SmartFX Market review – 5 things you should know about smartfxmarket.com

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Beware! SmartFX Market is an offshore broker! Your investment may be at risk.

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We are reviewing SmartFX Market, a shady brokerage claiming to be headquartered in London but regulated in Australia. They advertise standard Forex trading with tight spreads, increased leverage and low deposit requirements. Allegedly, they provide both MetaTrader4 and MetaTrader5 to their clients, and we are going to check whether this is true or not. In fact, we are going to expose this broker as a scam, and you’ll see how we did it in the full SmartFX Market review.

SmartFX Market REGULATION AND SAFETY OF FUNDS

As already mentioned, SmartFX Market is purportedly headquartered in the UK. Throughout the website, they claim to be ASIC regulated in Australia, but their statements turned out to be fraudulent because there is nothing about such an entity in the authority’s register. We also inquired into the British regulator FCA but didn’t find anything either. So, SmartFX Market is unregulated, and your funds are not safe if you deposit with this broker. 

Avoid SmartFX Market and see the high-rated EU brokers and British brokers, which are reputable and genuinely regulated. We recommend those companies because the European deposit insurance funds protect clients’ money in case of insolvency or fraud. For example, CySEC brokers’ clients can claim up to 20 000 EUR while the guarantees in Britain are even up to 85 000 GBP. Unregulated companies not only can’t secure any protection but would most likely scam you, so make sure to stay away from such entities.

SmartFX Market TRADING SOFTWARE

SmartFX Market claims to provide MetaTrader4 and MetaTrader5, but that’s not true. The only platform you can download is an MT5 distribution, but it’s the generic one. To put it simply, this is the software you can get from the MetaTrader website, and you can open demo accounts only. Real trading is impossible, so SmartFX Market only takes advantage of the platform’s popularity to entice people into their fraudulent scheme. 

On the other hand, the MetaTrader4 brokers and MetaTrader5 brokers on top of both lists are proven to deliver the best trading software in the industry. MetaTrader develops reliable platforms providing advanced features such as Expert Advisors, complex indicators and excellent charting tools. MT clients can also benefit from the marketplace with more than 10 000 trading apps and third-party developed tools.

As there is no functional platform, we can’t discuss real-time spreads and leverage levels. However, SmartFX Market says to deliver spreads as low as 0.0 pips, but that’s falsehood. The Buy/Sell difference, also known as spread, forms part of the trading costs, and the lower it is, the better the trading conditions. SmartFX Market is a scam, and you should avoid it, but it’s not as hard to find reputable brokers offering a difference of 1 pip and below. You can do so by just following the links provided throughout this review. 

SmartFX Market makes fraudulent claims about the leverage, too. They purportedly provide up to 1:500, a high-risk ratio that can cause severe losses if not carefully deployed. 

In fact, leverage is so dangerous that many financial authorities enforced regulations to reduce leverage-related losses. As a result, EU, British and Australian brokers have to limit their clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t offer more than 1:50. Most of the high-leverage FX companies are poorly regulated and very likely a scam, so be cautious. 

SmartFX Market DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit with SmartFX Market is said to be $10 to open their Silver account, a decent requirement, only if it was a decent broker. However, in different places throughout the website, they claim that the minimum to start trading is $100 and $200 respectively. The people behind the broker are either careless or knowingly misleading customers, but in both cases, that’s evidence of a scam. 

The funding methods enlisted are many- Credit/Debit cards, Wire Transfers, Skrill, Neteller, WebMoney and other e-wallets. Yet, we can’t verify that all of those are actually accepted because we refused to submit Proof of ID documents and test their deposit systems.

While talking about deposits, see the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers on the lists if you have trusted payment systems. The brokers topping the lists are strictly regulated, and you wouldn’t come across scammers. 

The information about withdrawal requirements and fees is missing. The broker doesn’t present legal documents but only a FAQ section with some trading conditions determined. The absence of documentation is a major red flag, making their business illegal because T&Cs, Client Agreement, User agreement and so on serve as contracts between both parties. You shouldn’t ever deposit money with a broker unless you’ve signed an agreement. 

Overall, SmartFX Market is a scam we exposed in this review, so stay safe and avoid it.

HOW DOES THE SCAM WORK

Internet is plagued by scammers’ fraudulent ads and deceitful social media profiles, promising get-rich-quick schemes, and it’s tempting to at least have a look.

If you click on and provide your e-mail and contact numbers, they’d ring you at once. You’ll be offered bonuses, managed accounts, risk-free deals, guaranteed profits and so on. Most scammers are seasoned manipulators, and while trying to strike a deal, they would inevitably ask for your bank card details so that you can start investing straight away. However, their actions would indicate urgency, and that’s a treacherous sign and evidence of a scam. So if someone pushes you over the phone to start trading ASAP, then it’s most probably a scam.

Nevertheless, the first deposit is just the beginning. Gradually they’d ask for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d demand from you to fund your account over and over again for no obvious reason. Reputable companies wouldn’t push you to make deposits, so if you feel pressurised, that’s apparently a scam.

WHAT TO DO WHEN SCAMMED

Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.

Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!

Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!

Share online your experience; it’s important to protect others, as well. Be responsible!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-04-27

Reviewed Broker

SmartFX Market

Broker Rating

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