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247SmartFX Review - is it scam or safe?

247SmartFX Review - is 247smartfx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS 247SmartFX
247SmartFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit   Max. leverage Spread
Standard  $250 1:200 1.6 pips
Classic  $2 500 1:200 N/A
Gold  $20 000 1:200 N/A
Premium  $50 000 1:200 N/A

  

247SmartFX offers its clients a choice of four accounts for trading in forex and various CFDs on the MetaTrader 4 platform. Although the its trading conditions don’t seem bad, we would not recommend this broker - it is not regulated, and appears to be involved in a serial scam scheme. You can find all details in the present detailed review.

 

Although we have major concerns regarding 247SmartFX, we will start off with a few possible benefits of using this broker.

 

 

247SmartFX Advantages

 

MT4 supported, solid leverage

MetaTrader4 is a popular user-friendly platform with rich and versatile functionalities, including the option to run automated trading sessions with the help of customizable trading bots (Expert Advisors). Besides, the MT4 also has a great package of advanced charting tools and over 50 technical analysis indicators.

 

 

>> Check out the best MT4 brokers <<

 

 

Another possible benefit of 247SmartFX, provided that it is not a scam, is that the broker offers solid leverage levels, up to 1:200. Leverage that high will suffice even the needs of the most aggressive traders, and are not dangerously high.

 

 

Huge selection of assets

247SmartFX’s offer is also very broad in terms of assets available for trade. It includes a many currency pairs, and a huge selection of CFDs – on indices, commodities, stocks, and the most popular cryptocurrencies. In case you are a crypto enthusiast, however, we would advise you to trade Bitcoin or other digital assets on a regulated exchange or with a licensed forex broker in the form of CFDs.

 

 

>> A list of reliable forex brokers offering crypto CFDs <<

 

 

247SmartFX Disadvantages

 

False claims of regulation

The broker brand is allegedly operated by Game Capital Ads Limited, and claims to be licensed by the UK’s Financial Conduct Authority (FCA).

 

 

However, when we checked the FCA registration number, we discovered that they belong to SMARTFIX U.K. LIMITED, a company designing innovative equipment and systems for various industries that doesn’t seem related to online trading.

 

So, 247SmartFX illegally uses the details of a regulated company with which it is not associated in any way – a popular scam tactic a.k.a. a “clone firm”. Overall, companies that present such purposefully misleading information should be avoided at all costs.

 

Blacklisted by CySEC

Although the broker is not authorized to provide financial services on any regulated market, it seems to offer its “services” in Europe, as the Cypriot financial watchdog CySEC has blacklisted it as a potential scammer. According to the regulator, www.247smartfx.com doesn’t belong to a licensed entity, nor the other websites blacklisted by CySEC.

 

 

A brand of a shady company likely involved in a serial scam

As we already highlighted, 247smartfx is a trademark of Game Capital Ads Limited, which has become quite notorious in the online trading world. It operates a number of websites, most of which have similar lay-outs and support a MT4 provided by West Media Group. Here are some of the brands associated with Game Capital Ads Limited: CapitalFXclub,  ProCapitalFX, FirstFXClub, SmartBTCfx, FirstBTCfx, SmartProFX, and more.

 

Most of these websites, as well as West Media Group and its brokerage brand 24BTCmarkets have been blacklisted by both Italy’s CONSOB and Italy’s CNMV as potential scammers. Furthermore, as we have reviewed the abovementioned brokers, we spotted that the websites of some of them are almost identical in terms of both lay-out and trading conditions, which inclines us to suspect that they are involved in a seral scam scheme.

 

High spreads announced, demo ones don’t match

According to the information on its website, the spreads 247SmartFX offers on EUR/USD are 1.6 pips, which slightly higher than the average in the industry. When we tested the broker’s MT4, we found the benchmark EUR/USD spread floating around 0.2 – 0.3 pips, and no commission applied.

 

 

Click on the image to view larger.

 

If trading costs are the same in live trading environment, there is no way for 247SmartFX to be profitable. We suppose that the lack of commission fees and the tight spreads on demo accounts are just a trick to attract customers.

 

 

>> Compare real-time spreads of the best FX brokers <<

 

 

Conclusion

 

247SmartFX appears like a clone firm involved in a serial scam. It was blacklisted by CySEC and this should be enough to prevent anyone from opening an account with it.

 

As always, we advise traders to avoid all unregulated brokers and especially those which have been blacklisted by some financial regulator, and provide purposefully misleading information. It is best to deal with brokers licensed by prestigious regulatory agencies, such as the FCA and CySEC, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

 

Below, you can find a list of brokers, authorized by one of the most trustworthy financial agencies worldwide, UK’s Financial Conduct Authority (FCA).

 

 

>> Forex brokers licensed by UK’s FCA <<

 

 

Pros Cons
MT4 available, solid leverage False claims of regulation

Huge selection of assets

Blacklisted by CySEC
  A brand of a shady company likely involved in a serial scam
  High spreads announced, demo ones don’t match

 

Latest news about 247SmartFX
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Traders` reviews for 247SmartFX

Spread

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Platform

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Deposit/Withdraw

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Customer service

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