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

    Abstract:Can you withdraw money from S.A.M. TRADE? Is S.A.M. TRADE legal in your country? WikiFX made a comprehension review on this broker to help you better understand the truth, we will analyze the reliability of this broker from specific information, regulation, exposure, etc. And you should never miss it.
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      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?

    WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry.
    WikiFX is able to evaluate the safety and reliability of more than 34,000 global forex brokers.
    WikiFX gives you a huge advantage while seeking the best forex brokers. For more information, such as the review and exposure of brokers, please visit our website (https://www.WikiFX.com/en)

      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

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

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      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:

    image.png

      (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.

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

      Account Types&Details

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      (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

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      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.

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      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.

    image.png

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

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      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.

    The Scoring Criteria of Brokers on WikiFX
    License index: reliability and value of licenses
    Regulatory index: license regulatory strength
    Business index: enterprise stability and operational capability
    Software index: trading platform, instruments etc
    Risk Management index: the degree of asset security

      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.)

    image.png

      (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

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      (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.

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    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
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    Current Rate  :
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    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.