FX SmartOption – Is It a Reliable Broker?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FX SmartOption - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
FX SmartOption like all other scam brokers falsely claims to be regulated and based in Canada and also claims to be a licensed broker under CFTC in the USA, CySEC in the EU region, and IFSC in Belize. However, all these claims turned untrue when checked in the registers of the said authorities. There was no forex company listed with this name in any of these authorities’ databases. In addition to this, the “Investment Industry Regulatory Organization in Canada (IIROC)” refused to own this broker as no records were found in their registers. Moreover, the Canadian laws require all the Canadian forex brokers must be registered with IIROC, which imposes strict and high-quality standards to protect the trader’s funds. Hence, we can say there is nothing legitimate about this broker.
Try these regulated brokers if you want to start trading cryptocurrencies
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://fxsmartoption.com/
Founded: 2010
Regulations: Unregulated
Languages: English
Deposit Methods: Debit/Credit card (Master and Visa), Bitcoin Cash, Ethereum, Perfect Money, Payeer, Bitcoin, Lite coin, Crypto, and Skrill
Minimum Deposit: N/A
Free Demo Account: None
Number of Assets: N/A
Types of Assets: Bitcoin, Forex, Binary options, Ethereum, Litecoin, BCH, ETC, and XRP
Trading Accounts and Conditions:
FX SmartOption has four types of plans for investors. However, it does not mention their conditions in detail:
- 100% Starter Plan: with the ROI of $2,778.
- 120% Silver Plan: with the ROI of $4,289.
- 170% Gold Plan: with the ROI of $7,167.
- 200% Premium Plan: with the ROI of $9,556.
FX SmartOption – Advantages:
FX SmartOption offers no trading incentives or bonuses to the traders.
FX SmartOption – Disadvantages:
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An Unregulated Broker:
FX SmartOption like all other scam brokers falsely claims to be regulated and based in Canada and also claims to be a licensed broker under CFTC in the USA, CySEC in the EU region, and IFSC in Belize. However, all these claims turned untrue when checked in the registers of the said authorities. There was no forex company listed with this name in any of these authorities’ databases. In addition to this, the “Investment Industry Regulatory Organization in Canada (IIROC)” refused to own this broker as no records were found in their registers. Moreover, the Canadian laws require all the Canadian forex brokers must be registered with IIROC, which imposes strict and high-quality standards to protect the trader’s funds. Hence, we can say there is nothing legitimate about this broker.
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.
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.
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Risky Trading Instruments:
FX SmartOption offers trading services in forex binary options instruments. Trading with binary options is a type of trading where the customer makes a possible prediction about the fixed amount of a transaction. If the prediction turns true, the customer wins the trade and gets the agreed payout, and if it turns untrue, it results in a financial loss on the end of the customer. Although it seems to be an easy way to make money, it also imposes high risk as well as resembles gambling and may present high risk to the customer’s funds, due to this fact, binary options trading is banned in the EU region.
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Fake Promises:
This broker is a fraudster because there are many alarming aspects found in the accounts offer of the FX SmartOption. All the plans offered by the broker come up with some guaranteed returns or total earnings on each account type. It is an unrealistic promise, especially when trading with a high risky instrument like binary options where 70% of the transactions result in a financial loss on the end of the customer.
Moreover, the promised returns are insanely high because even the most famous and successful investor Warren Buffet achieved only a 34% return when he did his best. Therefore, it is advised to reason rationally when fooled by such empty and fake promises.
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No Real Trading Platform:
Talking about the trading platform, when you will sign-up and register with the FX SmartOption broker, you will be directed toward a strange dashboard area that does not even possess the basic functions proving that it is a fake trading platform. Therefore, it is advised to choose a licensed forex broker who offers metatrader4 or metatrader5 because what these platforms offer is far superior to other trading platforms. Both platforms are equipped with amazing tools that allow a trader to analyze the data and predict future rates.
- Missing Important Information:
The FX SmartOption is clearly engaged in foul play because there is a staggering lack of important information on its website. For example, the broker has not mentioned the offers and spread and leverage figures. Moreover, a minimum deposit amount is another crucial piece of information that is missing. Hence, it is advised not to deposit your funds with this broker as it is trying to hide its profile by giving inadequate information.
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Risky Payment Methods:
The broker’s platform dashboard area shows only two types of payment methods that are Skrill and crypto payments via bitcoins, litecoin, and Ethereum. However, the problematic fact with the payment methods is that if you used bitcoin or any kind of digital currency the chances of recovering your funds are near to zero. While, if you use MasterCard or a visa card, you can easily reverse back the transaction in case if anything gets wrong.
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High Initial Deposit Amount and Shady Bonus Policy:
For a starter account, the minimum initial deposit amount is $700, which is a very high amount as compared to the industry standard. Whereas, licensed and authentic brokers only ask for $100 or $200 as the initial minimum deposit amount.
In addition to this, the broker is offering bonuses to all types of accounts. However, the bonuses always come with some heavy requirements attached to them. Additionally, you will find no further information related to the bonuses on its website regarding what conditions should be fulfilled to execute the bonuses. Also, shady brokers like FX SmartOption use bonuses as an excuse to refuse the customer’s withdrawal requests. So, never accept the bonuses unless you know the conditions attached to them. Whereas, a legit broker will never offer a free gift or bonuses as this is the most famous and common trap only used by scammers like FX SmartOption.
Conclusion
FX SmartOption is an unregulated broker that falsely claims to be regulated by various jurisdictions, offers one of the leading trading platforms in Canada, attractive trading instruments, and promises to give lucrative returns and bonuses on each type of account it offers without clearly mentioning their conditions. However, a broker who makes false and empty claims is nothing but a scammer.
Therefore, it is suggested to avoid this shady entity and choose a legit broker who is supervised by the strict regulatory authorities.
FX SmartOption
Pros
- None
Cons
- An unregulated broker
- Risky trading instruments
- Fake promises
- No real trading platform
- Missing important information
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
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