Is Smartoptionfx a scam or legit broker?

No, it is not safe to trade with Smartoptionfx. Smartoptionfx is owned by B.O. TradeFinancials Ltd, and claims to be located in Florida, United States.

According to the website, smartoptionfx is a safe and secured binary and forex trade site, with a well-regulated trading platform and real-time results. The company is operated by B.O. TradeFinancials Ltd, a company located in the Republic of Cyprus and licensed by the Cyprus Securities and Exchange Commission: License Number 216/13. They also state that “Our license is valid in all Member States of the European Union under the provisions of the European Parliament’s Markets in Financial Instruments Directive (MiFID) which harmonizes financial legislation throughout the EU.”

However, a company located in the United States should be regulated by one of the local regulators and Smartoptionfx doesn’t carry this kind of regulation. Another concern is the recent warning from the CySEC, stating that “the website smartoptionfx.com, does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities”. They also add that the license number provided on the website is no longer valid, as it was withdrawn by the regulator on 25th of June 2018. 

Moreover, the terms and conditions on the website state the company is under the supervision of the British authorities, which is also a false claim. Smartoptionfx is not authorized to provide its financial services in the UK or any other country. 

We advise all investors and traders to avoid Smartoptionfx 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 City Index and Plus500.

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