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 How To Check Your Forex Broker Is Genuine Or Scam, Real FX Broker VS Scam FX Broker

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Bagholder P
post Mar 10 2021, 01:36 PM

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QUOTE(veiven @ Mar 4 2021, 06:03 PM)
DId you see what license they register in ASIC ?

Name: SAMTRADE FX LTD.
ARBN: 633 239 022
Registration date: 3/05/2019
Status: Registered
Type: Foreign Company (Overseas)
Locality of registered office: DONCASTER VIC 3108
Regulator: Australian Securities & Investments Commission

Date
Document No.
Document type
Pages
Uncertified
CertifiedA copy of a document from the ASIC Register that has certified in writing to be a true copy.
22/06/2020 030939674
Notification of Cessation of Agency (404B)
4
$17.00  Select uncertified document
$36.00  Select certified document

Example of XM Markets ASIC License

Name: THE AFSL PTY LTD
ACN: 608 984 078
ABN: 67 608 984 078(External Link)
Registration date: 27/10/2015
Next review date: 27/10/2021
Former name(s): MODE AFSL PTY LTD
Status: Registered
Type: Australian Proprietary Company, Limited By Shares
Locality of registered office: FORTITUDE VALLEY QLD 4006
Regulator: Australian Securities & Investments Commission

There's a next review date, I can only assume that Samtrade no longer holds an asic license. Due to this " Notification of Cessation of Agency (404B)"

And also ASIC has stipulated all Forex brokers to hold a valid Australian Financial Services License (AFSL), which brings them directly under the ASIC regulation.

Somehow dont see samtrade under afsl unlike XM
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As a current user of SamtradeFX i was a quite concerned on this too.

I did some clarification with their support, i was told that their ASIC is now with the entity name of "SAMTRADE (AUSTRALIA) PTY LTD".

As for FCA. The previous FCA license was under 3rd party therefore they're in the processing of getting a new FCA.

Was also told that they are now pending for MAS, which was why the MLM feature was removed from the brokerage.
Bagholder P
post Mar 10 2021, 05:34 PM

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QUOTE(TheKraken @ Mar 10 2021, 04:31 PM)
I am amazed by the love crush on samtradefx. Money must be good to the point that  No amount of proof can wake people up
😂.
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Just sharing my findings, so far things has been doing quite well and withdrawals are fast.

I was referred by a friend who know Sam personally, so thats why i had a certain level of trust.

Of course i shouldnt put my money based on that simple trust, thats why im validating all their licenses and also monitoring them regularly.



Regarding the manipulation of data, im not sure if your argument is valid as i did a cross check on their trades yesterday.

Based on the time of entry and SP, they were more or less similar to other broker (compared to IG). There are difference in price, but is very minor almost non relevant



Do you personally have other bad experience with SamTradeFX? please do share ya
Bagholder P
post Mar 10 2021, 05:41 PM

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QUOTE(DrFX @ Mar 10 2021, 05:37 PM)
Mr. SamTradeFX,

You dont have to pretend you are someone else but trying hard to post a review here.

SamTradeFX is a FX SCAM. That's all!
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== Do you need my phone number to chat and proof lol.

Anway im here to gather personal experiences with SamtradeFX (more of wanting to gather bad/scam experiences)
Bagholder P
post Mar 11 2021, 07:16 PM

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QUOTE(TheKraken @ Mar 11 2021, 04:38 PM)
Dude, you didn't do what I said, so please don't act as if you have debunked my "allegations"

Screen record both samtradefx and another broker's data feed and then post your videos here.

There were posts many pages ago that showed the trades on samtradefx were executed at price outside of what market was offering. If that is not fraud, then I don't know what is.
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I dont get the need to record the screen.

Wont the comparison of SP at the time of entry/exit be enough to tell?
Bagholder P
post Mar 11 2021, 07:35 PM

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QUOTE(terrytan @ Mar 11 2021, 07:20 PM)
Are you investing on this FAKE FX?
https://www.myfxbook.com/members/ositek/fin888/6083397

If no, then self trading will not show any different with other brokers.
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Im not with fin888, used to be, but due to recent changes for compliance with MAS we have move to another copy trader.

Sorry but to clarify, so its fin888 or SamtradeFX that is fake ?


Bagholder P
post Mar 11 2021, 10:05 PM

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QUOTE(terrytan @ Mar 11 2021, 07:38 PM)
Both are fake. FIN888 is using SamTradeFX platform.
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Ok, i will be more careful with them.

Will you be able to recommend any other copy trader/brokerage that is safer and better regulated.

Or do you think that brokerages that provides copy trading are generally dubious ?
Bagholder P
post Sep 22 2021, 10:28 AM

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Saw recently news, SamtradeFX hiring publicly and expanding to SE at a very fast pace. Also sponsoring Valencia. wondering whats going on with samtrade? are they really legit or is also a scam?
Bagholder P
post Sep 22 2021, 04:37 PM

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QUOTE(DrFX @ Sep 22 2021, 04:09 PM)
The SCAM boss willing to sponsor but not willing to spend to get a license, why? Licensing required audit and check which they will definitely failed
I heard from an introducer that they couldnt get certain license was because they have/allow high leverage ratio and also have CopyTrade feature.

Being a noob in this, im not sure if that is true?
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