SmartFX Review

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Review sections

• Investor Protection & Regulations
• Tradable Products
• Account Opening
• Deposit & Withdrawals options
• Web & Desktop Trading Platforms
• Mobile Trading Platforms
• Trading Features
• Commissions & Spreads
• Bonus & Promotions
• Customer Support
• Research
• Trader Education
• Trading Experience
• FAQ
• Conclusion

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SmartFX Video Review

Investor Protection & Regulations

“SmartFX is a brand name of Smart Securities and Commodities Limited which is regulated by the Vanuatu Financial Services Commission (VFSC).”

SmartFX is a brand name of Smart Securities and Commodities Limited which is regulated by the Vanuatu Financial Services Commission (VFSC), as confirmed on the VFSC register below:

The broker’s head office listed on their website is actually the office of an advisory and accounting firm which helps companies set up offshore businesses and obtain licences from the VFSC. They do have a ‘representative office’ in Dubai. The broker is regulated offshore and not by a well-known financial regulator so it is important to read the broker’s Terms and Conditions carefully.

Tradable Products

“SmartFX offers users the ability to trade on more than 130+ financial instruments covering Forex, Indices, Commodities and Stocks.”

SmartFX offers users the ability to trade on more than 200+ financial instruments covering Forex, Shares, Commodities, Indices and Cryptocurrencies. Below is a list of just some of the available financial instruments for trading:

* Details regarding the available assets are taken from the SmartFX website and trading platform and are correct at the time of this review.

Trading costs such as spreads and commissions rates vary depending on the account type opened and instrument being traded and are covered further down this review.

Account Opening

“SmartFX offers one trading account called the Smart Account. Users can also access a demo trading account.”

The Smart Account offers users the ability to:

• Trade on 130+ financial CFD instruments
• Access maximum leverage of up to 1:400
• Trade with minimum order size of 0.01 in Forex
• Have unlimited open and pending orders
• Minimum deposit $500

Opening a trading account is a simple process and can be done in 3 steps by filling out a registration form, attaching proof of identity and address documents and then depositing funds. Users can then manage their accounts, deposits and withdrawals from the SmartFX client portal area.

Deposit & Withdrawals options

“SmartFX offers the ability to deposit and withdraw funds fee-free via bank wire transfer, credit/debit card, Neteller and Skrill.”

SmartFX offers the ability to deposit and withdraw funds fee-free via bank wire transfer, credit/debit card, Neteller and Skrill. All deposits, except for bank transfers, are instant with withdrawals taking 1-3 hours to approve.

Deposits and withdrawals can only be done for clients that have been identified and verified by SmartFX and funds can only be transferred to the source of the original deposit and in the name of the account holder.

All deposits and withdrawals can be done from the client portal area.

Web & Desktop Trading Platforms

“SmartFX offers users the ability to trade on the globally recognised MetaTrader 5 trading platform for desktop.”

SmartFX MetaTrader 5

The SmartFX MetaTrader 5 trading platform is available for desktop download and offers the following features:

• Real-time prices
• One-click trading
• Multi-asset class trading
• 21 timeframes
• 80+ built-in indicators
• Financial news
• MQL5 algorithmic trading

A screenshot of the SmartFX MetaTrader 5 platform is shown below and is covered in more detail in the video review.

Mobile Trading Platforms

“SmartFX offers users the ability to access mobile trading on the go from the MetaTrader 5 mobile trading app for Android and iOS systems.”

SmartFX offers users the ability to access mobile trading on the go from the MetaTrader 5 mobile trading app for both Android and iOS systems. The app download links can be found in the Google PlayStore or Apple AppStore.

The MetaTrader 5 mobile trading app provides a range of different features including:

• Multi-asset class trading
• View real-time prices
• Trade directly from the app
• Manage your account on the move

The SmartFX MetaTrader 5 mobile trading app is covered in more detail in the video review.

Trading Features

“SmartFX does not provide any additional features from what is already available in the MetaTrader trading platform such as the MarketPlace for copy trading services, technical indicators and automated strategies.”

SmartFX does not provide any additional features from what is already available in the MetaTrader trading platform such as access to the MarketPlace. This provides users with the ability to access copy trading services, download customised technical trading indicators and automated strategies.

Commissions & Spreads

“Trading costs with SmartFX involve spreads which vary depending on the instrument being traded and also include commissions of $10 per lot for Forex and Commodities.”

Trading commission on Forex and Commodities are $10 per lot which is higher than the industry average. While there is no reference to the commission on the broker’s website it can be confirmed in the MetaTrader trading platform, as shown below for EURUSD:

The broker says the spreads are ‘competitive’ but there are no further details. However, users can view live spreads in the MetaTrader trading platform. During the European session on a Monday at 9am GMT, Forex pairs were:

• EURUSD – spread 1.6 pips
• GBPUSD – spread 2.6 pips

Bonus & Promotions

“In accordance with regulatory restrictions, SmartFX does not offer any bonuses or promotions.’’

Customer Support

“SmartFX offers customer support via email, telephone and live chat Monday to Friday, 10am to 7pm. They also provide access to an FAQ section.”

SmartFX offers customer support via email, telephone and live chat Monday to Friday, 10am to 7pm. They also provide access to an FAQ section.

After logging into the broker’s live chat service, we were connected to an agent who answered our question within a minute, as shown below:

Contact Information:

• Address: 1st Floor Govant Building, Kumul Highway, Port Vila, Vanuatu, P.O. Box – 1276.

• Email: support@SmartFX.com
• Phone: +97144319003
• Social Media:
  • Facebook
  • Linkedin

Research

“SmartFX provides limited trader research in the form of an economic calendar and daily market analysis which provides support and resistance levels and trading levels for the major markets.’

SmartFX provides limited trader research in the form of an economic calendar and daily market analysis which provides support and resistance levels and trading levels for the major markets, as shown below:

Trader Education

“SmartFX does not provide any trader education materials at this time.”

Trading Experience

“SmartFX provides a simple trading offering to trade on more than 130+ markets from the MetaTrader 5 trading platform.”

From our observations, SmartFX provides a simple trading offering to trade on more than 130+ CFD instruments covering Forex, Indices, Commodities and Stocks. The broker could have more information regarding their services on their website. For example, it’s not obvious that Forex and Commodities commissions are $10 per lot, however, this can be found in the MetaTrader platform.

Users can trade from just one account and access maximum leverage of 1:400 from the MetaTrader 5 trading platform for desktop and mobile. The platform is feature-rich and users can also access the MetaTrader Marketplace for additional services.

FAQ

Is SmartFX regulated?

Yes, by the VFSC.

Where is SmartFX based?

SmartFX is based at 1st Floor Govant Building, Kumul Highway, Port Vila, Vanuatu, P.O. Box – 1276.

How does SmartFX make money?

SmartFX makes money mainly through spreads and commissions on certain asset classes.

How do I deposit in SmartFX account?

Funds can be deposited into a trading account via credit/debit cards, Neteller, Skrill and bank transfer.

What is the min. deposit for SmartFX?

The minimum deposit is $500.

How do I withdraw money from SmartFX?

Funds can be withdrawn via credit/debit cards, Neteller, Skrill and bank transfer.

What is the max leverage in SmartFX?

The maximum leverage offered by SmartFX is 1:400.

How do I open an account with SmartFX?

An account can be opened at the click of a button on the SmartFX website and can be done in just a few steps.

Does SmartFX use MetaTrader?

Yes, MetaTrader 5.

Conclusion

“SmartFX offers the ability to trade on more than 130+ financial CFD instruments covering Forex, Indices, Commodities and Stocks from the MetaTrader 5 trading platform.”

SmartFX is an offshore broker regulated by the Vanuatu Financial Services Commission (VFSC) providing the ability to trade on more than 130+ financial CFD instruments covering Forex, Indices, Commodities and Stocks. Commissions for Forex and Commodities is $10 per lot.

The broker offers one trading account to access all markets with a maximum leverage of 1:400. Users can also trade from the MetaTrader 5 trading platform for desktop and mobile and access a daily market report with customer service via live chat, email or phone 10 am to 7 pm Monday to Friday.

• 130+ CFDs to trade on.
• Can trade on MetaTrader 5.
• Economic Calendar provided.