SaracenMarkets Review: Bonus, Safe Trading, and Pros & Cons

SaracenMarkets Broker Review: An In-Depth Analysis

SaracenMarkets is an online trading platform that has gained attention due to its competitive features such as low spreads, high leverage, and multiple trading instruments. Operating under the Financial Sector Conduct Authority (FSCA) in South Africa, SaracenMarkets is regulated but holds an “Exceeded” status, which means it is no longer actively monitored by the regulatory body. Despite this, the broker continues to offer access to popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as a range of market instruments including forex, commodities, indices, and cryptocurrencies.

However, traders need to be cautious due to the unregulated status in many jurisdictions, which raises concerns about the safety of funds and customer support. This review will dive into the spreads, fees, commissions, and unique features of SaracenMarkets, as well as its customer support, so that you can make a more informed decision about whether this broker fits your trading needs.

Are SaracenMarkets' Spreads, Fees, and Commissions Competitive?

SaracenMarkets offers competitive spreads, particularly with the VIP account, which has spreads starting as low as 0.0 pips. For the Pro account, the spread starts from 1.6 pips, and there is no commission. On the VIP account, however, a commission of $5 per lot is charged. The platform offers leverage up to 1:2000 on the Pro account and 1:500 on the VIP account.

These spreads and fees are fairly competitive within the market, but it's essential to keep in mind the risks associated with the unregulated status of SaracenMarkets.

Is SaracenMarkets Good for Copy and Social Trading?

SaracenMarkets offers a copy trading service that allows traders to follow the strategies of more experienced traders. This can be an appealing feature for beginners looking to profit without actively managing trades. The platform provides strategy providers with the opportunity to earn up to 30% commission from the trading profits of their followers, creating a win-win situation for both parties.

However, the lack of active regulatory supervision raises concerns about the safety of funds, especially for copy trading. Traders may find it challenging to resolve disputes if things go wrong, which is why its important to assess the risks before using this feature extensively.

Does SaracenMarkets Provide Quality Customer Support?

SaracenMarkets provides customer support through multiple channels, including:

• Email: Contact support via support@saracenmarkets.com.
• Phone: Reach the Hong Kong office at +85281975503.
• Social Media: SaracenMarkets is active on Twitter, Facebook, and Instagram, making it accessible for users seeking assistance via these platforms.

What Are the Unique Features and Innovations Offered by SaracenMarkets?

SaracenMarkets stands out for its no deposit bonus of $10, allowing new traders to try the platform without any initial investment. Additionally, the copy trading feature is an attractive option for beginners looking to replicate the strategies of successful traders.

What Are the Pros & Cons of SaracenMarkets?

Pros:

• Spread as low as 0.0 pips on the VIP account
• High leverage of up to 1:2000 on the Pro account
• Multiple trading instruments, including forex, commodities, and cryptocurrencies
• No deposit bonus of $10 for new users
• Access to MT4 and MT5 platforms
• Copy trading available with up to 30% commission for strategy providers

Cons:

• FSCA (Exceeded) regulatory status, meaning no active regulatory supervision
• $5 commission per lot on the VIP account
• High leverage risk, which may not be suitable for inexperienced traders
• Unregulated status in major financial jurisdictions
• Risk of difficulty in resolving disputes due to lack of active regulation

Is SaracenMarkets the Right Broker for You?

SaracenMarkets is well-suited for experienced traders who are comfortable with the risks associated with trading with an unregulated broker. The platform's low spreads, high leverage, and copy trading features can be attractive for those who want a more flexible trading experience. However, if you are looking for a safe and regulated environment, SaracenMarkets may not be the best choice, as its “Exceeded” FSCA status limits the protections it offers traders.