Thinking of getting into business with FX Smart Broker? Here is what you must know about this broker. Carefully read this review to find out if fxsmartbroker.com is the trading platform you will want to trade with.
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About FX Smart Broker Broker
FX Smart Broker is an offshore brokerage company with a lot of promises for traders. The broker shows it is from Dublin, Ireland.
There are different account types the broker offers. See below.
To clarify, in spite the trading instruments FX Smart Broker claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
fxsmartbroker.com: Reasons to Avoid This Broker
Firstly, fxsmartbroker.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Central Bank of Ireland does not recognize this broker has a licensed entity.
Secondly, we noticed fxsmartbroker.com has no demo account for traders. Since traders can’t test FX Smart Broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders 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.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, the processing timeframe is 3 to 5 working days. In regards to fee, FX Smart Broker claims zero fee on any withdrawal.
Minimum Deposit
The broker minimum deposit is pegged $1000.
As for the payment methods, FX Smart Broker accepts Debit/Credit, Skrill, Wire Transfer, Neteller and more. But, you should not consider making any payment with this broker because it is a risk. So beware!
FX Smart Broker Platform
FX Smart Broker offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1:500. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
FX Smart Broker Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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Conclusion: Is fxsmartbroker.com a Reliable Broker?
No, fxsmartbroker.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.