WikiFX Broker Assessment Series | SaracenMarkets: Is It Trustworthy?

Background:

Founded in late 2018, SaracenMarkets operates as an online brokerage specializing in trading exchanged CFDs, distinguishing itself as a dedicated Islamic broker through its business model of following the STP and ECN execution avenues.

Although SaracenMarkets offers a variety of financial instruments for trading, including currency pairs, commodities, global indices, equities, and cryptocurrencies, its selection is relatively limited compared to its industry peers.

Meanwhile, SaracenMarkets features a partner program, enabling individuals and businesses to earn commissions by referring new clients to the company.

The official website of SaracenMarkets is https://saracen.markets/. Currently, the website only supports English, which may cause inconvenience for users from non-English savvy users.

It is important to note that, at present, SaracenMarkets does not extend its services to United States of America (USA), Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, Vanuatu and EEA countries.

Types of Accounts:

SaracenMarkets offers two account options: the Pro Account and the VIP Account. Swap-free Islamic Account is also available for each account type. Please refer to the attached image below for more detailed information on each corresponding account.

Deposits and Withdrawals:

SaracenMarkets offers a limited selection of deposit and withdrawal methods, including local depositors, SurePay, PaymentAsia, WalaoPay, and B2BinPAY.

While SaracenMarkets asserts a policy of not imposing any commission or fees for deposits and withdrawals, it is important to note that any fees levied by third-party providers shall be the responsibility of the trading client.

The timeframe for funds to reflect in the account is contingent upon the chosen deposit and withdrawal methods. Specific details for each deposit and withdrawal method can be found in the images below:

Trading Platforms:

SaracenMarkets offers the renowned MetaTrader 4 (MT4) trading platform as its sole option. The MT4 platform, accessible on PC, mobile, and web, is widely utilized in the across the industry. MT4 is an advanced trading platform offering a comprehensive suite of features and tools for precise trading analysis. With its intuitive interface, MT4 caters to both beginners and experienced traders, facilitating instant communication between brokers and traders. Operating efficiently with minimal resource usage and fast execution speeds, MT4 is secured with 129-bit encryption. Additionally, it supports fully customizable and in-depth charts, detailed trading history, and allows users to create or import Expert Advisors (EAs) for automating trading strategies.

Research and Education:

Unlike its industry peers, SaracenMarkets does not offer a variety of educational resources to support traders. However, it does provide a blog and news session, along with an economic calendar.

Customer Service:

SaracenMarkets provides 24/7 customer service support via email at support@saracenmarkets.com. However, there is no information available regarding foreign language support. Customers can choose to open a ticket at the help desk for assistance.

Conclusion:

To summarize, here's WikiFX's final verdict:

WikiFX, a global forex broker regulatory platform, has assigned SaracenMarkets a WikiScore of 6.02 out of 10.

Upon examining SaracenMarkets' licenses, WikiFX found that the broker is regulated by the South Africa's Financial Sector Conduct Authority (FSCA). WikiFX has also validated the legitimacy of the said license.

Overall, SaracenMarkets emerges as a seemingly dependable broker. However, it is worth noting that the company holds an offshore regulatory license, which may be perceived by some as less stringent and potentially compromised. As a result, users might consider selecting a broker with a Tier-1 regulatory license to ensure a higher level of protection, as indicated by WikiFX's comprehensive database.