Saga Trade may be operating a scam. We have received reports of investors being unable to withdraw their investments.
The entity offers trading in products, such as cryptocurrency and Contracts for Difference (CFDs), via their website. Saga Trade is not a registered financial service provider in New Zealand, nor licensed in New Zealand to offer trading in derivatives, including CFDs.
Brokerswatch recommends investing only with brokers that are regulated by reputable authority.
Reputable regulatory authority provides additional protection to investors by ensuring that financial firms apply proper standards and rules. Additionally, if the broker tries to cheat you out of your money, it is the regulator’s job to force the financial firm to compensate you for any wrongdoing.