Scam Brokers

Smart Limited Group – Are They Safe?

Yosef | Publish date: 06/10/2024 (Last updated: July 05, 2024 06:58 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Smart Limited Group - DO NOT TRADE WITH THIS PROVIDER

2.6/10

$100

Minimum Deposit

updated 2024

Try other platforms

The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://smart-limited-group.com

Founded: 2024

Regulations: Unlicensed

Languages: English, Spanish, German, Russian, Czech, Serbian, Italian

Deposit Methods: Cryptocurrencies

Minimum Deposit: €250

Free Demo Account: N/A

Number of Assets: 350+

Types of Assets: Forex Pairs, Cryptocurrencies, Oil & Energy CFDs, Indices

Trading Accounts and Conditions

Smart Limited Group offers their clients the following types of trading plans:

Trial: The required deposit amount is €250.
Classic: The required deposit amount is €1,000.
Gold: The required deposit amount is €2,500.
Platinum: The required deposit amount is €10,000.
VIP: The required deposit amount is €25,000.
Prestige: The required deposit amount is €100,000.

There are no trading conditions mentioned for each of these trading plans. On the broker’s trading platform, the spreads start from 0.6 pips to 0.7 pips. The maximum leverage this broker claims to offer is 1:100. Other trading conditions are omitted.

Smart Limited Group – Advantages

There are no advantages to trading with Smart Limited Group.

Smart Limited Group – Disadvantages

Here is the list of disadvantages that tell us that Smart Limited Group is a scammer:

Unregulated and Anonymous Broker

On the bottom of the broker’s web page, we are provided with a single piece of information – their Company Number (03683916). We are given any other corporate information; we do not know the company name that owns and operates this online broker, we do not know where they are based and we do not know if they are regulated at all.

This lack of information tells us that Smart Limited Group is operating anonymously. And that makes this broker and unregulated and illegal entity, i.e., a scam.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade

$100

Minimum Deposit

Start Trading

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

Blacklisted by CONSOB

CONSOB is Italian regulator, the Commissione Nazionale per le Societa e la Borsa. And this regulator has blacklisted Smart Limited Group. According to the press release issued by this authority, this broker has been offering financial services in Italy without proper authorization, and have therefore been blocked from the country.

When a regulator issues such a public notice, it needs to be taken seriously. This means that there have been a large number of complaints of being scammed by the broker. And that is the clearest piece of evidence that the broker is a scammer.

Lies About Trading Platform

On their website, Smart Limited Group claims that they offer their clients a proprietary platform that is incredibly user-friendly and has an intuitive interface.

However, the broker does not provide us with a free demo account on which we can test their claims. So, to be able to really see what this broker has to offer, we had to register for a new account with Smart Limited Group.

When we did, we found out why this broker did not offer a demo account. The trading platform that Smart Limited Group offers is of the poorest quality. What we get is a simplistic web-based trading platform. It has a few functions such as the buy/sell options, a few charting and market analysis tools, and that is all.

This platform is one that we have seen numerous other scammers use. It is realistic enough to fool novice traders, who are their target group. However, it lacks the kind of functionality that serious traders have come to expect from a good quality trading platform.

The trading platform is a broker’s main product. Therefore, a real broker will make sure that their software is of the best quality. So, most brokers – about 80% of the market, in fact, will offer their clients the MetaTrader 5 software for trading. This is by far one of the best trading platforms in the world, offering a range of tools, charting options, automatic trading bots and so much more. All of these features are aimed at making trading as intuitive as possible. Added to this, real brokers will offer a free demo account so that you can practice trading on their platform in a safe environment, where your funds will not be at risk.

When a broker does not go all out on their sole product offering, it is a red flag.

Issues with Trading Conditions

First, Smart Limited Group does not offer trading accounts. This broker offers investment plans. That is the first red flag.

Second, the minimum deposit is 250 Euros. While this is just about within industry standards, there are so many brokers of excellent quality that will offer an account opening for much less.

As for the spreads, they are really low, which means that this broker must charge a commission or they would be running losses. However, Smart Limited Group somehow omits to mention what those commissions are.

And the leverage that this broker offers is much too high for their target markets. Based on the blacklisting, Smart Limited Group has been targeting traders in Europe. And in the EU, the maximum leverage a broker is allowed to offer is 1:30. So, this broker’s leverage is too high.

The lack of clarity on their trading conditions and the fact that some conditions are simply not even mentioned tell us that Smart Limited Group is not an entity that can be trusted.

Issues with Payments and Withdrawals

While this broker claims to offer multiple payment options, what you really get is a single cryptocurrency option. This is a red flag that immediately tells us that we are dealing with a scammer. Crypto transactions are dangerous as they are anonymous and permanent; there is no way to reverse your transactions. So, when a broker offers only a single payment method and that is a crypto option, you know you are dealing with a scammer.

Added to this, the broker does not mention what their withdrawal policy is. These issues all add up to tell us that dealing with Smart Limited Group would not be safe.

Conclusion

Smart Limited Group is not safe to do business with; this broker is a scammer.