SmartFXPro is a forex broker, which seems to be under development at this point in time. Some key information is missing from the website, but we would get to that later in the review.
The Company. Security of Funds
SmartFXPro is allegedly registered in Australia, although the company is not regulated by any financial watchdog. Furthermore, we managed to spot a lapse of concentration, which makes the entire company seen fishy.
Maybe the company is planning to apply for a license, or they simply copied the text from somewhere. Either way this looks amazing.
You may already know this, but financial regulation is key for a forex broker’s reliability. Different countries have different regulatory agencies, with varying levels of strictness. Take the UK’s Financial Conduct Authority (FCA): every broker who has a license from it has to separate the company’s funds from the clients. This is done by the implementation of the so called segregated accounts. On top of that all brokers participate in the Financial Services Compensation Scheme (FSCS) – a mechanism which guarantees investments, up to GBP 50,000 per account, against broker insolvency.
Other than the lack of regulation, SmartFXPro’s very name sounds a bit suspicious, as it is similar to that of a reputable broker. The company claims to have offices in Australia, South Africa and Botswana, but we can not confirm that.
Minimum Initial Deposit
SmartFXPro has set the minimum initial deposit at $200. This is above what most forex brokers require nowadays. Some companies set the levels intentionally lower, in order to attract lots of new clients. One such broker is FXTM, which only requires $5 for a new cent account.
We must note, although you probably know this, a serious trading plan demands a much bigger capital investment. Trading with small accounts may be good for fun or educational purposes, but you should not expect to make any returns, which would be worth your time. This is why the minimum deposit requirements should not be considered a as a super important factor, when comparing forex brokers.
Average spreads & Commissions
Spreads at SmartFXPro start from 3 pips on EUR/USD according to the broker’s website. Our test with the demo version of their platform indicated a different situation. There were two versions of all instruments – one with fixed spreads, starting from 2 pips and one with variable spreads, which are incredibly low – under 0.5 pips on EUR/USD (with no commissions). That being said this is just the demo version of the platform and we can not confirm if these conditions will be available at the real account.
In fact, given the company’s regulatory status we would not trust the demo version at all. Spreads so low are not even offered by the top-tier forex brokers.
SmartFXPro offers leverage up to 1:500. You may find this a bit outrageous, if you are used to trading asset classes different from FX, but such levels are not that unusual.
This type of leverage is often the reason why new traders loose their entire accounts. The ability to enter a larger than necessary position can be tempting. However, this can lead to quick and unexpected losses. Be sure to fully understand the risks involved in trading forex or CFDs on margin.
SmartFXPro provides clients with MetaTrader4 (MT4), the world’s most famous forex trading platform. It is relatively light, in terms of hardware power required, when compared to other trading platforms, but has immense capabilities. The charting package is good, with the exception of detachable elements. This in turn limits its ability to support multiple monitors.
Other than that, the platform is solid, especially when it comes to developing custom tools for it. The relatively easy to learn coding language, combined with the platform’s popularity has led to the development of a vast number of technical indicators and automated systems.
Methods of Payment
Not many methods of payment are offered by SmartFXPro. They are Bank Transfer, Credit/Debit Card and Skrill (formerly known as Moenybookers). Keep in mind international bank transfers, may take several business days to complete and may include fees, depending on the banks involved in the transaction(s).
SmartFXPro Review Conclusion
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