SmartFX Review: Reliable and Trusted Broker

SmartFX operates in FX and CFD markets since 2022. Their owner is Smart Securities and Commodities Limited, which is registered in Vanuatu. Everyone knows what offshore countries are offering to companies. Even though this broker is an offshore entity it provides some surprisingly good options, like Meta Trader 5. But sometimes not even that is enough.

What makes this broker truster or non-trusted read in this unbiased SmartFX review?

In addition, we recommend reading our reviews about brokers Xpro Markets, FXGM, and Mex Atlantic.

SmartFX Is A Regulated Broker?

Firstly, we need to clarify the difference between registration and license number. Any registered company has its registration number or company number. That means that they are registered as a business. However, any business that requires licensing should be licensed by a specific authority to get that license.

In this case, Vanuatu Financial Services Commission is the one that provides those licenses. Looking in their register we could find a SmartFX broker. However, Vanuatu is an offshore and quite loose license provider.

That’s why we always recommend looking for Tier 1 regulated brokers. Some of those regulators are FCA, BaFin, and ASIC. They simply provide higher security levels and more benefits for traders. But SmartFX trading company is not listed in any of these registers.

This is a poorly regulated offshore broker. They don’t provide any Tier 1 level of security for their traders. Besides MT5 as a trading platform, nothing else is so attractive for pro traders. Especially when you realize that you don’t have negative balance protection.

Available SmartFX Broker Trading Software

Trading software is quite an important aspect for traders. Especially for pro traders. Your trading results are in direct correlation with trading tools and features of the platform. That’s why traders often look for social and copy trading options. Besides that, these days traders are looking more often for automated options. Which is exactly what trading companies advertise the most.

MetaTrader 5

All features we just mentioned are available with Meta Trader 5 (MT5). Primarily, traders choose this software due to copy trading and algorithmic options. In addition to that, they have available built-in VPS for forex trading. But don’t let all these features fool you. Besides the trading platform, traders should check other conditions like negative balance protection and withdrawal policies.

MT5 Mobile

MT5 is established as the most reliable platform for multiple reasons. One of those is access to the fastest and most reliable mobile trading apps. It is available for any Android and iOS device. More importantly, the mobile app doesn’t lack any of the features that the desktop version has.

SmartFX’s Trading Assets and Instruments

SmartFX broker has very good instruments classes coverage. But with high leverage up to 1:400, this is very dangerous for traders. Important to realize is that no UK, EU or Australian regulator allows such high leverages.

Have this in mind when you are choosing a broker. However, they have available the following instruments:

• Forex – USD/JPY, AUD/SGD, EUR/NOK
• Commodities – natural gas, crude oil, gold
• Indices – UK 100, AU 200, US 500
• Shares – Coca-Cola, Tesla, Qualcomm
• Cryptocurrencies – BTC, ETH, LTC

What Are The Different SmartFX Account Types?

SmartFX broker offers quite uncommon options for its traders. There is only one trading account type available. It’s a SMART account type with not-so-favorable trading conditions. With leverage up to 1:400 and spreads from 2 pips for basic currency pairs we suggest you look for another broker on time.

Especially considering some negative SmartFX reviews. In this case, traders experienced issues with closing their trades and hidden fees.

Can a Trader Use a Demo Account?

Unfortunately, traders can’t get access to a demo account unless they register with this broker. Afterward, you might be a target of many spam calls. Even though they provide access to a demo account, we couldn’t check all trading conditions. Therefore, it remains unknown if they are matching live trading account conditions.

SmartFX Partnership Program – What Does It Include?

There are two options to enter a partnership program with a SmartFX broker. Both of them are commission based. Whether you apply for the IB program or the White Label program, you need to bring clients to this broker. For every active trader, you are getting a certain percentage as a commission. But if you think about it for a second you will realize that no trusted broker needs this.

Terms and Conditions for SmartFX – What You Should Know

As can be seen, some traders experienced non-expected fees with this broker. Even though they claim to offer deposits and withdrawals without fees, traders can expect potential issues here. It’s good that this broker provides trusted funding methods like wire transfers, bank cards, Skrill, and Neteller. Therefore, you can easily require a chargeback in case anything goes wrong.

Leverage, Spreads, and Fees

Leverage of 1:400 is already violating all ESMA rules for trading in the EEA zone. Traders from that zone should check these trading conditions with their domestic regulator first. On the positive side, they have competitive spreads. On the negative side, this broker doesn’t charge any non-trading fees. However, some traders experienced hidden commissions from this broker.  

If you check any SmartFX reviews, you can find some traders with this issue. That’s why Tier 1 regulated brokers are often more favorable. They are required to provide all conditions transparently.

What Should I Do If I Have SmartFX Problem?

Firstly, traders should always opt for a solution with a regulator. From our experience, only Tier 1 regulators can really do some due diligence and solve traders’ issues. Most of the time traders have issues with withdrawals. If that’s the case, our fund recovery team is there to guide you step by step on how to recover your money.

Don’t let anyone get away with it. To book your free consultation, get in touch now!

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