Samtrade FX clients have a choice between 3 live account types, the Standard account, VIP, and the ECN account. In addition, it also offers an Islamic Account to clients of the Muslim faith as well as a demo account for beginner traders.
Samtrade FX at a glance
| Broker's Name | Samtrade FX |
| 📍 Headquartered | Kingston, St Vincent, and the Grenadines |
| 📅 Year Founded | 2015 |
| ⚖️ Regulating Authorities | FCA and FINTRAC |
| 🌐 Countries not accepted for trade | United States |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1: 200 |
| 💰 Minimum Deposit | $100 |
| 💳 Deposit Options | Visa, MasterCard, Tether (USDT) and Bank Wire Transfer |
| 💳 Withdrawal Options | Visa, MasterCard, Tether (USDT) and Bank Wire Transfer |
| 💻 Platform Types | MetaTrader4 |
| 📱 OS Compatibility | Desktop, Web, Windows, Linux, Mac, Android, and iOS |
| 📈 Tradable assets offered | Forex, Indices, Precious metals, Oil, CDFs, Cryptocurrencies and Commodities |
| 👨💼 Languages supported on Website | English, Dutch, Russian, Polish, German, Spanish, Netherlands, Portuguese, and French |
| 👥 Customer Support Languages | English, Mandarin and Chinese |
| 📆 Customer Service Hours | 24/5 |
Min Deposit
USD 10
Regulators
FCA, FINTRAC, FSA
Trading Platform
MT4
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Samtrade FX Account Types – 8 key points quick overview:
Samtrade FX Overview
Samtrade FX is a fairly new online trading brokerage that provides Forex Trading and other related services since 2015. The broker is incorporated in Saint Vincent and the Grenadines under registered number 25290 IBC 2019 by the Registrar of International Business Companies.
Samtrade FX also provides services in England and Wales, and in this jurisdiction, it is regulated and authorized by the Financial Conduct Authority (FCA). In New South Wales, Australia it operates with an AFS license and in Canada, it operates under the watchful eyes of the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) as a Money Services Business (MSB).
In addition to this, Sam trade FX has a regional presence in Malaysia, Indonesia, Vietnam, Thailand, and the Philippines to provide an all-around, personalized service to its clients and partners. The broker has only one clear objective which is to provide traders with safe, easy, and low-cost access to foreign exchange markets.
The founders and partners of Samtrade FX are all traders themselves and have extensive trading experience in Forex and CFD. The broker strives to set the highest standards of client satisfaction and cater to the special needs of clients.
It specializes in the provision of online trading services for forex and CFDs to retail and institutional traders. It operates the STP/ECN brokerage model which can result in affordable, swift, and reliable access for online trading of global markets.
All trading is done on the preferred MetaTrader4 platform on financial instruments such as forex, CFDs, precious metals, oil, commodities, and cryptocurrencies. The broker offers its services to both retail and institutional clients in the jurisdictions it operates in. Clients of the United States are not accepted.
Samtrade FX Account Types
The broker strives to offer competitive trading conditions along with comprehensive solutions and services.
Samtrade FX Account Features
The account features of the various accounts are remarkably similar with a few exceptions in regard to leverage. The following can be expected on the four live account types.
Standard Account
The minimum deposit for this account is $ 10 on a maximum leverage of 1: 500. The only currency that can be used is USD. Spreads offered are floating and starts at 2.1 pips. The margin call level is 100% and the stop out level 50%. The minimum lot size is 0.01 lots. There are no commission charges and swaps are allowed.
VIP Account
To open a VIP account, traders also need to contact customer services. On the website, the same features apply to this account as for the Standard Account.
ECN Account
The same applies to the ECN Account that applies to the Profit STP Account and the VIP Account.
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Islamic Account
In addition to the above-mentioned live accounts, Samtrade FX also offers Muslim traders who follow the Sharia law with the option of opening an Islamic Account. This account has a separate application procedure and clients also need to contact customer services to open this account.
The features of this account are the same as for the Standard Account except for the leverage which is 1: 200. No swaps are charged on the Islamic Account.
The account is subjected to the broker’s approval after all the necessary documentation has been received. The Islamic account means a Muslim client has an additional swap-free option without being charged during overnight positions of swaps or rollover interests.
Samtrade FX Demo Account
Samtrade FX does not offer the option to open a demo account. A demo account is usually seen as a practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
Samtrade FX Islamic Account
Samtrade FX offers an Islamic Account to Muslim traders who follow the Sharia law. Most of the features indicated on the Islamic Account, like minimum deposit, spreads, and more, is the same as the normal live account, except for the leverage and no swap charges. An Islamic Account caters specifically for the Muslim trader who follows the Sharia law, which in turn prevents its followers from paying any type of interest, such as overnight fees. Interest or overnight fees are seen as wasteful or exploitive.
With all brokers overnight fees are charged when traders hold positions open for longer after the trading day has concluded. An Islamic Account allows exemption from such fees, or interest if they should hold positions open for longer after the trading day is done.
To open an Islamic Account, interested traders need to contact customer services.
Min Deposit
USD 10
Regulators
FCA, FINTRAC, FSA
Trading Platform
MT4
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Samtrade FX Pros and Cons
| ✔️ Pros | ❌ Cons |
| Floating spreads | Clients from the United States not accepted |
| Islamic Swap-free account offered | Fixed spread accounts not offered |
| Low minimum deposit required | Limited payment methods offered |
| MetaTrader4 offered | No e-payment options |
| No commission charges | |
| Regulated by FCA and FINTRAC | |
| Segregated client funds used |
Conclusion
Overall, the spreads start at 2.1 pips on EUR/USD. Samtrade FX offers floating spreads that start from 2.1 pips direct from the market participants and compared with other brokers this is fairly high. No commissions are charged on any of Samtrade’s live account types for trade executions.
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Frequently Asked Questions
TRADING ENVIRONMENT
How many instruments can I trade with Samtrade FX?
You can trade the following financial instruments:
- Forex
- Indices
- CFDs
- Precious Metals
- Oil
- Commodities
- Cryptocurrencies
Which platforms are supported by Samtrade FX?
MetaTrader4.
Does Samtrade FX offer leverage?
Yes. Maximum leverage of up to 1: 200 is offered.
What spreads can I expect with Samtrade FX?
You can expect spreads that start from 2.1 pips.
Does Samtrade FX charge a commission?
No. Samtrade FX does not charge any commission.
Are there additional charges on the Islamic account?
This is not clear on Samtrade FX’ website.
Is Samtrade FX regulated?
Yes. Samtrade FX is regulated by FCA and FINTRAC.
Is Samtrade FX a recommended forex trading broker for experts and beginners?
Yes. Samtrade FX offers a trading environment for both beginners and expert traders.
What is the overall rating out of 10 for Samtrade FX?
7/10.
ACCOUNTS
What is the difference between a demo and a live trading account?
A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.
A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.
Does Samtrade FX offer a demo account?
Yes. Samtrade does offer a demo account.
For how long is the demo account valid?
The demo account is valid for 30-days.
Does Samtrade FX offer the option of an Islamic Account?
Yes. Samtrade FX offers the option of an Islamic Account for traders of the Muslim faith.
Which live trading accounts does Samtrade FX offer?
Samtrade FX offers four live trading accounts, namely Standard Account, Profit STP Account, VIP Account and ECN Account.
What are the available deposit currencies for a live trading account?
USD.
DEPOSITS AND WITHDRAWALS
What is the minimum deposit for Samtrade FX?
$ 10.
How do I make a deposit and withdrawal with Samtrade FX?
- MasterCard
- Visa
- Tether (USDT)
- Bank Wire Transfer
Does Samtrade FX charge withdrawal fees?
No. Samtrade FX does not charge any withdrawal fees, however, clients should verify if any fees are charged by the financial institutions they use.
How long does it take to make a withdrawal?
This will depend on the payment method used. Most withdrawals take between one and four business days.
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