Is 247SmartFx a scam or legit broker?

No, it is not safe to trade with 247SmartFx. 247SmartFx is owned and operated by Game Capital Ads Limited and claims to be located in Frankfurt am Main, Germany.

According to the website, 247SmartFx is an emerging global market leader in financial trading. Game Capital Ads Limited provides premium-quality trading services, which have fulfilled the trading needs of clients since the creation of the company in 2013.

As we have already mentioned, 247SmartFx claims to be located in Frankfurt, and the contact phone number provided on the website has a British country code. The broker also claims to be licensed by the British regulator Financial Conduct Authority (reference number 723385). However, the FCA reference number 723385 is registered for www.smartfixuk.com, not 247smartfx.com. It seems like the broker is just another clone firm. 

Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them.

In addition, 247SmartFx has been blacklisted by the Cyprus Securities and Exchange Commission:

“The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites (including 247smartfx.com) do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.”

We advise all investors and traders to avoid 247SmartFx and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Alpari.

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