Saba Capital is a Forex and CFDs broker based in Labuan, Malaysia claiming to “provide access to the international markets in our fingertips”.
The products they offer for trading include Forex pairs, Commodities and Cryptocurrencies respectively.
At the time of writing this review, the website of this broker (sabacapitals.com) was 1 year, 7 months old, which means they are fairly new to the marketplace compared to brokers who offer managed accounts with acceptable monthly returns.
Saba Capital’s marketing materials also suggests that they can be trusted because of the following “features and advantages”:
- No requotes
- Best price trade execution
- Fully automated trades (we have no idea what this means since the broker didn’t say whether they offer managed accounts)
- No hidden fees
The truth is that the features above are not unique at all. Nearly every broker has made this sort of announcement on their website.
So at this point we will be looking at what ways this broker is different from others, what safety they offer and whether or not they can qualify for inclusion in our list of most recommended Forex brokers.
Saba Capital review: Is this broker legit?
Their website is very straight forward and contains basic information such as instruments supported, trading software and company details.
However, they’re not telling us what their spreads look like. In other words we need to know their trading conditions first before we can place a deposit.
Live spreads are usually listed on a table but Saba Capital Inc’s website neither has this table or the information that we want.
A typical Forex pair like EURUSD needs to attract floating spreads of up to 1.3 pips assuming we are not trading with an account type that has fixed spreads.
Anything that is higher than 1.3 pips is definitely too expensive.
The following table summarizes what Saba Capital Inc is offering
|Account Type||Min deposit||Demo||Leverage|
|Only one account type||$100||Yes up to 30 days||Not disclosed|
This broker is also offering the good MT5 trading software for both Desktop and Mobile devices.
MT5 is the latest version of MT4 software and most Forex traders are accustomed to the features provided by this trading platform.
This broker is operating from Malaysia and claiming to be regulated by the Labuan Financial Services Authority.
This basically means that Saba Capital Inc is an offshore broker since even the financial regulator in charge is not a popular one.
The most popular ones include FCA, ASIC and CYSEC respectively. Brokers who are regulated by these bodies are not considered offshore and are relatively safe to trade with.
We feel less confident about Saba Capital Inc’s products and services due to this shortcoming.
While this broker has been around for at least 1 year, we still do not understand why they don’t have reviews of their services on the internet.
Besides, their offshore regulatory status is something that is likely to discourage serious traders looking for reliable brokers to use.
Either way, this broker does not instill much confidence because even the basic information we need from them is not readily available on their website.
For example, they don’t say what leverage they can offer. In addition to this, they restrict access to their demo account after 30 days.
This is a typical trick used by doggy brokers to encourage traders to place a deposit in a live account.
We generally don’t prefer Forex brokers that use pressure sales tactics to get people to deposit.
Thanks for reading our review.