While reviewing broker and checking offering it is essential to verify at first place if the broker is legit or not, simply meaning if it is safe to trade. So that we assist in that task through SMFX Review among numerous others available at 55brokers.
What is SMFX?
SMFX is a trading name used by the company, which operates through two locations while one of them is offshore entity Scope Markets Ltd based in Belize and another one is SM Capital Markets Ltd authorized brokerage in Cyprus. Also, the Cyprus entity operates several domains alike scopemarkets.com/eu and sminvest.com/eu while all more or less offer similar services. For our better understanding, we will have a closer look at a general SMFX offering, but of course, note conditions may vary due to company offering, also according to your residency.
Eventually, SMFX maintains its dealer’s service since 1997 so since then gains and deliver valuable trading conditions while understanding deeply the necessary requirements for traders are good. SMFX operates No Dealing Desk or STP execution model simple, yet sophisticated enough trading environment suitable either for beginning or professional traders.
Through a low-latency solution, SMFX provides developed service with tight spreads and access to FX, Metals, Energy and Indices assets. Alongside competitive trading conditions, SMFX also supports traders through customer service and market updates together with an economic calendar, free education and other tools.
Nevertheless, to understand offering in a detail you should always check the most important information of the broker’s proposal. In this purpose this review covers the following highlights:
- Is SMFX safe or a scam?
- Trading Platform
- Trading Fees with conditions that consist of spread and overnight fee
- Leverage and its maximum levels
- Deposits and Withdrawals conditions with a minimum deposit and withdrawal fee
- Conclusion on SMFX
Is SMFX safe or a scam?
As we mentioned above, SMFX is a brand operated through two locations including offshore Belize and Cyprus. While Belize registration does not really provide sharp conditions that are necessary to guarantee a safe trading environment, CySEC being a European authority sets numerous standards. That is, all in all, will bring you a clear state of mind since SMFX is constantly overseen broker, as well as the one that set its business model together with safety measures verified by MiFID also.
Therefore, being compliant with EU ESMA regulations, SMFX brings you assurance about its security conditions and applied measures on how your orders are managed, as well as money operated. Alongside the professional service, SMFX customer support also ensures the highest rate assuring you of the safety measures. Besides, CySEC regulated broker assures funds are segregated at all times, as well as covered by the compensation funds in case of the company insolvency.
SMFX Trading Platforms
As a majority of brokers SMFX mainstays at industry leader MetaTrader4. MT4 is indeed the most popular platform used by both beginners and professionals due to its user-friendly but great possibility of powerful capabilities, numerous add-ons and great charting packages. Also, MT4 offers one of the best automatic trading systems knows as EAs, allowing even better control over the strategy. There are different versions of the platform suited for desktop or web versions, along with mobile applications.
SMFX Costs and Fees
SMFX combines trading functionality also with a wide suit of products and quite competitive pricing, along with options between three account types. These accounts are Standard, VIP and ECN one where the conditions vary as feature better cost-wise as long as the account is high grade.
SMFX spreads obviously defined by the account type you use, therefore the Standard account spreads starting from 1.8 pips, VIP already lowers it to 1.3 pips and ECN spreads starting from 0 pips while charges are combines into the commission of 3.5$ per side. Some more examples of typical spread you may see below, also compare SMFX fees to another popular broker Synergy FX.
While trading with SMFX as a European broker you automatically comply with ESMA restrictions towards leverage. You won’t be able to access high leverage since regulator lowered leverage ratios to a maximum of 1:30 for major currency pairs and even lower for other instruments.
Nevertheless, since SMFX runs also an entity in the offshore zone in case you open an account under this jurisdiction higher leverage will be available to you as well. Yet, always be cautious about leverage use, as with its magnifying possibilities the risks are increased as well.
SMFX Deposits and Withdrawals
Lastly, to deposit or withdraw funds you may use proven methods so the transfer will be convenient and safe as well. These including Credit/debit cards and Bank Transfers, also you need to check with customer service in case alternative options available according to your region or residency. Also, conditions and payment methods may vary according to the entity of SMFX you are opening an account with.
SMFX minimum deposit
The minimum deposit amount defined by the account type you will use, while the very minimum for the first grade account is set to a 100$.
SMFX withdrawal fee
Generally, SMFX does not charge funding fees, however, payment providers may add on some fees again according to jurisdiction or international rules, so you better check for them as well. For withdrawals, SMFX allows 2 requests per month free of charge, while further requests will charge 35$ or equivalent.
Conclusion on SMFX
Overall, SMFX Review shows us a broker with flexibility over the trading conditions, options between account types and execution models which all in all bring you comfort through overall trading experience. A quite low spread is another great option from SMFX, also despite its entity in offshore broker complies with European standards of running forex business due to its CySEC license. So overall, we would recommend trading with SMFX as a balanced option for either beginners or seasoned traders.
Nevertheless, we would be glad to know your personal opinion about SMFX, so share your experience in the comment area below, or ask us for some additional information.
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