Samtrade FX Review 2020
Samtrade FX is a financial brokerage firm that specializes in the provision of online trading services for forex and CFDs to retail and institutional traders. Founded by experienced traders, Samtrade FX operates the STP/ECN brokerage model which can result in affordable, swift and reliable access for online trading of global markets.
Samtrade FX Review 2020, Pros & Cons
- Access to trade on the versatile & popular MT4 trading platform
- Regulated by ASIC, FINTRAC, FSA SVG
- Social trading through CopySam
- Portfolio management via SamTrack
- Trade signals courtesy of third-party partners
- No e-payment options such as Skrill, Neteller, PayPal, etc
- No comprehensive market news, insights & analysis
- Residents from several countries are not accepted
- Limited trading instruments
- No contact telephone number
In this detailed Samtrade FX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Samtrade FX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Samtrade FX.
Samtrade FX Review: Summary
Samtrade FX was incorporated in Saint Vincent and Grenadines in 2015. They have a regional presence in the United Kingdom, Australia, Malaysia, Indonesia, Thailand, Hong Kong as well as Shanghai to provide an all-round, personalized service to clients and partners. The broker has the core of its operations in the Asia-Pacific region where it is headquartered in Malaysia. Presently, the broker has over 50,000 retail and institutional customers, over 150 partners and over 3,000 daily investments.
In line with the brokers objectives of simplifying forex trading access to its traders, Samtrade FX utilizes the globally renowned MT4 trading platform, which is known for its flexibility, simplicity and versatility.
Samtrade FX asserts that it operates the STP/ECN brokerage model and has no dealing desk (NDD). This means that the broker aggregates its prices from various liquidity providers (LPs) such as UBS, BNP Paribas, Barclays, JP Morgan, Goldman Sachs, etc and streams them directly to the MT4 trading platform.
Its modern aggregation engine helps to ensure that trades are executed swiftly and efficiently with client orders routed to the LPs for execution at the best available bid/ask prices without the broker’s intervention.
Our recent awards includes “Best Forex Trading Platform, Asia 2020”, “Best Forex Introducing Broker, Asia 2020″, and ” Best Forex STP/ECN Broker 2020″ from the London Trader Show 2020.
Samtrade FX has won numerous brokerage awards including:
- ‘Best STP/ECN broker 2016’ won at the China (Shenzhen) Forex Expo
- ‘Best Forex broker of the year 2017’ received at the China International Investments and Financial Expo
- ‘Most influential broker in Asia 2019’ which was won at the Kuala Lumpur WikiFX Expo
- ‘Best FOREX ECN/STP Broker’ won at The London Trader Show 2020
- ‘Best Forex Trading Platform, Asia 2020’ won at The London Trader Show 2020
- ‘Best Forex Introducing Broker, Asia 2020’ won at The London Trader Show 2020
Samtrade FX Review: Regulation
Samtrade FX is regulated by the Financial Services Authority of the St. Vincent and the Grenadines (FSA SVG).
Samtrade FX is authorized and regulated by the Australian Securities and Investments Commission (ASIC) with AFSL number 001281861.
Samtrade FX is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) with the registration number: M19977589.
Samtrade UK International Limited is authorised and regulated by the Financial Conduct Authority. Financial Services Register Number 929921.
Samtrade FX is also a member of the Financial Commission (FinaCom), a Hong Kong based external dispute resolution organisation in the financial services industry. If an aggrieved client approaches FinaCom and wins the case, the client can be eligible for compensations up to €20,000 per case.
Samtrade FX state that they take multiple measures to help assure the safety of its clients’ funds. The deposits are maintained in segregated bank accounts through custodian trust accounts. Customers of Samtrade FX in Malaysia, Singapore, Indonesia, Thailand and Vietnam have additional protection for their funds where eligible through the WikiFX assurance centre where there is insurance cover of up to $7,000 to guard against the loss of funds through non trading means. There is also a financial insurance policy with Howden insurance brokers that indemnifies certain traders’ accounts up to $500,000 per claim.
Samtrade FX Review: Countries
Samtrade FX does not provide its brokerage services to residents of the United States of America and many other countries.
Some Samtrade FX broker features and products mentioned within this Samtrade FX review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
Samtrade FX Review: Trading Platforms
MetaTrader 4 (MT4) is one of the most popular trading platforms used globally for online forex and CFD trading. The user-friendly interface makes it suitable for traders of all experience levels. MT4 comes preloaded with technical analysis tools, multiple order types and various chart time frames. The platforms capabilities can be expanded via the installation of add-on software which can be in form of technical indicators, expert advisors (EAs), trading tools, scripts, news and analysis packages, etc. MT4 supports automation of trading strategies using EAs which can also be back tested over historical data using the MT4 strategy tester. Samtrade FX offers the MT4 platform for both Mac OS and Windows computers.
MetaTrader 4 Mobile App
Samtrade FX also caters for mobile traders with its MT4 mobile apps. These trading apps maintain the same analytical, trading and charting capabilities as the desktop version. However, there are limitations such as lack of support for running automated trading systems. The MT4 app comes in both Apple iOS and Android versions that are available to download from the relevant app stores free of charge.
Samtrade FX Review: Trading Tools
There is an economic calendar on the Samtrade FX website which lists the upcoming economic events, their dates, time, and analysts’ consensus of the impacts on the financial markets as well as the actual impact when the event finally happens. Clicking on any event shows its details including charts. This is a useful tool for traders who use fundamental analysis methods.
This is a portfolio management service powered by Samtrade FX. You can easily check performances, allocate funds and monitor the process. It is imperative that you understand there are no guarantees at all on what the results will be and you can lose all of your investment. Online trading is extremely risky and you should never trade what you cannot afford to lose.
This is a trade copy service provided by Samtrade FX. It allows traders to follow and copy the trades of other traders. It is compatible with the MetaTrader 4 platform and runs on a virtual private server (VPS). It has automated payment software that takes care of payments for the copy service and has a sophisticated profit and loss tracking software. CopySamTM can be customized to suit most trader’s individual needs. It is again imperative that you understand there are no guarantees at all on what the results will be and you can lose all of your investment. Online trading is extremely risky and you should never trade what you cannot afford to lose.
Traders have the opportunity to get trading signals on Samtrade FX through its partners. Samtrade FX insists that it does not guarantee the accuracy of the signals and are not responsible for any content from these third parties.
Samtrade FX Review: Education
Samtrade FX has 6 articles providing information on the basics of forex, CFD and commodities trading through its academy section. These articles break down the fundamentals and mechanics of trading these securities. It also contains important trading terms necessary for every trader.
There is also the opportunity for traders to get both physical and online training through the trader’s club. Here, experienced instructors teach the students in many aspects of online trading. Mentorship and consultation along with market analysis are available after the training period to ensure the student is up and running with what they have learnt. For traders who like an individualized educational approach, this is available through regular consultations both online and offline. There is a membership fee of $10,000.
Samtrade FX Review: Trading Instruments
Samtrade FX offers forex trading on 32 currency pairs which consists of 14 major currency pairs and 18 minor currency pairs. The broker also offers CFD trading on 16 indices and 5 commodities.
Samtrade FX Review: Trading Accounts & Fees
Samtrade FX have a variety of different account types to cater to individual trading needs. The benchmark EURUSD spread ranges from 1.7-2.0. A commission of $5 per lot is charged on every forex and commodities trade and $1 per lot is charged on indices.
Samtrade FX offers the following account types to its clients:
This is the classic forex trading account for all traders. It offers a wide range of basic trading account features for individual traders. Here traders can trade forex as well as commodities and CFDs on the MT4 trading platform.
This account type is for two or more people who are pooling resources together to fund their trading activities. It is a popular choice for couples and business partners as it enables any of the signatory parties to the account to initiate trading transactions and access funds.
This account type was designed for corporate and institutional customers. It enables the handling of large funds as well as bulk orders. Transactions on this account are processed via the many liquidity providers implemented within Samtrade FX.
These accounts are swap free and designed to comply with the Sharia law in the Islamic faith which is against interests in any financial transaction. In this account, there are no roll over or swap fees on overnight trading.
For anyone who wants to practice trading before depositing real funds, Samtrade FX offers a demo account. This enables you to try the brokers services and to familiarise yourself with the trading platforms.
As broker fees can vary and change, there may be additional fees that are not listed in this Samtrade FX review. It is imperative to ensure that you check and understand all of the latest information before you open a Samtrade FX broker account for online trading.
Samtrade FX Review: Customer Service
Samtrade FX responds to customer inquiries from Monday to Friday (24/5) through the contact form on the brokers website. They also have a Facebook page under the name ‘Samtrade FX’ which can also handle enquiries. The instant web chat is only accessible by registered clients. Disappointingly, there is no contact telephone number to reach the brokerage directly. The trading brokers review team believe this could cause a problem should you need to reach them in the case of an emergency.
Samtrade FX Review: Deposit & Withdrawal
The following methods are available for the deposit and withdrawal of funds:
This method takes between 1-4 business days for complete processing of the funds transfer. Samtrade FX does not charge any commissions when accepting deposits through bank transfer. However, the client has to take care of any bank charges that arise from his bank.
Deposits through Debit and credit cards are processed within an hour if it is on a business day. Like the bank transfer method, a minimum of $20 can be sent or withdrawn through this method with no maximum. Samtrade FX accepts Visa, MasterCard and UnionPay cards. The client pays any charges that may be imposed by the payment processors.
Samtrade FX: Account Opening
To create a new trading account, visit the official Samtrade FX website and click on ‘Open Live Account’ which is found above the menu bar. The form below displays.
Select the account type, login info, personal information, residential address, email and phone number. Then, click on ‘open account’. Immediately, you are presented a 4-step form.
Select the desired leverage, fill your employment information, check US resident declaration and click ‘save particulars’. On the next page, upload verification documents or temporarily skip if the documents are not ready.
Next, you are presented the ‘Questionnaire’ which asks about your investment background, net worth and source of funds. This is to check your suitability for the trading services and product offered.
At this juncture, the new account is created and a ‘thank you’ message is displayed. Samtrade FX will approve the new account after verifying the submitted documents.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
Samtrade FX Review: Conclusion
Samtrade FX is an ECN/STP broker which offers competitive trading costs and trade execution speeds. As a regulated broker, the broker should be operating within the stipulated guidelines ensuring fair and reliable services.
The brokers adoption of the user-friendly MT4 platform with its numerous capabilities ensures that online trading is convenient for traders of all experience levels. They do provide social trading and managed portfolio services.
However, Samtrade FX have limited trading instruments available when compared to many other online brokers. There are no stocks or cryptocurrencies for trading. The deposit and withdrawal options are also limited as they do not accept modern online payment methods like PayPal, Neteller and Bitcoin. The broker also does not provide a contact telephone number on their official website.
Trading Foreign Exchange (Forex) and Contracts for Differences (CFD) is speculative and carries a level of risk that may not be suitable for all persons interested in trading online. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with Forex and CFD trading online, and seek advice from an independent financial advisor if you have any doubts.