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 renowned MetaTrader 5 trading platform clients can take advantage of high liquidity, low spreads, 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. 

Is SmartFX a scam or legit broker?

No, it is not safe to trade with SmartFX, as it is an offshore company. SmartFX is owned and operated by Smart Securities and Commodities Limited. We are Regulated by Vanuatu Financial Services Commissions (VFSC) and Authorized to deal with securities with providing all kinds of financial services to our clients. Registration number – 40491 with 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, to pay a fee, and within 2-3 month, the firm is crisp and registered. Therefore, it became an offshore zone for shady forex brokers such as JustProForex, 70Trades and more.

As to the broker’s VFSC license, from our source, it costs €24,000 per year to become a member. However, there is no handbook or guidelines for brokers to run their business. Therefore, there is zero protection for traders. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

SmartFX claims to have an office in Dubai, UAE, however, the broker is not authorized to provide financial services in the UAE. 

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.

You can also share your trading experience with SmartFX by commenting on this review.

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