Client Feedback: Is SmartFX a Trustworthy FX Broker?

Forex trading offers lucrative profit-making potential with the market's daily turnover of more than $7 trillion. However, the massive financial activity and the existence of scam brokers make it a high-risk investment endeavor. SmartFX seems to be legitimate but remains some problems left.

SmartFX - An Overview

SmartFX (www.smartfx.com) is a forex and CFD brokerage firm based in Vanuatu. The company offer online trading services across diverse financial markets, including forex, commodities, futures, indices, and stocks. The broker takes pride in providing a competitive pricing structure besides zero deposit fees for account opening and low spreads. Since the broker doesn't offer a proprietary trading app, clients must rely on third-party trading solutions such as MetaTrader5 (MT5). The firm accepts payments via debit cards, credit cards, and bank transfers, but you can't fund your account using cryptocurrencies. Though no live chat service is available, you can reach the company by telephone or email. 

Is SmartFX Regulated?

SmartFX claims to hold regulation from the Vanuatu Financial Services Commission (VFSC), but no details can be checked to prove it.  Moreover, it's important to note that VFSC is not as robust as some other regulatory authorities such as FCA, ASIC, or CySEC. So, while VFSC does provide some level of regulation for forex brokers, it may not offer the same level of protection as other more established regulatory authorities.

Clientele Feedback

Despite ranking well on some review websites, SmartFX's reputation among investors is not positive. The company has been found to own paid reviews, as evidenced by the following screenshots.

While many customers criticize SmartFX for poor trade execution and withdrawal issues, others have accused the company of manipulating prices.

Bottom Line

Forex trading sounds easy, but the reality may differ. Therefore, it is important to exercise caution when staking your hard-earned money with such companies.

Don't rely solely on other people's words to make investment decisions, and try to choose a broker that is regulated by an established regulator, as a thorough understanding of the reputation and regulatory status of the broker you intend to invest in can help keep your money safe.