SmartFX Review 2022
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SmartFX is an online broker offering several trading options including currency pairs, commodities and stocks. The broker offers a simple trading solution with one account and a single trading platform. Our review details the login process, account types and trading hours. Read on to find out if becoming a SmartFX trader is the right choice for you.
SmartFX has offices in Dubai and Vanuatu and is operated by Smart Securities and Commodities Limited. The company is regulated by the Vanuatu Financial Services Commissions (VFSC) and looks to separate itself through its straightforward trading proposition with its real-money Smart account and the MetaTrader 5 platform.
Note the company has no affiliation with EA SmartFX ultimate scalper or associated products.
MetaTrader 5 Platform
SmartFX.com offers the latest trading technology through the MetaTrader 5 (MT5) platform. The platform is available for download via the broker’s website or mobile. The latest model of the popular MT4 system, the terminal is a powerful all-in-one trading solution with an array of useful features:
- 21 timeframes
- Trading signals
- Built-in forex VPS
- Netting & hedging
- Market event alerts
- MetaTrader Market
- 80 built-in analysis tools
SmartFX offers over 73 forex and CFD trading options, from major, minor and exotic currency pairs to popular commodities like oil and gas. Clients can also buy and sell in indices from major countries, plus stocks and shares in leading online companies. Whilst not the most extensive array of trading instruments, our review was satisfied that the needs of most traders will be met.
Spreads & Commission
SmartFX isn’t transparent regarding specific instrument spreads, however, the broker claims that its floating spreads are competitive. The lack of information surrounding trading fees is a concern. Providers operating scams often aren’t clear when it comes to fees so this is a red flag.
SmartFX offers maximum trading leverage of 1:400. Details regarding different instrument leverage rates are available once the trader’s smart account has been approved or via the demo account. Whilst leverage levels are high it does mean the risk of losses is amplified so we would recommend approaching carefully.
Clients can download the Smart FX app to use the MetaTrader 5 platform on the go. The app is available for iPhone (iOS) and Android (APK) devices. Downloads are available from the relevant app stores. The app is an excellent portable solution promising a variety of instant and pending orders, demo trading, rapid payment options and built-in chat support.
All payment methods at SmartFX allow traders to deposit and withdraw via USD and EUR. Standard payment options, such as Skrill, Neteller and bank wire transfer are available. It’s free to finance your account and processing times are mostly instant.
This review was pleased to see depositing and withdrawing funds is quick and easy.
A demo account is available which allows users to practice trading on the MT5 platform before proceeding with a full account. To open a demo account, select Practice from the broker’s homepage. Once you’ve submitted some basic details you can download the MT5 platform and start trading in forex and CFD markets without risking real capital.
At the time of writing, SmartFX does not offer any deposit bonuses or promotions. Whilst new traders may be disappointed, it’s common practice among reputable providers not to offer welcome deals. In case this changes, check the broker’s website before you open an account.
SmartFX is operated by Smart Securities and Commodities Limited and is regulated by the Vanuatu Financial Services Commissions (VFSC). Unfortunately our reviews are always disappointed to see oversight from less reputable bodies, such as the VFSC. Users won’t get the same robust protections afforded by the likes of the FCA.
Despite offices in Dubai, SmartFX is not authorised to provide financial services in the UAE.
SmartFX offers access to the MetaTrader Market opening the door to a huge array of additional indicators, automated trading solutions and charting tools. The brokerage also provides daily market analysis, covering indices and commodities. The only thing missing is hands-on learning resources, such as webinars, which might deter some beginners.
SmartFX only offers one account, the Smart Account. Registering for the Smart account is quick and easy requiring only a few personal details and identification documents to be uploaded. Once opened, users can trade the full range of CFDs, forex and futures. The minimum position size is 0.01 lots and payments are free.
Advantages of trading with SmartFX include:
- Daily Smart FX signals
- Decent payment options
- MT5 downloadable platform
- Good online customer reviews
- Easy-to-use demo trading account
Downsides to signing up with SmartFX include:
- MT5 is less user-friendly for beginners
- Less reputable regulatory oversight
- No negative balance protection
- Limited educational tools
SmartFX offers the option to trade 24 hours a day, 5 days a week, effective Monday to Friday. Trading hours for commodities and indices may vary. Login to the MT5 platform and head to instrument specifications to view market opening hours.
Customer support can be reached via:
- Phone – +97144319003
- Email – email@example.com
- Live chat – located in the bottom right-hand corner of the website
On testing the live chat service, responses were fast however detailed information is only available after you’ve provided personal contact details.
Whilst SmartFX isn’t transparent about the security protocols used on its website, the MT5 platform is secure. From 128-bit encryption and 2FA protocols, executed trades are relatively safe and the payment options offered are secure.
SmartFX offers a simple solution to forex and CFD investing using the industry-leading MT5 platform. To get a taste of using the broker, clients can open a demo account. SmartFX is not a scam however users should be aware that the broker is not heavily regulated and doesn’t offer negative balance protection.
SmartFX accepts traders from Australia, Thailand, Canada, 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.
Traders can not use SmartFX from United States.
Alternatives to SmartFX
If you are looking for alternatives to SmartFX we have compiled a list of the top 5 brokers that are similar to SmartFX below. This list of brokers like SmartFX is in order of similarity and only includes companies that accept traders from your location.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
- Quotex – Quotex offers a proprietary web platform that has digital options and trading signals.
Is SmartFX regulated?
SmartFX is operated by Smart Securities and Commodities Limited and is regulated by the Vanuatu Financial Services Commissions (VFSC). Note the VFSC is not the most trustworthy regulator.
What trading platforms does SmartFX use?
SmartFX only offers one trading platform, the MetaTrader 5 (MT5) terminal. Aimed at experienced retail and professional traders, users get a range of powerful trading features.
Is SmartFX available on mobile?
Yes, the Smart account is available to download and the SmartFX app is compatible with both iOS and Android phones.
Does SmartFX offer a demo account?
SmartFX allows you to trade with a practice account before signing up for their full account. Select Practice from the broker’s website and follow the sign-up instructions.
Who owns SmartFX?
Smart FX is operated by Smart Securities and Commodities Limited. Limited information is available about the owners and management team, which is a little concerning.
|SmartFX is a leading online provider of forex, CFDs and futures.|
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