Sunbird FX Review

WHO IS SUNBIRD FX?      

According to research in South Africa, Sunbird FX an Ireland-based Forex and CFD broker that facilitates trading through a NDD model was founded in 2005, and has had an online presence since 2010.

There are quite a few account options when trading through this broker, but the website is inaccessible at the moment and previous reviews do not provide a substantial amount of information.

It cannot be ascertained whether this broker is regulated, but previous reviews make no mention of any known regulation so this broker should be treated as unregulated until it can be proven that it has regulation and authorization through known, reputable entities.

SAFE OR SCAM?

The regulation of the broker is imperative when considering that brokers are entrusted with client funds and without the necessary regulation and membership to compensation funds, traders’ fund security cannot be guaranteed.

Offshore brokers are often not regulated, which may compromise the security of client funds, and it may lead to substantial losses that traders have no way of being compensated for as such brokers are not members of compensation or insurance schemes.

Sunbird FX does not appear to be regulated or authorized by any known regulatory entities and therefore traders are cautioned against using this broker, along with other unregulated brokers, to facilitate trading as client funds may be compromised.

PRO AND CONS

LEVERAGE

Through the provision of leverage, traders are able to open larger positions despite their initial deposit, allowing them access to greater gains, however, the risk of incurring losses that may exceed the initial deposit is also increased through leveraged trading.

Sunbird FX provides a maximum leverage of 1:100 when trading Forex and Indices and 1:50 when trading Gold, Silver, CFDs, and oil. When compared to other brokers, this maximum leverage is substantially lower than average.

ACCOUNTS   

Sunbird FX offers a choice between four different account types namely:

• Standard MT4 Account – with a minimum deposit of $100, leverage up to 1:100, and variable spreads from between 1.2 pips and 1.7 pips when trading EUR/USD.
• Standard MT5 Account – with a minimum deposit of $5,000, leverage up to 1:100, and variable spreads between 1.2 pips and 1.7 pips when trading EUR/USD.
• ECN STP MT4/G-Pro Account – with a minimum deposit of $10,000, leverage up to 1:100 and variable spreads that start from 0.0 pips up to 0.7 pips when trading EUR/USD.
• MirrorTrader Account – with a minimum deposit of $2,500, leverage up to 1:100, and variable spread between 1.2 pips and 1.7 pips when trading EUR/USD.

There is no information pertaining to whether Sunbird FX offers a demo account but there is provision made for the option of converting any of the live accounts to that of an Islamic account.

In addition, provision is also made for MAM accounts.

Traders need to be aware when opening live accounts with unregulated brokers before thoroughly researching these brokers as client funds cannot be secured and, in an event, where funds need to be returned, clients are not protected.

MARKET INSTRUMENTS

Sunbird FX offers the following tradable financial instruments:

• Forex
• Gold
• Silver
• CFDs
• Oil, and
• Indices

FEES

The only information available on Sunbird FX’s fees relate to the spreads, margin requirement, and the minimum required deposits when opening either of the four account types, which are:

• Standard MT4 Account – $100 with spreads between 1.2 pips and 1.7 pips on EUR/USD and a margin level of 75%.
• Standard MT5 Account – $2,500 with spreads between 1.2 pips and 1.7 pips on EUR/USD and a margin level of 50%.
• ECN STP MT4/G-Pro Account – $10,000 with spreads between 0.0 pips and 0.7 pips on EUR/USD and a margin level of 100%.
• MirrorTrader – $2,500 with spread between 1.2 pips and 1.7 pips on EUR/USD and a margin level of 50%.

Extraordinarily little other information is available on this broker regarding additional trading and non-trading fees, and it is imperative for traders to consider additional fees, including:

• Overnight or rollover fees
• Inactivity fees along with account maintenance and management
• Deposit and Withdrawal fees, and
• Additional fees that have not been listed here

DEPOSIT AND WITHDRAWAL

Sunbird FX supports a variety of popular payment methods which includes:

• CashU
• Credit/Debit Cards
• Neteller
• WebMoney, and
• Bank Wire Transfer

There is no mention of the supported deposit currencies, but the account currencies are EUR, and USD, which means that traders may be subjected to conversion fees should deposits and withdrawals be made in any other currencies other than these.

TRADING PLATFORMS

Trading platforms are the vessels through which trading activities are conducted with the broker account linked on the trading platform. Choosing the right trading platform is as important as choosing a broker as the platform can positively and negatively affect trading.

Sunbird FX supports the use of both MetaTrader 4 and MetaTrader 5, which are both reputable, well-known, and used, user-friendly trading platforms used by the majority of traders and offered by the majority of Forex brokers.

Metatrader 4 can be used across a multitude of devices including web browsers, desktop PCs that run Linux, MacOS, and Windows, mobile devices including smartphones and tablets that run on either Android or iOS.

HOW TO OPEN AN ACCOUNT

The Sunbird FX website does not contain any substantial information with regards to the exact process of opening an account along with the requirements for account verification such as proof of identity and proof of residence, thus, the general process can be assumed.

Most brokers allow for the registration of a demo and a live account through an online application which has to be completed with the trader’s basic information, contact information, financial and employment information, and trading experience.

Traders are however cautioned in opening an account with an offshore broker, despite the existing regulations, and traders are therefore advised to conduct thorough research on brokers such as Sunbird FX before investing any capital that may be compromised.

Most brokers require that traders complete a ‘Know Your Client’, or KYC, process which requires the submission of documents to prove and verify the trader’s identity and their proof of residence before the live trading account can be approved by the broker.

Traders are warned in submitting such documents to offshore brokers as such sensitive information may be compromised, or traders may be subjected to identity theft in cases where they are dealing with scam brokers.

Thorough research is needed when dealing with brokers and traders are rather advised to make use of well-regulated, reputable, and reliable brokers to facilitate trading activities to avoid the loss of invested capital.

CUSTOMER SUPPORT

Sunbird FX’s website is not accessible at the present time to verify the customer support information that is provided by previous reviews that indicate that customer support can be reached through the following avenues:

• By submitting a call-back request online
• Via email
• Via telephone
• By using the live/instant chat function, or
• By completing an online request form

EDUCATION       

There is no information to substantiate the provision of educational tools or resources which will aid beginner traders in starting their trading journey through Sunbird FX. There is no information pertaining to the provision of a demo account.

RESEARCH         

There is no indication of research tools offered by Sunbird FX, although both MetaTrader 4 and MetaTrader 5 make ample provision for several tools which can be used in developing trading strategies and improving overall trading skill, knowledge, and experience.

AWARDS

There are no rewards mentioned for Sunbird FX.

CONCLUSION  

Sunbird FX offers average trading conditions when compared to the offering of other brokers, but the broker is unregulated and there is extraordinarily little information available, except for basic information.

Traders are advised not to open live trading accounts with unregulated brokers, and brokers who do not have accessible websites, nonetheless. Despite there being reviews on such brokers, traders need to verify information by comparing it to the broker’s website.

Sunbird FX does not offer competitive trading conditions as the spreads are quite high and minimum deposits on some accounts are much higher than what other brokers require in providing accounts with similar features.

In using unregulated brokers to facilitate trading, traders may be at risk of scams and other types of fraud that may lead to substantial loss of capital, without any way of having these funds reversed.

Sharing personal and sensitive information with such brokers may lead to such information being compromised and can, in some cases, lead to identify theft, amidst other risks.

DISCLAIMER

When trading leveraged and margined financial instruments, traders are exposed to some degree of risk that is not suitable for all traders, and these risks may lead to substantial losses, often exceeding the initial deposit of the trader.

Traders need to adequately evaluate their risk exposure, willingness to be exposed to risk and whether they can financially compensate for losses resulting from such risks.

Traders are, in addition, warned against using brokers who do not provide sufficient information, or access to such, to facilitate trades as client fund security and safekeeping of sensitive information cannot be guaranteed.

FAQs

TRADING ENVIRONMENT

How many instruments can I trade with Sunbird FX?

• Forex
• Gold
• Silver
• CFDs
• Oil, and
• Indices

Which platforms are supported by Sunbird FX?

Metatrader 4 and MetaTrader 5.

Does Sunbird FX offer leverage?

Yes. Sunbird FX offers leverage of 1:500.

What spreads can I expect with Sunbird FX?

Spreads from 0.0 pips

Does Sunbird FX charge commission?

This information is not provided.

Is Sunbird FX regulated?

No. There is no evidence that suggests that Sunbird FX is regulated.

Is Sunbird FX a recommended forex trading broker for experts and beginners?

No, Sunbird FX is not recommended for use by any traders due to a lack of information in addition to the inaccessibility of the website to confirm available information derived from previous reviews.

What is the overall rating out of 10 for Sunbird FX?

0/10

ACCOUNTS

What is the difference between a demo and live trading account?

A Demo Account is a risk-free account which is funded by virtual money and allows traders to either practice trading, explore the brokers offering, or test trading strategies in a mimicked live trading environment.

Does Sunbird FX offer a demo account?

There is no mention of whether a demo account is provided.

For how long is the demo account valid?

This information is not available but when generally comparing demo accounts between brokers, the frequent term is 30-days.

Which live trading accounts does Sunbird FX offer?

• Standard MT4 Account – $100 with spreads between 1.2 pips and 1.7 pips on EUR/USD and a margin level of 75%.
• Standard MT5 Account – $2,500 with spreads between 1.2 pips and 1.7 pips on EUR/USD and a margin level of 50%.
• ECN STP MT4/G-Pro Account – $10,000 with spreads between 0.0 pips and 0.7 pips on EUR/USD and a margin level of 100%.
• MirrorTrader – $2,500 with spread between 1.2 pips and 1.7 pips on EUR/USD and a margin level of 50%.

What are the available deposit currencies for a live trading account?

USD and EUR.

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for Sunbird FX?

$100.

How do I make a deposit and withdrawal with Sunbird FX?

• CashU
• Credit/Debit Cards
• Neteller
• WebMoney, and
• Bank Wire Transfer

Does Sunbird FX charge withdrawal fees?

This cannot be ascertained as there is no information available pertaining specifically to withdrawal fees.

How long does it take to make a withdrawal?

This will depend on the method through which withdrawals are made along with the process involved and generally it can take between one and several business days.