Looking to read Smart Markets reviews, you are in the right place. Should you trade with Smartmarkets.fm? Read reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What is Smart Markets?
Smart Markets FX otherwise known as Smartmarkets.fm is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
The broker offers different account types. According to the account description, it presents a leverage capped 1:200 and a spread of 0.2 pips.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
What We Discovered about Smartmarkets.fm Regulation
First of, this broker claims incorporation in St. Vincent and the Grenadines.
But, Saint Vincent and the Grenadines SVG is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not license forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
Smartmarkets.fm also claims to be governed by the law of Marshall Islands. What to know, the Marshall Islands is a nation where a forex brokerage can incorporate itself without having a physical presence on its territory, making it extremally easy for all sorts of shady players to open an online business.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly putting your funds at a risk of scam.
These drawbacks are for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Smart Markets Minimum Deposit
The broker Smart Markets FX has specified $250 as its minimum deposit based on its account type. In contrast, licensed FX brokers clearly spell out their regulations and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, the Smart Markets broker accepts deposit via credit/debit cards, Bank transfer and Bitcoin.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Smart Markets Platform:
Smart Markets FX offers a web trading software. The platform comes with some basic tools and custom indicators but nothing more advanced.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Smart Markets Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
It is not far from believing that Smartmarkets.fm is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Smart Markets located at Smartmarkets.fm appears like a trustworthy trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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