, the company claims to be licensed and regulated by CSSF, however, this is a complete lie. CSSF is a financial regulator based in Luxembourg and they even have issued a warning stating that Sun CFD is not authorized by CSSF and this platform has not been granted any authorization to provide investment or any other financial services in or from the country. That means that Sun CFD is not regulated at all – they are greeting their customers with false facts, and besides that, it is risky to deposit money on their platform because if something inconvenient happens (e.g they steal your money), the company will not face any negative consequences and customers are the ones who are in trouble.
Sun CFD Review – Trading Features
In order for you to decide whether this broker is worth your time and money, we decided to discuss trading features in our Sun CFD review, so you have a better understanding of who they are.
Spreads for USD/EUR on this platform are 0.7 pips, which is quite good and competitive compared to the industry’s average, however, this alone is not enough for customers to trust Sun CFD. It is also important to mention that the most reputable brokers keep their spreads as low as 0.1 pips, meaning that there always are better options.
We were not able to find anything about leverage ratio, which is a bad sign, as leverages take an important part in the decision-making process. Without it, we will not be able to evaluate whether it is risky or not to trade on this platform. In addition, it leads us to believe that Sun FCD is hiding it either because it is very high, or they simply are scammers. Whichever is the case, we do not recommend you to trade on a platform that does not provide you with all the necessary information.
If you decide to read Sun CFD Reviews, you will discover that the majority of them are negative. The main reason behind this fact is that once again, there is no useful information on the website. For instance, we were not able to find out what kind of accounts are available on Sun CFD. The only thing they mention is a live account that can be opened in a matter of minutes, however, other details remain unknown.
The minimum deposit requirement set by this forex broker is $50, which is quite good and correlates with the industry’s standard. But we do not think that this means anything, because considering all the other things, we advise our readers to think twice before making a deposit on this platform.
The majority of traders from all around the world enjoy bonus offers and promotions which is quite common for such platforms. This is no surprise, as adding extra value to your current bankroll could never be a bad idea. Unfortunately, Sun CFD does not seem to have any bonuses, which is strange, because this is a great way to attract new customers as well as keep loyal ones. This can count as another red flag, because why would a trading platform not want to make their customers happy by giving them the chance to grab some cool rewards?
All in all, considering all things mentioned above, it is clear to see that the majority of trading features do not correlate with the industry’s standard and that’s why we do not recommend using this platform.
Sun CFD – Final Verdict
At the first glance, the website looked quite good and attractive, but after making some research and looking for valuable stuff, it turned out that Sun CFD is trying to trick new customers into their system by offering them false information that is not true and far from the reality. Not having a license is a big problem, however, lying about it is even worse. That’s the main reason why trusting them might be a bad idea – there always are some better forex broker companies available on the internet where you can trade without worrying about your money and privacy.