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SmartNationFX Review - is it scam or safe?

SmartNationFX review - is smartnationfx.com scam or safe binary broker?

RATING: 1.1 / 2 REVIEWS ForexBrokerz SmartNationFX
SmartNationFX is not regulated. We cannot guarantee your money is safe.

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 SmartNationFX is а binary options broker brand owned and operated by the company Albogit Ltd. It’s stated address is at Albert Street Victoria, Mahe, Seychelles. We have serious doubts about the intentions of the brokerage – read the whole review to find out why! 

 

Disadvantages 

 

Major Uncertainty

 

In our research we came across disturbing details about the brokerage. First of all, the brokerage is registered offshore and is not subject to any regulatory control. However, the brokerage does have the audacity to falsely state on its website that it is regulated by Cysec. Here is a screenshot: 

Click to zoom.

Cysec is among the most prestigious regulatory agencies and it is not hard to understand why a broker would want to mislead traders into thinking it is licensed by them. However, Cysec does not regulate binary brokers.  

 

This should raise red flags immediately and further cements our suspicion that we have no assurance for the safety of the clients funds.

 

The lack of regulation exposes potential traders to many risks. Due diligence requires us to state them. Without regulation, we have no guarantee of the segregation of accounts i.e. the clients funds may well be mixed with those of the company and liable to all sort of illegal encroachments on part of the broker. Compliance with the highest regulatory standards also offers potential clients of the brokerage participation in a compensatory scheme by which, in the unlikely case of the broker’s bankruptcy, the losses of traders will be covered by up to 50 000 euro per person. We would suggest interested traders take a look at our list of recommended Cysec-regulated brokerages that provide such important safety nests: 

 

>>List of Cysec-regulated brokerages<<

 

 

Extremely high minimum deposit 

 

SmartNationFX has three types of accounts and requires a minimum deposit of the staggering $2500 for traders to get a taste of real money trading. Such a minimum deposit is significantly high – it comes to about ten times the industry average – and is usually seen as a sign for concern. However, having in mind the regulatory status of the brokerage, this shouldn’t come as a surprise. Most of all, it scares away newbie traders who do not wish to risk such a high sum. For comparison, there are credible and well-regulated brokers, such as IG, who do no even require a minimum deposit from their potential clients.

 

Restrictive withdrawal conditions and nasty fees

 

We always view highly restrictive withdrawal conditions, as well as fees of all sorts, as a big disadvantage for brokerages. Simply because such impediments should not be present in the trading conditions of a legitimate broker. Having that in mind, on the website of SmartNationFX we read that there is a 5 per cent withdrawal fee for Visa and Mastercard, and a flat $50 fee for withdrawals via bank transfer. Furthermore, we read that all acounts that are inactive for more than a month will be charged a management fee of $10 a month. 

 

 

Advantages 

 

Nice web-based trading platform 

 

After registering for a demo account and activating it through email, we were granted access to the trading platform of the brokerage. On it we could see that the brokerage is in fact a binary options brokerage that seems to have a wide range of trading options, including a significant array of crypto-currencies. Here is a screenshot: 

Click to zoom.

Wide variety of crypto-currencies 

 

On the trading platform we could see a number of financial instruments which we always view positively. Although, there is information on a limited number of forex products. Potential clients of the brokerage may trade all the most popular coins such as Ripple, Litecoin, Bitcoin and many more. However, having in mind the troubling security status of the company behind the brokerage, we recommend interested traders check out our list of binary options brokers: 

 

>>List of binary options brokers<<

 

High pay-outs 

 

SmartNationFX grants access to its trading platform and on it we could see that the pay out on EUR/USD is 95 per cent. This means that with an initial deposit of $10 you may reap a profit of as much as $9.50. The standard average for the industry is about 85 per cent and the pay out offered by the broker is well-within the bounds of what we may call favorable. However, there are licensed binary-options brokers who offer even better pay-outs and we have given a link to one such above.

 

 

Conclusion 

 

Going through the brokers website and its trading platform – we found advantages and disadvantages. It is true that the trading conditions offered by the brokerage are indeed favorable – a pay-out of 95 per cent is pretty rare – however, we must emphasize on the lack of regulation and all the risks that trading with an offshore broker carry with it. Most importantly, we simply have no assurance for the safety of the clients funds. All this inclines us to advise interested traders look for better, legitimate trading options, such as the ones we have linked throughout the review. 

 
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Traders` reviews for SmartNationFX

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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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Scammed :

Not transparent and honest about fees.

I paid in total $1500 in fees to get my profits.

Very unprofessional in their client services .

After sending my profits to my blockchain wallet .My bitcoin profits are encrypted and its un-spendable. I cant send my bitcoins to my LUNO wallet at all.I have to pay another fee to obtain a private key which is 20% of my profits standing at $8700 in order to unlock my bitcoins.

The broker Mariana Wembley promised I would be financially free .But becos of her dishonesty and the companies SCAM operations I will never get my profits and would have to recover from this major shock and loss of profits.

Friedrich 07/09/2019
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