Smart Prime FX Review and Tutorial 2021
|Traders in United States welcome|
|Smart Prime FX Facts & Figures|
Smart Prime FX is an offshore broker offering live, MAM and PAMM accounts.
|Instruments||Forex, CFDs, indices, commodities|
|Pay Methods||Credit Card, FasaPay, Mastercard, Neteller, Perfect Money, Skrill, Visa, Webmoney, Wire Transfer|
|Min. Trade||0.01 lots|
|Auto Trading||Yes (EAs)|
|Start trading on the financial markets with leveraged CFDs.|
|Leverage||1:100 (1:200 by exception)|
Trade the most active currency pairs at Smart Prime FX.
Smart Prime FX is a forex and CFD trading broker offering the MetaTrader 4 platform. The offshore brokerage hosts a suite of online trading tools along with a choice of live accounts. This review provides information on deposits, fees and regulation so you can find out whether to trust Smart Prime FX.
Smart Prime FX Details
Smart Prime FX was founded in 2018 and is owned by Smart Prime Group which is based in St. Vincent and the Grenadines. Clients can trade on forex, indices and a selection of commodities, via live accounts and MAM / PAMM solutions. But whilst the company has partnered with top-tier liquidity providers, Smart Prime FX does not yet hold a license with an established regulator.
The broker offers the trusted and popular third-party MT4 platform, providing live trading and advanced analytics with highly customisable charts and graphs. Users benefit from 30 built-in indicators, 2,000 free custom indicators, plus 70 paid indicators. Traders get an unlimited number of charts across 9 timeframes and access to the full range of Smart Prime FX products. MT4’s built-in coding language MQL4 also lets clients develop their own algorithmic bots.
MT4 is available for desktop download or can be accessed using the cloud-based web trader. Additionally, an Android and iOS compatible app is available.
Level 2 trading information is available through the broker’s proprietary platform, Order Flow. Smart Prime FX promotes Order Flow as a powerful trading terminal with exceptional execution times for fast exchange rate representations. Boasting ultra-low latency and artificial intelligence, funds can be invested in under 1 millisecond.
The easy to use platform can be downloaded from the broker’s website upon account registration.
Smart Prime FX offers 250+ instruments across forex, stock indices and commodities. Clients can invest in major US, European and Asian indices, along with the FTSE 100. A selection of major, minor and exotic currencies are offered, including EURUSD and GBPUSD. The company also offers trading on popular metals, such as silver and gold.
Note, Smart Prime FX does not offer cryptocurrency trading.
Spreads & Commission
The spreads offered by Smart Prime FX differ depending on the type of account held. The minimum spreads offered for a Silver account (lowest tier) are 1.6 pips. This reduces to a minimum of 1.0 pips and 0.0 pips for Gold and Platinum accounts respectively.
There are also commission charges of $8 per $100,000 traded (for all account types), meaning overall the broker is fairly expensive to trade with.
The standard leverage offered is 1:100 however Smart Prime FX does offer rates up to 1:200 on a case by case basis. These rates allow customers to take larger positions with their cash outlay. However, high leverage can increase losses so traders should be aware of the risks involved.
Note, leverage is capped to 1:100 on XAUUSD regardless of account settings.
MetaTrader 4 has a mobile app that is available for both iOS and Android devices and has excellent reviews on the App Store and Play Store. The app offers every order type and tradeable asset available through the desktop client, but with only three graph types and a limited selection of indicators and analysis tools.
Head to the respective app store to download the mobile application and enter your Smart Prime FX login credentials to get started.
Traders can deposit funds via credit and debit card (Mastercard and Visa) in addition to Skrill, Neteller and wire transfer. Most payment solutions offer instant processing, though Perfect Money and OK Pay, both coming soon, come with a 0.5% and 1% transaction fee respectively.
Minimum deposits are high, starting at $25,000 for a Silver account and increasing to $100,000 for a Platinum account. This is upwards of 100 times the market average, with most brokers offering accounts with a minimum deposit of a few hundred dollars. The large initial deposit requirement will likely price out many beginners.
Profits can be withdrawn by most of the methods used to deposit funds. Payment times can stretch to three business days, with Skrill offering fast payments within one working day. Unfortunately there are also withdrawal fees to factor in, starting at 0.5% with UPayCard and climbing to 2% plus 8 USD with Visa and Mastercard.
Smart Prime FX offers an unlimited demo account on the MT4 platform to test strategies and explore the markets. A trial account is a great place to start if you’re undecided about investing real money. With that said, the broker’s demo account is not supported on macOS.
Smart Prime FX Bonuses
At the time of writing, there are no sign-up bonuses or welcome offers in place.
Smart Prime FX is not currently regulated by a large regulator, such as the CySEC or FCA. Unregulated brokers operate without having to adhere to a set of guidelines, resulting in reduced protection for the customer against risks including scams and broker bankruptcy. This is an important consideration when selecting a forex broker.
Additional features at Smart Prime FX are disappointing. The market news section of their website provides links to CNN Money articles that have not been updated since October 2018. This will deter many beginners who benefit from additional tools and market research as they start trading on the financial markets.
There are three account types available; Silver, Gold and Platinum. 1:100 leverage and position sizes from 0.01 lots are available across each account. Spreads fall from 1.6 pips with the Silver account to 1 pip with the Gold solution and 0 pips with the Platinum account. To benefit from tighter spreads, users need to deposit $50,000 for the Silver account and $100,000 for the Gold account versus the $25,000 needed for the Silver account.
Swap-free account conditions are also available.
Reasons to open a Smart Prime FX account include:
- Forex & CFD trading
- MT4 trading platform
- Spreads from zero pips
- MAM / PAMM solutions
Disadvantages of Smart Prime FX include:
- No promos
- No trading contests
- Uncompetitive fees
- No live chat support
- $25,000+ minimum deposit
Traditional forex markets are open 24/5, though Smart Prime FX’s trading platform is available 24/7. As assets follow local trading hours, open your investing terminal for specific market opening times.
The Smart Prime FX customer support team can be contacted via telephone or email. Unfortunately, the broker doesn’t provide live chat support, which is a real downside, especially for beginners who may need additional assistance as they get started.
- Telephone – +1 (877) 870 0092
- Email – firstname.lastname@example.org
Smart Prime FX Verdict
Smart Prime FX is an unregulated broker that lacks transparency regarding trading conditions and company history. It does offer the popular MT4 platform, but high minimum deposits along with limited support mean we’d recommend considering alternative providers.
Smart Prime FX accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Alternatives to Smart Prime FX
If you are looking for alternatives to Smart Prime FX we have compiled a list of the top 5 brokers that are similar to Smart Prime FX below. This list of brokers like Smart Prime FX is in order of similarity and only includes companies that accept traders from your location.
- Just2Trade – Just2Trade offer hitech trading on stocks and options with some of the lowest prices in the industry
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
- Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
Is Smart Prime FX a Trustworthy Broker?
The broker isn’t transparent with details of spreads and has poor online reviews. There is also a lack of information available regarding its founders and employees. It is therefore difficult to trust the legitimacy of Smart Prime FX.
Is Smart Prime FX Regulated?
Smart Prime FX is unregulated and therefore does not provide the same level of protection as brokers regulated by well-known authorities such as the FCA.
What account types are offered by Smart Prime FX?
Smart Prime FX offers three accounts: Silver, Gold and Platinum. Minimum deposits start from $25,000 with zero pip spreads available and 1:100 leverage.
What is the minimum deposit required to trade at Smart Prime FX?
You will need at least $25,000 to open a Silver account, $50,000 to open a Gold account and $100,000 to open a Platinum account. This is notably higher than many online brokers.
How can I contact Smart Prime FX?
The only way to get in touch with Smart Prime FX is by emailing email@example.com or calling +1 (877) 870 0092. Live chat support is not provided.
|Smart Prime FX is an offshore broker offering live, MAM and PAMM accounts.|