SMM Limited Review – Non-Compliant Broker Goes Into Hiding
SMM Limited Review – Non-Compliant Broker Goes Into Hiding

The suspicious scope of business this firm was practicing was mainly oriented towards stealing deposits from retail Forex investors. 

Their fraudulent strategies and unscrupulous methods are revealed in the following SMM Limited review. Please pay attention to the following lines if you are one of the victims that has lost their life savings to a cyber criminal with a now inactive site.

Regulated by: Unregulated Broker
Is This Company Safe? This company has disappeared with their clients’ deposits!
Known Websites: (inactive)
Have Warnings from: N/A
Registered in: UK (alleged)
Operating since: 2024
Trading Platforms: Web
Maximum Leverage: N/A
Minimum Deposit: 200 EUR/USD/GBP
Deposit Bonus: N/A
Trading Assets: N/A
Free Demo Account: No
How to  Withdraw from This Company? For help with withdrawals from inactive brokers, contact our legal assistance team!

Unregistered and Unregulated

Earning the trust of their unsuspecting victims was a prioritized goal of the SMM Limited scam. In order to appear legit and trustworthy, these charlatans used to claim they were registered in London, UK. Once we checked the address in the UK Companies House the name that came up was Bristol Holdings Of London Ltd. This company was dissolved in July 2019, long before the broker in question was established. 

Since every online financial services provider in the UK has to obtain a FCA license if they intend to run a legit business, we immediately checked this database or regulated entities. However, the company we’re reviewing is not among legally incorporated firms. 

Therefore, it’s crucial to note that trading platforms similar to this one and GSI Markets, which is notorious with several authorities, are never safe for investing with.

Reviews Reveal the Con Scheme

While the majority of information is wiped clean, we can get a good feeling of how the fraud functioned by reading the SMM Limited reviews.

On TrustPilot the mods have detected the deception and frozen the company’s account due to the large number of fake reviews. The situation is much the same on SiteJabber and, while numerous Redditors openly warn people about the company.

Reading the comments, it became obvious that the platform functioned as a boiler room fraud. It involves numerous individuals working by phone, and soliciting the service to unwary investors. The fraudsters start with small amounts at first, but these quickly spiral out of proportion.

Eventually, the victim becomes suspicious and wishes to withdraw the alleged profits, only to be met with a cold shower and blocked communication.

Who Are The Main Targets?

The website history is so well hidden that there is no information about it on WhoIs. Analyzing other aspects of the site, we have managed to determine that was launched in 2024.

Traffic data suggest that the fraudsters are most active in these areas:

  • United Kingdom
  • Lithuania
  • Germany
  • Canada

The company used several social network profiles to gain more traction, including CrunchBase and various affiliates on LinkedIn and YouTube.

If you’re one of thousands whose money was stolen by these charlatans, contact our experts. With the site shut down, the time is of the essence and it is important to start a recovery procedure as soon as possible.

Stealth Fees

One certain characteristic of an illicit trading portal is the fact that fees are never transparently communicated with the clients. These hidden costs typically encompass a range of additional taxes, commissions and payments demanded from clients. 

None of these costs were previously disclosed and are subject to constant changes. Examples are hidden withdrawal terms and fees, inactivity fee, conversion fee and other taxes. At that, these miscreants have also never revealed even the basic trading parameters, such as leverage and spreads.

Other Red Flags

Lack of transparency is just one of the reasons why no one should ever invest with dishonest portals like Pionex and the one we’re reviewing now. Paired up with hidden fees are always dysfunctional software, over expensive packages and completely useless tools. The following offer is no better.

Modified Web Terminal Facilitates Scam

Vast majority of fake brokerage firms offer a simplistic, rudimentary web software for trading. Little do the victims know how heavily manipulated and controlled this trading terminal is. By modifying the data, price movements and market events, financial swindlers can easily cause harm to retail Forex traders. 

Therefore, you should stay away from unreliable investment options and schemes and only stick to strictly regulated software and Forex providers.

Unclear Choice of Assets

It’s not uncommon to see suspicious sites blabbering about a rich palette of financial instruments available, while there’s no actual proof of that. SMM Limited trading instruments were never revealed on the site. As a matter of fact, besides Forex and crypto assets no other tradable assets are even remotely mentioned. 

Live Trading Accounts Only

Since there was never any explanation given about the available packages, we can assume that only live trading accounts were available. Since the SMM Limited website is not inaccessible, it is difficult to determine what was the minimum deposit requirement. 

Some of the victims report about being asked to make a deposit of 200 USD/EUR/GBP in order to gain access to live trading server. None of the other features or available tools were discussed.

More Extortion Through Payout Fees

Unlocking the SMM Limited withdrawal option was typically conditioned by advanced fees. Victims were led to believe they’d be able to cash in their fictitious profits if they pay large sums in advance. Moreover, the only available funding method was crypto. 

It is never a good idea to make crypto purchases. Besides being instant and hardly reversible, these transactions are extremely hard to track unless you have the skills and software for the purpose.

Zero Customer Care

No helpline whatsoever was available for the clients that were facing transaction issues or other difficulties. After all, boiler room operators are only available when they want to convince you to deposit. Otherwise, you can’t establish communication with them if they don’t want to.

Got Scammed? Contact Our Experts!

The fraudulent operation known as SMM Limited broker used to solicit unlicensed financial services to unwary investors. Any trading on the site was just a ruse, intended to encourage further spending from the victims.

It is becoming exceedingly urgent that you start a recovery procedure soon, since the swindlers are likely to go into hiding. Use the live chat on our site to book a free consultation with our experts, and start fighting back for your money!

FAQ Section

What is SMM Limited?

It is a fake online broker fraud, perpetrated through the use of a boiler room.

Is SMM Limited Legit?

No, the company is completely fake. Their services are unlicensed and unregulated, and the firm is known for stealing from their clients.

Can I Get Money Back If a Broker is Inactive?

It is possible to recover the funds even after the scammers have gone offline. Contact our professional team via the live chat to learn more.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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