Saafan Markets foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://www.yostlmcrm.com/pc/user/regist, about the company's legal and temporary regulatory information, the company's address Ground Floor, The Sotheby Building, Rodney Village, Gros-Islet, RodneyBay, Saint Lucia LC01401..
Saafan Markets Forex Broker
Basic Information
Saint Lucia
1-2 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Saafan Markets Forex Broker - Complete Information Guide
1. Broker Overview
Saafan Markets Ltd, established in May 2024, operates as an online trading platform under the domain name saafanmarkets.com. The broker is headquartered at Ground Floor, The Sotheby Building, Rodney Village, Gros-Islet, Rodney Bay, Saint Lucia, LC 01401. Saafan Markets is a privately held company, focusing primarily on providing trading services to retail clients interested in forex and other financial instruments.
The company aims to cater to a diverse clientele, including novice traders looking to enter the forex market and experienced investors seeking advanced trading options. Since its inception, Saafan Markets has promised a user-friendly trading experience, leveraging technology to facilitate efficient trading operations.
Saafan Markets operates primarily in the forex market, offering a range of trading instruments that include currency pairs, commodities, indices, and cryptocurrencies. The company's business model emphasizes retail forex trading, providing clients access to various financial products and trading platforms.
2. Regulatory and Compliance Information
Saafan Markets operates without regulation from any major financial authority, which raises significant concerns regarding its legitimacy and operational practices. The broker does not hold licenses from reputable regulatory bodies such as the Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC). Consequently, there are no regulatory numbers associated with Saafan Markets, and it lacks oversight that could ensure compliance with industry standards.
The absence of regulatory oversight means that Saafan Markets is not required to adhere to client fund segregation policies, which typically protect investors in the event of a broker's insolvency. Furthermore, there is no participation in investor compensation schemes, which are essential for safeguarding investor funds.
Saafan Markets claims to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures. However, without regulatory validation, the effectiveness of these measures remains questionable.
3. Trading Products and Services
Saafan Markets offers a diverse array of trading products, primarily focusing on forex trading. The broker provides access to over 50 currency pairs, including major, minor, and exotic pairs. Additionally, clients can trade Contracts for Difference (CFDs) on commodities, indices, stocks, and cryptocurrencies, making the product offering relatively comprehensive for retail traders.
The broker frequently updates its product offerings, although specific details regarding the frequency of these updates and the introduction of new instruments are not explicitly stated. Saafan Markets also emphasizes retail trading services, catering to individual traders, while there is limited information on services tailored for institutional clients or white-label solutions.
4. Trading Platform and Technology
Saafan Markets supports the widely-used MetaTrader 5 (MT5) trading platform, which is known for its advanced features, including automated trading capabilities and a wide range of analytical tools. The broker does not mention any proprietary trading platforms, indicating a reliance on established solutions to meet client needs.
The MT5 platform is accessible via web and mobile applications, supporting both iOS and Android devices. This flexibility allows traders to engage in trading activities from various devices, ensuring they can manage their accounts on-the-go.
Saafan Markets operates on a market-making execution model, which may lead to potential conflicts of interest. The broker has not disclosed specific information regarding server locations or the technological infrastructure supporting its trading services, which could impact execution speed and reliability.
5. Account Types and Trading Conditions
Saafan Markets offers several account types to cater to different trading needs. The basic account requires a minimum deposit of $100, while the standard account requires $500, and the premium account necessitates a $10,000 minimum deposit. The broker provides competitive spreads starting from 1.6 pips, with zero commissions on trades across all account types.
Leverage options are available up to 1:500, allowing traders to amplify their positions significantly. The minimum lot size for trading is 0.01, accommodating both small and large traders. Saafan Markets also offers swap-free Islamic accounts, catering to clients who require compliance with Islamic finance principles.
The broker has not provided detailed information regarding overnight fees, which are essential for traders to understand the cost implications of holding positions overnight.
6. Fund Management
Saafan Markets supports various deposit methods, including bank transfers, credit cards, and e-wallets. The minimum deposit requirements vary by account type, and the processing time for deposits is generally prompt, although specific timelines are not disclosed.
Withdrawal methods are similarly diverse, yet many users have reported issues with withdrawal requests, indicating potential delays or complications in accessing their funds. The broker has not explicitly stated any withdrawal fees, which could further complicate the financial management aspect for clients.
Withdrawal processing times are reportedly longer than expected, with some users experiencing significant delays. This raises concerns about the broker's reliability in managing client funds effectively.
7. Customer Support and Educational Resources
Saafan Markets offers customer support through multiple channels, including phone, email, and online chat. However, there is limited information regarding the availability of support services across different time zones, which could affect clients in various regions.
The broker claims to provide multi-language support, yet specific languages offered have not been detailed. Saafan Markets also emphasizes the importance of customer education, offering resources such as webinars, tutorials, and e-books to assist traders in developing their skills.
Market analysis services, including daily analysis and research reports, are reportedly available, although the depth and quality of these resources are not mentioned. Additionally, the broker provides trading tools such as calculators and economic calendars, which can assist traders in making informed decisions.
8. Regional Coverage and Restrictions
Saafan Markets primarily serves clients in regions such as Europe and Asia, with a focus on emerging markets. However, the broker has not provided specific details regarding its regional offices or the countries where its services are actively marketed.
There are restrictions on certain countries, particularly those with strict regulations against unlicensed financial services. Saafan Markets does not accept clients from jurisdictions where its operations would be deemed illegal or where regulatory compliance cannot be met.
In conclusion, potential investors should approach Saafan Markets with caution due to its lack of regulation, reported withdrawal issues, and mixed user experiences. Conducting thorough research and considering customer feedback is essential before engaging with this broker, as the risks associated with unregulated entities can be significant.
Saafan Markets Similar Brokers
Latest Reviews
José G
Spain
Trading gold here is so easy.👍
Positive
2024-07-22
FX1531539309
Taiwan
In April, I joined a Line group called "Soaring High," which included a teacher named Max and two assistants, XX Ying and XX Qiang. Initially, it was a stock group; from Monday to Friday, they would recommend a soaring stock to buy daily. Of course, there were both gains and losses. As we approached May 20th, they mentioned that the stock market outlook was not good and introduced a new investment plan called the "May 20th Compounding Plan." They invited their friend from the Piper Sandler institution, Mr. Yang Zongxing, to join. To participate, one needed to exchange cash for USDT through a broker to make deposits. After depositing, operations on gold trading (both selling and buying) would take place around 12:00 PM and 6:00 PM from Monday to Friday. Initially, the agreement was to pay the profit share after making withdrawals. However, when I wanted to withdraw, they changed the rule, stating that some students did not pay their share after withdrawing. Therefore, they shifted to requiring payment before withdrawal! This arbitrary change of rules also involved asking you to borrow money for the payment. Isn’t it supposed to be simple as making a withdrawal? I continuously communicated with them to let me withdraw first and promised immediate payment of my share once the money was withdrawn. But they insisted on receiving the profit share before allowing any withdrawals! A legitimate operator would want us to earn money as well as earn a share of the profits themselves. Their main interest seemed in earning this profit share, even encouraging others to take loans or use credit for investment! When I finished paying off the credit but couldn't withdraw, I realized it was a scam and stopped depositing more money! They threaten to freeze accounts if one cannot pay the share and unexpectedly retract links without warning! They expelled investors from the group making it impossible for them to withdraw their funds!
Exposure
2024-07-10
FX1573692143
Taiwan
1. On FB Messenger, Guo Xiaofeng sends a message to Max, who then communicates with his assistant Wang Ming via Line to provide information on strong stock operations. 2. They entice joining the "520 Compound Interest Plan" for gold price difference operations to earn substantial profits. All losses from stock sales are added up for more operations (Max promises that profits will first cover the amount lost from stock sales before splitting; profits from the first two weeks of trading are not shared). During this period, two small group sessions (likely accomplices) led Bitcoin operations that resulted in a blow-up, one ending with a balance of zero, and another with a balance of -12,949 USDT. Wang Ming states: "You must cover the negative losses within two days, or it will affect your credit. It's hard to recover losses with too little capital; it could take two to three months. You could borrow another 3 million, I guarantee to help you recover your losses within a week." He urged me to find ways to increase capital by borrowing more money (already invested NT$2 million during this period). 3. The only option was to take out a mortgage loan. Wang Ming said he consulted with the teacher and proactively offered a credit of NT$6 million, allowing me to join major market operations without any cost, provided I repay within half a month but restricted withdrawals until then. Not wanting to owe anyone and keeping my word, I repaid the NT$6 million credit and added another NT$2 million. 4. After repaying the credit with the bank mortgage loan, withdrawal requests were denied despite records showing 926,000 USDT had been withdrawn in the account; however, no funds were actually transferred to my bank account. They demanded a 30% capital gains tax for withdrawal. All my money including an NT$8 million mortgage was already invested; I had no funds left to pay further. Customer service claimed I owed taxes and forcibly removed me from the customer service group; Max and Yang Zongxing also left the Line chat, assistant Wang Ming stopped responding entirely, and I was forcibly removed from both the main and small groups (turns out they were all in it together). 5. My principal of NT$10 million along with all trading profits were withheld by this group; losses from stock sales incurred between June and August left me without any income. Now I have to pay an NT$8 million monthly mortgage interest—how can just one word "tragic" describe this?
Exposure
2024-08-22