[CONFIRMED SCAM] Anyone heard of Samtradefx?

[Ganity_Era]

Apparently they are a CFD broker in Singapore, currently very popular with it affiliate network programme by others promoting an indonesian system called fin888 that offers 1% drawdown and 10% monthly return fx passive income, the trade will take 20% profit sharing while the upline will get 5%. Abit like mlm.

EDIT: I am not promoting this scam. I am putting this thread as a warning that samtrade is not regulated but is very widely promoted because of downline commissions. If i am promoting this nonsense, i would have included a referral link here

 

[Shiny Things]

That Fin888 thing sounds like the most blindingly obvious scam imaginable, and if Samtradefx is letting Fin888 operate on their platform they’re breaking every AML/KYC law in the book.

 

[bullsback]

why would it be a scam? the trades are legit and the profits come from actual forex trades. i've been with them for 7 months already, withdrawing profits monthly and already gotten back about 75% of my capital. the referral system is just a small bonus on top of the trade income.

seems more like copy trade, maybe the main trade account is just demo trading or trading small notional like 10 dollars. whilst the clients do the copy trades. Its not easy in the fx world to hit 120% annually. Its hard to believe the drawdown is just 1%. If its 5% to 12% annually and 1% drawdown then it seems more legit to most people.

 

[bullsback]

this is my account data which is a real account you can compare it with the main trader's
https://www.fxblue.com/users/jagr19 1st 3 months i put money in my friend's account and then i decided to open my own. not sure if it will hit 120% by 1 year but pretty close
they use scalping to keep the drawdown low unlike some other traders i followed who keep opening more positions even though they are down and it resulted in high drawdown. small trades not more than 1 at a time and they close the positions within 5 mins irregardless if winning or losing.

ic... its good to keep withdrawing profits to reduce the risk...

 

[ldavid]

With FIN888 also. But not directly, but through a friend. FX copy trade. So far seems legit and returns are not bad.

 

[anderson666]

You guys r asking gd questions bro. Like Mario Singh, the CEO OF SamtradeFX has been ex-investment guru teaching investment courses. He was teaching at SIM-GE when I was there, later his Wisdom Capital switched to Forex, go and ask why SIM-Investment Club hired him and Patrick Teng to give BS talks bro. Also, he go and fake deep his voice on youtube. Ask urself what happened. This broker is located on a monkey offshore island bro.

 

[Ganity_Era]

why would it be a scam? the trades are legit and the profits come from actual forex trades. i've been with them for 7 months already, withdrawing profits monthly and already gotten back about 75% of my capital. the referral system is just a small bonus on top of the trade income.

Any ponzi scheme also allows users to withdraw especially in the early stages. Question is when will it collapse only, even when it does, only fin888/falconer will shut down while samtradefx will still continue to operate as an unregulated broker. Hence i asked.

Take a look at what they registered their company as
https://www.sgpbusiness.com/company/Samtrade-Fx-LLP
"SAMTRADE FX LLP (the "Partnership") is a Llp, incorporated on 27 September 2017 (Wednesday) in Singapore. The address of the Partnership's registered office is at the INTERNATIONAL PLAZA building. The Partnership current operating status is live and has been operating for 3 years 216 days. The Partnership's principal activity is corporate training services and motivational course providers with advertising activities as the secondary activity."

 

[Strawberry^Cheesecake]

Recently I hear more and more people on this platform..

Many people told me its not a scam and its legit. Can people shed more light on this?

 

[win_man]

Just got onboard for a week now.

 

[Abide.]

On mas investor alert list. If it sounds too good to be true, it probably is. Having said that, do update here if this isn’t proven to be a scam down the road

 

[hwmook]

On mas investor alert list. If it sounds too good to be true, it probably is. Having said that, do update here if this isn’t proven to be a scam down the road

Over the years, almost every company that end up on MAS investor alert list turn out to be a scam.

 

[bongnino]

Over the years, almost every company that end up on MAS investor alert list turn out to be a scam.

Any one has any more info on fin888.....? My usually super smart and calculative and shrew friend... suddenly comes telling me about it asking me to join.... she already joined.... and been getting at least 8% profit in the last few months...

She is like dead sure it is legit.... even showed me videos and evidences and chat groups showing that it is legit...

But, we know when something is too good to be true.. it probably is... and right now, there's NO SUCH instrument in the market...

nothing in the market offers such high returns... and if something does, it's probably a scam... ponzi....

I mean I tried talking some sense to her but she just tell me to put in whatever amount I am comfortable with, not comfortable also ok....

Hmm well ultimately it is her money she wants to get scammed (if it is a scam) it's her business but...... why take the chance? 10k is not money....? 10k can be used for many other things....

 

[Lucask83]

What makes her so sure with just some screenshot? As long as broker is involved in the scam, all the records means nothing. I think the likely outcome is the algo will suddenly go bust, while the broker is likely not connected with the algo

 

[Lucask83]

Are you able to see their live trades as it happened? And have you checked if the trades are really live?

 

[gold_eagle36]

First. What custodian we talking about. Parked where. Without proper custodian and audit, the money may just magically go into someone's pocket

 

[Ganity_Era]

If you compare the live trades with other brokers, the chart will look very different. Look up the web. There are a few sreenshots

 

[Supermarket_astronaut]

So many of my friends are on it. They seem very content with this platform. I think no harm to join and put little amount on it. Do frequent withdrawal lo. It always take few yrs for the broker to run road, by then, you may already withdrawn your capital back liao.

 

[Ganity_Era]

So many of my friends are on it. They seem very content with this platform. I think no harm to join and put little amount on it. Do frequent withdrawal lo. It always take few yrs for the broker to run road, by then, you may already withdrawn your capital back liao.

The reason they are in it is because of the commission from downlines are attractive. A true broker will not offer such structure.

 

[kimsix]

The reason they are in it is because of the commission from downlines are attractive. A true broker will not offer such structure.

reported for spamming and endangering unknowing readers

https://www.mas.gov.sg/investor-alert-list

 

[bongnino]

The truth is... even if there's 1% chance it is a scam... we SHOULD NOT condone it and join it...

so as not to feed the scammers. So fewer people will fall victim...

it is just too risky le.... even if it is just 10k it is still money.