Note: Salma Markets' official site - https://www.salmamarket.com/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is Salma Markets？
Salma Markets is an unregulated trading platform based in Belize that offers its clients access to a comprehensive suite of financial instruments across various asset classes, such as Forex, CFDs, metals, and cryptocurrencies. The platform also provides MT4 trading platforms and accepts email for added convenience. However, it currently has no valid regulations.
Pros & Cons
Pros:
Cons:
No Regulation: The lack of valid regulation raises significant safety and trust concerns, as regulatory oversight is crucial for ensuring customer protection and platform transparency. There are also reports of being unable to withdraw and scams, adding to the cons of the platform.
Lack of Information: The company's website is non-functional, suggesting a lack of transparency and reliability.
Is Salma Markets Safe or Scam？
Salma Markets currently lacks valid regulation, which raises significant concerns about its safety and legitimacy. The regulation status for the retail forex license is revoked. This means that Salma Markets Companies Corp is no longer authorized to provide retail forex services in Belize. Without proper regulation, there is an increased risk of fraudulent activities, scams, and inadequate consumer protection.
Market Instruments
Salma Markets provides a diverse range of trading instruments covering various asset classes to cater to the needs of its clients. These include Forex currency pairs, Contracts for Difference (CFDs) on stocks, indices, commodities, and precious metals like gold and silver, as well as cryptocurrencies such as Bitcoin, Ethereum, and more. By offering access to multiple asset classes, Salma Markets enables traders to diversify their investment portfolios and take advantage of opportunities in different financial markets.
Leverage
Salma Markets provides traders with the opportunity to utilize leverage up to a maximum of 1:1000. This high level of leverage allows traders to amplify their trading positions, potentially increasing both profits and risks. With a leverage ratio of 1:1000, traders can control larger positions with a relatively smaller amount of capital, thereby magnifying their potential returns. However, it also amplifies the potential for losses.
Spreads and Commissions
Salma Markets offers varying spreads across different trading instruments:
EURUSD: The spread is 0.8 pips.
EURGBP: The spread is 1.1 pips.
USD Gold: The spread is 3.8 pips.
USD Silver: The spread is 4.2 pips.
S&P 500 (SPX500): The spread is 1.2 pips.
US 30: The spread is 5.9 pips.
Spreads represent the difference between the buying (ask) and selling (bid) prices of a financial instrument. Lower spreads generally indicate tighter pricing and lower trading costs for traders. However, it's essential to consider other factors such as commissions, as they may also affect overall trading costs.
Regarding commissions, the information provided does not specify whether Salma Markets charges commissions in addition to spreads. In some cases, brokers may incorporate their fees into the spread rather than charging separate commissions. Therefore, traders should inquire about any applicable commissions or fees associated with their chosen trading accounts and instruments to accurately assess their trading costs.
Deposit & Withdrawal
Salma Markets offers traders multiple deposit and withdrawal methods, ensuring flexibility and convenience:
Deposit Methods:
Central Asia Bank (for Indonesian currency)
FasaPay
Wire Transfer
NETELLER
Maybank (for Malaysian currency)
Withdrawal Fees:
NETELLER: A 2% fee is charged, with a minimum withdrawal fee of $1 and a maximum of $30.
Wire Transfer: A withdrawal fee of 0.2% is applied, with a minimum withdrawal amount of $30.
Other Methods: No withdrawal fees are incurred for methods other than NETELLER and wire transfer.
By providing a range of deposit options and transparent withdrawal fee structures, Salma Markets ensures that clients can efficiently manage their funds with minimal costs and hassle.Trading Platforms
Salma Markets provides its clients with the renowned MetaTrader 4 (MT4) trading platform, known for its user-friendly interface and powerful features. With MT4, traders can access a wide range of financial instruments, execute trades efficiently, and analyze market trends with advanced charting tools. The platform offers customizable indicators, automated trading capabilities, and real-time market data, empowering traders to make informed decisions and capitalize on trading opportunities.
Customer Service
Salma Markets offers customer service support via email, ensuring convenient and efficient communication for its clients. For general inquiries and assistance, customers can reach out to support@salmamarkets.com. Additionally, for inquiries related to partnership opportunities or collaborations, individuals can contact partners@salmamarkets.com.
Conclusion
In conclusion, Salma Markets offers diverse trading instruments to cater to different trading needs and allows trading with high leverage. However, its unregulated status raises significant concerns about its safety and legitimacy. The lack of complete and transparent information about its trading assets, account details, and other service sections can hinder a trader's decision-making process.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
