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Savoy Investment Group Review | An Invitation or Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 2
Savoy - logo

Considering dipping your toes into Forex/CFD trading? Savoy Investment Group is extending an invitation, but hold on. Before you dive in, it’s essential to take a close look at the company. Are there hidden risks? Could it be a scam? The reviews are scarce, offering little definitive information, leaving us with more questions than answers. That’s why we’re rolling up our sleeves and launching our in-depth investigation.

Highlights

🏛️ Country Switzerland, Cyprus, United Kingdom, Panama, South Africa
⚠️ Regulation
🖥️ Website savoyig.com
🎲 Demo Account Yes
⏳ Start Time 2023
💲 Minimum Deposit €250
⚖️ Minimum and Maximum Leverage 1:1-1:200
⚙️ Trading Platform WebTrade
📨 E-mail support@savoyig.com
📞 Phone +27211091390, +27311095959, +442045874414, +41225083118, +5078360242, +35725056489

First Impression of Savoyig.com

With a classic two-tone blue and white design, the Savoy Investment Group website boasts standard sections such as ‘About Us,’ ‘Account Types,’ ‘Education,’ ‘FAQ,’ and ‘Contacts.’ It’s a template we’ve seen before, and it’s hard to ignore the feeling of déjà vu. The backdrop features Bitcoin, Ethereum, and Litecoin coins juxtaposed with an image of Earth, hinting at the global reach of cryptocurrency. It crafts an image of a high-tech organization, but don’t be fooled – the connection to crypto here is limited to trading instruments and payment methods. A sleek exterior, but is there more than meets the eye?

Savoy - official site

Partnership and Bonuses

Savoy Investment Group has neither a partnership program nor a bonus system, and that’s a disappointment. For many traders, an affiliate program could provide a valuable source of additional passive income. Maybe managers offer some bonuses, but not a word about‌ them.

Account Opening on savoyig.com

To open an account with Savoy Investment Group, all you need to do is click on “Register” and fill in all the fields with your personal information. What’s odd and disconcerting is that the broker doesn’t require you to verify the phone number or email address you’ve provided. This means you can register with any information, as there’s no need to confirm its validity.

In the Savoy Investment Group dashboard, clients can manage their accounts with ease. Simple options allow them to deposit funds, download the trading platform, log in to WebTrader, upload verification documents, or open an extra account. The interface is straightforward, catering to beginners who want to get started without fuss. On the one hand, it is convenient for newcomers who can quickly find their bearings. On the other hand, it shows the negligence and frivolity of the company.

The verification process at Savoy Investment Group is rather loosely defined. There’s no specific AML & KYC document on the website, but information on this can be found in the user agreement. It’s known that verification is a mandatory part of the process, and the broker may occasionally request updated documents and additional confirmation of the provided information.

Pros
  • Easy to upload documents.
Cons
  • Requires uploading a credit card photo.
  • Information about KYC is only in the user agreement.

Trading Software

The trading terminal provided by Savoy Investment Group is a basic WebTrader with limited features. Users have the option to download a .msi file to their computers, but it’s something we were hesitant to try. There’s also a mobile-friendly version, but it’s only accessible through WebTrader, not as a stand-alone app from official platforms like the AppStore or Play Market.

Webtrader

Savoy Investment Group’s trading terminal is quite basic. It’s a fine starting point for newcomers, but seasoned traders will find it lacking. Sure, it has the essentials like basic indicators, graphical tools, and a few timeframes, but that’s where it ends. Want to upload custom indicators or use trailing stops? You can’t. Looking for volume profiles or open interest? Not available here. This terminal falls short of professional standards, and there are many other platforms out there offering more features and flexibility.

Features Savoy Investment Group AiFxMarkets Investmarkets
Demo Account ✔️
Mobile App
Own Development

How Can I Trade With Savoy Investment Group?

If you’re looking into trading with Savoy Investment Group, you’ll find the details a bit sparse. They limit the leverage to 1:200, but it’s about all the specifics they offer. What about spread sizes and commissions? They don’t say. But they do give you the option to choose from one of five different tariffs, starting at a minimum of €250.

All Info About Accounts

Depending on the tariff a trader chooses, Savoy Investment Group will provide a specific set of additional services. With the “Basic” plan, a personal manager will only be available for a limited period as an introduction, just like most other services such as the daily news, signals, and one-on-one trading courses. The only offerings without restrictions will be the working sessions and the event room. The company doesn’t specify the exact duration of the trial period, so it seems that the client will have to figure it out themselves.

Account types

For traders who can afford to invest €5,000, €25,000, or more, Savoy Investment Group offers enhanced conditions across all services. It’s important to note, however, that these personal managers, signals, private sessions, and individual training courses are often used as marketing gimmicks for users. Additionally, they can be an effective way to guarantee the loss of a trader’s deposit. Signals and analyst recommendations won’t yield profit in the long term, and education and trading sessions may cloud a client’s judgment, leading to mistakes and losing trades.

It’s worth noting that while there is a demo account available at Savoy Investment Group, an Islamic account is not offered. Information about ECN, as well as many other working conditions, is missing. Essentially, one could say that there’s a veil of mystery shrouding the trading parameters.

Pros
  • You can try to practice on a demo account.
Cons
  • Uniform additional services.
  • Important conditions are not disclosed on the website.
  • High minimum deposit.
  • No Islamic account.

Market Analysis and Education With Savoy Investment Group

Among the free tools offered by Savoy Investment Group, there are online quotes from TradingView, an educational section that provides definitions for each asset class, and an FAQ. It’s a rather sparse selection.

Deposit, Withdrawal, and Fees

Judging by the icons on Savoy Investment Group’s website, there’s a wide variety of ways and systems to deposit and withdraw money, including credit/debit cards, PayPal, cryptocurrency, and others. Strikingly, the company says nothing about fees, which is one of the most important aspects that should be disclosed upfront, before topping up the balance, not during the process.

Features Savoy Investment Group Investmarkets  Gainful Markets
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️ ✔️
Crypto Transfers ✔️
Deposit Fee
Withdrawal Fee

How Can I Contact It?

For contacting Savoy Investment Group, an email address, and six phone numbers are provided. It turns out that the broker operates as many as six offices: two in South Africa, and one each in Cyprus, the United Kingdom, Panama, and Switzerland. Additionally, there is a special form for feedback.

Pros
  • Checking contact details did not reveal any suspicions.
Cons
  • There is no online chat for operational contact and social networks.

Is Savoy Investment Group Dangerous?

What’s strange is Savoy Investment Group conceals a large part of the important trading conditions, which is uncharacteristic of a secure broker. The addresses listed in several countries and on different continents are questionable. Therefore, details such as the operational period and licenses need to be verified.

How Long Does The Broker Work?

Fraudulent firms often hide information about their founding dates, and Savoy Investment Group is no exception. One might guess when this company began operations by looking at the domain registration date in June 2023. The idea of calling a broker that’s only been working for a couple of months “reliable” doesn’t even come to mind.

How Is Savoy Investment Group Regulated?

Savoy Investment Group boasts six offices across various countries, but the user agreement tells a different story. The primary legal entity is registered in Cyprus, yet all trader transactions occur in the UK. Curiously, the firm has not obtained licenses in any of the mentioned jurisdictions, and the office addresses listed are fictitious. It appears to be a calculated move by the firm to create the illusion of an expansive, international organization. However, they missed a crucial detail: legitimate offices need proper licenses. Top regulators like CySEC, FCA, DFSA, and others have no record of this company. The setup raises alarming questions, casting doubt over the legitimacy of Savoy Investment Group.

Features Savoy Investment Group Sollari Exallt
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

Kevin Berry
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Expert Opinion

It’s hard not to chuckle at the sight of yet another scam pretending to be an international company, flaunting fake addresses across different continents. A simple check of the registers reveals that Savoy Investment Group is nothing but a hollow sham. Seasoned traders will spot this fraud right away, but newcomers might be fooled into thinking they’ve found a serious brokerage partner. My advice? Steer clear of this pseudo-broker and always conduct thorough checks on any parties you plan to do business with. With scams like these, caution and skepticism are your best allies.

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Savoy Investment Group rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

2 reviews about Savoy Investment Group

Larry August 1, 2023 - 01:49
I can't get my money back
The level of trust
Quick withdrawal of funds
Efficiency of technical support

If only someone had warned me about the dangers associated with savoy investment group, I would have thought a hundred times before depositing money there.
Trading was a nightmare from the start, as their trading terminal was constantly freezing, malfunctioning, and performing poorly. Add to that enormous spreads and exorbitant commissions, and you have a recipe for a guaranteed loss.
However, that’s trivial compared to my current dilemma. I wanted to withdraw my money, but it’s impossible. They won’t process my withdrawal. These fraudsters refuse to return my money. I deposited $1,500, lost $500, and now there’s $1,000 left I want back, but these scammers won’t allow it.
How can I get my money back from savoy investment group? Please help, I’m in distress, and this situation is causing me immense stress. These are my last savings.

Reply
Solen August 12, 2023 - 17:07
Too many signs of a scam

I only recently found out about Savoy Investment Group when an old friend reached out, asking for my advice regarding this brokerage company. I took a look at their official website, sifted through the information, and quickly came to one conclusion: trading with this entity is a no-go. It’s 100% fraud, and there’s no room for doubt. The scammers behind it have fabricated a fake platform, conjured up a multitude of offices and representations, and portrayed themselves as a savvy and profitable firm. Yet, they can’t even upload legal documents. There are no licenses, no credentials, and the company’s operational duration remains a mystery.
I responded to my friend as much, advising him not even to register an account, as it would be utterly pointless. I extend the same recommendation to anyone reading my review. A scambroker of this nature doesn’t even deserve the time it takes to register an account. Moreover, I urge everyone to spread the truth about this organization of swindlers and thieves so people know what lies behind the Savoy Investment Group.

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