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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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boonjin P
post Mar 3 2021, 11:06 PM

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HI DR FX/all

Can i know the reasons why you guys are calling SAMTRADE FX being a scam?

As i had see a article online from finance yahoo saying that SAMTRADE FX Obtains Financial Conduct Authority (FCA) and Australian Securities and Investments Commission (ASIC) Licences to Strengthen Global Footprint.

The link is attached below


https://finance.yahoo.com/news/samtrade-fx-...-030500754.html

and

https://www.forexlive.com/Brokers/samtrade-fx-ltd


boonjin P
post Mar 3 2021, 11:27 PM

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QUOTE(terrytan @ Mar 3 2021, 11:11 PM)
Check the article, PRNewswire. It's paid news.  doh.gif

SamTradeFX is not holding full license, but only representative license which can buy from white label provider.

https://www.myfxbook.com/members/ositek/fin888/6083397

Here you go, the beautiful unbelievable manipulated fake performance by SamTradeFX.
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AHH, no wonder. This is the reason why i find it weird when i try to search their reference number on the respective website .The FCA websites says that the they are No longer registered as an Appointed Representative Since 25/09/2020.

But however in the asic registers, i managed to find the SAMTRADE FX though. Abit confused about this.

https://connectonline.asic.gov.au/RegistryS...ate=84yhxn3ph_4
boonjin P
post Mar 4 2021, 09:51 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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Abit lost as i am relatively new to this, so does this mean that SAMTRADE FX is not a trustable forex broker?

boonjin P
post May 17 2021, 11:18 PM

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Hi, is there any safe platform that offers forex copytrading with not bad returns?
boonjin P
post May 18 2021, 08:07 PM

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QUOTE(terrytan @ May 16 2021, 09:33 PM)
DrFX has everyone respect here. I have seen many scammers came here attack, then missing in action after the scams game over.
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Hi terrytan, is the verbose legit? I had look through their products and it seems good smile.gif.

 

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