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SMFX Review – is it scam or safe?

SMFX Review  – is solidarymarkets.com scam or safe forex broker?

RATING: 2 / 0 REVIEWS SMFX
SMFX is an offshore broker. Your money is not safe.

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Trading accounts and conditions

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Mini $10 0.01 lot 1:200 From 1.5 pips
Standard $50 0.01 lot 1:200 From 1.3 pips
Top $100 0.01 lot 1:200 0.14 pips*
Elite $100 0.01 lot 1:200 From 0.2 pips**
Eva €100 000 0.01 lot 1:100 From 0 pips***
Revolucion Forex $500 0.01 lot 1:200 From 0.8 pips****

 

*Commission: 2.9 per lot (0.0029% notational)/side.

** Commission: 3.9 per lot (0.0039% notational)/side.

*** Commission: Symbols without suffix: 6.4 per lot (0.0064% notational) /side.

Symbols with the suffix"nc": 8.9 per lot (0.0089% notational) /side.

Symbols with the suffix "..": 13.9 per lot (0.0139% notational) /side.

 

****Commission: 3.9 per lot (0.0039% notational)/side.

 

SMFX has four standard types of live trading accounts: Mini, Standard, Top and Elite. There are also two types of “Special” accounts: Eva and Revolucion Forex who offer access to a larger asset portfolio of 53 forex pairs and metals. The three standard accounts have offer access to a smaller portfolio of 45 forex pairs, metals and binary options.

 

There is also a free demo account and money management accounts.

 

SMFX offers VPS services to its clients. There are three types for monthly fees varying from €12-22, plus a one-off €5 installation fee.

 

 

The Company. Security of Funds

 

Company Country  Regulation
Solidary Markets NZ Ltd New Zealand  None

 

SMFX (Solidary Markets FX) is owned by the company Solidary Markets NZ Ltd. It is registered and based in New Zealand, but is not regulated by the country's Financial Markets Authority (FMA). The company says it is a Financial Services Provider, but is outside the policy framework of the Financial Act 2008 so it does not require us to stay in the Register of FSP for companies that provide services within New Zealand. Our check in the Financial Services Providers register revealed that the company has been deregistered in 2016.

 

The broker says it keeps the client funds in segregated accounts.

 

 

Trading platform

 

SMFX provides access to several trading platforms for its clients. First off, it offers the eternally popular MetaTrader 4 (MT4) in its desktop and mobile version. There is also the SMFX Web Trader, which can be used with the MT4 credentials.

 

 

Additionally, SMFX offers the mobile application for binary options trading app FX Lite Bo developed by the company TradeTools FX.

 

The broker also provides the MyFxBook AutoTrade app for automated trading. AutoTrade was launched in the beginning of 2013 by MyFxBook, a UK-based provider of forex analytical tools and trading community portal. As an automated social trade copying service, Myfxbook’s AutoTrade enables traders to track, compare, analyze and share their trading strategies. Myfxbook doesn’t act as a broker itself and traders need to register with one of their partner brokers in order to use the platform. 

 

 

Payment Methods

 

SMFX provides several of the most standard payment methods. The broker accepts deposits through bank transfer, credit and debit cards and the online payment systems Neteller and Skrill.

 

 

Conclusion

 

Judging by the language versions of the site, SMFX is targeting mostly Spanish-speaking traders. It seems the broker means serious business, despite not being regulated. It is based in New Zealand, which has a relatively good regulatory reputation. The multitude of trading accounts is somewhat confusing, but if we focus on the standard ones, we could say their conditions are fairly good and are within the industry average.

 

Pros Cons
Low deposits Unregulated
Many trading platforms  
VPS  

 

 

Latest news about SMFX
No news about SMFX. Check back later.
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Traders` reviews for SMFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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