SYETI Review – What Kind of a Broker is it?

SYETI Review

It is a well-known fact that you need the services of an online brokerage to start trading in the financial markets and this does not sound too complicated. After all, a Google search can net you thousands of results and all you have to do is pick one. That sounds simple enough, until you take into account the impostors and bogus platforms that are also included. Then it becomes a minefield that could just blow up in your face if you are not careful. You do not want to take such risks where your money and your information is involved, which means you need to know what kind of a broker you are dealing with. That is what this SYETI review is for.

A look at a broker’s website is not going to tell you much; all you will discover is what they want you to know. But, your goal is to find out what they want to hide from you because that is how you will discover just what kind of brokerage you are dealing with. Making this effort is a smart move because it saves you from making a bad decision that could cost you significantly in the long run. You will save yourself from signing up with the wrong broker that could derail your entire trading journey.

The real challenge for people is how to figure out the truth about an online broker. It is understood that every company will go to great lengths to convince you that they are the best out there and the right fit for your needs. But, you cannot take their word for it because scammers are going to tell you the same. You have to be cautious and not fall for their tricks, as in the case of SYETI that claims to be operating in more than 200 cities around the world and offering you excellent security and professional trading services.

Unfortunately, this does not seem to be close to the truth at all because SYETI seems to be a bogus brokerage, something that becomes apparent when you look beneath the polished surface it has created. What will you find? Take a look here:

No license and regulation

Licensing and regulation are worth their weight in gold for any brokerage because they automatically add a layer of trust. Companies that have a license to provide their services and are under the regulatory oversight of a respectable body can be trusted to provide quality and transparent services and can also be held accountable. Therefore, people are more likely to opt for a regulated and licensed company over an unlicensed one, as the former are usually scams. This seems to be the case with SYETI as well.

It is a fact that SYETI is an unlicensed platform, but that’s not the worst part. The worst thing is that the brokerage is actually lying about it. If you go through its Terms and Conditions, it becomes obvious that you are dealing with an impostor because it seems that they have forgotten to edit the template they have added. The Terms and Conditions state that the brokerage is owned and operated by a company called xxxxx that has its offices in xxxxx and incorporated in accordance with the laws of Slovakia.

Slovakia is part of the European Union, which is one of the most regulated jurisdictions in the world and they have a set of rules to be followed, which SYETI does not, such as the offering of trading bonuses. Obviously, it is not based in Slovakia and is not licensed at all.

Malicious bonus policy

As mentioned above, SYETI is offering trading bonuses to its clients and there are traders who will find this offer very attractive. There was a time when these bonuses were very common amongst brokers, but regulatory authorities have decided to impose a ban on this practice. This is because these bonuses come with strings attached that are known to abuse traders. How do they do that? All you have to do is check out SYETI’s bonus policy and you will find the answer.

You will find that SYETI has the infamous ‘Non-deposited funds’ clause, which is quite common amongst scam brokers that offer trading bonuses. It is essentially a trick to ensure that traders cannot withdraw their funds once they have deposited them. As per this clause, trades are not permitted to withdraw the profits generated from the bonus, but can withdraw those made from their own deposits. But, since there is no way to actually distinguish what profits were made from what money, it simply means there can be no withdrawal.

Plus, it should also be noted that since SYETI claims to be incorporated in Slovakia, it should not be offering trading bonuses at all because they are not allowed in the EU.

Excessive leverage

Another problem that you will come across at SYETI is the fact that the brokerage is offering leverage as high as 1:200. Yes, it gives you trading flexibility, but leverage is very risky, due to which a cap has been imposed on the levels that can be offered in multiple jurisdictions. The same applies to the EU, where SYETI claims to be based and yet, it is breaking the rules.

High minimum deposit

The fact that you have to make a minimum deposit of $1,000 to open an account with SYETI is yet another reason for you to mistrust the broker completely. These days, most brokers are allowing their clients to open an account with as low as $10. Even if the average amount was applicable, it wouldn’t need to be more than $250 and this is four times the amount. This obviously shows that the brokerage wants to get away with as much money from you as possible and since they will not allow you to withdraw, it will be gone.

Final Thoughts

It is apparent that you are dealing with a fraudulent brokerage when it comes to SYETI and should avoid it completely.