Samstar Capital is not even seemingly a broker dealer you’d wish to do business with or buy their services and products at all. The fake claims about regulations are the first element of their web presentation that greets every website visitor. Not only are these claims false and fabricated, but they immediately imply just how untrustworthy the company is.
When a brokerage site is lying about the most important part of their conduct, how could you ever expect them to be honest about anything else they offer? So read this Samstar Capital review thoroughly if you wish to find out more about this faux website and dishonest financial services provider.
Is Samstar Capital Really a Multi-Regulated Broker?
The fact that they only claim to be regulated without providing a valid proof, doesn’t make Samstar Capital legit. Every single licensed broker out there is listed in some database of regulated brokers that a jurisdictional financial authority keeps. Since Samstar Capital claims to have an office on a UK address, we immediately visited the database of FCA – the main financial authority in the country. The regulator has no information about this false broker, either positive or negative.
However, after thoroughly reading the Terms and Conditions doc on the Samstar Capital website, we discovered that the broker states to operate under the laws and regulations of the country of Bulgaria. FSC of Bulgaria is their jurisdictional financial watchdog that has never licensed or authorized Samstar Capital to trade securities.
FSCA of South Africa and SCB in Bahamas also do not have this false firm in their registers. That means that none of the regulations Samstar Capital claims to own are correct.
Our search was concluded after also combing through the registers of CySEC, NFA, ASIC, CONSOB and CNMV. None of these Tier 1 regulators have any clue about who this allegedly multi-regulated broker is. That has only left us with an assumption that Samstar Capital doesn’t have any kind of license in their possession.
Whatever the fraudster may be advertising about their services and the quality, it’s all for naught without a proper license to confirm. Not having a Tier 1 license suggests that Samstar Capital doesn’t keep customers’ deposits safe in segregated bank accounts. That enables the broker to freely access and misuse the funds that are not theirs for the taking.
Samstar Capital will also push you into risky trades with the leverage of 1:500, which is against every and all known Tier 1 restrictions. For the record, FCA and every EEA broker have to keep the leverage limit at 1:30 and provide negative balance protection with that as a risk-reduction strategy.
FCA regulated brokers also provide their customers with additional protection from the Financial Ombudsman, that guarantees support in case of disputes and a compensation fund.
All of the mentioned and its absence from the Samstar Capital website confirms that this company is a lying, thieving scheme that profits by defrauding decent retail traders who invest with them. Trading with this or any similar scam, like Trytrade for example, will only lead to losing massive amounts of capital!
Samstar Capital Trading Platforms
While Samstar Capital advertises multiple trading platforms, we have encountered a number of problems while reviewing them. The broker has a pushy attitude towards their main trading platform, which is a discrete application. It has been made in such a fashion to resemble, in title and description at least, MetaTrader5 developed by MetaQuotes.
The name of the application is “Meta Trader 5 Pro”, which instantly raised a red flag for us. There is no “pro” version of any MetaTrader software, and all features in actual MT4 and MT5 are common and available to all without any subscription or such on the end-user side.
When we tried to download this “Meta Trader 5 Pro”, our Web Browser instantly blocked the download due to safety concerns. We ignored the warning, only to be met by another from Windows Defender, stating that the application is a potential hazard.
We were quite persistent with this, and started the installation… Only for it to be blocked by our 3rd party Antivirus software. It is clear that Samstar Capital has some sort of malware injected into the installation files of their trading program.
The other piece of software they offer is the Web Trader, which is a common scamming platform. You may remember another faux broker we reviewed, named Axiau, uses the Web Trader as well. There’s nothing special to say about the Web Trader, it’s quite a rudimentary platform when used by a regulated broker, but we now know that Samstar Capital is an unlicensed entity. They use it to manipulate market data and generate profit losses to their clients.
What You Can Trade on Samstar Capital Platform?
Samstar Capital have at least had the decency to do their homework when it comes to the different Asset Types. They mimic their legitimate competition by offering a number of different Instrument categories, and there is a relatively good selection of various individual assets.
Here is what you can expect to trade at Samstar Capital:
This is not all that bad, but let’s take a moment to consider that a legitimate broker has all their trading instruments clearly outlined on a separate web page, open to the public for anybody to view.
The opacity of Samstar Capital in this regard is due to their fraudulent nature – they don’t want you to know what’s up for trade unless you’ve already created an account. Knowing what kind of a company Sastar Capital is, it’s quite questionable if you can actually trade any assets. It’s most probably just another sham.
Account Types and Deposit Requirements
The entire website of Samstar Capital consists of only a single page. It is quite clear that the main means of attracting customers to Samstar Capital is not through the website itself.
Here are the Account Types you can expect with Samstar Capital:
Unfortunately, the website doesn’t contain any other information. Nothing about different spreads, fees, or additional charges. The broker does not disclose the variations in leverage, if any, or which market execution technology the company uses on their accounts.
Furthermore, a $250 minimum deposit for a Micro account is a total ripoff. In comparison, authorized brokers offer Micro accounts for $10 or less.
Fake Awards and Customer Service Rating
It is evident at this point that Samstar Capital is desperate to attract customers with just about any claim they can fabricate. For the purposes of leaving a stronger impression of potential future clients, the website throws around all kinds of lies. Several of the more significant ones include an alleged 5-star rated customer service and more than 32 awards they state to have won, with 25 of them being international.
To verify the claim about having the highest user rating, we went straight to TrustPilot and looked for the Samstar Capital company profile. Their average rating on there is actually a pathetic 3.2 stars and the single review a client has left is extremely negative and reflects nothing but discontent and angst with the way the Samstar Capital staff has treated them. So that’s one of the Samstar Capital lies exposed.
The other disinformation that this firm presents is the one about the fictitious awards they’ve won over the course of a few months, since the firm was established at the end of 2022.
No matter how magnificent and revolutionary their approach could be, there’s no way they’ve managed to be rewarded so many times in less than half a year. Not only is this claim utterly unrealistic, but Samstar Capital doesn’t provide any other evidence of their supposed excellence in the form of such rewards.
How Does The Samstar Capital Trading Scam Function?
When we examine the countries where the Samstar Capital Fraud is most active, we can clearly see why they claim to be so heavily regulated. All the nations that these fraudsters have chosen for their hunting grounds have some of the strictest regulatory frameworks around the world.
These are the nations most affected by the Samstar Capital Scam:
The swindlers have started their platform in late 2022. Because the website is done so poorly, we can assume that the main method of attracting customers is not through the site itself. The most prevalent method today is through the use of so-called Boiler Room Agents, or Account Managers as these fake brokerages call them.
The Boiler Room Agents are comparable to telemarketers, but they are more dangerous by an order of magnitude. Where a telemarketer would just hang up and leave you alone if you’re not interested, a Boiler Room Agent will keep pestering you. They won’t go away even if you block their phone number, they just get another SIM card and keep calling!
Some people eventually crack under the pressure and deposit the money just to make the pestering stop. If you find yourself among the people who have fallen for this scam, don’t let your money go to waste. Contact us today for a free consultation, and start a chargeback process as soon as possible!
Can I Withdraw Funds From Samstar Capital?
Samstar Capital withdrawals seem as easy as a walk in a park. All you have to do is navigate to the withdrawal panel, choose the amount and one of the methods available and that’s it! If only things really worked as easy as described by Samstar Capital that only tries to earn your trust only to betray it when it comes to the most important part.
Perhaps things wouldn’t be as alarming if credit card withdrawals are possible, as they can always allow for a chargeback. Other transfer channels aren’t as transparent and traceable. Crypto transactions should be avoided, as they’re definite and practically irreversible.
What concerns us the most about the whole deal is the fact that Samstar Capital doesn’t publish any of the legal docs that should define the withdrawal rules, methods and fees. That leaves the scammer with just enough space for data manipulation and any kind of abuse behavior towards customers.
Samstar Capital is free to impose ruthless fess, trading volume requirements and other commissions, charges and unreasonable taxes, as their methods of extorting cash!
What Should I Do If Samstar Capital Is A Fraud?
Fraudulent companies like the one exposed in this Samstar Capital review are known to be extremely hard to cooperate with when it comes to withdrawing money. After all, the main motive and ideal leading their actions is easy profit by exploiting other people’s hard work.
Oftentimes customers aren’t able to deal with these situations without losing their composure. Or they simply do not have the means necessary to discover the swindler and face them with the right techniques. That’s why, if you consider your funds to be in danger, you should request help from our team of legal professionals.
Whether you need to share your experience with someone who understands, or you need concrete advice and legal help, please feel free to contact us any time. And don’t forget – the first consultation is always free!
Samstar Capital is a fraudulent company that claims to be thoroughly regulated. Their business is completely illegitimate, however, and we have heard many complaints about this fake brokerage.
Samstar Capitals are thieves, plain and simple. They pester people with phone calls and emails until somebody eventually gives in and deposits the money with the Samstar Capitals’ fake platform.
Scammers like Samstar Capital are not known to return your money out of the goodness of their heart. That doesn’t mean you should give up on your investment! If you have invested with this bogus brokerage, feel free to ask our legal professionals for help in recovering your lost funds.
Samstar Capital is a fraudulent company that claims to be thoroughly regulated. Their business is completely illegitimate, however, and we have heard many complaints about this fake brokerage.
Samstar Capitals are thieves, plain and simple. They pester people with phone calls and emails until somebody eventually gives in and deposits the money with the Samstar Capitals’ fake platform.
Scammers like Samstar Capital are not known to return your money out of the goodness of their heart. That doesn’t mean you should give up on your investment! If you have invested with this bogus brokerage, feel free to ask our legal professionals for help in recovering your lost funds.
The post Samstar Capital Review – Not Your Lucky Forex Star To Wish Upon appeared first on Global Fraud Protection.
