Al Samma is a forex broker established on April 20, 2021, in Saint Vincent and the Grenadines. The company primarily offers trading services in forex, precious metals, and indices. It is headquartered in Kingston, and its official website is https://www.samamarkets.com/, available in English only. Al Samma does not provide services to countries and regions including Afghanistan, Central African Republic, Democratic Republic of the Congo, Crimea and Sevastopol, Cuba, Guinea, Guinea-Bissau, Iran, Iraq, Democratic People's Republic of Korea, Libya, Myanmar, Northern Sudan, Somalia, Southern Sudan, Syria, the United States, Yemen, and others.
Background and Regulatory Status:
Al Samma's registered entity is Al Samma GOLD LLC, with its registered address at Suite 305, Griffith Corporate Centre, Kingstown, St. Vincent and the Grenadines, and its enterprise registration number is 1001. According to information from Whois, the broker's official website domain was registered on January 29, 2021.
While Al Samma is registered with the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA), SVGFSA does not "regulate, monitor, supervise or license" Business Companies (BCs) engaged in forex trading or brokerage business. Its regulatory scope is limited to ensuring that BCs comply with the obligations outlined in the revised 2009 Chapter 149 of the Business Companies (Amendment and Consolidation) Act of Saint Vincent and the Grenadines.
Market Tools:
Forex: The forex market is the world's largest financial market, involving the buying and selling of different countries' currencies. Investors can access the forex market through Al Samma for trading.
Precious Metals: Precious metals trading involves buying and selling valuable metals such as gold, silver, platinum, and palladium. Investors often use them as hedging assets or investment instruments.
Indices: Indices are used to measure the performance of specific industries or collections of stocks from well-known and widely recognized companies.
Account Types:
Al Samma offers three different types of trading accounts: STANDARD, PLATINUM, and RAW SPREAD.
STANDARD accounts have a spread of 1 pip, and there is no commission charged per $100,000 traded.
PLATINUM accounts offer a 0 pip spread, but a commission of $3.5 per $100,000 traded applies.
RAW SPREAD accounts have a 1 pip spread, with one type charging a commission of $3 per $100,000 traded, and the other type charging $3.5 per $100,000 traded.
Trading Platform:
Al Samma provides users with the MT5 trading platform, available for both mobile and PC.
Customer Support:
Users can contact Al Samma via email at info@samamarkets.com.
Summary:
Traderknows reminds you that Al Samma's registration in Saint Vincent and the Grenadines does not constitute effective regulation for forex trading or brokerage businesses, and it operates without effective regulation. When choosing a trading platform, it is advisable to steer clear of platforms without effective regulation and opt for established platforms with transparent information.
As of now, Al Samma is marked as "Operating Illegally" on Traderknows.
