SARACEN INC is a forex broker that was registered and established in Saint Vincent and the Grenadines in 2021. It primarily offers investment trading services in forex, commodities, indices, and stock contracts for difference (CFDs). The company is headquartered in Kuala Lumpur. The official website of the broker is www.saracenmarkets.com, and the website is available only in English. SARACEN INC does not provide services to residents of the United States, Canada, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, Vanuatu, and countries in the European Economic Area.
Company Background and Regulatory Status:
SARACEN INC is registered in Saint Vincent and the Grenadines with its registered address at SUITE 305, GRIFFITH CORPORATE CENTRE, P.O. BOX 1510 BEACHMONT, KINGSTOWN, VC0120 ST. VINCENT & GRENADINES, and it has a company registration number of 26306. However, the Financial Services Authority of Saint Vincent & the Grenadines (SVGFSA) does not regulate, monitor, supervise, or license business companies (BCs) engaged in foreign exchange trading or brokerage activities. Its regulatory scope is limited to ensuring that BCs comply with the obligations stipulated in the 2009 Saint Vincent and the Grenadines Revised Laws Chapter 149, the International Business Companies (Amendment and Consolidation) Act. This means that SARACEN INC is not legally regulated.
Account Types:
SARACEN INC offers two different types of trading accounts for users: Pro Account and VIP Account. Both accounts require a minimum deposit of $10 and provide Islamic accounts with no overnight interest. The account currency is USD, and the execution type is market execution with a minimum trade volume of 0.01 lots and a maximum trade volume of 200 lots. The margin call level is set at 50%, and the maximum leverage is 1:2000 for the Pro Account (STP) and 1:500 for the VIP Account (ECN). Both accounts offer expert advisors.
- Pro Account (STP): This account offers a floating spread starting from 1.6 pips, and the minimum funding amount is 1% of the position's value. The stop-out level is 20%, and it does not charge commissions.
- VIP Account (ECN): This account offers a floating spread starting from 0.0 pips and requires a minimum funding amount of 0.25% of the position's value. The stop-out level is 30%, and it charges a $5 commission per lot.
Trading Platform:
SARACEN INC provides users with the MT4 trading platform, including both demo and live accounts.
Deposits and Withdrawals:
SARACEN INC supports various deposit and withdrawal methods, including WalaoPay, PaymentAsia, SurePay, B2BinPAY, and Local Depositor. The minimum deposit and withdrawal amounts vary based on the currency and method used. Users can transfer funds between their e-wallet and trading accounts by logging into the client area, navigating to accounts and account overview, and clicking the "Transfer to Real Account" button.
Customer Support:
Users can contact SARACEN INC through phone at +60321817860 or via email at support@saracenmarkets.com. Alternatively, investors can use the online contact form available on the broker's website.
Summary:
Traderknows reminds investors that SARACEN INC lacks proper regulation, and investors' funds are unprotected when trading on this platform.
Currently, the broker has been marked as "Operating Illegally" on Traderknows.
