SGFX Review

SGFX is the brand of Spectra Global LTD, incorporated in Mauritius with company registration 198453 and authorised by the Financial Services Commission under licence GB22201302 as an Investment Dealer — specifically a Full Service Dealer, excluding Underwriting. That is a real dealer permission rather than an introduction licence, and SGFX states in writing that "where a client's trading account is opened with Spectra Global LTD, Spectra Global LTD is the client's contracting entity." On the entity question it is clearer than most of its peers.

The complication is naming. The group also includes Spectra Global Ltd. in Saint Lucia, registration number 2024-00735 — the same words as the Mauritius company, distinguished only by a full stop and a change of case. Saint Lucia issues company registrations rather than financial licences, and SGFX describes that entity only as operating "in accordance with applicable laws and requirements governing its activities", which says nothing about what it is permitted to do. It has its own separate terms and conditions, risk disclosure and privacy policy on SGFX's documents page, so it clearly serves some clients. Before you fund anything, check which of the two names is on your agreement.

Spectra Global Financial Markets LLC holds UAE Capital Market Authority licence 20200000307. What matters is how SGFX describes it: "Category 5", operating "strictly within the scope of the activities and permissions granted under its licence", and acting "as an Introducing Broker, facilitating the introduction of clients to selected regulated financial service providers."

That is the correct description of a Category 5 permission, and SGFX volunteering it is worth crediting. Several brokers reviewed alongside this one hold the same class of UAE licence and present it as though it were trading authorisation; SGFX names the category, names the activity, and says the two entities are separate legal persons under separate frameworks. A Dubai-based reader still needs to understand what it means in practice — the UAE company can introduce you, it cannot hold your money or execute your trades, and the account itself sits in Mauritius — but SGFX has not tried to obscure that.

Standard is the retail tier: $100 minimum, variable spreads from 1.5 pips, no commission, leverage to 1:500 and a 0.01 minimum lot. Elite is labelled professional: $5,000 minimum, spreads from 0.8 pips, no commission, leverage capped at 1:300. ECN is labelled institutional: $25,000 minimum, raw spreads from 0.0 pips, $8 per round turn, leverage 1:300 and the same 0.01 minimum lot.

Twenty-five thousand dollars is the highest raw-spread gate of any broker in this group, and it changes who the pricing is for. A $100 client pays 1.5 pips — around $15 per lot round turn — which is roughly double what the ECN tier costs all-in. Note also that leverage falls as the deposit rises, from 1:500 on the smallest account to 1:300 on the two larger ones. And SGFX discloses that spreads may widen during what it calls the Midnight session, 20:00 to 06:00 GMT, with the caveat that published spreads are approximate and the terminal holds the real values. That is ten hours a day in which the quoted number is explicitly not a commitment. SGFX also advertises swap-free trading on its homepage, qualified there as available "only for certain products" rather than across the whole book — so confirm which instruments it covers before you rely on it.

On disclosure SGFX is the strongest broker in this batch. Seventeen legal documents are published as working PDFs: client agreement, terms and conditions, terms of business glossary, order execution policy, withdrawal policy, prohibited practices, conflict of interest policy, AML policy, privacy policy, risk warning, bonus terms, introducing broker guidelines, and a separate Saint Lucia set of terms, risk disclosure and privacy policy. They open, they download, and they are specific to the entity.

The one gap is the one a reader most needs filled. SGFX publishes no list of restricted countries anywhere on the site — only the generic statement that its products and services "are not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution, offer, solicitation or use would be contrary to applicable law or regulation." That sentence puts the eligibility question back on the reader without giving them anything to answer it with. Every other broker in this group names its excluded jurisdictions. Ask support in writing whether your country is accepted, and keep the reply.

Trustpilot rates SGFX 3.3 out of 5 from 49 reviews, with the profile claimed since December 2025. The distribution is 39% five star, 20% four star, 8% three star, 2% two star and 31% one star — more spread across the middle than most brokers at this level, which usually suggests genuine reviews rather than a solicited block.

The negative third is worth reading closely because one of its complaints is unusually precise. A reviewer reports a spread discrepancy on gold: the quoted XAU/USD spread showing 0.10 on the upper side while the running candle displayed 0.27. That is the kind of complaint that is checkable on a demo account before you fund a live one, and anyone trading metals here should check it. Alongside that sit withdrawal complaints — one review is simply "no withdrawals, worst experience" — allegations of profits withheld on profitable accounts, and reports of a deposit fee that reviewers put at 0.5%. SGFX publishes no deposit or withdrawal fee schedule of its own, so that 0.5% figure is a customer's account rather than a confirmed rate, and it is worth asking about directly.