To understand the hard truth, we need to diversify their entities first. There is an Australian and offshore branch. Both of them were registered under different names. However, everything belongs to the S.A.M Financial Group.
Inside that closed circle are SAM Financial Group (PTY) AU Ltd and Samtrade FX Ltd. The second one is registered in St. Vincent and Grenadines and is the main reason this broker is not reliable. Keep on reading our detailed SAM Trade review for further information.
Firstly, SAM Trade company operates worldwide. Therefore, you expect them to have trusted Tier 1 licenses, such as FCA, BaFIN, ASIC or CFTC. Indeed, this company had an ASIC license, but it was ceased in 2022. Also, their license with Canadian FINTRAC expired. Yet, the company still proudly presents that data on its website.
Luckily, Singapore MAS investigated this broker and arrested three people during the process. You can check the publicly available warning.
SamTrade is one of those brokers hardly trying to build up reputation. Primarily with fake regulations but also with sponsorships. With such credibility, it’s so little needed for inexperienced traders to trust them. Also, they will promote an attractive SAM Trade Academy where you can learn about trading.
Once they gain your trust they start slowly extracting money from your bank account. Mainly with fake market opportunities where you can lose everything. And we’ve seen it already with brokers like MobaTrade. If you were also a victim of this company feel free to contact our team and get advice for the refund.
The Samtrade scam was active since 2015 in many countries worldwide. However, their victims mostly come from:
Samtrade FX is not quite a reputable broker nowadays. With shady operations in strictly regulated countries, they should be avoided. In case you already got involved with them or companies like UnitForex, contact us as soon as possible.
One of the rare positive aspects of this broker is the Meta Trader 4 availability. Yet, you shouldn’t let that trick you. This third-party platform is quite secure and provides numerous advanced features. Starting with social and copy trading, but also Expert Advisor options. Yet, if you can’t withdraw profits made with those, it’s useless.
To sum it up, yes. Along with MT4 software, comes also iOS and Android dedicated app. In general, most widely used app in the trading world. If you check our 7XFX review, you will quickly realize that.
Even though they claim to be listed on the OTC stock exchange, they don’t offer quite an important instrument class – stocks. Quite a downside for allegedly reputable broker. Anyway, you can choose between:
Samtrade FX scam is based solely on your deposits. For that reason, you have different account types that attract traders to deposit more money. In this case, those are
Even though the minimum is only $10, that’s not the only criteria you should consider.
Once you complete the Samtrade FX login procedure you can apply for a demo account. However, it’s only valid for 1 month. After that, you either close the account or deposit your first money.
How secure Samtrade FX is you realize once you check their trading costs. Even though they offer transparent leverage, they don’t reveal spreads or fees. Allegedly, the company offers floating spreads and a $5 commission on Standard and ECN account types. Thus, there is a highly dangerous leverage of 1:1000. In general, something not allowed by many regulators.
Considering all the Samtrade problems we wouldn’t be surprised they are offering bonuses. In fact, that’s another banned thing by many European regulators. Yet, the company is not revealing any information about the bonuses. But if you ever get a bonus, be aware of a potentially malicious bonus policy.
Generally speaking, non-existent Samtrade FX fees make us wonder if a withdrawal is possible. The company doesn’t reveal all the trading costs transparently. Therefore, you can expect issues during withdrawals. In fact, many traders reported such issues in reviews. Thus, with quite poor Samtrade contact options they couldn’t get assisted with those.
If you face any Samtrade FX withdrawal issue, you should report it to the authorities. Whether domestically or in the company’s registration country. Unfortunately, that doesn’t help very often. Instead, you can consult with our experts for in-detail advice about the refund.
It might be more possible than you think. So, don’t let these guys get away with your money. Contact us now!
No. With a warning from the regulator and multiple negative reviews, you realize that the broker is far from legit.
No. The company is not listed in the MAS register. Instead, they are on the warning list.
Most likely, no. But if you face such difficulties the best option is to contact our experts for advice.
According to the company, they process it within 72 hours. However, you can expect delays and fake reasons not to allow the withdrawal.
The post SAM Trade Review – Why Traders Shouldn’t Trust This Broker? appeared first on Global Fraud Protection.