Samtrade FX withdrawals Blocked Millions trapped on their broker

jackralph96

Private, 1st Class
Messages
27
do post the official site and please tell as more, do you trade or is all managed

“There is reason to suspect that irregular trading activities have been carried out on the platform and investigations are being carried out on these activities,” Singapore police said in a statement this week.

So the copy trade service is https://thefin888.com/ Which runs on the brokerage https://Samtradefx.com. As far as I know the person who runs the copy trade service (Peterfi Sufandri)
is also locked for withdrawals and unable to do anything either so it might only be isolated to the broker messing up with their licensing. So Singaporeans should not be able to use this broker as they aren't licensed with MAS however they were able to sign up to the broker which is why I believe the Singaporean authorities are involved now which has buggered it up for international investors like myself which were allowed to trade there.
 

jackralph96

Private, 1st Class
Messages
27
do post the official site and please tell as more, do you trade or is all managed

“There is reason to suspect that irregular trading activities have been carried out on the platform and investigations are being carried out on these activities,” Singapore police said in a statement this week.

And yes sorry I forgot to mention this account is fully managed. The account itself has had no major losses and all my money is still accounted for. However, the broker itself is now locked down for deposits and withdrawals. I have moved all money out of MT4 and into the broker (Wallet) to stop any (random trade account wipes) which many people seem to get when there are major issues with a broker.
 

oscarra

2nd Lieutenant
Messages
1,273
I have moved all money out of MT4 and into the broker (Wallet)

have you ever made any money withdrawals in the past, removed funds ?

post us as well the SAM WEBSITE, wonder what canada fintrac has to do with Singapore BucketShops, maybe give them a call...

meantime guess you did see their media release

1. We refer to the media release dated 3 January 2022 by the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore (collectively “Authorities”) in relation to investigations into Samtrade FX Limited, Samtrade FX LLP and Samtrade FX (SG) Pte Ltd.

2. We and our officers will co-operate fully and render all assistance to the Authorities in their investigations.

3. We have also retained Messrs Rajah & Tann Singapore LLP (https://sg.rajahtannasia.com/) as our Singapore corporate legal counsel to advise us on all legal matters relating to the ongoing investigations.

etc.....
 

jackralph96

Private, 1st Class
Messages
27
have you ever made any money withdrawals in the past, removed funds ?

post us as well the SAM WEBSITE, wonder what canada fintrac has to do with Singapore BucketShops, maybe give them a call...

meantime guess you did see their media release

1. We refer to the media release dated 3 January 2022 by the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore (collectively “Authorities”) in relation to investigations into Samtrade FX Limited, Samtrade FX LLP and Samtrade FX (SG) Pte Ltd.

2. We and our officers will co-operate fully and render all assistance to the Authorities in their investigations.

3. We have also retained Messrs Rajah & Tann Singapore LLP (https://sg.rajahtannasia.com/) as our Singapore corporate legal counsel to advise us on all legal matters relating to the ongoing investigations.

etc.....
Yes it's standard crypto withdrawal which takes usually around 5 minutes at most.

Sticpay is also usable but its extortion fees made me avoid it.

https://www.samtradefx.com/home is their website
 

jackralph96

Private, 1st Class
Messages
27
check out this email exchange, min. 7'10 and reply (look's like bunch of happy traders around europe..


I doubt they are happy right now as the entire site is locked for withdrawal. I'm in a group chat with more than 3000 people that are in the exact same position as myself. Some of those have more than 2 million USD stuck in their accounts. This isn't only me that is stuck without withdrawals. On a positive note, the broker has also stopped deposits onto their platform now so it's slowly looking to be less of a scam and more a legal issue however if the Singaporean authorities destroy the company the outlook may be different.
 

jackralph96

Private, 1st Class
Messages
27
Did you ever stop and ask yourself why those leverage restrictions were put in place?

There was a scam a year or so back where I estimated over 2 billion was taken.
I'm not sure how this is relevant? Uk residents can trade using ASIC or Cyprus regulated brokers using unrestricted leverage ever since the reduction. Unless you're willing to outright say REMOVED is a scam broker or REMOVED for example. Seems like a bit of a silly comparison.

FPA Forums Team Note: Mentioning unrelated brokers in a Scam Alerts thread permanently ties the name of that broker to the complaints made in the thread.
 

jackralph96

Private, 1st Class
Messages
27
Update to this case,
Judicial management has been granted by the courts for samtradefx and metaquotes has broken off all relationship with samtradefx so mt4 cannot be logged into anymore for samtradefx accounts. Metaquotes initiated this action with extreme short notice with no public statement as usual.
 
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