- SagaTrade Broker Summary
Here at The Next Bitcoin you can learn about many trading platforms, one of them is SagaTrade, we have concluded that SagaTrade is a good trading platform, it is NOT a scam! Read our SagaTrade review today and learn all you need to know about the SagaTrade trading platform and why we recommend it for all traders.
If you want one piece of advice from me before you start trading, it would be to pay attention to the security features of the broker. I don’t why so many newcomers in this industry completely overlook this particular aspect. Yes, you want to see the trading platform, the opportunities of making profits, and possibilities of keeping your risks low, but is that enough? Does all of that even matter if the company does not have any safety features in place? Let me help you learn the importance of security with this SagaTrade review.
I will only talk about the safety features that this company has worked on to give mental peace to its traders. It is up to you to decide whether or not you want to sign up with the company after that. So, let’s go.
Anti-Money Laundering Policy
So, the first thing you should pay attention to is that the company should have adherence to the AML policy. Why? Let me explain a few important things. Firstly, the company that provides financial services on the internet must have some policies and procedures in place to identify the people who are trying to exploit its services. If the company does not have these measures, it will be used by people who don’t mean well with trading. They are there only to hide their black money. Another important scenario is when the company is letting these people sign up on purpose.
In either case, you are the one who is going to suffer. If something wrong happens in the future, the company gets caught and your money gets frozen in the accounts that belong to the company. I am glad and also proud to tell you that SagaTrade is all about safety measures for its traders. It has proper anti-money laundering protocols in place to keep the money launderers away from the system. By asking for their credit/debit card details, the pictures of these cards, and the requirement of the information matching on these documents and pictures make these people run away before they sign up.
KYC Policy for Traders
Don’t get me wrong, even I don’t feel comfortable signing up with by giving out my personal details on the internet. However, you have to know that a company cannot recognize or identify you unless you provide it with your personal information. Tell me, if I walk past you right now, will you know it’s the same guy whose review I just read? Not at all! That’s because you have no “data” to know who I am. In a similar manner, the company needs to have your data to recognize and identify you. Once it has that data, it can prevent others from signing up using your name.
Let me tell you what pieces of information you will need. You will have to tell the company your name, address, email address, identification number etc. Furthermore, you will have to send pictures of your utility bills along with the pictures of your identification documents. All of this information is taken from you because the company wants to protect you from identity thieves that are lurking in abundance in the online world. So, don’t be scared when SagaTrade asks you for all of that information. Be scared when a company does not ask for all these details.
Data Encryption on the Website
The website that you are using to access the SagaTrade trading platform is properly protected through encryption protocols. Encryption ensures that all the data that you give out on the internet is enveloped in such a way that it is only recognizable to you and the party you intend to share it with. If there is any third party that wants to eavesdrop into the information, they can’t do so because of encryption. Now, you should be glad that the company has proper SSL certificates on the website, protecting your data from any unauthorized and nosy intruders.
You have to confirm with any company that you are about to sign up with if they have encryption or not. If the website you are about so sign up with does not have it in place, you can be sure that they will not be able to keep your information safe at all. I also want to inform you that SagaTrade uses 256-bit encryption on the website. This means it uses the best protocols that help keep your information safe from even the most sophisticated hackers out there. Even if you don’t sign up with SagaTrade, I recommend that you confirm this information before you sign up with any company in the world.
Segregation of Your Deposited Funds
So, when you deposit your funds in your online trading account, where do you think the money goes? Well, it does not go into the pocket of the online broker, does it? Of course, not! The online trading services provider has to maintain all the funds that you deposit in your trading account in a bank account. The funds must go into segregated accounts, as per the policy that all online financial institutions have to follow. If they don’t follow this policy, they are not complying with industry rules, and they may be putting your security in danger.
The money that you deposit when you sign up with SagaTrade goes into segregated accounts. It’s an account that the company has created at a regulated bank for its traders. All the money that comes from online traders lands in this account. In other words, it does not land in the account that the broker is using for storing its personal money.
Now, you can see that I have based this entire review on the safety features of the company. You can notice how I have only talked about safety features and SagaTrade has not failed at all. It has all the safety protocols in place that a trader can demand before signing up, and that’s the reason I believe this company is going to become an industry leader in the coming days.