Before getting into the main content, TraderKnows wants to start with a game of guessing: if I told you there's a platform that claims to be regulated by ASIC, what's the first platform that comes to mind? TMGM, DBG Markets, or perhaps IC Markets? And if I further tell you this platform is also regulated by the NFA, the options seem to narrow down to Gain Capital or OANDA, but it's neither! The platform we're discussing today is Sync Markets, quietly regulated by two highly authoritative institutions.
Does Sync Markets really have regulation? Why does it claim to be regulated by these two institutions? Is it an "up-and-comer" or just a scam platform?
Sync Markets Registration Information
Sync Markets is registered in Saint Lucia, and we can find related registration information at the Saint Lucia Commercial Registry and International Trust Registry (IFC); the registered name is Sync Markets Ltd.
Why choose to register in Saint Lucia? Because it's very convenient to register a business there; one simply needs to submit the registration form and pay a few hundred dollars, and you don't even need to be present. This is why many platforms with poor qualifications, or even scams, choose to register there.
Additionally, TraderKnows discovered another registration for Sync Markets in the Colorado Business Database. Why register here? We'll address this question later, explaining why Sync Markets registered a seemingly non-functional company in the US.
Entity Information: Nonexistent or Physical Office?
Sync Markets' website lists three addresses: operational, registered, and headquarters. The Saint Lucia registered address, mentioned earlier, is just for company registration. The operational and headquarters addresses, one in Switzerland and one in London, are nearly 1000 miles apart, which seems odd!
Verification of Operational Address Authenticity
Let's verify these addresses' authenticity carefully. First, the operational address, Flat 5, 4th Floor, 27 Penywern Road, SW5 9TT, London, United Kingdom, is interesting because another platform called LUMIEX, also listed as a scam suspect by TraderKnows, uses this same address.
Even more interesting, on Zoopla, a popular property search platform for UK residents and overseas buyers, this address is marked as sold. How can Sync Markets operate at a sold address?
Verification of Headquarters Address Authenticity
Regarding the headquarters address, TraderKnows can't reach a definitive conclusion via the internet, because Google Maps and known office solution sites like Easy Offices suggest it's an office space shared by prestigious organizations like the International Council of Ophthalmology (ICO), ADP, B Lab Switzerland, and CARE Charmilles. So while it's possible Sync Markets operates here, it's quite unlikely based on our conclusions.
In summary, TraderKnows believes Sync Markets is highly suspected of lacking a physical business entity or office location.
Does Sync Markets Really Have "Major" Regulation? Is It Compliant?
Sync Markets has a Regulatory section on its website to showcase its compliance, primarily displaying its so-called AFS license, but things aren't as they seem...
ASIC Regulation?
Both the license provided on the Sync Markets website and what TraderKnows found through ASIC show that Sync Markets holds merely an AR license. What is an AR license? In a previous article exposing UC Investing, it was explained that an AR license is essentially a license issued by enterprises holding an ASIC main license to other businesses.
TraderKnows believes you can sense that an AR license isn't regulated by ASIC but rather by the issuing company. This has led many institutions with ASIC main licenses to sell AR licenses to platforms of dubious qualification over the years. In this environment, can Sync Markets really be regulated by such enterprises?
NFA Regulation?
On a well-known forex information platform, Sync Markets is listed as holding an "NFA General Business Registration," but examining the attachment reveals that the documentation is merely the Colorado registration we mentioned earlier. It's well-known that achieving NFA regulation is extremely difficult. As far as TraderKnows knows, only Gain Capital and OANDA have achieved it globally. This registration alone can't offer any real protection for investors.
From the analysis above, Sync Markets is currently not regulated by any authority. Moreover, its status on the MT5 server isn't ASIC, but no, further evidencing that the platform's actual regulatory state aligns with our analysis.
User Complaints: Victims Already Scammed!
Exposed Pig-butchering Scam
According to complaints received by TraderKnows, the scam resembles a pig-butchering operation: private messages lead to group chats, referrals by friends, with the group full of stooges, "teachers," and "assistants," targeting newcomers.
Low Website Traffic
According to data from semrush, the Sync Markets website (sync-fx.com) has nearly zero traffic, only 7 per month, supporting complaints that Sync Markets doesn't rely on its website for customers but on private messages and other channels to build a network, creating professional, profitable illusions to scam investors.
Conclusion
Currently, this platform is still relatively small and new, and we haven't found many complaints online. Many indications suggest the platform targets investors from mainland China and Hong Kong.
TraderKnows hopes to use Sync Markets' pig-butchering scam to caution investors: be extra cautious of opportunities presented by friends or private messages. Don't be blinded by the profitable atmosphere created by "elites" in the group or the sweet talk of "beauties" or "professionals." We sincerely hope the world can be free from scams.
