WikiFX Review: Can S.A.M. TRADE make your money safe?

What does S.A.M. TRADE look like？

S.A.M.TRADE, also called Samtrade FX, is established in 2015. they have branched into the UK, Australia, Malaysia, Indonesia, Thailand, and China. The brokerage currently has over 50,000 retail and institutional customers.

If you want to know whether S.A.M. TRADE is a reliable forex broker or not, please continue to read.

In this article

WikiFX provides inquiry services in the forex field.

WikiFX evaluates the reliability of S.A.M. TRADE based on the facts.

What is WikiFX？

To explore whether S.A.M.TRADE is a scammer or not, we evaluated S.A.M.TRADE from different aspects, such as regulatory status, exposure, etc.

Table of Contents

1.Evaluate the reliability of S.A.M.TRADE based on its general information and regulatory status

To understand S.A.M.TRADE better, we explore S.A.M.TRADE by analyzing three main perspectives:

A. General Info of S.A.M.TRADE

B. Regulatory Status

C. Fund Security

A. General Info of S.A.M.TRADE

S.A.M.TRADE's general info has been shown below:

(source: WikiFX)

Products

S.A.M.TRADE offers popular tradable instruments of the global financial markets, including forex, indices, commodities, cryptocurrencies, Futures, etc

Language

According to its website, S.A.M.TRADE supports 9 different languages, including English and Chinese.

Deposit & Withdrawal

Clients are allowed to deposit and withdraw money via Visa/Master card, Tether (USDT), and Bank transfer. Additionally, the minimum deposit and withdrawal for a trading account are USD 20 or USDT 50.

(source: S.A.M.TRADE website)

Account Types&Details

(source: S.A.M.TRADE website)

This broker offers four types of accounts, they are Standard account, VIP account, ECN account, and Islamic account.

Leverage

S.A.M.TRADE offers traders leverage of up to 1000:1 on both Standard accounts and VIP accounts. It is considered high. High leverage can magnify benefits as well as losses. Inexperienced traders and newbies need to be careful with the potential risks.

Trading Platform and Trading Tools

This broker uses so-called CopySam™and the MT4 as its main trading platform. According to S.A.M.TRADE, CopySam™ allows everyone to trade like a top trader. Regardless of your trading experience or commitment, you can now tap on the industry‘s winning traders’ expertise with CopySam™. CopySam™ automatically copies winning traders‘ trades with precision in your portfolio like your own trades. Besides, S.A.M.TRADE has a tool called SamTracks™, SamTracks™ is S.A.M. Trade’s Portfolio Monitoring System, which can help clients track on their account and trading performance.

Customer Support

S.A.M.TRADE claims to respond to customer inquiries through the contact form on the broker's website. They also have a Facebook page under the name ‘Samtrade FX’ which can also handle inquiries.

Regional Restrictions:

According to its website, S.A.M. TRADE does not provide services to residents of the following but not limited to Afghanistan, Belarus, Botswana, Brazil, Burundi, Colombia, Congo, Cuba, Egypt, Guinea, Guinea-Bissau, Iran, Iraq, Japan, Lebanon, Liberia, Libyan Arab Jamahiriya, Mali, Nicaragua, Nigeria, North Korea, Pakistan, Somalia, Somali Republic, South Africa, Spain, Sudan, Syrian Arab Republic, Togo, Ukraine, United States of America, Venezuela, Yemen, Zimbabwe.

B. Regulatory Status

The legitimate license of S.A.M.TRADE

S.A.M.TRADE is a regulated broker. It is regulated by FINTRAC (Financial Transactions and Reports Analysis Center of Canada) under Money Services Business (MSB) with registration number: M19977589. It is also regulated by ASIC with license number: 001283553.

Recently, an entity called GIB & Capital Group Pty has stated S.A.M.TRADEs ASIC license number 338647 on its website. S.A.M.TRADE claims that GIB & Capital Group Pty has no right to use or to refer to the AFSL license number 338647. S.A.M.TRADE is the unique rightful and legal owner of this license. S.A.M.TRADE said it will reserve all rights against GIB & Capital Group Pty.

C. Fund Security

• Account segregation

  Account segregation is imperative since it allows traders to have access to their funds all the time. Even if the broker is bankrupt, traders will still be capable of getting their money back. On its website, S.A.M.TRADE has a specific page to emphasize the safety of clients‘ funds. All its clients’ monies are deposited in a bank account or custody facility that has measures in place to ensure that funds received are placed with a custodian with a robust custodial framework and functions.

• SamAide™

  SamAide™ sets out the 6 pillars of fund security. S.A.M. Trade aims to ensure that client monies are securely safeguarded and accounted for.

• Third-Party Insurance

  Clients that fund with S.A.M. Trade will be protected under WikiFX Assurance Center, who can apply claims up to USD 7,000 for compensation.

2. The feedback from Twitter

Please note that S.A.M.TRADE does not have an official account on Twitter. It seems difficult to find feedback from traders on Twitter.

3. Exposure related to S.A.M.TRADE on WikiFX

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

As of March 7, 2022, the complaints against this broker have reached 27 in the past 3 months. Withdrawal refusal is the problem that most complaints refer to. Below are some cases we found among them.

This trader from Thailand is unable to withdraw money from his/her account.

This trader from Indonesia can not make a withdrawal for some unknown reasons.

4. Special survey about S.A.M.TRADE from WikiFX

A. Scoring Criteria

WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

According to WikiFX, S.A.M.TRADE has been given a rating of 4.3 /10.

(Note: Because different regions or countries have different levels of regulatory strictness, the score of the same broker might be slightly varied in other regions or countries. For details, please consult WikiFX customer service.)

(source: WikiFX)

B. Field Investigation

• To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.

• On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.

• As of May 17, 2022, WikiFX did not make an on-site survey on S.A.M.TRADE yet.

C. WikiFX Alerts

(source:WikiFX)

5. Conclusion: Is S.A.M.TRADE an excellent broker or a scam？

S.A.M.TRADE is a regulated broker. But it still has a long way to go. Due to too many recent complaints, we advise you to do more research and make yourself comfortable before making a decision. After all, there are many alternatives waiting for you to choose. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link below (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers you are curious about.