Who Is Sitalix?
Sitalix was an offshore online brokerage located in St Vincent and the Grenadines; this organization’s website has now been closed down. When it was operational, this broker required new members to deposit a minimum of $250 to begin trading and offered leverage of up to 1:500. The site used the MT4 trading platform, which featured mobile apps for Android and iOS, and positions could be taken on crypto, indices, shares, and commodities. Sitalix’s parent company was Signiview Ltd.
The Sitalix review below explores whether this broker was legit, or was a scam organization that put its members’ funds at risk.
Is Sitalix a Licensed Broker?
Sitalix was an offshore broker and was operating without any of the required licensing in place; neither was it regulated by a reputable outside body. Investing or trading with an unlicensed broker is an extremely risky proposition, as there is no outside agency acting as an ombudsman to ensure that the organization is acting properly, and within the bounds of the law. A well-respected regulator also offers protection for the funds you have deposited: using an FCA-backed broker in the UK means that money invested is insured up to a value of £85,000.
For those considering trading with a new broker, it is vital to satisfy yourself that the organization is licensed and regulated. Be aware, though, that the nature of regulation varies from country to country, with the regulation in some territories more stringent than in others.
In answer to the question, ‘is Sitalix regulated?’ - the answer is no, this broker did not have the license and regulation in place that would have enabled it to legally offer financial services.
Is Sitalix a Scam or Legit?
The fact that Sitalix was unregulated and that its website has now been shut down are two of the most obvious indicators that this broker was a scam company. Added to this, when its site was up and running, its demo account didn’t work, which meant that prospective new members would not have been able to get an accurate idea of the trading conditions and general service that they could expect: this is another key red flag.
The MT4 trading platform that Sitalix used was found not to belong to this broker at all, but to be registered with a company called ArkFX, and no details could be discovered about this entity and its relation to Sitalix. There have been claims that Sitalix is, in fact, one arm of a wider scam broker network; the broker previously operated under the name Omenda, which was blacklisted by several financial regulators.
Added to the body of evidence that a Sitlix scam was being perpetrated is the plethora of online reviews from former traders who have lost significant sums to this organization, as detailed further below.
Biggest Complaints Against Sitalix
The bulk of the Sitalix complaints is from traders who found themselves unable to withdraw their funds, either due to their accounts being inexplicably blocked, the levying of astronomical withdrawal fees or as a result of the platform suddenly shutting down. This review is typical of the complaints that can be found online regarding this broker:
The misuse of bonus payments to traders is commonly seen in scam platforms; typically, hidden in the small print (or possibly not appearing at all) is a stipulation that if the trader accepts a bonus payment from the broker, then they are not subsequently allowed to withdraw their funds until a high number of trades have been completed, or that the amount in their account reaches a certain value: typically, a value so high as to never be practically attainable.
Can I Get My Money Back From Sitalix?
Getting a Sitalix refund is possible. For the best chance of success, instructing a professional chargeback team to act on your behalf is the wisest course of action: these teams have a wealth of industry knowledge at their disposal, as well as contacts and a wide experience of dealing with similar scams. There is also the option to pursue the case yourself, although tracking down your scammed funds and those responsible can be a stressful and time-consuming process, and, typically, is less likely to result in getting your Sitalix money back.
What is the Chargeback Process?
Have a look online to choose the chargeback company you would like to work with, paying particular attention to each company’s reviews from former clients and success rates. Once you’ve selected the team you wish to instruct and have made contact with them, a representative will get in touch to discuss your case. If it is deemed to have a high chance of success then it will be taken on and the team will begin pursuing the case, tracking down all of the entities involved in the scam.
In all likelihood, this will culminate in a Sitalix refund, which will then be deposited directly into your bank account.
If you have lost money as a result of a Sitalix scam, then getting in touch with a reputable chargeback team is your best chance of recovering it; the team will support you through the process and work tirelessly on your behalf to recoup your scammed investment.