Note: SANDWIND' official site - https://sandwindbx.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
SANDWIND Information
SANDWIND is an online brokerage firm that offers trading services in Forex currency pairs, CFDs, indices, commodities, gold, and oil. However, several concerning issues have emerged, including the revocation of its ASIC license (license number 001292352), an inaccessible website, lack of customer support, and 9 negative reports on WikiFX.
In the following article, we will analyse the characteristics of this company in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.
Pros & Cons
Pros:
Diverse Trading Instruments: SANDWIND offers a wide range of trading instruments, including Forex currency pairs, CFDs, indices, commodities, gold, and oil. This diversity allows traders to build varied portfolios and take advantage of different market opportunities.
Competitive Spreads: With spreads starting from 0.2 pips, SANDWIND provides cost-effective trading conditions, which can be beneficial for high-frequency traders looking to minimize costs.
MetaTrader 5 Platform: SANDWIND uses the MetaTrader 5 (MT5) platform, known for its advanced trading tools, technical analysis capabilities, and support for automated trading through Expert Advisors (EAs).
Cons:
Revoked ASIC License: SANDWIND's ASIC license has been revoked, casting serious doubts on its regulatory compliance and overall legitimacy as a broker.
Website Accessibility Issues: The broker's website is often inaccessible, which can be a major inconvenience and raises questions about its operational stability.
Withdrawal Issues: There are 9 reports on WikiFX regarding withdrawal problems, indicating potential difficulties in accessing funds and a lack of reliability in financial transactions.
Lack of Customer Support: SANDWIND offers no customer support channels, leaving traders without assistance or means to resolve issues, which is a significant drawback.
Transparency Concerns: The absence of disclosed commission fees and detailed cost structures can lead to uncertainty and hidden trading expenses.
Is SANDWIND Legit？
When considering the safety of a brokerage like SANDWIND or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
- Regulatory sight: The ASIC (Australia Securities & Investment Commission) license with number 001292352 hold by the broker is revoked, casting doubts about SANDWIND's regulatory compliance and legitimacy.
- User feedback: There have been 9 reports on WikiFX highlighting withdrawal issues concerning SANDWIND, which raise serious concerns about the broker's reliability. These reports serve as a crucial warning for anyone considering their services, emphasizing the need for utmost caution before engaging with SANDWIND.
- Security measures: so far we have not found such info across Internet about this broker.
In the end, choosing whether or not to engage in trading with SANDWIND is an individual decision. We advise you carefully balance the risks and returns before committing to any actual trading activities.
Market Instruments
SANDWIND offers a diverse range of market instruments for various trading preferences.
In the Forex market, you can access numerous currency pairs, including major, minor, and exotic pairs, allowing for strategies that capitalize on global economic trends.
The firm also provides CFDs (Contracts for Difference), enabling speculation on the price movements of various assets without owning the underlying assets.
Indices trading is available, offering exposure to the performance of global stock markets.
Commodities trading includes a selection of both hard and soft commodities, such as precious metals, energy resources, and agricultural products.
SANDWIND's gold trading options cater to those looking for safe-haven assets, while oil trading includes both Brent and WTI crude, appealing to those interested in energy markets.
Leverage
SANDWIND offers leverage of up to 1:300, allowing traders to significantly amplify their market positions. This high leverage ratio enables traders to control larger positions with a relatively small amount of capital, increasing both profit opportunities and risk exposure. For instance, with 1:300 leverage, a trader can control a $30,000 position with just $100 in their account.
While this can enhance trading potential and provide greater market access, it also magnifies the risks, as losses can also be significantly larger. Therefore, it is crucial for you to employ effective risk management strategies and fully understand the implications of high leverage before utilizing it in their trading activities with SANDWIND.
Spread & Commission
SANDWIND offers competitive spreads starting from 0.2 pips, which can be appealing for traders seeking cost-effective trading conditions. Tight spreads like these can reduce trading costs and enhance profitability, especially for high-frequency traders.
However, specific details about the commissions charged by SANDWIND are not mentioned, leaving uncertainty regarding the overall cost structure. Thus it is essential for you to clarify all fees and charges with the broker to ensure a comprehensive understanding of the trading costs involved.
Trading Platform
SANDWIND offers the MetaTrader 5 (MT5) platform, a widely respected and advanced trading platform known for its robust features and user-friendly interface. MT5 caters to traders of all experience levels, providing a comprehensive suite of tools for technical analysis, including a wide range of charting options, technical indicators, and analytical tools.
The platform also supports automated trading through Expert Advisors (EAs), allowing for the development and implementation of trading algorithms. Additionally, MT5 offers advanced order management capabilities, enabling traders to execute complex trading strategies with ease.
Deposit & Withdrawal
SANDWIND provides a variety of payment methods for funding trading accounts. Clients can use Credit/Debit Cards, including Visa, Mastercard, and Maestro, offering quick and straightforward transactions.
Wire transfers are also supported, providing a secure method for transferring larger sums directly from bank accounts.
For those preferring digital wallets, SANDWIND accepts payments via Skrill, facilitating fast and efficient online transactions.
Additionally, VPay is available as a payment option, ensuring a broad range of choices to suit different needs.
User Exposure on WikiFX
On WikiFX, there are 9 reports detailing withdrawal issues with SANDWIND, raising significant concerns and serving as a cautionary signal to traders. We strongly advise traders to conduct a thorough review of all relevant details before making any decisions. Our platform is designed to be an essential resource in your trading journey, providing crucial information to help safeguard your investments.
If you encounter any fraudulent brokers or have personally experienced malpractices, we encourage you to report them in our “Exposure” section. Your contributions are invaluable to our mission of protecting traders, and our expert team is committed to promptly addressing your concerns. Together, we can foster a safer trading environment for everyone involved.
Customer Service
SANDWIND lacks customer support channels,offering no accessible means for clients to seek assistance or resolve issues. This absence of customer support is a significant drawback, leaving traders in the dark when crucial help is needed. You should take this into account when evaluating if to trade with SANDWIND or not.
Conclusion
In conclusion, SANDWIND offers a range of online trading services, including Forex currency pairs, CFDs, indices, commodities, gold, and oil. However, significant concerns undermine confidence in SANDWIND's reliability and operational stability. These concerns include the broker's revoked ASIC status, ongoing website accessibility issues, numerous reports of withdrawal problems, and a complete lack of customer service channels.
Therefore, we strongly advise against using SANDWIND. Instead, we recommend you seeking alternative platforms that prioritize transparency, regulatory compliance, and reliable customer service.
Frequently Asked Questions (FAQs)
Is SANDWIND regulated？
No. The broker is under ASIC revoked status, with license no. 001292352.
Is SANDWIND a good broker for beginners？
No. It is not a good choice for beginners. Not only because of its suspicious ASIC revoked status, but also because of its unavailable website, numerous reports of withdrawal problems and a complete lack of customer service channels.
Does SANDWIND offer industry leading MT4 & MT5？
Yes, it offers MT5 trading platform.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
2023-03-02 13:50
2022-10-14 08:19
