General Information
Established in late 2018, SaracenMarkets is allegedly an international business company incorporated in Saint Vincent and the Grenadines that provides its clients with the worlds most popular trading platform, leverage up to 1:2000, tight spreads from 0.0 pips on various tradable assets, as well as a choice of three different account types and 24×7 customer support services. The broker provides a diverse selection of market instruments, including forex, commodities, indices, equities, and cryptocurrencies, allowing traders to engage in various markets. Traders can choose from different account types, such as the Pro and VIP accounts, which offer features like swap-free Islamic options, high leverage, and low spreads. SaracenMarkets also caters to Muslim customers with its Islamic account, compliant with Sharia principles and allowing trading without swaps or interest costs.
While SaracenMarkets offers multiple funding options, low minimum deposits, and instant processing times for deposits and withdrawals, it is crucial to exercise caution due to the broker's low score and warnings. Traders should carefully consider the potential risks associated with the market volatility and the limitations in margin options. Conducting further research and seeking advice from reliable sources is advisable before engaging with SaracenMarkets.
Pros and Cons
SaracenMarkets, a trading platform, offers several pros and cons to consider. On the positive side, the platform provides a diverse range of trading instruments, including popular cryptocurrencies, and allows access to global financial markets. Additionally, SaracenMarkets offers a mobile app for convenient trading on smartphones and tablets, and its Pro Account has a low minimum deposit requirement, making it accessible to many traders. Furthermore, the platform does not charge any fees or commissions, and it offers swap-free Islamic options for both Pro and VIP accounts. On the other hand, there are some potential drawbacks. The high-risk nature of certain trading instruments should be taken into account, as they can lead to potential losses. Market volatility can also pose a risk, and market timing and liquidity challenges may arise. The inherent complexity of some instruments may require traders to have a good understanding of the market. Additionally, regulatory and legal considerations should be carefully evaluated. The VIP Account has commission charges of $5 per lot, which can increase costs for traders. Moreover, the Pro and VIP accounts have stop-out levels, which may lead to forced closures in certain situations. Finally, while the platform is available in over 30 languages, it may have limited margin options, restricting margin usage for some traders.
Is SaracenMarkets Legit？
Based on the information provided, SaracenMarkets is mentioned as a licensed institution regulated by South Africa. The license number provided is 44806. The licensed institution associated with SaracenMarkets is WGW ADVISORY (PTY) LTD. The effective date of the license is October 8, 2013.
However, it's important to note the warning message stating, “Warning: Low score, please stay away!” and “This broker exceeds the business scope regulated by South Africa FSCA (license number: 44806) National Futures Association-UNFX Non-Forex License.” This implies that there may be concerns or risks associated with SaracenMarkets. It's advisable to exercise caution and conduct further research or seek advice from reliable sources before engaging with the broker.
Market Instruments
SaracenMarkets advertises that it offers a wide selection of trading instruments in financial markets, which include forex, commodities, indices, equities and cryptocurrencies.
Forex: SaracenMarkets offers a comprehensive selection of currency pairs, allowing traders to participate in the foreign exchange market. This enables individuals to speculate on the exchange rate movements between different currencies, providing opportunities for profit.
Commodities: SaracenMarkets provides access to a wide range of commodities, such as gold, oil, natural gas, agricultural products, and more. Traders can engage in commodity trading to benefit from price fluctuations in these physical assets.
Indices: SaracenMarkets allows traders to trade on various stock market indices, representing the overall performance of a specific group of stocks. By trading indices, individuals can speculate on the direction of the broader market and diversify their portfolio.
Equities: SaracenMarkets enables traders to invest in individual stocks of publicly listed companies. This allows individuals to take positions in specific companies they believe will experience growth or decline in value, capitalizing on their predictions.
Cryptocurrencies: SaracenMarkets provides access to a range of popular cryptocurrencies like Bitcoin, Ethereum, Ripple, and more. Traders can take advantage of the volatility in the cryptocurrency market to potentially generate substantial returns.
Account Types
The account type system at SaracenMarkets provides traders with options to suit their trading preferences and level of experience. With the Pro and VIP accounts, traders can choose the account that best fits their needs.
PRO ACCOUNT:
The Pro account offered by SaracenMarkets is suitable for all types of traders. It has a minimum deposit requirement of $10, making it accessible to a wide range of traders. The Pro account features a swap-free Islamic option, catering to those who adhere to Sharia principles. With market execution and a maximum leverage of 1:2000, traders can take advantage of fast order execution and amplify their trading positions. The Pro account allows trading in forex, commodities, and indices, providing opportunities across multiple markets.
VIP ACCOUNT:
The VIP account at SaracenMarkets is designed to provide the fastest execution speed and premium features. To open a VIP account, a minimum deposit of $50 is required. Similar to the Pro account, it offers a swap-free Islamic option. The VIP account boasts spreads starting from 0.0 pips. With a maximum leverage of 1:500, traders can access higher trading power. The VIP account allows trading in forex, commodities, indices, equities, and cryptocurrencies, providing a diverse range of instruments for trading opportunities.
Islamic Account
The Islamic account offered by SaracenMarkets is designed to cater to Muslim customers who wish to trade in accordance with Islamic principles. These accounts are compliant with Sharia, ensuring that they align with Islamic teachings. One of the key features of the Islamic account is that it allows traders to trade without incurring any swaps or interest costs on overnight positions. This feature makes the trading process fair and in line with Islamic finance principles.
How to Open an Account？
To open an account with SaracenMarkets, follow these steps:
Visit the SaracenMarkets website: Go to the official SaracenMarkets website using a web browser.
Click on “Create Account”: Look for the “Create Account” or similar button on the website's homepage or navigation menu.
3. Select Account Type: Choose the type of account you wish to open. For example, if you are an individual client, select “Individual Client” or a similar option.
4. Provide Personal Information: Fill in the required personal information accurately. This typically includes your title, first name, last name, country of residence, phone number for PIN SMS, email address, and any optional promo code you may have.
5. Set a Password: Create a secure password for your account. Ensure it meets the specified criteria for length, complexity, and any other requirements mentioned.
6. Review and Agree to Terms: Carefully read the terms and conditions, privacy policy, and any other relevant documents provided by SaracenMarkets. If you agree to them, indicate your acceptance by checking the appropriate box or button.
7. Submit Registration: Once you have completed all the necessary information, click on the “Submit” or “Register” button to submit your account registration request.
8. Verification Process: After submitting your registration, SaracenMarkets may require you to complete a verification process. This may involve providing additional documents or information to verify your identity and ensure compliance with regulatory requirements.
9. Account Confirmation: Once your account registration and verification process are successfully completed, you will receive a confirmation email or notification from SaracenMarkets indicating that your account has been successfully opened.
Leverage
Traders holding different account types can enjoy quite different maximum leverage ratios. Clients on the Cent account can experience the maximum leverage of 1:1000, the Pro account can enjoy leverage as high as 1:2000, while the VIP account with the leverage up to 1:500. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.
Spreads & Commissions
Spreads and commissions are influenced by what type of accounts traders are holding. SaracenMarkets reveals that the spreads in the Cent and Pro accounts start from 1.6 pips with no commission, while the clients on the VIP account enjoy spreads from 0.0 pips with the commission of $3 per lot.
Trading Platform Available
WebTrader: SaracenMarkets offers a user-friendly web-based trading platform called WebTrader. It provides traders with a way to access the financial markets directly from their web browser, without the need to download or install any additional software. The WebTrader platform is designed to offer a seamless trading experience with its intuitive interface and essential trading functionalities. Traders can access advanced charting and analytical tools, allowing for in-depth technical analysis. The platform also provides sophisticated order management tools, enabling traders to execute trades and manage their positions. Additionally, WebTrader supports automated trading through Expert Advisors (EAs), allowing traders to implement algorithmic strategies. The platform is accessible through a mobile app, catering to traders who prefer to trade on the go. With support for over 30 languages, the WebTrader platform offers a global reach and accommodates traders from various regions.
MetaTrader 4: SaracenMarkets also offers the widely acclaimed MetaTrader 4 (MT4) trading platform. MT4 is a popular choice among traders due to its comprehensive features and robust functionality. The platform provides advanced charting capabilities, enabling traders to analyze market trends and patterns. Traders can access a wide range of technical indicators and drawing tools, facilitating thorough market analysis. MT4 also offers a strategy tester, allowing traders to experiment with various trading tactics and test their strategies using historical data. The platform supports automated trading through Expert Advisors (EAs), which execute trades based on pre-set conditions. This feature enables traders to implement their trading strategies without manual intervention. Additionally, MT4 provides a mobile app, ensuring traders can monitor and trade the markets from their smartphones and tablets. The platform is available in over 30 languages, catering to a diverse global user base.
Trading Tools
SaracenMarkets offers a range of trading tools to assist traders in their decision-making and market analysis. These tools include real-time Forex news, an economic calendar, a blog/news section, and a server status tool. Each tool serves a specific purpose, providing traders with valuable information and insights.
Forex News: SaracenMarkets provides real-time Forex news to keep traders informed about the latest developments in the currency markets. This tool aggregates news from reputable sources such as FXStreet, Finance Magnates, DailyFX, Forexlive, and Action Forex. Traders can access timely news updates to stay updated on market trends, economic indicators, central bank announcements, and geopolitical events that may impact currency prices.
2. Economic Calendar: The economic calendar offered by SaracenMarkets is a crucial tool for traders. It provides a comprehensive schedule of upcoming economic news releases and events that can significantly influence the financial markets. Traders can use the calendar to plan their trading strategies, anticipate market volatility, and identify potential trading opportunities based on economic data releases, such as GDP reports, employment figures, inflation data, and central bank meetings.
3. Blog and News: SaracenMarkets maintains a blog and news section on its platform, where traders can find valuable insights, analysis, and educational resources. This section covers a wide range of topics related to trading, market trends, strategies, and industry updates. Traders can benefit from the expertise and knowledge shared in these articles, enhancing their understanding of the markets and improving their trading decisions.
4. Server Status: The server status tool allows traders to check the operational status of SaracenMarkets' MetaTrader 4 server and payment processor. By monitoring the server status, traders can stay informed about potential technical issues and plan their trading activities accordingly.
Bonuses & Promotions
SaracenMarkets offers a variety of bonuses and promotions to enhance the trading experience for its clients. These incentives range from deposit bonuses and no deposit bonuses to a referral program. While these bonuses can provide additional trading capital and risk-free opportunities, it is important for traders to understand the terms and conditions associated with them.
30% Deposit Bonus: SaracenMarkets offers a 30% deposit bonus to clients. By depositing funds into their trading accounts, clients can instantly receive a bonus of up to USD 600. This bonus is available each time a deposit is made, with a minimum deposit requirement of only USD 1. The bonus amount can be used for opening positions and covering losses in floating positions, providing traders with additional trading opportunities.
$5 No Deposit Bonus: For new clients, SaracenMarkets provides a risk-free start with real money through a $5 no deposit bonus. This bonus allows traders to begin their forex journey without requiring any deposit from their side. Registration is simple, and clients can start trading immediately with the free trading funds provided. Any profits earned from trading with the bonus are eligible to be kept by the trader.
Refer a Friend Program: SaracenMarkets offers a referral program called “Refer a Friend” where clients can profit by inviting their friends to trade with SaracenMarkets. By referring friends, clients can earn profits based on their friends' trading activities. Whether their friends win or lose trades, the referring client will always benefit. This program is automatically available to all clients upon registration, and they can access it through the PARTNER menu.
Customer Support
SaracenMarkets provides customer support through various channels. Traders can reach out to the broker's customer service team via telephone at +85281975503 for the HK Office. They can also send inquiries and questions via email to support@saracenmarkets.com. The support team aims to provide a response within 24 hours on business days.
In addition to direct communication channels, SaracenMarkets offers the option to fill in forms on their website to get in touch with customer support. This allows traders to submit their queries or concerns and receive assistance from the support team.
SaracenMarkets also maintains a presence on social media platforms such as Facebook, Twitter, and Instagram. Traders can follow these accounts to stay updated on news, announcements, and any customer support-related information.
The broker's registered office is located at Suite 305, Griffith Corporate Centre, P.O. Box 1510 Beachmont, Kingstown, VC0120 St. Vincent & Grenadines. The headquarter is situated at Standard Chartered Tower, Level 5, Emaar Square, Downtown Burj Khalifa, Dubai.
Deposit & Withdrawal
DEPOSIT:
SARACENMARKETS provides several deposit options to facilitate funding the trading account. The minimum deposit amount for USD deposits is $5. For Malaysian customers, the minimum deposit is 10 MYR, while for Indonesian customers, it is 50,000 IDR. Vietnamese customers can make a minimum deposit of 50,000 VND, and Thai customers have a minimum deposit requirement of 100 THB. The broker supports various funding methods, including WalaoPay, Paytrust88, PaymentAsia, SurePay, B2BinPAY, Neteller, and Local Depositor. The available currencies for deposits include MYR, IDR, VND, THB, and SGD. SaracenMarkets does not charge any fees or commissions for deposits, and the processing time is instant for most deposit methods.
WITHDRAWAL:
SaracenMarkets offers multiple withdrawal options to allow traders to access their funds. The minimum withdrawal amount for USD withdrawals is $10. Malaysian customers can withdraw a minimum of 50 MYR, Indonesian customers can withdraw a minimum of 100,000 IDR, and Vietnamese customers have a minimum withdrawal requirement of 50,000 VND. The withdrawal methods mirror the deposit options, including WalaoPay, Paytrust88, SurePay, B2BinPAY, Neteller, and Local Depositor. The available currencies for withdrawals are MYR, IDR, VND, THB, SGD, and BND. Similar to deposits, SaracenMarkets does not charge any fees or commissions for withdrawals. The processing time for withdrawals may vary, with most methods offering a processing time of up to 24 hours.
Customer Support
SaracenMarkets customer support can be reached through telephone: +85281975503 (HK Office), email: support@saracenmarkets.com or fill in forms to get in touch. Besides, you can also follow this broker on some social media platforms like Facebook, Twitter and Instagram. Registered Office: Suite 305, Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, VC0120 St. Vincent & Grenadines. Headquarter: Standard Chartered Tower, Level 5, Emaar Square, Downtown Burj Khalifa, Dubai
Conclusion
In conclusion, SaracenMarkets offers a diverse range of trading instruments and account types, providing opportunities for traders to engage in forex, commodities, indices, equities, and cryptocurrencies. The broker is licensed and regulated in South Africa, adding a layer of legitimacy. However, there are several disadvantages to consider, including the warning message indicating potential concerns or risks associated with SaracenMarkets, the medium potential risk, and the low score received. Additionally, some instruments may have a high-risk nature, and market volatility can lead to potential losses. On the positive side, SaracenMarkets provides multiple funding options, low minimum deposit/withdrawal requirements, instant processing time, and zero fees/commissions. The trading platforms, including WebTrader and MetaTrader 4, offer advanced features, and the trading tools such as real-time Forex news and economic calendar assist in decision-making. Overall, it is crucial for individuals to exercise caution, conduct further research, and seek advice from reliable sources before engaging with SaracenMarkets.
FAQs
Q: Is SaracenMarkets licensed and regulated？
A: Yes, SaracenMarkets is mentioned as a licensed institution regulated by South Africa with the license number 44806. The licensed institution associated with SaracenMarkets is WGW ADVISORY (PTY) LTD.
Q: Should I be concerned about the warning message regarding SaracenMarkets？
A: The warning message suggests that there may be concerns or risks associated with SaracenMarkets. It is advisable to exercise caution and conduct further research or seek advice from reliable sources before engaging with the broker.
Q: What market instruments are available on SaracenMarkets？
A: SaracenMarkets offers a diverse range of market instruments, including forex, commodities, indices, equities, and cryptocurrencies.
Q: What are the pros and cons of trading with SaracenMarkets？
A: Pros of trading with SaracenMarkets include a diverse range of trading instruments, opportunities for profit in various markets, access to global financial markets, potential for diversification and portfolio growth, and availability of popular cryptocurrencies. Cons include the potential high-risk nature of some instruments, market volatility leading to potential losses, market timing and liquidity challenges, inherent complexity of certain instruments, and regulatory and legal considerations.
Q: What types of trading accounts does SaracenMarkets offer？
A: SaracenMarkets offers two types of trading accounts: the Pro Account and the VIP Account.
Q: What is the Islamic account offered by SaracenMarkets？
A: The Islamic account is designed to cater to Muslim customers who wish to trade in accordance with Islamic principles. It allows traders to trade without incurring any swaps or interest costs on overnight positions.
Q: How can I open an account with SaracenMarkets？
A: To open an account with SaracenMarkets, you can visit their official website and click on the “Create Account” or similar button. Then, choose the account type, provide personal information, set a password, review and agree to the terms, and submit the registration. After completing the verification process, you will receive confirmation that your account has been successfully opened.
Q: What leverage options does SaracenMarkets offer？
A: SaracenMarkets offers a maximum leverage of 1:2000 for the Pro account and 1:500 for the VIP account.
Q: What are the deposit and withdrawal options available on SaracenMarkets？
A: SaracenMarkets provides several deposit options, including WalaoPay, Paytrust88, PaymentAsia, SurePay, B2BinPAY, Neteller, and Local Depositor. The minimum deposit amount varies depending on the currency. For withdrawals, SaracenMarkets offers similar methods as deposits, and there are no fees or commissions charged for withdrawals.
Q: What trading platforms are available on SaracenMarkets？
A: SaracenMarkets offers the WebTrader platform, a user-friendly web-based trading platform accessible through a web browser. They also provide the widely acclaimed MetaTrader 4 (MT4) platform, known for its advanced features and robust functionality.
Q: What trading tools does SaracenMarkets provide？
A: SaracenMarkets offers trading tools such as real-time Forex news, an economic calendar, a blog/news section, and a server status tool to assist traders in their decision-making and market analysis.
Q: Does SaracenMarkets offer bonuses and promotions？
A: Yes, SaracenMarkets offers bonuses and promotions, including a 30% deposit bonus, no deposit bonuses, and a referral program. Traders should review the terms and conditions associated with these incentives.
2024-07-19 18:49
2024-06-04 14:15
