SaracenMarkets Forex Review

Read our full SaracenMarkets review to get exact details about their safety, accounts, spreads, platforms, assets, support, and much more. Our unbiased SaracenMarkets opinion allows our readers to decide whether SaracenMarkets is a reliable broker.

SaracenMarkets Forex Broker History

Saracen Markets has been around since 2021, making it a decently experienced broker in the forex trading scene. The broker offers several different account types and access to advanced trading apps, which allow automated trading. There are many markets to trade using these apps. The minimum deposit requirement is low, which enables any trader at any experience level to start trading, eliminating entry barriers. The website is mobile-friendly and responsive, which is important when browsing a broker’s website to check conditions or download a trading app.

SaracenMarkets broker safety

Safety is the single most important criterion of evaluating any broker’s reliability and legitimacy. Saracen Markets is a regulated broker. It mainly targets traders in South Africa but is also regulated offshore, targeting traders globally. The broker operates via several entities, two of which are: SARACEN MARKETS (PTY) LTD, regulated by the Financial Sector Conduct Authority (FSCA), and SARACEN MARKETS LIMITED, overseen by the Financial Services Commission, Mauritius. Saracen Markets, as a regulated broker, is required to keep trader funds in segregated bank accounts, ensuring the highest client capital security standards.

The broker says in its risk disclosure statement that it does not provide negative balance protection; instead, traders can become liable for losses beyond their account balance if it falls below zero. This is crucial in trading and makes the broker unfriendly for beginners, as they might abuse high leverage and be liable for losses.

SaracenMarkets Broker Review of Accounts

Saracen Markets trading accounts are two: Pro and VIP, and they are targeted at experienced traders despite low minimum funding requirements. Trading conditions are more competitive on the VIP accounts, while the pro account is very expensive when it comes to spreads.

The SaracenMarkets Pro account has the following requirements for traders:

• Minimum deposit – 10 USD
• Maximum leverage – 1:2000
• Spreads – From 1.6 pips
• Commissions – 0 USD
• Minimum lot size – 0.01 lots

The SaracenMarkets VIP trading account, on the other hand, has cheaper trading costs:

• Minimum deposit – 10 USD
• Maximum leverage – 1:500
• Spreads – From 0.0 pips
• Commissions – 5 USD per lot per side
• Minimum lot size – 0.01 lots

As we can see, the spreads are very high on the pro account, which makes it expensive to operate, while the VIP has competitive spreads for ECN accounts but has expensive commissions. As a result, the broker is not very competitive or attractive.

SaracenMarkets instruments

Saracen forex broker allows access to various popular assets such as Forex pairs, commodities, indices, equities, and cryptos. The availability of crypto pairs is a plus as multi-asset traders can not only access stocks and various other markets but also diversify using crypto instruments. The leverage is super high, which makes the broker risky because of its lack of negative balance protection policy. Spreads and commissions are also on the expensive side, so traders have to weigh in all this information before starting to trade.

SaracenMarkets Reviews of Trading Platforms

Saracen Markets trading apps are two most advanced and popular trading software, MetaTrader 4, and MetaTrader 5. Both apps allow custom indicators and Expert Advisors which are flexible. Mobile trading is available via MT4 and 5 mobile apps, which are accessible on all mobile devices no matter the operating system.

SaracenMarkets Forex Review of Extra Features

There are not many extra features offered by Saracen Markets which is a downside. It offers news, economic calendar, blogs, and more. However, the blog does not provide educational resources, it is just market analysis for latest news and technical behavior.

Several promotions are available and offer traders benefits such as 10 USD no deposit bonus, 30% deposit bonus, and 100% deposit bonus promotions. There are no educational materials offered which is a drawback, as beginners can not start learning basic trading concepts.

SaracenMarkets Reviews of Customer Support

Saracen Markets falls short when it comes to proper customer support experience, because it only provides email and phone support options. There is no live chat, which is a big disadvantage for the broker and its clients. Live chat is the fastest support mode and the broker needs to implement it together with trading cost reduction to make itself more appealing.

SaracenMarkets Deposit and Withdrawal

Deposit and withdrawals are possible using many different payment methods including BetterEFT, AraniPay, WalaoPay, PaymentAsia, SurePay, and B2BinPAY. The broker promises fee-free profit withdrawals and deposits and processing times are instant and under 24 hours on both of them, which is super competitive. However, the lack of popular payment methods is still a drawback here.

SaracenMarkets Review Conclusion – Can you trust SaracenMarkets?

Saracen Markets is a regulated forex and CFDs broker with easy entry barriers because of low deposits, and advanced MT4 and 5 app access, coupled with crypto and stock trading access. Yet, it is expensive when it comes to spreads, lacks negative balance protection policy, and has weak support (no live chat), which makes it unattractive for most traders. It might suit experienced traders who are comfortable with high leverage but definitely not suited for beginner traders.

FAQs on SaracenMarkets

Is SaracenMarkets a scam?

SaracenMarkets scam is highly unlikely as the broker is very well-regulated, overseen by two major authorities, FCA or South Africa and FSC of Mauritius.

What is the SaracenMarkets minimum deposit?

The minimum deposit at Saracen Markets is low and starts from 10 USD on both trading accounts, pro and VIP.

Is SaracenMarkets a cheap broker?

Not really, it has hush spreads from 1.6 pips on the pro account and commissions are high at 10 USD round trip on the VIP account, making it an expensive broker.