Top 3 Forex Brokers
Beware SmartFX is a Non-Regulated broker. It is NOT SAFE to trade.
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Is SmartFX Scam or Legit broker?
SmartFX is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.
- SmartFX is owned and operated by Smart Securities and Commodities Limited. We are Regulated by Vanuatu Financial Services Commission (VFSC) and Authorized to deal with securities by providing all kinds of financial services to our clients. Registration number - 40491 with a registered address at Office 1276, 1st-floor Govant building, Kumul highway, Port Vila, Vanuatu.
- Vanuatu is the easiest jurisdiction to open a brokerage, as the opening requires the company to submit a register online, prove initial established capital which is $2,000 only, pay a fee, and within 2-3 months, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as JustProForex, 70Trades, and more.
About SmartFX
| 🗺️ Registered in | Vanuatu |
| 🗺️ Type of License | Offshore License |
| 🛡️ Is SmartFX safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | FP Markets - licensed by ASIC in Australia |
What is SmartFX?
SmartFX is an international online Forex and CFDs trading firm offering 24 hours access to a diverse range of trading products including fares, currency pairs, commodities, futures, indices, and stocks. Through SmartFX and the renowned MetaTrader 5 trading platform clients can take advantage of high liquidity, low spreads (Find out more on Low Spread Forex Brokers), mobile trading, technical analysis, and even more. The broker claims to maintain high standards to keep trading environments secure and offer the best tailor-made trading conditions for every client.
Overall SmartFX Ranking
Based on the revelations of our research there are multiple issues in respect of SmartFX regulation and reliability, we do not rank positively SmartFX , based on our Expert Opinion with over 10 Years of experience in Forex Trading.
- SmartFX Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
| Ranking | SmartFX | IC Markets | FP Markets |
|---|---|---|---|
| Our Ranking | ⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
| Is Broker safe? | No | Yes | Yes |
| Advantages | None | Trading Instruments | Trading Conditions |
SmartFx Alternative Brokers
Considering the SmartFX safety issues we found during our research, we suggest much better Alternatives to SmartFX with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below:
- BlackBull Markets – Best for Copy Traders
- XM – Broeker with Low Minimum Deposit
- Interactive Brokers – Good for Stock Trading
SmartFX in India
SmartFX does not offer financial services to the residents of India.
SmartFX in the USA
SmartFX does not offer financial services to the residents of the USA. The United States is one of the countries that is not accepted by SmartFX. As per U.S. law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for SmartFX, you are only permitted to trade with U.S-regulated platforms.
Deposits & Withdrawals
SmartFX offers a big variety of deposit methods. 1) Electronic Payment Methods (Skrill, Neteller, STICPAY); 2) Bank Wire Transfers (National Bank of Vanuatu and Local bank in Dubai); 3) Credit/ Debit cards (Visa, MasterCard, American Express).
- The minimum withdrawal is 100 USD for Electronic Payment Methods, Credit/Debit cards, and Bank Wires as well.
- With SmartFX you can withdraw your funds anytime. Simply log in to your Client Portal and place your withdrawal request. It is only possible to send your withdrawal back to the original source of the deposit. Usually, all withdrawal requests are processed within 24 hours on business days. To deposit or withdraw the funds, your account must be Verified.
- SmartFX does not charge any additional fees for deposits. You should however be aware that you may incur fees on payments to some international banking institutions. SmartFX accepts no responsibility for any such deposit fees.
Apps
SmartFX provides its traders with the opportunity to trade via the MT5 mobile platform (See other MT5 Brokers too). Ideal for traders on the go, MT5 mobile brings new order types and detailed market-depth information straight to the mobile device. It is available for iOS and Android users.
Demo Account
The broker also offers a demo account. A demo Account is created for you to practice your skills without any risks. You trade oe virtual money, which you can't withdraw. A Live Account is created to get you to trade with real money and your profits/losses are for real. SmartFX's Demo Account doesn't have an expiry. You can practice your skills for the period you need to get familiar with a terminal and trading until you are ready to trade on a Live Account.
SmartFX Review Conclusion
We advise all investors and traders to avoid SmartFX and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and FXTM.
- Overall ranking and experience for SmartFX is Negative
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I invested $200 generated profit of $6318.00 i was asked to pay $947 as commission fee. I did not have instead Taylor Jayden who is the manager on telegram group of Binary Option for smartfxtrade.net. i deposited into my account $200 as my first investment.
Taylor asked how much i have so he can help me by top up of the difference. I said i have $168.00. He said put it in your wallet and tell me. I did he gave me bitcoin address to deposit. After deposit he change and said its too little pay $200 more. I refused, and he wants me to bring more people to this platform. I will show screen shots of our converstion.smartfxtrade is a group of scammers
Hi andrew, did you get any return or refund in smartfxtrade.net . thanks
This is a scam, please guys do not trade with them for you will end up loosing all the money you have and find your self in Big debts. I borrowed money from people thinking il get my profit as they promised but unfortunately they kept on requesting more money from me. This people are heartless
Scammers. Erik Finman promised me that I would get my funds immediately but then constantly required me to pay miscellaneous fees to actually withdraw my money. Do not invest your money in this whatsoever. You will never see your “profits” nor be able to withdraw your money because there will be an endless fee of money to pay out. I thought I could trust Erik due to his reputation online but I was wrong.
I recently invested 1500usd and paid a withdrawal fee off 1733usd to receive profits of 22894usd, now they want another 860usd to pay IRS fees. Big scammers and now I have nothing to show
I’m surprised at some of the comments regarding withdrawal. You can even get the funds instantly except for bank transfer which usually takes 48 hours or less. I have tried it a few times.
Tradingsmart.com are real scammers when time to make an withdraw they kept on asking for management fees and they will kept on asking make a plan. Please everyone should be careful of this company they rip me off. I started trading with the from the first of April 2021 and I can’t withdraw my profit as we speak.
I’m not really sure if this legit, Last January I invest first from 24/7 Cryptotradingonline, but never got my profits because the fees never ending asking from me. Then somehow someone messaging me that my trading or my investment they transfer on this platform i can see i have profits but still cannot withdraw because i need to pay the Authorization fees again.. But im really disappointed… I invest little but i lose so much, Help me God, to all this people don’t have a heart…
Me to same happed some one chit me
i think they where scam for this trade..they say im going to widraw my profit but its gone also my momey i invested…also theyre gone in my messenger already
Smartfx is a scam. One member of the group uses the name Michelle Roldan on Facebook.
Big Time Scammer, Got my money showed in the system and then it’s gone I can even access.
Don’t even try to engage them, they are great in deception and manipulation.
I am a beginner and Smart FX is my first broker. I’ve been trading with them for almost 10 months now and so far, everything is going well. I was also able to withdraw my funds a few times now and did not experience any delays.
a big time scammer , do avoid them
R u still investing with them. R they sti paying u
Nice broker..got very nice advice during investment..timely withdrawl..
Dear Lynn,
Have you anytime invested at least a dollar with SmartFX. because i dont see you in the list of customers SmartFX. So when you have not invested with SmartFX how can you say it is a CON MERCHANTS.. So first invest then you will see the results. People like you are the cause legitimate brokers get the bad name. so it is never too late to learn from your mistakes..
I am totally confused now smartfxlive.com are not legit or what exactly I would like to know because I am new I don’t want to feel I gave a made the biggest mistake of my entire life. Everyone struggles in life and each one of us has there own difficulties . So U would like a true and honest opinion has anyone tried smartfxlive.com and are they honest do you actually get your profit after you pay a tax fee and upgrade
actually I invested at smrter fx trade and sad to say that more than 5000 pesos is gone from me….now that bid profit they promise me they would send in my bank account if I sent 3500 pesos is a lie because the insist $500 I must pay I dont have that big amount so now they stopped chatting me.. and mind you they input other bank name which is not my bank God must curse those who fooled me..and lied to me😡😡😡Lynn is right…I agree
samehere i invested 2000 it says it grows to 10k but suddenly it goes upper and need to updgrade to VIP and amounting 500$ for me to withdraw my investment there are scammers
That has happened to me now
they are best Broker in Dubai.!
Bloody con merchants – avoid like the plague! 😤