Sucden Financial Review |
|
| 📅 Year founded |
1973 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
London, United Kingdom |
| 🌍 Country of regulation |
United Kingdom / Hong Kong |
| ✅ Regulators |
FCA / HKSFC |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
No |
| 🛡️ Negative Balance Protection |
No |
| 📉 Trading Platforms |
STAR / JTrader / Pro-Mark / Sucden FX Trader Pro / Currenex / MetaTrader4 |
| ☪ Islamic account |
No |
| 📉 Trading Instruments |
Forex / Metals / Softs and Agriculturals / Energy / Fixed Income |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Bank Wire Transfer |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
No |
| 🎁 Bonus Offer |
No |
| 💰 Account Currencies |
GBP |
| 📈 Minimum Trade |
1.00 Lots |
| 📈 Account Types |
ECN / STP |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
No |
| 💰 Withdrawal fee |
No |
| ☎ Customer Support |
Availability times unknown |
| 💰 Max. Leverage |
100:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Custom |
| 💰 Spreads |
Custom |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
|
| 🔢 Number of clients |
200 000 + |
| 🥇 Instruments Offered | |
| 📙 Education | None |
WHAT IS SUCDEN FINANCIAL?
Found in 1973, Sucden Financial (Sucden) is a respectable forex and CFD brokerage firm with its headquarters located in the United Kingdom. This online broker is regulated by FCA and the HKSFC.
At Sucden, clients can trade a range of trading instruments such as forex, metals, softs and agriculturals, energy and fixed income.
The broker also offers a variety of trading platforms to its traders including JTrader, Pro-Mark, STAR, Sucden FX Trader Pro and MetaTrader4 (MT4).
INTRODUCTION
The company known as Sucden, came into existence in the year 1973, and it has its headquarters based in London, United Kingdom.
The brokerage company has established branches in other parts of the world such as the USA and Hong Kong. This means that the company is facing different regulatory bodies, which make it mandatory to conform to their regulatory requirements.
The company is involved in various market instruments trading for different levels of clients and relies on electronic, as well as clearing execution to address the needs of its members. The trading system is carried out here through e-trading solutions.
The company does not provide a personal trading account for its clients, this is because of the type of investments they do.
This broker is a dealing member of the London Metal Exchange, also known as LME.
There is no way one can discuss reputable exchange companies in the world today without mentioning this company as one of the very best.
PROS & CONS
PROS
- This company has a global presence and that means cross-border regulation.
- It provides the STP system, meaning lightning fast execution speeds.
- The company provides a variety of trading instruments.
- The platform is not difficult to use.
- Sucden is a highly reputable and trusted broker.
- They offer a wide range of trading platforms for their clients to use.
CONS
- The company does not provide a personal trading account, meaning you have to trade as a business.
- It offers leverage to only professionals.
- There is presently no demo account.
TRADING INSTRUMENTS
When it comes to the availability of trading and market instruments, this broker has an edge.
Presently they provide a wide range of market instruments including the following:
Forex
As mentioned previously, this broker unfortunately does not provide individual, personal trading accounts which is a shame when you see the variety of options they have available.
They offer a wide variety of forex pairs, including majors, minors and exotics, through multiple liquidity providers, meaning their clients have access to a deep pool of liquidity.
Most importantly the company can provide a wide range of foreign exchange services like the following:
- Fx options.
- eFX.
- Deliverable FX.
Metals
As pointed out earlier, this broker belongs to the LME which means London Metal Exchange. In fact, this company is a category one member of that body. Because of that, they have access to all kinds of precious metals.
The company staff are actively involved in any deal involving precious metals. Apart from that, the company is also a full member of the London Bullion Market Association. This also means that they have access to even further different kinds of precious metals and they trade extensively on that market.
Sucden provides worldwide exchange on OTC markets. They have an active base on precious metals, steel as well as iron ore.
Should you need help, this broker makes that readily available. With the solutions they provide, traders would find trading out of a risky trading environment, fairly straightforward.
Some of the metals available with this broker include gold, silver, palladium and platinum as their offering of precious metals. They further provide iron ore and steel as non-precious metals, as well as a range of other products that can be traded as metals.
The broker allows traders a variety of different styles to trade with, including CFDs, options, futures and spot metals to name just a few.
Softs and Agriculturals
This is provided on both the US and European exchanges and includes many trading solutions. Sucden really does provide one of the largest available ranges for their clients to trade on, in terms of soft commodities and agricultural commodities.
Commodities represent a good option for traders as they are generally less volatile than currencies or metals. Again, Sucden provides a host of options for traders to utilise when trading softs and agriculturals.
Energy
Sucden has also been involved in this sector since the 1980s. This means that they have the experience as well as the knowledge required for this kind of investment.
When it comes to energy investment, they offer their clients the opportunity to trade energy futures and options, while utilising their superior trade execution services.
This is possible because the company has access to the major energy markets, and they are also a member of ICE Europe. The company accesses markets such as the DME and CME. Furthermore, the company provides a dedicated team that takes care of the areas that their services currently cover, like those under ICE and Nynex.
Fixed Income
The company works with corporate and institutional clients. These clients would have access to the global fixed income market. They trade with the electronic API as well as through voice execution.
Furthermore, they do provide helpful services to trade as well as liquidity sourcing, resulting in razor-thin spreads; and this covers a wide range of markets. The broker makes a dedicated support team available to its clients, which can be done as their offering is so specialised.
TRADING PLATFORMS
Sucden adopts various kinds of trading platforms for the execution of trades. There are several trading platforms, probably one of the widest offerings in the industry, and traders can choose according to their preferences and the kind of trades they are engaged in.
JTrader
This is one of the trading platforms offered by the broker and many people rate it highly because of its ease of use. It operates on an efficient, one-click trading system.
Most importantly, this system makes provision for amendment and cancelation options. It also has a user-friendly interface, making it easy for traders to track their profits and loses accurately.
Pro-Mark
The other trading platform the company makes available to its clients is the Pro-Mark platform. It is a great trading platform, aimed mostly at professional and institutional traders. Certain things make this platform unique, including its high-volume trading as well as high speed execution.
The system makes provision for auto spreading and multi-leg, as well as integration with excel and great broker functionality.
STAR
The STAR trading platform is Sucden’s very own, proprietary trading platform. It works seamlessly with their offering as a broker, one of the perks of designing your own platform, and is well rated by Sucden’s clients worldwide. In fact, STAR is such a good platform, even hedge funds and proprietary trading houses make use of Sucden’s in house trading platform.
Sucden FX Trader Pro
This is primarily Sucden’s desktop trading platform. This platform is also only offered by this broker and is free and easy to install, and set up on your desktop. This platform is also well loved by traders due to Sucden’s policy of providing multi provider liquidity, meaning traders have access to deep pools of liquidity.
Currenex
This platform is aimed largely at institutional investors, facilitating quick and efficient trade executions, while Currenex’s other platform, Currenex Viking Trader, is aimed more at retail clients and is also available at Sucden.
MetaTrader4 (MT4)
No platform offering is complete without the world famous MT4 trading platform. There is a reason this is the most used platform in the world and is loved by traders all over and with Sucden, you will have access to utilise this trading platform.
ACCOUNT TYPES
When it comes to the various kinds of accounts available to clients, there is little or no information available. This could be because they do not provide a personal account. If you check the website, you can get information about those entities they can cover in their services.
The entities that they can cover include corporate bodies, financial institutions as well as solutions for brokers.
The application form of the company is available on the website, but it only applies to the following:
- Corporate Accounts.
- Financial Institutions.
- eFX.
- Deliverable FX.
HOW TO OPEN AN ACCOUNT
There is little information available on this too, presumably once you have filled out an application form, Sucden will contact you to make arrangements for the opening of an account.
DEMO ACCOUNT
There is no information about a demo account. Since the company does not provide personal accounts, one does not see the need for a demo account here.
They trade at institutional and corporate body levels and these entities hire professionals to trade for them. There may not be the need for a demo account for such entities.
SOCIAL TRADING AND COPY TRADING
In the same way, there is no evidence that the company allows social and copy trading. There may be no justification for that since they do not provide personal trading accounts.
COMMISSIONS & FEES
The company has institutional and corporate customers, and they provide for the needs of these categories of customers.
There is not much information available regarding their commissions and fees and thus it can be assumed that this information will be provided once application forms are accepted.
As they provide ECN accounts through the ECN system, it can be assumed that tight spreads are offered and there will certainly be some sort of commission payable on trades.
LEVERAGE
Leverage is often determined by the regulatory body which applies their rules, depending on what jurisdiction a trader resides in. For example, many traders situated in the EU will only have access to leverage of up to 30:1, while some entities have much higher limits.
From Sucden’s website, it would appear as if they offer leverage of up to 100:1 to their professional clients, however as many other brokers do, this may be changed at the broker’s discretion.
WITHDRAWALS AND DEPOSITS
Sucden only provides for bank wire transfers as a withdrawal and deposit method, rather limiting other options for traders.
From their website, it is evident that they do not charge any fees on withdrawals and deposits, any charges thereon would come from financial intermediaries who facilitate such transactions. In addition to this, they also do not charge any inactivity fees on accounts.
CUSTOMER SERVICE
They also provide customer service that is tailored towards the kinds of clients they serve. You can contact them via a variety of methods, including the contact from on their website and via telephone.
As they are based in various jurisdictions, their customer service is multilingual and are able to assist you in multiple different languages including English and Chinese.
As they tailor their services more toward corporate and professional clients, there are also dedicated support staff available to clients, which is a bespoke service to make use of.
SAFETY AND SECURITY
This company is regulated in different parts of the world where they have their operations.
It is FCA regulated since it has its main office in London. Additionally, the broker also has an office in Hong Kong, where they are regulated by the HKSFC. We at Brokersuggest.com always recommend clients to look for brokers who are regulated across multiple jurisdictions, as this means there are higher and more regulatory standards for brokers to adhere to.
The regulatory bodies listed above are known for their strict and high standards of regulation.
Being based in the UK, Sucden is registered with the Financial Services Compensation Scheme (FSCS) meaning that client funds are protected up to an amount of GBP 85 000.
As they have been in operation since 1973, Sucden has a track record spanning over 50 years, reaffirming its reputation as a trustworthy and transparent broker.
PROMOTIONS
From our research, it does not seem as if Sucden offers any promotions or similar offerings to its clients, however this does not mean there may not be such offerings in the future. Traders looking for promotional bonuses are encouraged to regularly visit the broker’s website in case this changes.
RESEARCH
Sucden does provide fantastic research tools to their traders, via market insights and a range of trading tools and indicators on their proprietary trading platforms.
The market insights tab on their website is a very impressive offering, compiled on a regular basis by their superb team of researchers, analysts and traders. The insights are split into in-depth sections on the various instruments Sucden offers its clients, namely: Metals Outlook, FX Outlook, Soft Commodities Outlook, EV and Battery Materials Outlook and Perspectives. Traders are certainly encouraged to go and view these insights on the broker’s website.
EDUCATION
From our research about this broker, we found that Sucden does not provide educational content in the forms that some other brokers do. There is no dedicated academy or channel where newer traders are able to learn the ropes about forex trading, but they do offer great research tools as described above.
It must be noted, that Sucden does seem to cater more toward experienced and professional traders, even more specifically to institutions such as hedge funds, so the lack of educational content is not surprising. We would say this is certainly an area that can be improved.
GLOBAL AWARDS
Surprisingly, the broker has only won two awards, which we could find during our research. However, it must be noted that this does not mean they have not won more awards and they very well could, in the future. The awards our team were able to find are as follows:
- Best Prime of Prime Broker (2017) – Finance Magnates Summit.
- Best Metals Brokerage Team (2014) – Capital Finance International Exchanges and Brokers Awards Programme.
SAFE OR SCAM?
Due to Sucden’s long and extensive history in the financial markets space, it is certainly safe to trust this broker. Over their 50 + years in operation, Sucden has built a reputation as a safe, reliable and transparent company, meaning clients can rest easy knowing their funds are secured with this broker.
The added benefit of segregated client funds is also vital in determining that this broker is safe, as client funds are kept segregated from the broker’s funds, meaning your money is not used in their operational procedures and in the event of bankruptcy, your funds will be protected.
The FSCS as discussed earlier, is another great addition to the safety of this broker.
CONCLUSION
Sucden is perhaps one of the most reputable brokers in the market today. They do offer a wide range of services that are meant primarily for corporate and institutional services, such as hedge funds and banks.
The company is highly respected, and they have branches in different parts of the world. They are highly regulated and there is no threat to investor’s funds.
Sucden Financial is highly specialised and their high quality service is a must have for institutional clients. The team at Brokersuggest.com can highly recommend this broker to traders, especially in professional and institutional settings.
