SMART 4EX – Is Your Money Safe?

| Publish date: 03/13/2020 (Last updated: March 23, 2020 01:31 PM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

SMART 4EX - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Deposit
X

updated 2020

SMART 4EX offers you 4 different types of trading accounts:

  • Micro: To use the Micro account, you need to make a first deposit of at least EUR500.
  • Standard: To use the Standard account, you need to make an initial deposit of EUR3,000.
  • Premium: For the Premium account, the first deposit should be a minimum of EUR5,000.
  • VIP: The VIP account requires the same minimum deposit amount as the Premium account – EUR5,000.

Besides the information on the account types and minimum deposits, we do not know anything else about the trading conditions offered by this broker. We do not know the leverage amounts or the spreads.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

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

Website URL: https://smart4ex.com/

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Bank Wire, Visa, MasterCard

Minimum Deposit: EUR500

Free Demo Account: No

Number of Assets: n/a

Types of Assets: Forex Pairs

Trading Accounts and Conditions

SMART 4EX offers you 4 different types of trading accounts:

  • Micro: To use the Micro account, you need to make a first deposit of at least EUR500.
  • Standard: To use the Standard account, you need to make an initial deposit of EUR3,000.
  • Premium: For the Premium account, the first deposit should be a minimum of EUR5,000.
  • VIP: The VIP account requires the same minimum deposit amount as the Premium account – EUR5,000.

Besides the information on the account types and minimum deposits, we do not know anything else about the trading conditions offered by this broker. We do not know the leverage amounts or the spreads.

SMART 4EX – Advantages

There isn’t anything positive that we can say about this broker. So, we have left this section blank.

SMART 4EX – Disadvantages

Here are the many serious disadvantages we have found with SMART 4EX, because of which we warn all of our readers to avoid trading with this broker.

  • No License from FCA

SMART 4EX claims that it is owned as well as operated by a company called Smart Currency Exchange Limited, which is supposedly based in the UK. So, if this company is based out of the UK, it is required by the law to be registered with the Financial Conduct Authority (FCA).

However, when we checked the online registry of the FCA, we did not find the company or the broker’s name. Instead, what we did find was a lot more worrying!

Plus500
$100
Minimum Deposit

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

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.

 

  • SMART 4EX is a Clone Firm

A clone firm is one that looks just like another company in appearance. They use the details and even appearance of another regulated company to fool people into believing that they are legitimate entities.

While looking for SMART 4EX’s regulatory status, we found out that the FCA had actually blacklisted this broker for two reasons – one, because it was a clone firm, and two, because it was operating illegally in the UK.

The FCA’s register does show a company called Smart Currency Exchange Ltd. with the registration number FRN 504509, but it doesn’t belong to SMART 4EX. The real Smart Currency Exchange Ltd. has a completely different domain name – smartcurrencyexchange.com.

So, we know for sure that SMART 4EX is a scammer that has stolen another legitimate company’s identity in a bid to fool traders into investing their hard-earned money with them.

  • Lack of Clarity on Trading Conditions

Like we mentioned earlier, SMART 4EX has not mentioned any details about its trading conditions. These are the most important details that a broker has to offer and if these are missing then you cannot trust that financial services provider.

  • No Demo Account

In addition to a lack of information on trading conditions, SMART 4EX doesn’t even offer a demo account so that traders can check the conditions for themselves.

This lack of transparency is typical of scammers who are out to get your money.

  • No Access to Trading Software

SMART 4EX claims – falsely – that if offers its customers 2 different trading software – the world-famous MetaTrader 4 platform and another simpler web-based platform.

The MT4 platform is so popular for many reasons. First, its interface is very easy to use – even for beginners. Second, it offers a plethora of features that make trading much more convenient – market indicators, automatic trading robots and even charting options – just to name a few!

However, when we checked, we found out that there doesn’t seem to be any trading platform available on this broker’s website! The MT4 download button doesn’t respond to clicks and you are not allowed to register for an account unless you have a referral code.

Therefore, since we weren’t able to access the platform offered by SMART 4EX, we don’t really know anything about its software – or even if it works.

  • Minimum Deposit Requirement High

To be able to open a trading account with SMART 4EX, you need to first make an initial deposit of EUR500, which is significantly higher than the market average.

Most brokers in the industry charge between $100 and $250, while there are many reputed brokers who ask for a minimum deposit of as little as $5. So, considering the market norm, what this broker is asking for is just too much.

  • Trading Bonuses Offered

SMART 4EX also offers its customers trading bonuses, which is a promotion that has been banned in many jurisdictions. This is because brokers who offer their customers trading bonuses put rather stringent conditions on the withdrawal process.

So, a person who takes up the Bonuses promo offered will end up never seeing their money again – unless they are very, very lucky. Brokers put in ridiculous conditions like the trading having to meet an impossibly high trading volume target. One that is essentially unachievable.

And then, when the customer is not able to reach that ridiculous target, the broker denies their withdrawal request.

  • Lies About Payment Methods

On its website, SMART 4EX has posted the logos of numerous payment service providers. However, when you actually check the payments page, you realize that the only deposit and withdraw methods work are bank transfer, debit and credit card payments.

Conclusion 

We went through SMART 4EX’s website, looking at every possible detail mentioned. What we found told us clearly that this is not a broker anyone should trust.

If you are looking to trade, then we would suggest you look for a broker that is authorized to operate by the relevant authorities.

SMART 4EX

2.5

User Experience

3.5/10

Payment Options

2.2/10

Security

2.5/10

Support

2.1/10

Reputation

2.4/10

Pros

  • None

Cons

  • No License from FCA
  • Lack of Clarity on Trading Conditions
  • No Access to Trading Software
  • Minimum Deposit Requirement High
  • Lies About Payment Methods

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

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

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.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% 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.

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