SmartFX Exposed: 4 Warning Signs Traders Can’t Ignore

Facing losses due to manipulative forex trading that takes centre stage at SmartFX? Move out of this ship before it sinks and leaves you with virtually no capital on hand. Many of your fellow traders have been experiencing trading issues with this scam forex broker. They fail to receive withdrawals, face trade losses, and have an overall worse trading experience with this broker. In this article, we will expose SmartFX by showcasing its four red flags that traders like you cannot ignore.

Revealing the Red Flags for SmartFX

1. Unregulated Forex Broker

The biggest risk of trading with SmartFX is that it is an unregulated forex broker despite operating for more than five years. Imagine the numerous customers this Vanuatu-based forex broker would have scammed through its journey. Unregulated forex brokers, such as SmartFX, do not need to share records with the regulator, which minutely checks every detail before allowing regulated brokers to continue their operations.

2. Manipulative Trading Hurts Traders

Keeping the traders unaware, SmartFX carries out its financial mayhem. Closing the trade at a loss for traders is increasingly becoming the norm for this scam forex broker. When traders complain about it, SmartFX admits its mistake and assures them of no foul play going forward. However, the company officials keep committing trading mistakes intentionally to pile losses for the traders. One such investor shared his anguish over the manipulative trade that affected him. Take a look at the complaint screenshot.

3. Losses Worth Over R18000

The agents at SmartFX are not kind and empathetic to traders who invest a significant sum to boost the company's deposit balance. Some years ago, a lady was duped by a SmartFX agent of an amount exceeding R18,000. Here is the screenshot supporting this complaint.

4. Overall Ratings

Given the numerous scams SmartFX has inflicted on traders, the rating has not been good for the broker. WikiFX, a leading forex broker regulation inquiry app, has assigned it a poor score of 2.27 out of 10.

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