SmartFX Market Review – Should you Trade with this Broker?

SmartFX Market Review

The financial markets seem to be bursting at the seams with online broker these days, all because of the interest and excitement surrounding them. Everyone is looking for a platform they can use for trading and new ones are being introduced every other day. But, this doesn’t mean that every platform offers the same features and tools. It is possible to distinguish between them and this should actually be prioritized because scammers are also looking for an opportunity to take advantage. For instance, SmartFX Market may seem like a good option on the surface, but only SmartFX Market review can disclose the reality.

It is important to do so because most of the scammers are quite skilled at creating impressive and sophisticated websites and they also make tall claims to lure people in. Most people who don’t know how to spot these scams fall for these promises and end up suffering from heavy losses. Of course, you don’t want to do so and the best way to ensure it doesn’t happen is by going through this SmartFX Market review. Let’s get started:

Background

Portrayed as one of the only true ECN forex brokers, SmartFX Market claims to provide trading solutions for scalpers and active day traders, along with those who are new to the foreign exchange market. Its offerings are rather impressive, including a number of cutting edge trading platforms like the industry standard MT4, MT5 as well as cTrader. Other offerings include spreads beginning almost from zero, leverage that goes as high as 1:500, a total of four account options, great liquidity and excellent and guaranteed low latency connectivity.

As for their trading products, SmartFX Market is offering more than 90 currency pairs and a variety of CFDs on assets, such as commodities, stocks, indices, precious metals and fossil fuels. They are also promising ultimate trading conditions and their offices can be found in Sydney, London, Hong Kong, Singapore and Dubai, as they abide by the highest regulatory standards.

All of this appears to be a very neat and appealing package and many will fall for it. It becomes apparent later that SmartFX Market is not what it seems to be.

Regulation and Licensing

According to SmartFX Market, they have offices that are located in Sydney, Dubai, Hong Kong, Singapore and London because they are catering to traders all across the globe and this is quite inspiring. However, if you take a look at their regulatory and licensing status, you will find that they claim to be under the regulation of the Australian Securities and Investment Commission (ASIC). In order to be regulated by the ASIC, brokers need to comply with some strict regulatory standards, including audit requirements and capital adequacy.

Thus, if SmartFX Market was truly regulated by the ASIC, it would have definitely been something. But, if you check their registers, you will not be able to find a company by that name. Not only does the broker have no Australian address, they are not registered in Australia. In fact, if you scour their website, you will find that they have a post box address in the United Kingdom. These discrepancies are common amongst scam brokerages and you need to be on your guard immediately.

Plus, if they were really based in the UK, then SmartFX Market should have been regulated by the Financial Conduct Authority (FCA).

Trading Platform

As stated above, you can find cutting edge trading platforms with SmartFX Market, but this doesn’t really seem to be the case. They ask you to install an unbranded form of MetaTrader4 from Google Play, while a trial version of the MT5 taken from its developer’s homepage is offered. There is no legitimate trading platform you will find.

Final Thoughts

Along with these problems, SmartFX Market is also advertising its platform as a get rich quick scheme, which it shouldn’t be doing. Regulatory standards do not permit brokers to do so and it is best for you to not trade with this broker.