Saen Markets Ltd is a forex broker that claims to offer a variety of trading services, including forex trading, CFD trading, and cryptocurrency trading. However, there are a number of red flags that suggest that Saen Markets Ltd. is a scam broker.
Company Overview
Team
Saen Markets Ltd does not disclose any information about its team of executives or staff. This is a red flag, as legitimate brokers should be transparent about who they are and who is running the company.
Services or Products
Saen Markets Ltd offers a variety of trading services, including forex trading, CFD trading, and cryptocurrency trading. However, the company does not provide any detailed information about these services. This is another red flag, as legitimate brokers should be clear and upfront about what they offer.
License and Regulations
License Status
Saen Markets Ltd is not regulated by any major financial regulator. They mentioned that they are registered with the UK Government Company House, but this is just an enlistment in this directory. UK Company House itself claims that this kind of registration is not authorized by any company.
Regulation Status
Saen Markets Ltd is not registered with any financial regulator. This is another major red flag, as unregistered brokers are not subject to any oversight or scrutiny. This makes it more difficult for traders to protect their money if they lose it to a scam.
Why Dealing With An Unlicensed Broker Is Risky?
There are a number of reasons why it is risky to deal with an unlicensed broker. First, unlicensed brokers are not subject to the same rules and regulations as regulated brokers. This means that they are more likely to engage in fraudulent or unethical practices, such as:
- Using fake or misleading information to lure traders in
- Charging high fees and commissions
- Withholding withdrawals
- Losing traders’ money due to negligence or fraud
Second, unlicensed brokers are not required to keep client funds in segregated accounts. This means that your money could be at risk if the broker goes bankrupt or disappears.
Third, it can be difficult to get your money back from an unlicensed broker if you lose it to fraud. This is because unlicensed brokers are not subject to the same laws and regulations as regulated brokers.
Legal Warning Against Saen Markets Ltd
The Financial Conduct Authority (FCA), the UK’s financial regulator, has issued a legal warning against Saen Markets Ltd. The FCA warns that Saen Markets Ltd is not authorized to provide financial services in the UK and that it is likely to be a scam.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Client Feedback
There are a number of negative reviews about Saen Markets Ltd online. These reviews allege that the broker is a scam and that it has defrauded traders out of their money.
Feedback About Their Trading
One reviewer said that they lost money trading with Saen Markets Ltd because the spreads were too high and the liquidity was poor.
Feedback About Their Customer Service
Another reviewer said that they had difficulty withdrawing their money from Saen Markets Ltd and that the customer service was unresponsive.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by Saen Markets Ltd or another forex broker, there are a few things you can do:
- Report the scam to the appropriate authorities, such as the FCA in the UK or the SEC in the US.
- File a complaint with a financial ombudsman.
- Try to recover your money through a chargeback or other legal means.
“Reviewsadvice” can help you if you get scammed by providing you with information about how to protect yourself from scams and how to get your money back if you do get scammed. We also offer a free consultation service where you can talk to an expert about your situation.
Final Thought
Saen Markets Ltd is a scam broker that should be avoided. If you are considering trading with this broker, we advise you to reconsider. There are many legitimate brokers out there that offer better trading conditions and customer service.
