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samtrade fx

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Is Samtrade legit? Do they have good reviews from traders?
Masa
Indonesia
Mar 01, 2022
ANSWER Samtrade FX is not a legit broker and should be avoided at all events. Samtrade FX claims to be a member of the Financial Commission, but this organization is a dispute mediation agency rather than a regulator approving licenses for forex trading and brokerages. Besides, this broker claims to be owned and operated by S.A.M. Trade (Asia) Pte Ltd, an entity incorporated in Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) and regulated by FINTRAC (Financial Transactions and Reports Analysis Center of Canada). However, both SVG FSA and FINTRAC don't issue any licenses for forex trading or brokerage nor do they regulate, monitor, supervise or license international companies engaging in such activities. So Samtrade FX is currently not regulated by any financial regulator. That means investors' funds in this broker is unsafe and cannot be protected by any laws. What's worse, the Singapore regulator MAS has added Samtrade FX to the alert list to warn the public that this firm is not authorised to provide investment services. You can check the full alert here.Our final verdict is that Samtrade FX is thoroughly a scam since it's not authorised by any financial regulator. We would advise you to stay away from this broker and any other unregulated brokers as your funds in such shady brokers can not be guaranteed. If you've deposited funds in this broker, try to withdraw your money as soon as possible. If you failed to withdraw your money, you'd better report to your local authority.
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I've been reading bad news about Samtrade FX recently, I worry about my funds in my trading account under them. Will I be able to withdraw my funds?
Hammad
Pakistan
Feb 24, 2022
ANSWER Samtrade FX is not a legit broker and should be avoided at all events. Samtrade FX claims to be a member of the Financial Commission, but this organization is a dispute mediation agency rather than a regulator approving licenses for forex trading and brokerages. Besides, this broker claims to be owned and operated by S.A.M. Trade (Asia) Pte Ltd, an entity incorporated in Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) and regulated by FINTRAC (Financial Transactions and Reports Analysis Center of Canada). However, both SVG FSA and FINTRAC don't issue any licenses for forex trading or brokerage nor do they regulate, monitor, supervise or license international companies engaging in such activities. So Samtrade FX is currently not regulated by any financial regulator. That means investors' funds in this broker is unsafe and cannot be protected by any laws. What's worse, the Singapore regulator MAS has added Samtrade FX to the alert list to warn the public that this firm is not authorised to provide investment services. You can check the full alert here.Our final verdict is that Samtrade FX is thoroughly a scam since it's not authorised by any financial regulator. We would advise you to stay away from this broker and any other unregulated brokers as your funds in such shady brokers can not be guaranteed. If you've deposited funds in this broker, try to withdraw your money as soon as possible. If you failed to withdraw your money, you'd better report to your local authority.
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Risk Warning

FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.

Disclaimer

The data contained in this website may not be real-time and accurate. The data and prices on this site are not necessarily provided by the market or exchange, but may be provided by market makers, so prices may be inaccurate and differ from actual market prices. Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose. The provider of the data contained in the Website shall not be liable for any loss incurred by you as a result of your trading activities or reliance on the information contained in the Website.