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SmartProFX Review -is it scam or safe?

SmartProFX Review - is smartprofx.com scam or good forex broker?

RATING: 1 / 2 REVIEWS SmartProFX
SmartProFX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Standard  $250  1:200 2.4 pips, fixed
Classic  $2 500 1:200 2.4 pips, fixed or floating
Premium  $20,000 1:200 0.6 pips
Gold  $50 000 1:200 0.6 pips

 

SmartProFX is offers its clients a choice of four account types and access to the popular MetAtrader 4 platform. This forex and CFD broker, however, is not authorized to provide financial services on any other regulated market and seems quite shady. Read on to get all the details regarding SmartProFX before you invest any money.

 

 

SmartProFX Advantages

 

Access to the MT4

We always deem the availability of the MT4 as an advantage, because most traders know this platform well and actually enjoy using it.

 

One of the main reasons for the popularity of MT4 is that it is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading.

 

 

>> Check out the top MT4 brokers <<

 

 

Many CFDs, including on cryptocurrencies

Besides, SmartProFX offers wide selection of tradeable assets, which would allow traders to diversify their portfolios. Clients of this broker are offered a number of currency pairs, and wide range of CFDs - on indices, commodities, precious metals stocks, and the most popular cryptocurrencies.

 

For those of you who are interested in cryptocurrencies - here is a list of our recommended brokers with which you can trade Bitcoin and other digital assets: 

 

 

>>List of Bitcoin forex brokers<<

 

 

SmartProFX Disadvantages

 

Operated by a shady unregulated company

SmartProFX is a trading name of Game Capital Ads Limited, a company allegedly operating out of Romania. This firm is not unknown to us, as we already reviewed a number of brokerage brands operated by it: ProCapitalFX, GameBtcFx, CryptoClubFX  360SmartFX, and  FirstFXClub, to name a few.

 

Some of these websites claim that Game Capital Ads Limited is based in the UK, others have listed addresses in Italy and Switzerland, so it is actually not clear where are the company’s headquarters, nor whether it actually exists. The important thing is that the firm is not authorized to provide investment services and advice in Europe, nor on any other regulated market.

 

Blacklisted by Italy’s financial regulator

The fact that Game Capital Ads Limited operates so many different brokerage brands inclines us to believe that the company is involved in some sort of investment fraud. All the more so, considering that Italy’s financial regulator CONSOB has blacklisted SmartProFX and all the other brands associated with the above-mentioned company.

 

High spreads, relatively high initial deposit

The benchmark EUR/USD spread with SmartProFX’s Standard and Classic accounts is fixed at 2.4 pips, which is higher than what most brokers nowadays offer.

 

 

>> Check out the best fixed-spread forex brokers <<

 

 

Furthermore, we find the initial investment required by this broker a bit high. Although $250 might not seem like too much to many of you, the majority of forex brokers would allow you to open a live account by investing $100 or even less.

 

MT4 provided by another shady company

Like the other brands of Game Capital Ads Limited, SmartProFX’ MT4 is provided by West Media Group. This is an offshore company operating Platinums Trade brokerage brand, which was also blacklisted by Italy’s regulator CONSOB. This affiliation only makes us more certain that SmartProFX is one of the many con-artists on the forex market.

 

 

Conclusion

 

Overall, we can safely conclude that SmartProFX is actually a scam based on the warnings that come from the financial regulators, as well as the tell-tale signs that we see all over the website and its affiliations with other unreliable entities. 

 

Therefore, we would recommend investing with reliable and licensed brokerages such as the ones who are under the supervision of reputable regulatory agencies such as the Financial Conduct Authority in the UK or the Cyprus Securities and Exchange Commission (CySEC).

 

 

>> A list of CySEC-regulated brokers <<

 

 

Here is or final recap of forex broker SmartProFX:

 

Pros Cons
Access to the MT4 Operated by a shady unregulated company

Many CFDs, including on cryptocurrencies

Blacklisted by CONSOB
  High cost of trading
  MT4 provided by a third party

 

Latest news about SmartProFX
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Traders` reviews for SmartProFX

Spread

Pros

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Summary

Pros

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Smartprofx piattaforma di truffatori

Sono stato recentemente vittima di una truffa da parte dell'account manager che mi seguiva su Smartprofx per oltre 30.000 euro. Attualmente sulla MT4 risultano 16.335 euro sul mio conto ed addirittura risulta operativa, ma non so come recuperare i miei soldi visto che alla Smartprofx non risponde più nessuno.

Translated by Google:

I was recently the victim of a scam by the account manager who followed me on Smartprofx for over 30,000 euros. Currently on the MT4 there are 16,335 euros on my account and it is even operational, but I do not know how to recover my money since nobody replies to Smartprofx.

Giampietro Liberati 03/12/2019

smartprofx is a scam

you 250 is just there and you can not withdraw and even you try ..Are you sure you want to carry out the withdrawal request? than yes...

Your withdrawal request has been accepted and submitted for processing. Automatic withdrawal on your account is currently unavailable. It will be processed manually by one of our managers. Please contact your account manager for more details.

NO ONE TO CONTACT NO ONE TO CALL.. WITH A WAST OF MONEY AND TIME ..

Ebong Okokon Akan 03/11/2019
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