Samtrade FX obtains FCA and ASIC licences
Samtrade FX, an online trading brokerage that is committed to providing traders with safe, easy and low-cost access to Forex and Contracts for Differences (CFD) trading, has been registered and authorised as an Appointed Representative by the UK's Financial Conduct Authority (FCA).
This latest licence reinforces Samtrade FX’s ability to operate as an authorised and trusted financial services provider for securities in multiple territories.
To ensure it continues to adhere to the FCA’s specific AML compliance regulations – such as monitoring for suspicious activity and performing risk assessments, Samtrade FX has recently appointed Vic Tham, a veteran in the field of risk and compliance, as its Global Chief Risk and Compliance Officer.
In addition, Samtrade FX has obtained an Australian Financial Services (AFS) licence from the Australian Securities and Investments Commission (ASIC), an independent Australian government body that acts as Australia's corporate regulator.
With the FCA and AFS licences, Samtrade FX can now offer financial product advice, provide custodial or depository services, and deal in securities on behalf of new and existing clients in Europe and Asia. These licences supplement the International Business Companies (IBC) licence granted to Samtrade FX by the Financial Services Authority of Saint Vincent and the Grenadines, to allow the business of dealing in securities as a Principal. Samtrade FX is also regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB).
“Since incorporation, ensuring trust and confidence in every trade has been central in everything that we do,” says Sam Goh, Founder and CEO, Samtrade FX. “These added layers of regulation – on top of the existing licences that Samtrade FX already holds, reinforces our commitment toward setting the highest possible standards in corporate governance, trading experience, and client satisfaction. It also enhances SamAide, which offers robust fund security for clients to trade with a peace of mind.”
SamAide is Samtrade FX’s Secured Fund Coverage framework that consists of five pillars – depositing all clients’ monies in segregated custodian accounts under a strict legal trust framework with proper custodian functions; third-party insurance with The Eye Protection Centre (EPC) for additional fund protection; professional indemnity protection with Howden Insurance Brokers; Samtrade FX being a member of The Financial Commission, which acts as a neutral and independent committee that fairly reviews and resolves disputes within the financial services industry in the Forex market; and negative balance protection on all accounts.
Established in 2015, Samtrade FX has progressively extended its operations and market reach, which now spans Europe, Southeast Asia, and Greater China, as well as the delivery of all-round, personalised services to more than 50,000 clients and more than 150 partners.
“Our comprehensive technological infrastructure has ensured prompt execution of client trades without complications and minimal technical issues. This technology set-up, together with our continuous rigour in adhering to new regulatory standards, is the foundation on which we conduct business and differentiate ourselves, and this approach has been validated by an ever-growing list of retail and institutional clients turning to us for impeccable services,” says Goh.
The Samtrade FX trading platform provides real-time quotes and trade execution, advanced charting with multiple time frames, pip value calculators, and financial market news, etc. To ensure seamless trading experiences for clients, Samtrade FX uses the MetaTrader 4 platform, which is available for download on Windows, Apple Store and Google Play. It also offers its own mobile application, SamApp, which allows clients to access key functions like funding, account details and transaction history, etc, and is available for download on Google Play. SamApp will be made available on the Apple Store in the coming weeks.