Smartytrade is the trading brand of Olma LTD, an offshore trading platform supposedly registered in the Marshall Islands. The broker’s website offers a simple web-based trading platform with high leverage.
Is Smartytrade legit or just another Marshall Islands fraud like MultiLP? Read our unbiased and truthful Smartytrade Review to find out and also learn how you can get your money back from cyber scammers.
| Regulated by: | Unregulated Offshore Broker |
| Is This Company Safe? | No |
| Known Websites: | smartytrade.com |
| Have Warnings from: | N/A |
| Registered in: | Marshall Islands |
| Operating since: | 2020-12-16 |
| Trading Platforms: | WebTrader |
| Maximum Leverage: | 1:100 |
| Minimum Deposit: | 50 USD |
| Deposit Bonus: | 50%-150% |
| Trading Assets: | Forex, CFDs, Binary Options |
| Free Demo Account: | Available After Deposit |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank or financial regulator, or simply reach out to us for professional assistance in recovering your funds. |
Legal Info: Is Smartytrade Regulated?
The Marshall Islands is not considered a safe jurisdiction simply because the local regulator is not up to par with esteemed onshore authorities in terms of enforcing financial market regulations.
Therefore, an entity registered there cannot be considered properly regulated. For instance, offshore brokers are not liable to compensate clients in case of insolvency or suspicious losses. Also, they aren’t required to segregate traders’ funds in a different bank account.
Some other Smartytrade reviews we found suggest this brokerage firm is based in Canada, which contradicts the information on the website. For all these reasons, we do not recommend you trade on this platform.
Instead of trusting offshore imposters, you should stick to regulated providers operating under the supervision of esteemed financial authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), MAS (Singapore), CySEC (Cyprus), etc.
Who Are Smartytrade’s Targets?
According to godaddy.com/whois, the Smartytrade.com website domain was created on December 16, 2020. Since then, the dubious brokerage has mainly been offering services to unwary traders who reside in the following countries:
- United Kingdom;
- United States;
- Canada;
- India.
Unlike the Marshall Islands, these countries are known for heavy financial market regulations, especially the UK and the US. A common law they have in force stipulates that each financial market participant is required to possess a necessary license or permit for it.
Not only is Smartytrade unlicensed, but the broker directly violates the regulations that these countries have. For example, the broker offers leverage up to 1:100 but the legal limits for retail clients in the UK and US are 1:30 and 1:50, respectively. If you’re an American trader, we suggest you check out Lightspeed.com.
Trader Reviews – Sharing Experiences
At the time of this writing, Smartytrade had six reviews and an average score of 4.2/5 (great) on trustpilot.com. Even though these are positive reviews, we suspect they are dishonest.
The website has been active for three years and yet these reviews started appearing in the last two weeks. On the other hand, we found several complaints against the broker on scamadviser.com.
“After you manage to grow your balance and decide to withdraw your money then these so called legitimate platforms refuse to answer,”
one trader said, which comes as no surprise given Smartytrade’s shady status.
Fake reviews are a common trick scammers use to paint an illusion and deceive traders so please avoid trading on unregulated platforms and instead stick to transparent and licensed providers.
Which Trading Platform Is Available?
Smartytrade claims to offer a web-based platform that supports trading popular instruments and options such as Forex currency pairs, CFDs, and binary options.
However, the demo account is only available after you open a live account and deposit real money in it, which we have refused to do and so should you. Web platforms are lackluster anyway.
If you want a pure trading experience, you should stick to licensed providers that support proper third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.
MT platforms are arguably the best in the industry, enabling traders to utilize innovative tools such as automated & algorithmic trading, advanced charting, live market reports, branch optimization, 20+ timeframes, EAs, a user-friendly interface, etc.
Available Live Account Types
| Account Type | Bronze | Silver | Gold |
| Minimum Deposit | 250 USD | N/A | N/A |
| Maximum Leverage | 1:100 | 1:100 | 1:100 |
| Deposit Bonus | 50% | 100% | 150% |
Leverage, Spreads, Commissions, Bonuses
The maximum leverage that Smartytrade offers is 1:100, which, as we mentioned, is significantly higher than the legal cap for retail clients in Europe (1:30) and North America (1:50). High leverage can amplify potential profits but also potential losses, making it pretty risky.
Trading costs, i.e. spreads and commissions were not disclosed but the FAQ section says that on a 50/50 binary options trade, the platform charges a 15% commission on profits.
Moreover, the broker awards clients bonuses, which, by the way, are banned in Europe. These pesky incentives come with strings attached though. “In order to withdraw any bonus amount, the deposit amount on which the bonus was awarded plus the bonus amount must be turned over a total of 20 times,” the bonus policy stipulates.
That’s a pretty insane trading volume requirement, not something you would want in your contract so please avoid dealing with this cunning con broker.
Deposit and Withdrawal Process
Smartytrade states that there are three available payment methods that can be used to fund live trading accounts:
- Credit/debit cards (MasterCard, VISA);
- Wire transfers;
- Cryptocurrencies.
In case you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction. Wires can be reversed via a recall but this action can only work for transactions yet to be completed.
To reverse crypto transactions, you’re going to need to seek out professional assistance as these types of payments can be a nightmare to refund. Luckily, we have a team of experts that can help you recover your funds.
Key Facts To Consider About Smartytrade
To sum up, Smartytrade is an unreliable offshore broker that targets mainly traders from the United Kingdom, United States, Canada, and India.
We do not recommend this platform because it is unregulated, plus several traders reported withdrawal issues. In case you have also lost money to the Smartytrade scam, you must seek our professional help to recover your funds!
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.
Book your consultation with us today and start the fund recovery process.
FAQ Section
What is Smartytrade?
Smartytrade is an offshore broker that offers users an online trading platform with high leverage for Forex, CFDs, and binary options.
Can I File a Smartytrade Complaint to the Authorities?
You can report the broker to your local regulator but you won’t get compensated. If you want to retrieve your money, we can help you.
What Should I Do If I Was Scammed Online?
Book a free consultation with Scam Brokers Reviews and tell us what happened. Our experts will explain how the chargeback works.
