Saracen Markets Review: Read and Avoid the Trading Danger

Since scammers are constantly evolving, thorough research is becoming ever more important. Some scammers are easy to spot, but with those like Saracen Markets, the devil is in the details.

Read our Saracen Markets review to see why this broker should not be your next trading partner. Let’s go!

Saracen Markets Broker Regulation

First order of business – regulation. Saracen Markets claims to have two licenses, one from South Africa and the other from St. Vincent and the Grenadines. It was no hassle to verify the South African license, as the FSCA register is easily accessible, and the license checks out. This then means you should do business with this broker, right? Wrong!

While they have a legitimate license, Saracen Markets also states it operates from SVG, which is a scammer haven. This country is known for harboring shady brokers by the hundreds and none of them are legit because SVG does not regulate the Forex market. The fact that Saracen Markets is registered there is a major red flag and the reason you should not approach them.

Saracen Markets Profile

This broker has a solid trading environment, which is why many people fall into its trap. Saracen Markets gives its clients access to the fantastic MetaTrader 4 platform. It has all the bells and whistles and is, above all, an extremely useful tool for trading. However, nothing, not even a great platform such as MT4 can make up for the fact this broker operates from SVG.

Saracen Markets also has its WebTrader and you can trade on it and MT4 for only $10. You have only two account options – Pro and VIP, both of which have the same minimum deposit of $10. As the name suggests, the VIP account comes with more tradable assets, including Forex pairs, commodities, indices, equities, and crypto. On the other hand, the Pro account has a leverage of 1:2000, which is outrageously high.

Is This Broker Safe?

No, Saracen Markets is not safe! They do have a legitimate license from the South African FSCA, but they also operate from SVG. You cannot trust them because SVG does not regulate the Forex market, which means Saracen Markets can do whatever it likes with your money.

Orbex, on the other hand, is only one of many reliable brokers that can show you the real beauty of Forex. We have a whole list of them, and you can see them all on our free consultations, so waste no time and contact us right away!

Trader Reviews – Sharing Experiences

Saracen Markets has an excellent, 4.5-star rating on Trustpilot, with a total of 177 reviews. With such a high number of positive reviews, we believe they dealt with the South African branch of Saracen Markets. We would also like to point out that many 5-star reviews come from anonymous clients, which is somewhat suspicious.

Other users also complained about withdrawal issues and hidden fees, so keep this in mind. Those comments are the ones we do not like as they are classic signs of a scam.

How Does the Saracen Markets Platform Reach Clients and Who Are They?

The broker targets mostly the Asian market, at least, from what we have seen. People who enjoy Saracen Markets Forex trading come from:

• Malaysia
• Japan
• Zimbabwe

The vast majority of clients, however, come from Malaysia, so beware if you are from this region. We remind you that Saracen Market does not have a license to offer Forex trading in Malaysia, meaning you would be putting your money at significant risk if you invest.

Deposits and Withdrawal Methods

Saracen Markets accepts several payment methods, including:

• Local deposits
• Neteller
• SurePay
• PaymentAsia
• Other e-wallets

The broker says you do not pay fees for opening an account or for withdrawals, but we have seen reviews complaining about hidden fees. It is never a good thing when you see such behavior, which is one of the reasons we advise you against doing business with Saracen Markets.

Reasons To Avoid This Company

There is one big reason why you should avoid Saracen Markets and that is their SVG headquarters. You simply cannot trust anyone coming from that region and some user reviews confirm that. Forex market is risky enough on its own and you do not need additional danger, trust us on that.

Our Safe Trading Experts’ Opinion of Saracen Markets

If it was our money at stake, we would not invest. We saw in our Saracen Markets Review that their trading environment is very nice, but they also operate from SVG, which is a dealbreaker for us.

Instead of entering a risky situation, why not contact a reliable broker you can trust? We can suggest FP Markets right off the bat, but we can also give you a free, personalized recommendation. If you want one of those, you know where to find us!

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