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Score

1.08 /10
Danger

Saafan Markets

Saint Lucia

Within 1 year

Suspicious Regulatory License

High potential risk

https://www.yostlm.com/en.html

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Quantity 6

Exposure

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Score

Regulatory Index0.00

Business Index3.70

Risk Management Index0.00

Software Index4.00

License Index0.00

The WikiFX Score of this broker is reduced because of too many complaints!
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Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

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1G

40G

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Broker Information

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Company Name

Saafan Markets Ltd.

Company Abbreviation

Saafan Markets

Platform registered country and region

Saint Lucia

Company website

Company summary

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 3
Previous Detection : 2024-09-27
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

Exposure

6 pieces of exposure in total
Pyramid scheme complaint
Expose
Unable to Withdraw

Cannot withdraw money

The foreign exchange dealer Yang Zongxing used the line group to attract investors. The platform had caused investors to suffer serious losses instantly. Later, the deposit and withdrawal website was closed without warning, no new website was provided, and no response was given to investors. The line group had also kicked out investors. There is no way to withdraw the balance on the account.

2024-06-28 18:30
Unable to Withdraw

You must pay a profit share to make a withdrawal.

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!

2024-07-10 23:40
Resolved

Taiwan Securities and Futures Bureau said that this should be a financial fraud.

The international forex broker (yostlm Saafan Marktes) claimed that it had recently held a so-called gold price difference compound interest investment (CFD) with a Taiwanese investment consulting company (Huanyu). The platform was registered in Saint Lucia on May 15, 2024, and it is not an NFA member for less than a year. As for the domestic investment consulting company (Huanyu), I learned through a phone call that the company does not have a so-called line group and compound interest investment plan, and is not a domestic legal futures trader. However, the international forex broker (yostlm) stated that the implementation of the plan requires face-to-face cash payment with the exchanger to obtain USDT virtual US dollars in order to trade foreign exchange on Meta Trader5. The minimum deposit amount is NT$100,000, and nearly half of the profit is required to be given to the forex broker. The platform did not set a negative balance protection, so the position was liquidated (more than US$5,000 and a margin of US$3,200). Now the forex broker (Yang Zongxing) requires the negative balance to be filled, otherwise it will sue in the name of the company (yostlm Saafan Marktes)... At the same time, I sent a letter to the Securities and Futures Bureau for verification. The domestic investment consulting company (Huanyu) has issued a statement on May 2, 2013 to clarify that the company will not conduct any advertising activities through social media, websites, television, radio, etc., to recruit members, recommend domestic and foreign stocks, and foreign exchange, and to operate on behalf of others. Therefore, it is determined that this foreign exchange platform is a platform with a very high risk of fraud.

2024-06-24 14:10
Others

The funds became negative in an instant due to unusual transactions.

The group's teacher is Max, let everyone participate in the "520 Compound Profit Project", said with Piper Sandler organization and yostlm cooperation The foreign exchange trader Yang Zongxing (yostlm) said that the operation of the project must be with the exchange merchant (Currency Shengke) to pay cash in person to obtain the virtual USD USD in order to be able to Meta Trader5 to operate foreign exchange, and the minimum amount of money to deposit! The minimum deposit is $100,000 and the requirement to share nearly half of the profits to the foreign exchange trader Each time the operation is notified by the group assistant coach Mika Liao, in the operation, because it is suspected that it is designed to be more than one transaction and instantly caused by the penetration of the position, the first time the anomaly said that it was the tiredness of the network I pressed more than once, I can only admit that I was unlucky, but after that I was divided into two orders, the first unit and the second are different, but the third extra is the same as the first unit, this should not be a problem of tiredness, it should not be a problem of the network. I guess it is not a problem with the progressive cells! (I lost 23,000 USD in total and still have a negative balance of 500 USD), now the foreign exchange trader (Yeung Chung Hing) demanded to make up the negative balance, otherwise it will result in a default of delivery.

2024-07-03 09:05
Unable to Withdraw

I need to pay income tax of 30% of the withdrawal amount

There was this chat group created by Max and teaching assistant Chen Xhan. Later, they invited Mr. Yang to join the cooperation and persuade everyone to participate in the compound interest plan. One day I told my teaching assistant Chen ZhiX that I wanted to withdraw money, and she said she would contact Mr. Yang to pay the share, but after the share was paid, the backend webpage could not be opened. Mr. Yang said that the account was checked for tax evasion, but in the end he said that I had to pay 30% income tax on the withdrawal amount before I could restore the backend login of the webpage. I felt like I was scammed.

2024-06-29 18:16
Unable to Withdraw

Withdrawal requires payment of a 30% 'capital gains tax' before funds are released.

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?

2024-08-22 23:31
Saafan Markets · Company summary
Saafan MarketsBasic Information
Company NameSaafan Markets Ltd.
Founded in Within 1 year
HeadquartersGround Floor, The Sotheby Building, Rodney Village, Gros-Islet, RodneyBay, Saint Lucia LC01401.
RegulationsNot Regulated
Tradable AssetsGold
Trading PlatformsMT4
Customer SupportAddress: Ground Floor, The Sotheby Building, Rodney Village, Gros-Islet, RodneyBay, Saint Lucia LC01401.

Overview of Saafan Markets

Saafan Markets Ltd. is a newly established trading platform headquartered in Saint Lucia, offering trading services exclusively in gold. Despite operating without regulatory oversight, Saafan Markets provides trading through the widely recognized MT4 platform. The company does not impose minimum deposits, leverage, spreads, or commissions, but also lacks account variety, educational resources, and bonus offerings. Customer support is available at their office in Saint Lucia.

Overview of Saafan Markets

Regulation

Saafan Markets operates without regulation, meaning it is not subject to the standards and protections enforced by financial authorities. This lack of regulation can pose significant risks for traders, including the absence of formal recourse mechanisms in case of disputes or issues.

Regulation

Pros & Cons

Saafan Markets offers several advantages, including the use of the popular MT4 trading platform and commission-free trading, which can reduce costs for investors. Additionally, its exclusive focus on gold trading may attract traders interested in precious metals. However, the platform's lack of regulation poses significant risks, and the absence of multiple account types and diverse payment methods limits flexibility and convenience. These factors should be carefully considered by potential traders when evaluating the suitability of Saafan Markets for their trading needs.

Pros Cons
  • MT4 Trading Platform
  • Lack of Regulation
  • No Commissions
  • No Account Types
  • Exclusive Gold Trading
  • Limited Payment Methods

Market Instruments

Saafan Markets specializes exclusively in gold trading, providing a focused market instrument for investors interested in precious metals. This singular asset focus allows traders to capitalize on market movements in gold, a widely regarded safe-haven asset. However, the lack of diversification into other tradable assets might limit opportunities for those seeking to spread risk across different markets.

Market Instruments

How to open an account

  1. Visit the Saafan Markets website and click on the “Sign Up” button.
  2. Complete the registration form by providing your email address, creating a secure password, and entering your personal details.
  3. Review and agree to the terms and conditions of Saafan Markets.
  4. Submit your registration and await confirmation. Once approved, you can proceed to log in and start trading on the platform.
How to open an account

Customer Support

Clients can contact this broker through the following contact channels:

Address: Ground Floor, The Sotheby Building, Rodney Village, Gros-Islet, RodneyBay, Saint Lucia LC01401.

Customer Support

Conclusion

Saafan Markets offers a streamlined trading experience focused exclusively on gold, leveraging the widely respected MT4 platform and providing commission-free trading. While its singular asset focus and lack of regulation present certain risks and limitations, the platform's simplicity and cost-effective trading conditions may appeal to investors specifically interested in gold. Potential traders should weigh these factors carefully to determine if Saafan Markets aligns with their investment goals and risk tolerance.

FAQs

Is Saafan Markets regulated by any financial authority？

No, Saafan Markets is not regulated by any financial authority. Traders should be aware of the potential risks associated with trading on an unregulated platform, including the lack of investor protections and recourse mechanisms.

What trading platform does Saafan Markets use？

Saafan Markets utilizes the MT4 (MetaTrader 4) trading platform, which is well-known for its user-friendly interface, advanced trading tools, and robust performance.

Does Saafan Markets charge commissions on trades？

No, Saafan Markets operates on a commission-free model, meaning that traders do not incur additional fees for transactions, potentially reducing overall trading costs.

Risk Warning

Trading online carries inherent risks, including the potential loss of your entire investment. It's essential to recognize that online trading may not be suitable for everyone, and individuals should carefully consider their risk tolerance before participating. Additionally, please be aware that the details provided in this review are subject to change as companies update their services and policies. Therefore, it's advisable to verify the most up-to-date information directly with the company before making any trading decisions. Ultimately, the responsibility for utilizing the information in this review lies solely with the reader.

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FX1573692143
0-3months
1. FB messenger郭曉鳳給Max line， Max給助理王明 line 提供強勢股操作股票訊息。 2. 誘使加入520複利計劃黃金差價操作嚐得豐厚利潤，所有股票賠錢賣出加碼操作（Max允諾利得先扣除股票賠錢賣出的金額再算分成；前二個星期交易利得不算分成。) 。期間二次小群組（應是同夥人）帶Bitcoin 操作爆倉，一次結餘0，一次結餘額-12949（USDT)。王明言：「負數虧損二天內要補齊，不然會影響你的信用。資金太少要賺回虧損很困難需要二～三個月才行，可以再去借300萬， 我保證一週帶你挽回損失。」叫我再想辦法借錢入金提高資本。（期間已投入資金NT200萬）。 3. 只得想法以房貸再借錢。王明說跟老師商量，主動借出信用金NT600萬，讓我直接加入大咖操作大行情，不用任何代價，只要半個月內還清，但未還清前限制不可出金。我不想欠人，說到做到，還清信用金NT600萬又加碼NT200萬。 4. 銀行房貸借錢繳還信用金後，提款出金被扣款不出（但帳戶內卻已出金926000USDT的紀錄，而實際沒有放款到我的銀行帳戶），要求繳納30%資本利得稅才能出金，我所有錢還有房貸800萬全部都入金，根本沒錢再繳。客服說我欠稅，將我強制退出客服群組，Max及楊宗興也都退出line聊天，助理王明完全不再回覆任何訊息，群組也被成員強制退出，小群組也被退出（原來都是一夥的）。 5. 我的本金NT1000萬跟交易利得通通被扣住，被這群人侵佔；而股票賠錢賣出的虧損，6-8月沒有任何收入，現在還要每月繳800萬的房貸利息，怎是一個慘字可形容？
1. FB messenger郭曉鳳給Max line， Max給助理王明 line 提供強勢股操作股票訊息。 2. 誘使加入520複利計劃黃金差價操作嚐得豐厚利潤，所有股票賠錢賣出加碼操作（Max允諾利得先扣除股票賠錢賣出的金額再算分成；前二個星期交易利得不算分成。) 。期間二次小群組（應是同夥人）帶Bitcoin 操作爆倉，一次結餘0，一次結餘額-12949（USDT)。王明言：「負數虧損二天內要補齊，不然會影響你的信用。資金太少要賺回虧損很困難需要二～三個月才行，可以再去借300萬， 我保證一週帶你挽回損失。」叫我再想辦法借錢入金提高資本。（期間已投入資金NT200萬）。 3. 只得想法以房貸再借錢。王明說跟老師商量，主動借出信用金NT600萬，讓我直接加入大咖操作大行情，不用任何代價，只要半個月內還清，但未還清前限制不可出金。我不想欠人，說到做到，還清信用金NT600萬又加碼NT200萬。 4. 銀行房貸借錢繳還信用金後，提款出金被扣款不出（但帳戶內卻已出金926000USDT的紀錄，而實際沒有放款到我的銀行帳戶），要求繳納30%資本利得稅才能出金，我所有錢還有房貸800萬全部都入金，根本沒錢再繳。客服說我欠稅，將我強制退出客服群組，Max及楊宗興也都退出line聊天，助理王明完全不再回覆任何訊息，群組也被成員強制退出，小群組也被退出（原來都是一夥的）。 5. 我的本金NT1000萬跟交易利得通通被扣住，被這群人侵佔；而股票賠錢賣出的虧損，6-8月沒有任何收入，現在還要每月繳800萬的房貸利息，怎是一個慘字可形容？
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+3
2024-08-22 23:31
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José G
more than one year
Trading gold here is so easy.👍
Trading gold here is so easy.👍
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2024-07-22 10:39
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