SSY
Basic Information
Pros and Cons
Pros
- Various services provided
Cons
- Suspicious clone NFA license
- Only telephone support
Is SSY Safe and Legit?
SSY, officially known as Simpson Spence Young, is registered in the United States and has been operational since 2020, offering services related to dry cargo, tankers, derivatives, LNG, LPG, and corporate finance among others. Key trading conditions include access to MT4/5 platforms, although specific leverage, spreads, and tradable instruments are not disclosed.
The broker is under the scrutiny of the National Futures Association (NFA) but operates with a suspicious clone license, raising concerns about its regulatory compliance and overall safety in trading activities. Consequently, the broker is not considered safe or fully legal in its operations.
Market reputation for SSY is mixed, with some users reporting difficulties in customer service and withdrawal processes. Community feedback indicates that transparency is an issue, with an uptick in complaints regarding service quality. Overall, while SSY provides various services, user evaluations highlight significant risks associated with trading through this broker.
Is SSY a Regulated Broker?
What Are the Regulatory Licenses Held by SSY?
No Regulated Licenses. SSY, officially known as Simpson Spence Young, holds a suspicious clone license issued by the National Futures Association (NFA). This raises concerns regarding its regulatory compliance and safety in trading activities, as it does not possess any mainstream or legitimate offshore licenses. As a result, potential risks are present for users considering trading with this broker.
| Regulator Abbreviation | Full Name of Regulator | Regulated Company Entity | Regulatory Status | License Number |
|---|---|---|---|---|
| NFA | National Futures Association | SSY FUTURES LTD | Suspicious Clone | 0449314 |
Client Fund Segregation: Your Ultimate Safeguard
Capital Protection Measures
SSY does not provide information regarding the holding of client funds in independently regulated bank accounts, separate from the broker’s own assets. Additionally, there is no indication that the broker participates in any investor compensation funds or insurance schemes, raising concerns about the safety of client deposits.
SSY Leverage
SSY does not disclose specific maximum leverage multiples for different product categories or account types. As such, it is unclear whether the actual leverage offered complies with local regulatory requirements, especially considering the broker’s current status with the NFA and the classification of its clients.
SSY Withdrawal Review
How to Contact SSY?
SSY, or Simpson Spence Young, has garnered mixed reviews regarding its withdrawal processes. Users frequently report complaints related to delayed withdrawals and difficulties in accessing their funds. These complaints are often sourced from user forums and review sites, indicating a significant concern among traders. The broker’s response to these issues has been described as slow, with many users waiting extended periods for replies. There appears to be a pattern of repetitive complaints concerning withdrawal issues, although no regulatory penalties or warnings have been documented. Overall, concerns about SSY’s safety and legitimacy are heightened by these withdrawal issues.
Frequently Asked Questions
A1: SSY, or Simpson Spence Young, holds a suspicious clone license from the National Futures Association (NFA), which raises concerns about its safety and regulatory compliance. Users have reported issues related to customer service and withdrawal processes, indicating potential risks associated with trading through this broker.
A2: SSY only holds a suspicious clone license issued by the National Futures Association (NFA). This lack of legitimate regulatory oversight may pose risks for traders considering this broker.
A3: SSY does not provide information regarding the holding of client funds in regulated bank accounts separate from its own assets. There is also no indication of participation in investor compensation funds or insurance schemes, which raises concerns about client fund protection.
A4: Users have frequently reported delays and difficulties in accessing their funds when attempting to withdraw from SSY. The broker’s customer service response to these issues has been described as slow, leading to significant concerns among traders regarding the withdrawal process.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.