The online trading market has its pros and cons. On one side when this market gives their customers very high profits. It also is a hub of risks from online scammers and cybercriminals. SmartFX is yet another online broker that we are going to find out whether this company is a scam or legit. The online broker, SmartFX, offers many trading options which include currency pairs, stocks, and commodities. It provides a simple trading solution with an account including a single trading platform. SmartFX is the brainchild of Smart Securities and Commodities Limited and is set offshore. The company claims to be Vanuatu Financial Services Commissions and assures the fact that it only deals with authorized and other financial services to its clients.
SmartFX provides Meta Trader 5 or MT5 as its web-based interface and also has other interfaces for mobile applications and other devices. Upon researching on their website, we found out that SmartFX offers several trading options leading to almost 70 CFD and Forex. They provide major, exotic, and minor currency pairs to popular commodities like gas and oil. They also state that their clients can deal in indices, stocks, and shares with leading online companies across the world.
SmartFX may seem like a regulated and legitimate company that has a license approved by the regulatory authorities of the countries this company works in. SmartFX claims to have a license but what the reader must note is that all of the scam brokers or fraud investment companies say this. These scam brokers will often start calling random people and try to coax them into opening an account with their fraud company. They will go to any extent like forging another company’s name and their license to lure the customers. Once they realize that the customer is ready to deposit the money with them, they will start selling the customer various trading options. These fraud brokers will seem like the most hospitable people till the time the customer is depositing money in their company. When the customer senses a doubt and files for a withdrawal, these scam brokers will change entirely. They will provide random reasons for not processing the withdrawal and vanish without a trace.
The Final Verdict:
Even though SmartFX claims to have an office in Dubai as well there is no trace of its license and regulation under Dubai’s regulatory authority. According to the research that we conducted, it is found that to become a member of this broker company the customer must give around 24,000 EUR every year. despite this large amount of money that the customers have to deposit, there is no trace of any handbook or instructions on their website regarding the working of the company. Not much information is available about the different trading accounts, the terms and conditions, and the policies of the company. One must note that regulated companies will always share all types of information regarding the working of their company on their website. Therefore, it Is safe to conclude that SmartFX is a complete scam. we strongly recommend our readers not to trade with this company.