Why is this scam
Sigma Forex’s real corporate name is SIGMAREX LIMITED based out of London, England. The company was at one time at registered as a business with companieshouse.gov.uk, although a current search for the company at that website returned no results.
Some Sigmarex data previously on the companieshouse.gov.uk website was able to be obtained from a third party. According to that source, the information for the company had it listed with a London address and a companies house business number: 06481102, while the nature of the business was suspiciously registered as a:
SIC(92): 7499 – Non-trading company.
The officers of the company are all listed as British nationals living abroad in Norway and Sweden. Beside that, the former Sigma Forex website cited a number of regulatory agencies that they claimed to comply with, including the Financial Services Authority or FSA in the United Kingdom. Nevertheless, checks with that agency have shown that the company does not appear to be registered with the FSA, nor with any other regulatory agency, for that matter.
The signs of confirmation
Since Sigma Forex’s official website can no longer be accessed, the recovered website provided by the Wayback Machine archives shows the forex broker touting their two types of forex trading accounts as follows:
Standard Dealing Desk Account – which can be opened with $500 minimum deposit, and
No Dealing Desk Account – where a $2,000 minimum deposit is required.
The majority of online forum posters commenting on this brokerage are superiorly negative. Many of their former clients were unable to recover any of their funds, and those that have gotten their money back waited for long periods of time after mediators intervened on their behalf.
The company often claimed that the client had broken their trading rules. They also made the fragile excuse that trading funds were frozen due to a pending merger, but they then refused to give any further details about the transaction, which does not seem to have yet materialized.
Let’s see the other signs.
Basically, the last-quoted statement on Sigma Forex’s archived website says it all. Not only is the safety of your funds not guaranteed with this broker, but “Nobody can guarantee profits” is probably the most accurate statement on their no-longer active website. When this kind of forex broker firm, which cannot guarantee the safety of your funds, goes belly-up or closes down, the possibility that they comply with every regulatory agency under the sun will not help you get your money back if they are not actually registered with a regulating authority, regardless of where they are based.
Recommendation – The company seemingly turned out to be just another fraudulent forex broker that disappears into the night taking their client’s money with them and leaving a long string of customer complaints in their wake.