Warning! Be Careful of The MAS Alerted Forex Broker Samtrade FX

Many people have made money on Forex, but unfortunately, there are also a multiplicity of scams intended to take advantage of people who want to make money quickly. The common one is to falsely cheat people all over the world by claiming its strict regulation.

Recently, BrokersView learned that the forex broker Samtrade FX, which is operating under the website https://www.samtradefx.com/, has been one of the above scam brokers.

Investors Posted Their Bad Experiences

An investor named Krzysztof Werda shared his bad trading experience with Samtrade FX on facebook, he wrote, "This company stole more than 30000 euros from me, it's such a shame that a lot of people still have their money in there, I will forever be grateful to the security agency that helped me recover my money."

Reachpks, another client of Samtrade FX, posted his comments, "the platform concept is okay but it's out of compliance, it allows traders without any proper background check who might swipe out your money within a day. The customer service is worst and rude, if you ask them to connect to master trader or compliant about them the only answer you'll get is 'this is what you signed for'. If you are using this platform, be careful with 'Ratu Wijaya' from CopySam, this trader will blow your account within a day, this master trader would use 100% of your capital to open as many positions as he can. No strategy, playing like a child.."

Warned by Singapore MAS

A broker must pay for regulated licenses to be able to offer trading. However, Samtrade FX doesn't pay for licenses but it does offer trading which is prohibited by law.

On 02 July, 2021, Singapore MAS issued a warning against Samtrade FX, giving the reason that Samtrade FX is an unregulated broker. MAS stated on its "Investor Alert List" that based on information received by MAS, Samtrade FX may have been wrongly perceived as being licensed or regulated by MAS.

To be able to offer trading, a broker must get a regulatory license from a country where it wants to settle. Samtrade FX is a scam that doesn't have regulated licenses, which means it doesn't respect the laws and becomes a fraudulent broker. BrokersView advises you to avoid this broker if you don't want to have a problem.