SAMTRADE FX Review: SMFX is a Forex and CFD broker that is incorporated in Saint Vincent and the Grenadines. Is it safe to invest funds in S.A.M . Trade? Consider our reviews and see our expert take on this.
The most vital part of our reviews is uncovering if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not. Furthermore, we go out to check if the platform is rigged and also if they keep to their words. Scam brokers, lists bogus claims, when its time to pay you, their bring up nasty excuses and even block you out of the system.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Features of Sam Trade FX
SamTradeFX states that traders Funds are Secured – Held in Segregated accounts. That there offer Easy Payment with Multiple deposit and withdrawal methods. And also offers Tight Spreads/ECN which is Fast, accurate and transparent as well as Excellent Service which is efficient with dedicated customer support.
It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Sam Trade FX Trading Platform
Traders with this broker can get access to the MetaTrader 4 trading platform and CopySam™ which automatically copy winning traders’ trades with precision in your portfolio like your own trades.
We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots. Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Sam Trade FX offers currency pairs, cryptocurrency, future, commodities and indices. This is encouraging because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
This broker offers a maximum leverage 1:1000. It is important to note that while some leverages may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders.
Also, it does not reveal what spreads that they will use when trading. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
SAMTrade FX Deposit and Withdrawal Methods
We found that Sam Trade FX supports withdrawal and deposit via Mastercard, visa, Tether(USDT) and bank wire transfer.
The minimum deposit required is $20. This is within the average minimum obtainable among top brokers. Usually, many legit brokerages require between $100 – $250 or even lesser.
Withdrawals can take up to 72 hours to be completed. Also, SamTradeFx does not tie withdrawals to bonuses, which is surprising. The broker does not also mention charges on dormant accounts as well.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is SAM Trade FX Licensed?
YES. EmpireFX is a licensed brokerage which is nice and commendable. They are regulated by the ASIC in Australia.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, ASIC, NFA and many others have regulations protecting Forex traders from unfair brokers.
To get in touch with this Forex broker you can send a message to the email on their website or alternatively fill the form in their contact us page.
SamTrade Fx In the News
SAM TRADE is currently being investigated by the Commercial Affairs Department (CAD) of the Singapore Police Force and the Monetary Authority of Singapore (MAS) for possible offences under Section 82 of the Securities and Futures Act 2001.
However, the broker has released a STATEMENT AS FOLLOWS:
IN RELATION TO
MEDIA RELEASE DATED 3 JANUARY 2022 BY COMMERCIAL AFFAIRS DEPARTMENT AND MONETARY AUTHORITY OF SINGAPORE
- We refer to the media release dated 3 January 2022 by the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore (collectively “Authorities”) in relation to investigations into Samtrade FX Limited, Samtrade FX LLP and Samtrade FX (SG) Pte Ltd.
- We and our officers will co-operate fully and render all assistance to the Authorities in their investigations.
- We have also retained Messrs Rajah & Tann Singapore LLP (https://sg.rajahtannasia.com/) as our Singapore corporate legal counsel to advise us on all legal matters relating to the ongoing investigations.
- In view of the above circumstances, we will be taking immediate steps to suspend local and overseas business operations of our key operating entities and other affiliated entities, including but not limited to account opening, account changes, settlements, payments, opening and closing of trades.
- To protect the interests of all stakeholders, we are in the process of making applications to the Singapore courts to place certain entities into judicial management and to seek the appointment of Mr Goh Thien Phong from GTP Advisory PAC and Mr Chan Kheng Tek from PricewaterhouseCoopers Advisory Services Pte Ltd to be appointed jointly and severally as interim judicial managers (“Interim JMs”). Pending the determination of the judicial management applications, the Interim JMs will independently and professionally oversee all matters and affairs relating to these entities.
- As investigations by the Authorities are ongoing, we seek the understanding of stakeholders that we will not be in a position in the meantime to process any requests or instructions (including for trades, payments or withdrawals). The Interim JMs will provide more details once they have been appointed and assumed operational control.
- Further updates on material developments will be provided, as and when appropriate.
SAM TRADE FX is a licensed broker by the ASIC which is commendable and the broker offers the MT4 platform used by top brokers in the industry. However, they don’t have multiple license and regulations in many countries. We advise that before trading with this broker you check whether they are licensed in your jurisdiction.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website