Syganica claims to be a regulated and award-winning forex broker. However, in reality, it is a scam, similar to many other fraudulent brokers we have come across. Let’s explore how to recognize these scams and how to find a reliable broker for your initial steps into financial trading.
Syganica Regulation
| Guaranteed Funds | Segregated Accounts | Negative balance protection | |
| Syganica | ❌ | ❌ | ❌ |
| UK regulated brokers | £85 000 | Yes | Yes |
| EU regulated brokers | €20 000 | Yes | Yes |
| AU regulated brokers | No | Yes | Yes |
| US regulted brokers | Yes | Yes | No |
Syganica asserts that it is based in Germany while also claiming to be licensed by financial regulators in Dubai and Cyprus. However, the Terms and Conditions mention Vanuatu, an offshore zone, as the applicable jurisdiction. These inconsistencies are significant red flags. Additionally, Syganica remains entirely anonymous, with no mention of the company operating this so-called licensed broker.
A check of the records of financial regulators in all the jurisdictions mentioned shows that there is no authorised broker using the brand and domain name of Syganica. The financial authorities in another country, Russia, have blacklisted Syganica.
There is no doubt that this website is a scam and not a legitimate financial services provider. If you are looking to invest in financial instruments, there are far more trustworthy options available.
Depending on where you are located, it is wise to choose a company regulated by institutions such as the Commodity Futures Trading Commission (CFTC) in the US, the Australian Securities and Investments Commission (ASIC), the UK’s Financial Conduct Authority (FCA), or an EU regulator like the Cyprus Securities and Exchange Commission (CySEC).
Trading Platform
| Advanced tools | Auto trading | Custom indicators | Mobile versions | |
| Syganica platform | ✅ | ❌ | ✅ | ❌ |
| MT4 | 30+ indicators | ✅ | ✅ | Android and iOS |
| MT5 | 50+ indicators | ✅ | ✅ | Android and iOS |
| cTrader | 40+ indicators | ✅ | ✅ | Android and iOS |
After registering an account, users gain access to a rather basic web trading platform lacking extensive customization options or advanced functionality. We have seen this same platform used by numerous fake brokers. Scammers employ rigged trading software to deceive their victims into thinking their money is actually being invested and generating profits.
By using the services of a licensed broker, you will have access to established software with advanced features available on all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are considered industry standards because they offer a comprehensive range of features, including extensive customization options, support for multiple accounts, the ability to design and implement custom scripts for automated trading, and backtesting of trade strategies.
Minimum Deposit
Syganica requires a minimum deposit of 1,000 USD. This significantly exceeds the initial investment required by most legitimate brokers. Very often you can open a trading account with a leading brand for as little as 5-10 USD.
Payment Methods
| Deposit time | Withdrawal time | Price | |
| Bank wire | 2-5 business days | 5-10 business days | $25+ |
| Credit card | Instant | 24 hours | Free |
| PayPal | 1 hour | 24 hours | 2% |
| Skrill | 1 hour | 24 hours | 2% |
| Neteller | 1 hour | 24 hours | 2% |
| Crypto | 24 hours | 24 hours | Fee depends on crypto |
Scammers prefer cryptocurrencies because they provide a level of anonymity and make it difficult for victims to request a refund.
Legitimate brokers typically provide clients with a wide range of transparent payment methods, including bank transfers, credit/debit cards, and established e-wallets like PayPal, Skrill, or Neteller. If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, make sure to verify their regulatory status and the security of their transaction processes.
Trading Instruments
| Currency | Stocks | Indices | Crypto | Commodities | |
| Syganica | Yes | Yes | Yes | Yes | Yes |
| FP Markets | Yes | Yes | Yes | Yes | Yes |
| XM | Yes | Yes | Yes | Yes | Yes |
| HFM | Yes | Yes | Yes | Yes | Yes |
Syganica’s trading platform includes currencies, cryptocurrencies, metals, commodities, stocks and indices. But as stated, the trading offered by this fake broker is bogus. It is in your best interest to invest only through licensed and established brokers subject to regulatory oversight.
Syganica Spread
Syganica does not disclose information about the cost of trading. The trading platform shows a spread of only 0.1 pip, which suggests there may be additional commissions. However, the exact amount of these commissions is not specified.
Syganica Leverage
| Currency | Stocks | Crypto | Gold | Indices | |
| Syganica | 100:1 | 100:1 | 100:1 | 100:1 | 100:1 |
| UK regulated brokers | 30:1 | 5:1 | ❌ | 20:1 | 20:1 |
| EU regulated brokers | 30:1 | 5:1 | 2:1 | 20:1 | 20:1 |
| AU regulated brokers | 30:1 | 5:1 | 2:1 | 20:1 | 20:1 |
| US regulated brokers | 50:1 | ❌ | ❌ | ❌ | ❌ |
Syganica advertises leverage of up to 1:100, exceeding the levels allowed in the jurisdictions in which this fake broker claims to be licensed.
Trading with high leverage can lead to higher profits but also significantly increases the risk of sudden and excessive losses. Leading regulators limit leverage for retail traders to mitigate this risk. In the EU, UK, and Australia, the maximum permitted leverage is 1:30, while in the US it is 1:50. These limits apply to major currency pairs, with even more restrictive leverage for more volatile assets.
If you do not qualify as a professional trader but are willing to take the risk of high-leverage trading, your most viable option is to use the services of an offshore affiliate of an established brand.
Withdrawal Requirements
| Trading volume requirement | Fee/Tax on withdrawal | Minimum withdrawal | |
| Syganica | Not specified | Not specified | Not specified |
| UK regulated brokers | No | No | No |
| EU regulated brokers | No | No | No |
| AU regulated brokers | No | No | No |
| US regulated brokers | No | No | No |
Syganica Pros and Cons
| Pros | Cons |
| Notning to mention | Anonimous |
| False claims of regulaton | |
| Fake legal details | |
| Blacklisted | |
| Only crypto payments |