Shalom Company

Shalom Forex Broker - Comprehensive Information Guide

1. Broker Overview

Shalom Broker is a financial services provider established in 1999. The company is headquartered on the 4th floor of Investment House Annex, 21/25 Broad Street, Marina, Lagos, Nigeria. Operating as a private entity, Shalom Broker primarily caters to retail and institutional clients seeking access to various financial markets. The broker offers a range of services, including forex trading, contracts for difference (CFDs), commodities, and indices.

Since its inception, Shalom Broker has aimed to provide accessible trading solutions to clients worldwide. However, it is important to note that the broker has faced scrutiny regarding its regulatory status, as it is currently unregulated. Despite this, Shalom Broker has managed to establish a presence in the forex and CFD industry, although it has not yet reached the level of recognition and trust that comes with proper regulatory oversight.

Over the years, Shalom Broker has undergone several developments and milestones, including the expansion of its trading services and the introduction of various financial instruments. The company's business model focuses on providing a user-friendly trading environment for its clients, enabling them to trade a variety of assets with relative ease.

2. Regulatory and Compliance Information

Shalom Broker operates without proper regulatory oversight, which raises concerns for potential clients. The broker is currently unregulated, and there is no affiliation with major regulatory bodies. As such, it does not possess any regulatory licenses or registration numbers that would typically provide assurance to traders regarding the safety of their funds.

The lack of regulation implies that Shalom Broker does not have a formal framework governing its operations, which can pose risks to clients. The absence of investor compensation schemes and client fund segregation policies further exacerbates these concerns. Clients should be aware that their funds may not be protected in the event of insolvency or any other financial issues faced by the broker.

In terms of compliance, Shalom Broker reportedly has basic Know Your Customer (KYC) and Anti-Money Laundering (AML) measures in place. However, the effectiveness of these measures may be questionable given the broker's unregulated status. Traders are advised to exercise caution and conduct thorough research before engaging with Shalom Broker.

3. Trading Products and Services

Shalom Broker offers a diverse range of trading products and services, catering to various client needs. The broker provides access to numerous forex currency pairs, including major, minor, and exotic pairs. This allows traders to participate in the global forex market and take advantage of various trading opportunities.

In addition to forex trading, Shalom Broker also offers CFDs on various asset classes, including indices, commodities, and cryptocurrencies. This broad product offering enables clients to diversify their trading strategies and manage risk effectively. The broker is committed to updating its product lineup regularly, although specific details regarding the frequency of updates and the introduction of new products are not publicly available.

Shalom Broker primarily serves retail clients, but it also caters to institutional clients, providing tailored solutions to meet their specific trading requirements. The broker may offer white-label solutions and asset management services, although detailed information on these services is not extensively documented.

4. Trading Platforms and Technology

Shalom Broker does not support the widely popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms, which are commonly used by many traders. Instead, the broker offers its proprietary trading platform, which is designed to provide a user-friendly trading experience. Details regarding the features and functionalities of this platform are limited.

For clients who prefer web-based trading, Shalom Broker provides a web trading platform that allows access from various devices without the need for software installation. Additionally, mobile trading applications are available for both iOS and Android devices, enabling traders to manage their accounts and execute trades on the go.

The broker employs various execution models, including Market Making, which may affect the trading conditions and spreads offered to clients. Information regarding the broker's server locations and technological infrastructure is not extensively disclosed, which may raise questions about the reliability and speed of trade execution.

Shalom Broker does not appear to offer API access or support for automated trading, limiting the options available for algorithmic traders.

5. Account Types and Trading Conditions

Shalom Broker offers several types of trading accounts to cater to different client needs. The standard account typically requires a minimum deposit, which is not explicitly stated in the available information. The account conditions include competitive spreads and commissions, although specific details on these aspects are lacking.

For more experienced traders, Shalom Broker may offer advanced account types such as VIP or professional accounts, which could provide enhanced trading conditions and lower fees. The broker also offers Islamic accounts, accommodating clients who require Sharia-compliant trading options.

A demo account is available for clients who wish to practice trading without risking real funds. The leverage offered by Shalom Broker varies depending on the asset class, with maximum leverage ratios not clearly specified.

Additionally, the broker has specific policies regarding overnight fees, which may apply to positions held beyond the trading day.

6. Fund Management

Shalom Broker supports various deposit methods, including bank transfers, credit cards, and e-wallets. The minimum deposit requirements vary by account type, but specific figures are not disclosed in the available information.

Deposit processing times are generally prompt, although exact timelines are not specified. Clients should also be aware of any deposit fees that may apply, as this information is not readily available.

For withdrawals, Shalom Broker provides multiple options, but restrictions may apply depending on the chosen method. Withdrawal processing times are not explicitly mentioned, which may lead to uncertainty for clients regarding the speed of accessing their funds.

The fee structure for withdrawals is also not detailed, and clients are encouraged to review the broker's policies before initiating any transactions.

7. Customer Support and Educational Resources

Shalom Broker offers customer support through various channels, including phone, email, and online chat. The service hours and time zone coverage are not explicitly stated, which may affect clients' ability to receive timely assistance.

The broker supports multiple languages, although the specific languages offered are not listed in the available information. This could be a consideration for clients from diverse linguistic backgrounds.

In terms of educational resources, Shalom Broker provides access to various materials, including webinars, tutorials, and e-books designed to enhance traders' knowledge and skills. Market analysis services, such as daily analysis and research reports, may also be available to clients.

Trading tools, including calculators and economic calendars, are likely provided to assist clients in their trading endeavors, although specific details are not extensively documented.

8. Regional Coverage and Restrictions

Shalom Broker primarily serves clients in Nigeria and potentially other regions, although specific details regarding its main service markets are not clearly defined. The broker may have regional offices, but this information is not readily available.

Certain countries or regions may be restricted from opening accounts with Shalom Broker, although the specific list of excluded jurisdictions is not disclosed. Clients are encouraged to verify their eligibility based on their location and the broker's policies.

Overall, while Shalom Broker offers a range of trading products and services, potential clients should carefully consider the implications of the broker's unregulated status and the associated risks before engaging in trading activities.