Leverage: 1:30 | 1:500
Min. Deposit: 100 US$
Found in: 1997
Leverage: 1:30 | 1:500
Min. Deposit: 100 US$
Found in: 1997
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 trading 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 trading 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.
|Forex and CFDs offered||Phone support not available 24/7|
|Using MT4 trading platform|
|Fast account opening and free|
|No commission deposits and withdrawals|
|📉 Instruments||CFDs on Commodities, Forex, Metals, Indices and Energies|
|💰 EUR/USD Spread||1.8 pips|
|🎮 Demo Account||Available|
|💳 Minimum deposit||100$|
|💰 Base currencies||USD, EUR and GBP|
|📚 Education||Not provided|
|☎ Customer Support||24/5|
As we mentioned already in our SMFX Review, 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.
|CySEC regulated international broker||Operate offshore entity In Belize|
|Global coverage and years of operation|
|Negative Balance Protection applied|
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.
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.
While trading with SMFX you will be offered also to use leverage, a great tool allowing to increase your trading size in a defined number of times. As a European broker, you also will automatically comply with ESMA restrictions towards leverage, thus you won’t be able to access high leverage since regulator lowered leverage ratios to a maximum of
Nevertheless, since SMFX runs also an entity in the offshore zone available for international clients, 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 combines trading functionality also with a wide suite of products and a quite competitive pricing, along with options between three account types.
|Fast digital account opening||None|
|Three Account types|
|Option between trading fee models|
|Account Base currencies including USD, EUR and GBP|
SMFX offered accounts are Standard, VIP and ECN one where the conditions vary as feature better cost wise as long as the account is a higher grade. Also, the ECN account is a different price model where costs are built into the commission, means you will see interbank raw spread on your order and will pay commission per order.
|Low , Average Forex fees||Inactivity fee|
|Options between spread only or commission fee basis|
|0$ Withdrawal fee|
|Micro Lot trading available|
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, while generally we found fees low and average level compared to the competition, also you may see another popular broker Synergy FX.
|Asset/ Pair||SMFX Fees||AvaTrade Fees||eToro Fees|
|EUR USD||1.8 pips||1.3 pips||3 pips|
|Crude Oil WTI||4 pips||3 pips||5 pips|
Through a low-latency solution, SMFX provides developed service with tight spreads and access to FX, Metals, Energy and Indices assets. The range of supported Currency Pairs is a good one, where you will find major, minor and exotic pairs, also with Leading Shares and Commodities and binary options available at international offering. Yet note, ECN trading Account does not support Indices trading, so always verify info with the support center.
Lastly, to deposit or withdraw funds you may use proven methods so the transfer will be convenient and safe as well.
Options themselves including
Available for Cyprus entity, also you need to check with customer service in case alternative options available according to your region or residency, as long as the international branch offers much more deposit methods. Also, conditions and payment options may vary according to the entity of SMFX you are opening an account with.
SMFX minimum deposit amount is 100$ the very minimum for the first grade account where cots are built into a spread.
SMFX minimum deposit vs other brokers
|SMFX||Most Other Brokers|
SMFX does not charge funding fees, however, SMFX withdrawal payment providers like Banks and Credit Cards 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 request will charge 35$ or equivalent.
Typically, SMFX confirms withdrawals within 1-2 business days, so its isn’t a very long process to withdraw money from SMFX. Yet, always allow additional days that your payment provider may take in order to process the transaction.
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
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.
|Mainstay on MetaTrader4||None|
|User friendly design|
|Price alerts and push notifications|
|Web, Mobile and Desktop versions|
MetaTrader Web Trading will bring you all the benefits and powerful capabilities’ without any download or hustle, simply go to any internet browser and login to your account. Its flexibility I one of the main points why MT4 Webtrader is very much regarded and used by various traders, there you will find basic tools and capabilities essential for everyday trading.
However, advanced traders would prefer the desktop version as it features much more customization capabilities and tools to use, which is suitable for any operating system either iOS or Windows.
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.
The mobile app is also offered with its simple to use and still a good range of tools allowing you to make analysis and trade on the go. Also, MT4 mobile is adjustable with its charting features and good support you will definitely enjoy.
Lastly, you should always consider support the broker provides, and as we found in our SMFX Review here the broker also trying hard to be by your side. You can contact SMFX support at your convenience and get a relevant and appropriate answer to your concern. Even though broker does not provide support 24/7 you will find it reachable within working days and hours.
Alongside with competitive trading conditions, SMFX also supports traders with market updates together with an economic calendar and other tools available for your free use.
However, there is no specified Forex education or courses, videos provided. You can definitely enjoy vast of research tools and other trading essentials, together with ideas, but not education itself, so if you’re very beginner you better sign in for some learning course from the third party.
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.
SMFX trading name and website is not active, however the registered company in Cyprus operates another two trading brands ScopeMarkets and SMcapitalmarkets.
We recommend doing your research and check on trading reviews.
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