SmartFX Information
SmartFX, which was created in 1995 and is based in Vanuatu, claims to be a forex and CFD broker, but it is actually a shady clone that makes false claims about its regulatory status. It has more than 2,000 instruments on the MT5 platform and high leverage of up to 1:400. It also has competitive spreads and both live and demo accounts. However, traders should be careful because it is not clear what its regulatory status is.
Pros and Cons
Is SmartFX Legit?
SmartFX is a suspicious clone broker using fake licenses. It falsely claims regulation under CySEC and VFSC, but the official CySEC license (No. 316/16) belongs to SSC Smart FX Ltd with a different website and contact details, and the VFSC license (No. 40491) belongs to SMART SECURITIES & COMMODITIES LIMITED, with no matching domain or company details.
What Can I Trade on SmartFX?
SmartFX provides an array of tradable products, such as forex, commodities, indices, equities, and futures, but does not offer cryptocurrency or ETFs.
Account Type
SmartFX has a single live account type (Smart Account) and a demo account option. It makes no mention of offering Islamic accounts. The Smart Account is designed for both new and experienced traders, with competitive spreads, access to over 2,000 instruments, and leverage of up to 1:400.
Leverage
On its Smart Account, SmartFX gives you leverage of up to 1:400. High leverage can make potential returns bigger, but it also makes the chance of big losses much higher, especially in markets that change quickly. Traders should be careful when using it.
SmartFX Spreads
SmartFX's rates are generally in line with what other companies in the industry charge. For example, its primary Smart Account has low spreads and no extra commissions.
Trading Platform
Deposit and Withdrawal
SmartFX doesn't impose fees for deposits or withdrawals, but international banks might. It's not clear what the minimum deposit is.
Vanuatu
FX1485380491
Nigeria
An Smartfx agent has defrauded a lady from her hard earned money (R18 000). Check our previous post. Stay woke people, Forex is not about the lifestyle below the chats and transaction evidently
Exposure
Sandence
Taiwan
Leverage levels are just what I need, but the minimum deposit is a bit steep for my budget. Hoping to grow into it soon.
Neutral
Judy88
Nigeria
Just started with SmartFX and I'm genuinely surprised by how quick it was to get going. Filled out the form, uploaded my docs, and was trading within hours.
Positive
领航
United Kingdom
I opened my demo account and after a month of my live account, I have a long way to go but I like it. I am happy with their trading conditions. I am new to this and still learning. God blesses.
Positive
Lord
Peru
The company's website looks pretty good, but security is the most important thing when choosing a broker... so when I saw on wikifx that this company doesn't actually have any regulatory information, I decided not to trade with it. I think I made the right decision!
Neutral
eleven13236
United Kingdom
I have demo trading for a week and have not found any problems. I am very grateful to their customer service for their patient answers. Every time I have a question, I will go to them, and they can always answer me enthusiastically and professionally.
Positive