Is S.A.M Trade Legit or Scam?
Red flags wave as S.A.M Trade operates as an unlicensed broker. While they offer a range of features that might seem appealing on the surface, the lack of regulatory oversight creates significant risks.
Company Overview
Feature | Detail |
Headquarters | Australia (Unlicensed) |
Account Types | Standard, VIP, ECN, Islamic |
Minimum Deposit | $10 (but payment methods require $20 minimum) |
Traded Assets | Forex, Indices, Commodities, Futures, Cryptocurrencies |
Trading Platform | MT4 (Australia), CopySam™ (St Vincent and the Grenadines) |
Leverage | Up to 1:1000 (St Vincent and the Grenadines) |
Services or Products
S.A.M Trade offers a variety of trading instruments including forex, indices, commodities, futures, and cryptocurrencies. They also provide different account types with varying leverage options and spreads. Additionally, they boast educational resources, a membership program, and accessible customer support channels. However, these features are overshadowed by the crucial factor of being unlicensed.
Trading Platform & Leverages
The platform offered depends on your region. Australian traders utilize the popular MT4 platform, while traders in St Vincent and the Grenadines have access to CopySam™, a proprietary copy trading platform. Leverage options are high, reaching up to 1:1000 in some regions, but remember, high leverage increases both potential gains and losses.
If you have lost money to companies like Cryptex, or FxWinning; please report it to us on our report a scam form.
Spreads and Cost of Trading
S.A.M Trade offers commission-free trading for most accounts, but specific spreads are not readily available. The ECN account offers tighter spreads but comes with a $5 commission per round lot turn. While deposit and withdrawal fees are minimal on the broker’s end, third-party charges may apply.
License and Regulations
This is a major red flag. S.A.M Trade operates without a license, raising serious concerns about:
- Fund Safety: There’s no guarantee your money is segregated from the company’s funds, increasing the risk of loss.
- Unfair Trading Practices: Without regulatory oversight, the broker could manipulate prices or engage in other unfair practices.
- Limited Dispute Resolution: If you encounter problems, you’ll have fewer avenues to seek recourse.
Legal Warning Against SAM Trade
Due to the lack of licensing and potential risks, it’s crucial to be aware of warnings against S.A.M Trade. Always conduct thorough research before investing with any broker.
Deposit and Withdrawal Methods
S.A.M Trade offers multiple deposit methods including Tether (USDT), Bank Wire Transfer, and Visa/Mastercard. Withdrawal methods are the same. While processing times vary, the broker itself doesn’t charge deposit or withdrawal fees but be mindful of potential third-party charges.
SAM Trade Pros and Cons
Pros | Cons |
Wide range of tradable assets | Unlicensed broker |
Different account types with varying leverage | Lack of regulatory oversight and accountability |
Popular trading platforms (MT4) | Potential issues with fund safety and unfair trading practices |
Educational resources and membership program | Limited avenues for dispute resolution |
Accessible customer support channels | High-leverage options can be risky |
Why Dealing With An Unlicensed Broker Is Risky
Unlicensed brokers are not subject to the same regulations as licensed brokers. This means there’s a higher risk of:
- Losing Your Money: If the broker goes bankrupt or engages in fraudulent activity, you may have difficulty recovering your funds.
- Unfair Trading Practices: The broker could manipulate prices or engage in other practices that disadvantage traders.
- Limited Dispute Resolution: If you have a problem with the broker, you may have fewer avenues to seek recourse.
Client Feedback
While some positive client reviews might exist, it’s important to be cautious. Unlicensed brokers may incentivize fake reviews or focus on highlighting attractive features while downplaying the risks.
How Can “ReviewsAdvice” Help You If You Get Scammed?
Unfortunately, if you get scammed by an unlicensed broker, recovering your funds can be difficult. “ReviewsAdvice” can help you understand the risks associated with unlicensed brokers and provide resources to help you choose a safe and reputable broker.
We will provide you recovery service recommendations, which will help you in recovering the lost funds or you can report to us today by the below form.
Get Your Money Back from Scammers.
Final Thought
S.A.M Trade’s lack of licensing is a major drawback. While they offer a range of features, the potential risks outweigh any benefits. Always prioritize safety and choose a licensed broker for your trading activities.
