SalmaMarket Review – Offshore Registration Doesn’t Equal License!
SalmaMarket is an offshore brokerage house registered in SVG. Saint Vincent and the Grenadines is a preferred area for every illicit business to grow. And just because the firm is incorporated there, it doesn’t mean that it’s regulated. Whatever a SVG broker may be offering you, their entire talk is useless without a proper license.
Nonetheless, SalmaMarket advertises exceptional client services that supposedly include segregation of funds, high leverage of 1:1000, undefined low spreads and a welcome bonus of up to 50%. The downsides to all of the mentioned and the risks you push yourself into by investing here are all listed in the SalmaMarket review ahead.
|Regulated by:||Not regulated|
|Is This Company Safe?||Unregulated companies are neither safe nor recommended!|
|Have Warnings from:||N/A|
|Trading Platforms:||MT4, SalmaFX Trader App|
|Minimum Deposit:||1 USD|
|Trading Assets:||Metals, Forex, CFDs on Indices, Crypto|
|Free Demo Account:||Available|
|How to Withdraw from This Company?||Warning! Withdrawal issues expected! Contact our support for legal help.|
Is SalmaMarket Legit?
At a certain point in the past, the owning company of SalmaMarket, Salma Markets Companies Corp, was licensed by the Belize financial authority – FSC. However, as of Jan 1st 2019, this company was no longer supervised by this regulator.
In October 2020, the company established the salmamarket.asia domain after moving their business to SVG. As already widely known, SVGFSA doesn’t regulate brokers and the fact that the company is just registered there is not enough for this broker to be trustworthy as if they’re licensed.
However, Salma Markets doesn’t have any other regulation, either. We made sure of it after checking the registers of FCA, ASIC, NFA, CONSOB and BaFin. That implies that the trading conditions and the way funds are stored at Salma Markets breaches the Tier 1 regulatory conditions.
That explains the fact that Salma Markets is able to provide leverage above 1:30, and bonuses, which are banned in many strictly regulated zones. JAFX is another SVG entity we’d like to warn you about.
SalmaMarket has an obvious preference for Asian traders. They have their site supported in Indonesian and Vietnamese languages and the support is available in these languages too. The countries with most of the casualties caused by SalmaMarket are:
Do not be surprised if you’re approached by an agent selling their brokerage services as if they were the best deal you’ve heard of. Since SalmaMarket is available by social apps like Telegram and WhatsApp, you can already guess how they hunt for victims.
By promising impeccable service, they get your hopes up about big wins with little effort. Beware of such shiny deals. In reality they do not even exist, and the boiler room agent is selling you something completely different that dooms your investments to loss.
One SalmaMarket domain on TrustPilot has an average rating of 4.9/5 from a total of 71 reviews. From the looks of it, this domain was active while SalmaMarket had a FSC license. Offshore brokers can’t be that flawless in their conduct and quality of service.
Such statistics lead us to believe this brokerage could be using Review selling networks to boost their credibility. Even fake brokers like Limeberg go as far as practicing that.
SalmaMarket And Their Prices
The most concerning aspect of trading with SalmaMarket is their sky-high leverage of up to 1:1000. Combined with shaky market volatility, you can expect losses to rain down upon traders with insufficient experience.
Spreads at SalmaMarket for the major Forex pairs start at 0.8 pips, which is quite affordable. Broker further claims not to charge trading commission, which, on the other hand, we were reluctant to believe.
Other mandatory fees are the payout ones that can be up to $30 for some e-wallets and minimum $30 for wire transfers.
The SalmaMarket website offers all newly registered clients a first-time deposit bonus of up to 50% and no more than $10,000 in cash. However, the exact conditions of these promotions aren’t given.
Considering the illicit status of this firm, you can already guess why their rewards are dangerous. Known to be used to financially manipulate investors, bonuses are already forbidden in the UK and EEA.
Trading terminal available at SalmaMarket is the industry standard – MetaTrader 4. Available across all platforms, this technological solution provides perfected tools and options for traders of all expertise levels. However, considering that newer software is in use too, this makes the SalmaMarket offer outdated in a sense.
Premium software or not, SalmaMarket is still an unregulated entity that shouldn’t be trusted for best execution.
Mobile App – SalmaFX Trader
Mobile users are offered the possibility of downloading a mobile app. Developed by SalmaMarket, this mobile software remotely resembles MT4.
Alas, we do not trust its capabilities to match the industry rulers. Especially because SalmaMarket only used to be licensed, but not anymore. So all their services are suspicious.
With leverage as high as 1:1000 and with spread starting at 0.8 for Forex pairs, you can trade the several groups of instruments. Unfortunately, the offer isn’t all that rich, especially compared to reputable service providers. Here’s what SalmaMarket has to offer:
- Forex (EUR/USD, EUR/GBP, USD/CHF, CAD/NZD)
- CFDs on Indices (JPN225, AUS200, GER40, UK100, ESTX50)
- Crypto (BTC, ETH, XRP)
Single Account Type Available
STP Account is the only available package of features at SalmaMarket. The minimum deposit required for purchasing it is $1. Maximum leverage, as implied, is 1:1000. No other account types are offered, which initially defeats the purpose of customizing the options for traders of different knowledge levels.
After registering with SalmaMarket, you can choose to open a trial account. Demo trading in a risk-free environment is available for a limited period of time. The available margin is $10 000.
Although suitable for beginners, it is helpful to know that Demo trading is heavily controlled by the service providers. Such circumstances urge the traders to quickly invest real money. So do not trust all the conditions you see in Demo.
How Does SalmaMarket Withdrawal Work?
Allegedly uncommissioned and hustle-free, withdrawals with SalmaMarket should be quick and easy. The broker claims not to charge this service, except for Netteler ($30 most) and for wire transfers (minimum $30 fee).
Since the broker doesn’t explicitly define all the conditions pertaining to these transactions, should you need help forcing your payment, you should feel free to contact us.
SalmaMarket Customer Service – Is it Reachable?
There’s several methods of getting in touch with SalmaMarket staff:
- Email: [email protected]
- WhatsApp phone number
- Callback request
- Online chat
Surprisingly enough, when we attempted to examine the broker’s regulation, the online chat option was used. It seemed to work, as we were connected with an agent after a few minutes’ wait.
SalmaMarket – Final Verdict
Although licensed once upon a time, SalmaMarket owning firm has been operating without a valid license for a number of years. The SVG registration doesn’t mean license, so they cannot qualify as trustworthy and reliable. Because of that, withdrawal problems are expected to happen.
Our team of chargeback experts is here to offer you support in getting your funds back. Contact us via online chat and we’ll do everything in our power to help you regain what was taken from you.
How To Claim SalmaMarkets Deposit Bonus?
After registering an account with this broker and depositing some real money, you can claim your 50% bonus immediately.
Does SalmaMarkets Have License?
No, this broker isn’t licensed anymore. They used to be supervised by FSA (Belize) till 2019.
What are SalmaMarkets Withdrawal Issues?
Expected issues with unlicensed brokers are many. From unexpected fees and charges to malicious bonus clauses. Our chargeback team can help you regain your lost funds.