S.A.M Trade Review 2024

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S.A.M. Trade is a multi-asset CFD broker that allows UK traders to speculate on popular financial markets through the MetaTrader 4 platform and the brand’s bespoke copy trading tool. In this review, we will cover all of S.A.M. Trade’s main features including account types, trading fees, educational content, available instruments, and everything else you need to know before signing up. Our UK team also share their verdict after testing S.A.M Trade.

Our Take

• S.A.M. Trade offers a low minimum deposit and a beginner-friendly copy trading platform
• However, the asset list is very small, and the spreads on offer to basic accounts are not competitive
• The company is also unregulated, makes some inconsistent claims about its relationship with certain financial bodies, and has poor customer service

Market Access

S.A.M Trade’s available instruments are very limited – with just 30 forex pairs, plus a handful of stock indices, commodities, cryptos and futures, the range here is below average. In contrast, top UK firms like AvaTrade offer over 1250 assets including more than 50 currency pairs.

We did like the chance to trade via futures contacts including on the US Volatility Index and the DAX 30, but with only 10 on offer, this is not a game changer.

Available assets include:

• 3 energies
• 2 precious metals
• 10 futures contracts
• 20+ cryptocurrencies
• 18+ global stock indices
• 30+ major and minor currency pairs

S.A.M. Trade Fees

S.A.M. Trade is not transparent with its trading fees, which reflects badly on the brand.

Our experts found that all account types bar the ECN profile offer commission-free investing; ECN accounts have a $5 commission charge per lot. Spreads are floating, with the tightest available on the VIP profile.

When we used S.A.M Trade, we were offered average spreads of 2.4-2.6 pips on the GBP/USD currency pair and 2.4-2.7 pips on the EUR/GBP. This is much higher than the spreads offered by leading forex brokers like XTB.

Accounts

S.A.M. Trade offers four live account options, including an Islamic profile which will be welcome news to Muslim traders.

We like that all accounts except for the ECN profile have a low minimum deposit requirement of just $10. The ECN account is higher at $100, though we still think this is suitable for beginners.

The downside for UK traders is that the broker does not accept GBP as an account base currency. All trades will be executed in USD.

Frustratingly, S.A.M Trade is also not clear about the differences between the Standard and VIP profiles. Both have the same minimum deposit, no commissions, and leverage up to 1:1000. As such, we would recommend signing up for the VIP profile given it provides tighter spreads.

There is a minimum trade size of 0.01 lots and a maximum of 100 lots on all account types.

How To Open A S.A.M. Trade Account

I found S.A.M. Trade’s account registration process quite lengthy, especially for an unregulated brand with less strict compliance requirements.

1. Complete your personal details on the application form including name, address, DOB, and UK national insurance number
2. Choose your account type and leverage from the dropdown menu
3. Complete your employment status details and confirm the US residency declaration. Click ‘Save Particulars’ to continue
4. Upload a proof of address and proof of identity by uploading images of the documents (we found that you can skip and upload at a later date)
5. Complete the questionnaire with details of your previous investment experience and source of funding
6. Install and activate 2FA. Scan the QR code and add the one-time security code on the screen
7. Automatic redirection to the client portal will be activated

Funding Methods

We were disappointed with the deposit options offered by S.A.M. Trade, which does not accept any e-wallet solutions such as PayPal, Neteller, or Skrill.

Also for UK traders, a currency conversion to USD is required, which may incur additional fees. On the plus side, deposits and withdrawals are otherwise fee-free. The minimum deposit requirement of $20 is also competitive.

Accepted funding methods include:

• Bank Wire Transfer – One-to-four-day processing time
• Credit/Debit Cards – Average one-hour processing time
• Tether (USDT) – Up to one working day processing time

You can withdraw funds at any time, but it’s worth noting the 72-hour processing time. Similar to deposits, we were pleased to see no withdrawal charges. There is also a reasonable minimum withdrawal amount of $20.

Trading Platforms

MetaTrader 4

S.A.M. Trade offers the MetaTrader 4 (MT4) platform only.

We are big fans of this platform, which is more or less industry standard, and we are sure that its intuitive yet powerful design will suit most traders, regardless of their experience level. However, we do miss the flexibility that additional third-party or proprietary terminals bring.

Nevertheless, MT4 is a globally renowned platform used by millions of retail investors worldwide. You can be assured of market analysis tools and algorithmic trading functionality via Expert Advisors (EAs). Other helpful features include:

• One-click trading
• Four pending order types
• Custom price alerts/notifications
• 30+ in-built technical indicators plus drawing tools
• Fully customisable charts with nine timeframe views
• MQL4 programming language to create custom scripts, indicators, and robots

How To Place A Trade

I found it easy to open and close positions in the MetaTrader 4 platform:

1. Login to the MetaTrader 4 platform
2. Double-click on the instrument you want to trade from the ‘Market Watch’ window
3. Complete trade details including order volume, order type, stop loss/take profit price, and a comment
4. Choose ‘Buy’ or ‘Sell’ to open the position
5. Monitor your open orders from the window beneath the chart

CopySam™

We were impressed to see that S.A.M. Trade offers a bespoke copy trading solution. The tool is ideal for beginners, or those with limited time.

You can set the platform to mirror the positions of more experienced investors in real-time. We like that users can maintain full control over orders and pause or stop copying at any time.

As standard, you will be required to forgo a split of the profits achieved, which ranges between 10% and 40% depending on the master trader. There is a minimum investment amount of £100, which we think is reasonable and attainable for most budgets.

On the negative side, we do have some concerns about the legitimacy of the master traders as there are no details of previous experience requirements. You can, however, review the traders’ past profitability, preferred strategies, and invested asset classes before following.

S.A.M. Trade App

S.A.M. Trade’s proprietary copy trading function is not available with mobile app compatibility. The brand does not offer its own mobile application, though the MT4 platform can be used on portable devices. You can download the MT4 app to iOS or Android (APK) devices for no fee.

We thought the MetaTrader app was easy to use, with all the powerful features offered on the desktop version, mirrored but tailored to smaller screens. The application was fast to load, with no glitches. Ensure you have a stable internet connection to maintain the best quality.

You can customise graphs and charts, create custom watchlists and manage your account. We like the seamless integration between mobile and computer, meaning you can pick up exactly where you left off and manage all positions whilst on the move.

Execution

S.A.M. Trade uses an STP/ECN pricing model, and we rate the fast execution speeds thanks to order processing directly through liquidity providers. This also means you will benefit from no dealing desk intervention or have a risk of price re-quotes.

Leverage

While using S.A.M. Trade, we found that you can trade with leverage up to 1:1000 on the Standard and VIP profiles, which will be more than enough for most traders.

This is a substantial amount, and much higher than offered by FCA-regulated firms. Having said that, our review found any requests to use a margin above 1:200 must be approved by the brand.

We urge caution when trading with such high leverage, since it will magnify your losses as well as profits. Fortunately, since S.A.M. Trade offers negative balance protection on all account types, you will be protected from becoming indebted to the broker if a trade goes very badly.

• Standard Account – Up to 1:1000
• VIP Account – Up to 1:1000
• Islamic Account – Up to 1:500
• ECN Account – Up to 1:200

All accounts have a 100% margin call and a 50% stop-out level.

Demo Account

We were glad to see S.A.M. Trade offers a free demo account for new investors. You can practise trading risk-free on the MetaTrader terminal with virtual funds and access to leverage.

However, it is a shame that the practise profile expires after one month whereas brokers like CMC Markets have no expiry on their paper trading account.

There are no registration requirements via S.A.M Trade, instead, you will need to sign up via the MT4 interface.

How To Open A Demo Account

1. Sign up for a S.A.M. Trade account (outlined above)
2. Download the MetaTrader platform
3. Add your name and email address in the window pop out
4. Choose an account base currency from the ‘Account Type’ section
5. Choose a virtual funding amount and leverage from the dropdown menu
6. Review and confirm adherence to the T&Cs
7. Select ‘Next’ and then ‘Complete’ on the next screen

UK Regulation

Having checked S.A.M. Trade’s regulatory status, we feel there are some serious concerns raised since the broker’s claims of oversight by financial bodies do not appear to be true.

Samtrade FX Ltd operates several global subsidiaries operating under the brand name S.A.M. Trade. The company is registered in Saint Vincent and the Grenadines however we found the brokerage is unregulated. We checked the SVGFSA registry list and confirmed there is no active registration. This is concerning and does raise flags as to the levels of customer protection available.

Having said that, under their ‘Six Pillars Of Fund Security’ S.A.M Trade stipulates adherence to a number of financial safeguarding measures including segregated client funds, negative balance protection, and real-time deposit and withdrawal notifications. This is reassuring from an unregulated entity, though we cannot guarantee compliance with this.

We also checked the brand’s claim of client compensation thanks to registration with The Financial Commission. We found S.A.M Trade is not actually a member, therefore you may not be liable for any reimbursement.

On the personal security side, the broker does implement some up-to-date measures. When we signed up for a live account, we were required to install and comply with 2FA as a mandatory login step.

Bonus Deals

SamRewards™

The broker operates a points-based system, meaning you can earn rewards as you trade. We think the SamRewards™ programme is fair, with points available not just for trading, but also for deposits, referrals, and more.

You can exchange points for prizes and move up through the account status tiers to unlock boosted points. It’s ultimately a nice loyalty reward system to have, with no sign-up requirements.

Refer A Friend

You can also earn 100 reward points by referring friends or family to the brand. We were pleased to see no maximum limits on the number of referrals, though details of the ‘one qualifying trade’ required by the new customer were not clear.

It was also a shame that monetary compensation was not available instead of the points, especially for lower-volume investors who won’t meet the minimum thresholds.

Extra Tools & Features

Education

The educational content offered by S.A.M Trade is very basic, but it may help some novice investors. However, we were disappointed to see no integrated videos or alternative learning styles aside from the plain text. Topics include ‘tips for trading with leverage’, ‘what is forex trading’, and ‘understanding swap rates’.

The brand also offers a unique in-person ‘Trader’s Club’. This is a programme of weekly and weekend sessions, set over eight weeks. The course looks intensive but is designed to train you from beginner level and prepare you to trade on the live markets with confidence and tips.

However, the course is very expensive at £10,000, and we know there are many more affordable ways to improve your trading skills. For example, XM offers a free learning centre with heaps of high-quality materials.

SamTracks™

S.A.M Trade offers a complimentary performance analysis tool, which presents clear asset monitoring and simple portfolio tracking.

Though this is offered as an additional ‘tool’ we wouldn’t say there is anything standout about it. We found it was a very standard dashboard feature, typically seen with alternative brands.

Signals

On a more positive note, we were happy to see five third-party trading signals available to integrate with your S.A.M. Trade platform. This includes The Master FX Free Signal and the Master Naked Chart Free Signal.

You can utilise these signals as additional analysis tools for no fee.

S.A.M. Trade Customer Service

We were disappointed with S.A.M. Trade’s customer support, which offers limited contact methods. We were not provided with a telephone contact number, or importantly access to a live chat service. We were unable to obtain quick responses to our queries and instead had to rely on an email to which we did not receive a response in 24 hours.

For a broker that claims to offer 24/5 support, this was a very poor performance.

• Email – support@samtradefx.com
• Online Contact Form – Via the ’Contact Us’ webpage

To make up for the lack of contact options, the broker’s FAQ section is comprehensive. We like the clear category navigation from the side menu. Groupings include MetaTrader 4, Deposits & Withdrawals, and Trade Tools. We would have liked to have seen more step-by-step user guides and integrated videos but the details are suitable.

Company Details & History

S.A.M. Trade was founded in 2015 as Samtrade FX. The branding has been created around three fundamentals: synergy, adaptability and motivation.

Today the company has 200,000+ registered customers worldwide and an office presence in eight global locations. The brand also claims that its proprietary copy trade technology has been recognised at the Global Forex Awards 2021 as the ‘Best Forex Copy Trading Platform’.

S.A.M. Trade (Asia) Pte Limited (ltd) is a publicly traded company listed on the US OTC Markets under the ticker symbol, SMFX, which boosts the credibility of the brand.

S.A.M. Trade is incorporated in Saint Vincent and the Grenadines but is not overseen by any financial watchdog.

Trading Hours

The trading hours will vary by the instrument you are investing in, but you will be limited to the standard market opening hours offered by S.A.M Trade.

This includes the forex market open from 1 AM Monday to 11 PM Friday (GMT +1). Cryptocurrency, on the other hand, can be traded 24/7, with no closure at the weekends or for UK public holidays. Indices will be available during their registered stock exchange opening hours.

We were pleased to see a published economic calendar with global financial events and important dates that may cause volatility. You can also view trading sessions by instrument in the MetaTrader 4 terminal.

Should You Trade With S.A.M Trade?

S.A.M. Trade wouldn’t be our top choice for UK investors. The lack of regulatory oversight is a red flag, as is the limited company information. We feel the company lacks transparency and the client portal feels very basic and dated. The educational content is also insufficient.

Having said that, the option of a bespoke copy trading tool is good to see, and the low minimum deposit requirement may entice beginners.

FAQ

Article Sources

S.A.M Trade Website

S.A.M Trade Financial Commission Status

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S.A.M Trade Feature Comparison

Trading Instruments Comparison

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