There are countless Forex brokers in the market today. All you have to do is identify the right match for you. However, while picking your broker, it is imperative that you do some research otherwise you might end up opening an account with a scammy broker and losing your money. In this Sainmaco review, we are going to look into the features of the broker which will then help us know whether it is legit or not.
Sainmaco Forex broker
Sainmaco is a financial technology firm which is incorporated and registered in Singapore. According to the official website of the broker, the company is registered with Accounting and Corporate Regulatory Authority (ACRA) which is the Singaporean government financial regulatory watchdog. The firm has been in existence for some time now given that it displays a 2015 medal on its homepage.
The firm insists on following the best business practices and states that it has trained its staff on Anti-Money Laundering and Counter-Terrorism Finance Manual. The broker provides its customers with access to Forex, precious metals, CFDs, and commodities. In this www.sainmaco.com scam review, we find that the website is well presented. However, rarely has a Forex firm with ACRA accreditation made any headways into the international arena. This can only mean one thing, ACRA is yet to reach CySEC, FSB or FCA regulating standards.
Trading at Sainmaco
Sainmaco FX broker is relatively new in the market particularly because there are almost nil Sainmaco reviews. By extension, this means that the firm hasn’t attracted a lot of customers. When you visit the official website, you will see that the broker offers you access to Forex, commodities, CFDs and metals markets. In addition, you get access to the Economic Calendar, position size calculator and risk-reward calculator among other resources. Upon browsing the website some more, a Sainmaco scam seems to exist. This is because the only languages used are English and Chinese. This is despite the fact that the firm wants to be global. In addition, the company has affiliate offices in Vanuatu, Saint Vincent and Grenadine both of which are known to be tax havens. The trading platforms include MT4, MyFXBook, and Copy Trading System.
The different accounts at Sainmaco
There are four different types of accounts the most basic one being Standard Trading account. The account charges no ECN commission and leverage is set at 1:100. The trade sizes can be 0.01 on the lower end and 100 lots on the higher side. As for the spread for EURUSD, traders stand to enjoy anything between 1.0 and 1.3 pips. The minimum initial deposit is set at $200 which is quite high compared to many other brokers in the market. The other account to try out is the ECN Pro Trading account which requires a minimum initial deposit of $200 but ECN commission is $3 for every $100k traded. Islamic Trading account requires a deposit of $200 but charges no commission and the spread is between 1.2 and 1.8 pips. Lastly, there is the Copy-Trading account which requires a deposit of $200 and charges a commission of $10.
Is Sainmaco legit?
Sainmaco is a well-designed platform which should attract traders, especially in the Far East subcontinent. However, the fact that ACRA is not internationally known as a tough regulatory body may be the reason why traders still remain sceptical about the broker.