General Information
SalmaMarkets is an online forex broker registered in the Saint Vincent and the Grenadines, providing its clients with a series of trading instruments, such as Foreign Exchange, Indices, Commodities, Stocks, Cryptocurrencies through the leading MT4 trading platform. SalmaMarkets claims that it offers competitive spreads, leverage reaching up to 1:1000.
SalmaMarkets provides a range of trading instruments across various asset classes, including Forex, Metals, Indices, Commodities, and Cryptocurrencies. However, the broker lacks transparency in its trading conditions, such as spreads and fees, and offers limited availability of detailed market analysis. The absence of regulatory oversight and limited information on trading conditions pose potential risks for traders.
The broker offers a single STP account type with a low minimum deposit requirement of 1 USD and no maximum deposit limit. It operates on the MetaTrader 4 (MT4) platform, which is accessible on Windows, iOS, and Android devices. However, it does not offer the more advanced MetaTrader 5 (MT5) platform. SalmaMarkets provides customer support through live chat and email, but there is limited information about the quality and responsiveness of their support services.
SalmaMarkets is the trading name owned and operated by Salma Market Group of Companies, which include:
Salma Markets (SV) LLC with registered address Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines.
Salma Markets (Hongkong) LLC with registered address RM 1501 Millennium City 5 418 Kwun Tong Road Kwun Tong, Hong Kong.
Pros and Cons
SalmaMarkets is a brokerage firm that operates without proper regulation, posing potential risks for traders. The lack of transparency regarding trading conditions and fees is a major drawback. While the platform offers a diverse range of trading instruments, including forex, metals, indices, commodities, and cryptocurrencies, there is limited availability of detailed market analysis. The broker provides the MetaTrader 4 (MT4) platform for trading, but there are no options for other platforms. Customer support is available 24/5 in multiple languages through live chat and email. Overall, due to its regulatory concerns and limited transparency, caution is advised when considering SalmaMarkets as a trading option.
Is SalmaMarkets Legit？
SalmaMarkets is currently not regulated by any authorized regulatory agency. The broker's regulatory status is listed as unauthorized by the United States National Futures Association (NFA) with license number 0547364. It is important to note that this broker exceeds the business scope regulated by the NFA. The license type of SalmaMarkets is stated as a common financial service license. However, there is no information available regarding the licensed institution's website, address, phone number, or certified documents. It is advisable to exercise caution and be aware of the associated risks when dealing with an unregulated broker.
Market Instruments
Salma Markets says it offers clients access to a wide range of trading instruments. Different types of trading assets including Foreign Exchange, Metals, Indices, Commodities, and Cryptos are all available with this brokerage platform.
FOREX: SalmaMarkets provides trading opportunities in various currency pairs. Examples of currency pairs available are EURUSD, EURGBP, GBPJPY, USDJPY, and AUDUSD. These pairs represent the exchange rates between different major currencies.
METALS: SalmaMarkets also offers trading in precious metals. Traders can access instruments like XAUUSD (Gold) and XAGUSD (Silver). These metals are traded against the local currency, providing an avenue for diversification and potential hedging strategies.
INDICES: The broker allows trading on different global indices. Some of the indices available include AUS200, ESTX50, FRA40, HSI50, and JPN225. These indices represent the performance of specific stock markets or sectors and provide traders with exposure to broader market trends.
COMMODITIES: SalmaMarkets enables traders to participate in the commodities market. Examples of commodities offered for trading include WTI (West Texas Intermediate), which is a benchmark for oil prices. The bid and ask prices of commodities reflect the market sentiment towards these assets.
CRYPTO: SalmaMarkets includes cryptocurrencies as part of its market instruments. One example is BTCUSD, representing the exchange rate between Bitcoin and the US dollar. Trading cryptocurrencies can provide opportunities for traders interested in the volatility and potential growth of this emerging asset class.
Account Types
Salma Markets offers all investors a Standard account, with the minimum initial deposit as low as 1 USD. Other account features include: easy access to MT4 trading platform, minimum trade size from 0.0 lot, Market-STP order execution, as well as 5x 24 customer support. Stop Out: 30%, Margin Call: 50%.
The STP Account is the standard account type offered by SalmaMarkets. This account type uses the popular MetaTrader 4 trading platform, which allows for seamless trading experiences. Traders can also access their accounts through mobile devices. The STP account has a minimum deposit requirement of 1 USD, and there is no maximum deposit limit. This account does not charge any swap fees and offers a wide leverage range of up to 1:1000. The minimum trade size is 0.01, allowing for precise position sizing. The spreads for this account start from 0.2 pips.
SalmaMarkets also provides the option to open a demo account, which allows traders to practice and familiarize themselves with the platform and trading strategies using virtual funds
How to Open an Account？
To open an account with SalmaMarkets, follow these steps:
Visit the SalmaMarkets website and click on the “Open a Demo Account” or “Open a Trading Account” option, depending on the type of account you wish to open.
2. Fill out the registration form with the required information. This includes your full name, country of residence, city/town, province, zip code, address, and agent (if applicable).
3. Choose the desired deposit currency for your account from the available options.
4. Provide your contact information, including your email address and phone number. Make sure to input the country number with a “+” sign followed by your country code, such as “+62” for Indonesia.
5. Enter your date of birth in the format of month/day/year.
6. Read through the customer agreement and check the box to confirm your acceptance.
7. Once you have filled in all the necessary information and accepted the customer agreement, click on the confirmation button to proceed.
Bonuses & Promotion
SalmaMarkets offers various promotions to attract and incentivize traders. These promotions include a 50% Deposit Bonus, Free Merchandise, Free Swap and Commission, and a Loyalty Program.
The 50% Deposit Bonus is available to new clients and provides them with additional trading capital. Traders can leverage up to 1:1000 and enjoy favorable trading conditions. SalmaMarkets offers a wide range of trading instruments, including 35 currency pairs, 4 metals, 4 cryptocurrencies, and CFDs. Clients can use any trading strategy and expert advisors (EAs). The maximum bonus amount that can be obtained is $10,000.
The Free Merchandise promotion gives traders the opportunity to receive a unique T-shirt from SalmaMarkets. By participating in the promo, winners can choose from a selection of cool T-shirt designs. It's a way for traders to showcase their luck and uniqueness.
SalmaMarkets also offers a Swap Free feature for Islamic account holders. This feature eliminates swap commissions for overnight positions, regardless of the transaction type. It provides long-term trading strategies by ensuring that the swap is always equal to zero.
Furthermore, SalmaMarkets has a Loyalty Program that rewards traders based on their trading volume. The more a trader trades, the higher their rewards.
Leverage
On Forex trading accounts, Salma Markets offers flexible leverage to all its clients and changes the maximum amount of financial leverage to 1:1000.
There will be a default leverage for each Account based on the balance in the account. As your trading account's balance changes in real-time, the leverage will automatically adjust accordingly.
Trading Platform
SalmaMarkets offers the MetaTrader 4 (MT4) trading platform for Windows, iOS, and Android devices. The MT4 platform provides a stable environment for maximizing profit and offers various features and functionalities.
The MT4 platform for Windows allows users to execute trading operations and control and manage open positions and pending orders. It provides options like Stop Loss, Take Profit, and expert advisors.Additionally, the platform offers online quotes and news provision, technical analysis tools with embedded indicators and linear instruments, and the ability to write and develop expert advisors, indicators, scripts, and functions in MetaQuotes Language 4 (MQL 4).
For iOS devices, SalmaMarkets provides the MT4 platform, which offers similar features as the Windows version. Traders can execute trading operations, manage positions and orders, access online quotes and news, perform technical analysis, and utilize the customizability of the platform. The MT4 for iOS is compatible with iPhone, iPad, and iPod Touch, allowing traders to work from any location.
SalmaMarkets also offers the MT4 platform for Android devices, providing traders with complete control over their trading accounts. Like the other versions, it enables trading operations execution, management of positions and orders, access to online quotes and news, and technical analysis with embedded indicators and linear instruments. The MT4 for Android supports all types of orders and is compatible with a wide range of smartphones and tablet PCs.
Deposit & withdrawal
SalmaMarkets offers a range of deposit options to facilitate easy funding of trading accounts. These options include various payment methods with different minimum deposit amounts and processing times. Some of the available deposit options include Bank Central Asia (IDR), Mandiri (IDR), Bank Negara Indonesia (IDR), Bank Rakyat Indonesia (IDR), OCBC, Fasapay, NETELLER, Wire Transfer, RHB Bank (MYR), Maybank (MYR), Public Islamic Bank (MYR), and HongLeong (MYR).
For most deposit methods, the minimum deposit amount is relatively low, starting from 1 USD or 10 USD, depending on the chosen payment method. The commission charged for deposits is none, and the account credit is instant for the majority of payment methods. However, for Wire Transfers, the minimum deposit amount is 100 USD, and the processing time can take 1 to 5 business days.
WITHDRAWAL OPTIONS:
SalmaMarkets provides withdrawal options to allow traders to access their funds in a timely manner. Similar to the deposit options, the withdrawal methods have different minimum withdrawal amounts and processing times. The available withdrawal options include Bank Central Asia (IDR), Mandiri (IDR), Bank Negara Indonesia (IDR), Bank Rakyat Indonesia (IDR), OCBC, CIMB, fasapay, NETELLER, Wire Transfer, RHB Bank (MYR), Maybank (MYR), Public Islamic Bank (MYR), and HongLeong (MYR).
The minimum withdrawal amounts for most methods start from 5 USD or 15 USD, depending on the chosen payment method. There are no commissions charged for withdrawals, except for NETELLER, which applies a commission of 2% with minimum 1 USD and maximum 30 USD. The processing time for withdrawals is generally quick, with funds credited within 1-2 hours during financial department business hours, with a maximum timeframe of 48 hours. However, for Wire Transfers, the processing time can take 1 to 5 business days.
Trading Tools
SalmaMarkets provides several trading tools to assist traders in their activities. These tools include Market WebTV, an Economic Calendar, Market News, and a Market Summary.
The Market WebTV feature allows traders to stay updated on market-moving analysis. It provides valuable insights and information that can help traders make informed trading decisions.
The Economic Calendar is automatically updated in real-time during live announcements. It provides vital information regarding economic events that could potentially impact trading activities. Traders can utilize this calendar to stay informed about important events and adjust their trading strategies accordingly.
The Market News feature offers recommended information that is relevant to trading activities. Traders can access news articles and reports that provide insights into market trends, economic developments, and other relevant factors that may influence trading decisions.
Additionally, the Market Summary tool allows traders to keep track of market-moving events and announcements. This feature provides a concise overview of important market developments, helping traders stay informed about significant changes and trends.
Customer Support
SalmaMarkets provides customer support services to assist traders with their inquiries and concerns. The customer support team is available 24/5 and offers support in multiple languages. Traders can reach out to the support team through various channels.
For immediate assistance, SalmaMarkets offers live chat support on their website. Traders can engage in real-time conversations with English, Indonesian, Japanese, Malaysian, or Vietnamese operators, depending on their language preference. The live chat feature ensures prompt responses when agents are available.
Alternatively, traders can contact the support team via email. SalmaMarkets provides an email address (support@salmamarkets.com) where traders can send their queries. The average response time for email inquiries is within 2 hours.
In addition to email communication, traders can also reach out to the support team through Skype or WhatsApp. These platforms allow for messaging and quick exchanges with the support staff.
For urgent matters or direct communication, traders have the option to contact the support team via telephone. The provided telephone number is available during specified business hours.
SalmaMarkets also offers separate email support for partnership-related inquiries. Traders interested in the partnership program, reward and commission details, or partner conditions can reach out to the designated email address (partners@salmamarkets.com).
To address any disputes or claims, traders can send an email to the support team with specific details of the case. It is recommended to provide relevant information, such as full name, account number, date and time of the dispute, case or order details, and a clear description of the claim.
Skype
Telephone Number: Mon-Fri (06:00-19:00)
Email: suppport@salmamarket.com
WhatsApp: +447389 102555
Company Address:
Salma Markets (SV) LLC with registered address Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, St. Vincent and the Grenadines.
Salma Markets (Hongkong) LLC with registered address RM 1501 Millennium City 5 418 Kwun Tong Road Kwun Tong, Hong Kong.
Conclusion
SalmaMarkets is currently not regulated by any authorized regulatory agency and has an unauthorized license from the United States National Futures Association (NFA). The lack of transparency regarding their trading conditions and limited information on spreads and fees are significant disadvantages. However, SalmaMarkets offers a diverse range of trading instruments, opportunities for portfolio diversification, access to global markets and sectors, and availability of cryptocurrencies. The MetaTrader 4 (MT4) trading platform is accessible on various devices, providing stability and customizable features. The broker provides customer support in multiple languages through live chat, email, Skype, and WhatsApp. Traders should exercise caution due to the potential risks associated with trading with an unregulated broker.
FAQs
Q: Is SalmaMarkets regulated？
A: No, SalmaMarkets is currently not regulated by any authorized regulatory agency. The broker's regulatory status is listed as unauthorized by the United States National Futures Association (NFA) with license number 0547364.
Q: What trading instruments are available on SalmaMarkets？
A: SalmaMarkets offers a diverse range of trading instruments, including Forex currency pairs, precious metals (Gold and Silver), global indices, commodities (such as oil), and cryptocurrencies (like Bitcoin).
Q: What account types does SalmaMarkets offer？
A: SalmaMarkets offers the STP Account as its standard account type. It uses the MetaTrader 4 (MT4) trading platform and has a low minimum deposit requirement of 1 USD. Additionally, a demo account is available for traders to practice and familiarize themselves with the platform.
Q: What leverage does SalmaMarkets provide？
A: SalmaMarkets offers leverage options, with a maximum leverage of 1:1000 for Forex trading accounts. The leverage is determined by the balance value in the account and automatically adjusts based on account balance.
Q: What are the deposit and withdrawal options on SalmaMarkets？
A: SalmaMarkets provides a wide range of deposit and withdrawal options, including bank transfers, credit/debit cards, e-wallets, and local payment methods specific to certain countries. The minimum deposit and withdrawal amounts vary depending on the chosen method.
Q: What trading platform does SalmaMarkets offer？
A: SalmaMarkets offers the MetaTrader 4 (MT4) trading platform, which is available for Windows, iOS (iPhone/iPad/iPod Touch), and Android devices. The platform provides a stable environment for trading and offers various features, including technical analysis tools, customizable charts, and the ability to develop custom indicators and expert advisors.
Q: Does SalmaMarkets provide customer support？
A: Yes, SalmaMarkets offers customer support services 24/5 in multiple languages. Traders can reach out to the support team through live chat, email, Skype, WhatsApp, or telephone. The average response time for email inquiries is within 2 hours.
2022-11-30 17:55
2022-11-30 12:31
