Saracen Markets is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.
Saracen Markets accepts clients from all over the world, excluding USA, Canada, EEA countries, Sudan, Syria, North Korea, Iran, Iraq, Mauritius, Myanmar, Yemen, Afghanistan, Vanuatu.
Forex broker offers the following underlying assets for trading.
|25+ Currency Pairs||Based on major and minor world currencies.|
|2 Metal CFDs||Based on Gold and Silver.|
Saracen Markets is an unregulated offshore forex broker registered in Saint Vincent and the Grenadines, and with a physical office location in Dubai in the United Arab Emirates. The broker has been in business since 2018, and offers ultra-high trading leverage on a small selection of trading instruments.
Unfortunately, the broker does not accept traders from any EU or EEA countries, in addition to those from Canada and the US. The broker does, however, have a strong footprint in the Middle East and South-East Asia, and supports local payment methods in Malaysia, Indonesia, Vietnam and Thailand for account funding.
The main thing that stands out with Saracen Markets is how limited the selection of trading instruments is. All that can be traded here are around 25 forex pairs, in addition to gold and silver CFDs. This is certainly less than what is offered by most other forex brokers we have reviewed on FX-List, although it could still work for those who mainly stick with the major forex pairs anyway.
All of the instruments are traded on MetaTrader 4 (MT4), which for now is the only trading platform supported by Saracen Markets. As usual, MT4 can be used as a standard downloadable platform for Windows computers, in a separate version for Mac, as well as in a web version for use on any type of computer.
Before signing up with Saracen Markets as a new user, traders need to choose one of three account types:
– Cent Account, with a USD 2 minimum deposit, spreads from 1.6 pips, and no commissions.
– Pro Account, with a USD 10 minimum deposit, spreads from 1.6 pips, and no commissions.
– VIP Account, with a USD 50 minimum deposit, spreads from 0 pips, and commissions of USD 5 per lot.
Among these account types, the VIP Account is the only one that can be considered an ECN-type of account, while the other two are typical STP accounts with wide spreads but no commissions. As usual, larger traders who are serious about their trading should opt for the ECN account, while those trading with only small amounts should choose either the Cent or Pro accounts.
As far as bonuses go, Saracen Markets offers a special 30% “Instant Deposit Bonus” specifically for traders in Malaysia, Thailand and Vietnam. The bonus has an upper limit of $600, and all a trader needs to do to claim it is to open a new account and then proceed to deposit money right away. Keep in mind, however, that it is only possible to withdraw profits made with the bonus, and not the bonus itself. The broker also states on its website that the bonus will be removed from the account as soon as a withdrawal is made.
In addition, Saracen Markets has a $5 “No Deposit Bonus,” which is available to traders in Malaysia only. This bonus in theory allows for traders to try out their luck in the markets without risking their own money. However, the scheme comes with many terms and conditions that makes it less attractive as a way to actually profit from the forex market.
In conclusion, we should again note that Saracen Markets is a forex broker mainly used by Middle Eastern and South East Asian traders, given that it works well with payment methods in those countries and that its website is partly written in Arabic. We should also reiterate that the main issue we have with this broker is the very limited selection of trading instruments it supports. Anyone looking to trade other instruments than gold, silver, and the most popular forex pairs therefore probably need to look elsewhere for a broker.