REVIEWS

SmartFX Review 2022

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SmartFX Overview

SmartFX is a leading and dependable online forex broker. The broker offers different trading options for commodities, stocks, and, more importantly, currency pairs. You can trade all sorts of currencies and stocks with one account there.

SmartFX has become a popular trading and Forex platform for online customers with decent customer reviews and easy payment options. We will go through its critical facts today so you may decide whether or not the platform is ideal for your online trading.

SmartFX Main Features
🗺️Established in: 2018
🏢Headquarters: The UAE and Vanuatu
⚖️Regulations: VFSC, 40491
⚖️Country of regulation: Vanuatu
💰Minimum Deposit: $500
🖥Platforms: MT5
🎮Demo Account Available: Yes
💱Leverage: 1:400
💰Withdrawal fee amount: No
💰Inactivity Fee: No

SmartFX offers easy trading options with its downloadable MT5 trading platform. Although it isn’t highly user-friendly for beginners, with the demo account and a few educational tools, you can learn it quickly. Plus, SmartFX is operating with a good reputation among customers. Its easy account opening, no deposit/withdrawal fees, and daily market analysis are helpful for traders. Thus, the online broker platform has grown in popularity in the recent past.

Pros Cons
Great online and offline customer feedback MT4 trading platform not supported
Demo Account on the MT5 platform They do not offer cryptocurrencies
 No deposit and withdrawal fee  Withdrawal process takes a long time
They Offer 73 Forex and CFDs Options  
Swap-free trading suitable for long-term leveraged portfolios  

Furthermore, its MT5 trading platform is thought to be one of the safest forex platforms these days. It has a 2FA protocol and 128-bit encryption to protect your information. Therefore, you may depend on its security and performance. Smart FX offers intuitive and straightforward trading options with acceptance in most countries. So, it is legal and doesn’t have any deposit and withdrawal problems, unlike other platforms.

Safety and Regulation

Vanuatu Financial Services Commission (VFSC) is the regulatory body for SmartFX. Its mother company is Smart Securities and Commodities Limited, with offices in the United Arab Emirates and Vanuatu. SmartFX offers complete transparency throughout the process

Its MT5 downloadable trading platform is known for its high security. It has 128-bit encryption with the latest 2FA protocol. It protects your data from potential threats and keeps your MT5 account safe. Thus, your financial information here is safe. Also, with acceptance in most countries, you won’t find any inconvenience while trading currencies, stocks, and commodities on the platform.

Is SmartFX Safe or a Scam?

SmartFX is a trustable financial service provider. There’s no information on customers failing to withdraw their money after trading through its MT5 platform. SmartFX is a legit financial service provider. The broker has a solid reputation in the industry, and many traders recommend and review it as one of the best brokers for Forex trading.

SmartFX is a well-known broker in today’s market, giving services that many brokerage firms do not. They are regulated by Vanuatu Financial Services Commission (VFSC) and have an excellent customer support system.

SmartFX truly wants you to be able to trade with confidence, knowing that your money is safe and secure. By using the MetaTrader5 Trading platform you will get a clear view of your funds. You will be able to monitor their value at any time and see the status of every transaction in real time.

They provide the best trading platform and conditions so you can focus on the markets. They provide 1600+ US Stocks more than any other brokers in the current market.

Accepted Countries

SmartFX is acceptable in most countries. The company offers trading accounts from almost every country. It includes Australia, Canada, Norway, Thailand, the United Kingdom, Denmark, South Africa, Sweden, France, Italy, Germany, Singapore, Hong Kong, United Arab Emirates, Saudi Arabia, etc.

Fees

SmartFX offers traders a commission-free Forex account. They offer competitive spreads to their customers. SmartFX doesn’t charge any account maintenance fees, deposit/withdrawal fees, or any kind of currency conversion fees to their customers.

Leverage

SmartFX offers leverage up to 1:400. You can open greater positions and gain larger profits when you trade with a larger amount, which leverage allows you to do.

What is SmartFx’s Minimum Deposit?

The minimum deposit for SmartFx’s Smart account is $500.

Account Opening

SmartFX homepage offers the option to ‘Open live account’ for investors interested in opening a live account. The trader can fill out the registration form. As the next step, clients will have to submit identification documents.

For UAE residents: Passport, Visa, Emirates ID, and Proof of Address (Water Bill, Electricity Bill, Credit Card Statement, or Bank Statement), not older than 3 months.

For all other countries residents: Passport or valid ID and Proof of Address (Water Bill, Electricity Bill, Credit Card Statement or Bank Statement), not older than 3 months.

High- resolution scan of these documents is required. The name in your document must be identical to your account name with SmartFX. Documents in the national language must be translated into English and notarized.
An account is usually verified and approved within 15 to 20 minutes.

Deposit and Withdrawal

Several currencies can be used for payment, including USD, EUR, GBP, and JPY. You must deposit a minimum of $500 when opening your Smart account. For the withdrawal, the broker company hasn’t set any minimum level. However, the highest withdrawal limit varies depending on your choice of withdrawal option. “My Fatoorah” card holders can withdraw $9000 per transaction. For details, you should read their deposit and withdrawal section carefully. For deposits and withdrawals, it accepts Credit and Debit Cards, Wire Transfers, Skrill, Neteller, etc. SmartFX does not accept payments from third parties.

Account Base Currencies

SmartFX accepts almost all the main currencies to deal with your account. The list includes USD, GBP, EUR, and JPY. The actual acceptance of the currencies will depend on the payment option you choose. For instance, Visa and Master Card accept all the listed currencies. However, Skill and Neteller will accept only USD, GBP, and EUR as the official currency on the platform.

How to make a deposit?

The deposit system is reasonably easy in the SmartFx account. For this, you may follow these instructions:

  1. At first, log in to your Client Portal
  2. Choose your payment method and options
  3. Finally, choose the currency and amount to deposit

The deposit and withdrawal time is from 10 AM to 5 PM. It is from Sunday to Friday.

Trading Platforms

MT5 Trading Platform is a secure forex trading platform worldwide. Plus, it is the updated version of the MT4 platform. You can download its mobile app from the SmartFX website or google play/app store. A few of the key benefits of the MT5 include:

  • 21 timeframes with trading signals
  • Forex VPS comes with built-in
  • Event alerts with 80 analysis tools (Built-in)

Markets and Financial Instruments

SmartFX has over 80 market analysis tools. Also, these market and financial instruments and tools come built-in with easy navigation. Once you open your Smart account and log into your Client Portal, you will find all the instruments in the menu.

Also, its financial instruments include currencies, commodities, stocks, etc. You can also trade through precious metals, fossil fuels, stocks, and indices. You must use its desktop, smartphone, or other acceptable versions.

Customer Service

SmartFX offers 24 hours and 5 days of customer service weekly. It remains closed on Saturday and Sunday. You can reach them through email, website, and live chat. Also, the live chat option is available on their website and smartphone app. It is usually at the bottom-most right corner of your screen.
Customers have expressed good performance reviews with prompt replies.

Means Of Communication

There’re multiple ways to reach SmartFX for your queries and anything you want in reality. Its communication systems include email, website, and live chat.

  • Phone – +97144319003
  • Email – [email protected]
  • Live chat: You will find it at the bottom-most corner of the screen

The Live chat option is quite responsive and replies faster. During our testing, we were satisfied with its response rate.

Client Education

For educating their clients, particularly beginners, SmartFX has both blogs and webinar options. Their blog is exceptionally well managed, with great helping resources. The learners will find it incredibly useful to have an easy journey in the forex world.

SmartFX hosts weekly Webinars to educate users who are interested in online stock trading and learning how to buy and trade stocks. The Webinars are hosted by industry experts who have vast knowledge about the Forex Market. Through these webinars the beginners are able to learn about the stock market, trading stocks, and smart investing strategies. It increases confidence and makes the users ready to take smart decisions.

Conclusion

SmartFX is a one-stop solution to your forex trading. The broker offers trading in various options, including stocks, currencies, and commodities, with the latest MT5 trading platform. You will appreciate its easy and user-friendly intuitiveness.

SmartFX is a legit financial service provider. The account opening and deposit/withdrawal processes are simple and instant. They provide 1600+ US Stocks more than any other brokers in the current market.

SmartFX is focused on creating value from setting up an account to the onboarding process, from investing to funding, from trade decision-making to the withdrawal process. This is done using advanced trading tools and strategies, solid educational materials, and great customer service. In addition, SmartFX is focused on helping clients with investing success.

The broker has a solid reputation in the industry, and many traders recommend and review it as one of the best brokers for Forex trading. Henceforth, it can be an excellent investment option for your forex and CFDs without any high-risk considerations.

Methodology

All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas.

Our reviews are a combination of data research and working alongside the brokers. All information provided by the brokers are double-checked to guarantee 100% accuracy and that we remain unbiased.

2022 Review Methodology

For our 2022 Forex Broker Review, we assessed, rated, and ranked 45 international forex brokers over a three-month time period. Each broker was graded on 108 different variables and, in total, over 100,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 0.1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.

Chad Smith

Chad Smith

Director of Research & Analysis

Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com.

Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it.

Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.