Smart Capital – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Smart Capital - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2023
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
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://smartcapital.pro
Founded: 2023
Regulations: Unregulated
Languages: English, German, Spanish
Deposit Methods: Bank Wire, Credit Card, Cryptocurrencies
Minimum Deposit: $250
Free Demo Account: Yes
Number of Assets: 500+
Types of Assets: Forex, Indices, Crypto, Stocks, Commodities
Trading Accounts and Conditions
SmartCapital offers their clients four different types of trading accounts. They are:
- Standard: The minimum deposit for this account type is $250. Minimum spreads start from 1.5 pips. The maximum leverage is up to 1:200. There is a bonus of up to 30%.
- Silver: The minimum deposit for this account type is $2,500. Minimum spreads start from 1.5 pips. The maximum leverage is up to 1:300. There is an up to 50% bonus.
- Gold: The minimum deposit for this account type is $10,000. Minimum spreads start from 0.8 pips. The maximum leverage is up to 1:400. There is an up to 70% bonus.
- VIP: The minimum deposit for this account type is $50,000. The minimum spreads start from 0.0 pips. The maximum leverage is up to 1:500. There is an up to 100% bonus.
We do not know if this broker charges commissions or not.
SmartCapital – Advantages
There are no advantages to trading with SmartCapital.
SmartCapital – Disadvantages
Listed here are all the reasons why it would be a dangerous to trading with SmartCapital:
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Anonymous and Unregulated Broker
The first thing that tells us that we are dealing with a scammer is the fact that SmartCapital is completely anonymous. This broker has not given us any information about themselves. We do not know what company runs this online brokerage, where they are located, how to contact them, or which regulator has authorized their business.
Legitimate brokers will ensure that all their corporate information is presented transparently and in detail on their website. This is also a legal requirement. It is only scammers that hide their identity.
And operating anonymously means that this broker is not authorized by any regulator to run their online brokerage.
SmartCapital is a scammer and it would not be a good idea to invest with an anonymous and unregulated broker like them.
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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Blacklisted by CNMV
While checking for SmartCapital’s regulation status, we found out that the Spanish financial regulator has blacklisted this brokerage. According to the Comisión Nacional del Mercado de Valores (National Securities Market Commission), this broker has been operating in Spain without their express authorization, making them illegal.
To have a reputed regulator such as the CNMV blacklist a broker means that that entity is definitely a scam.
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Poor Trading Platform
According to SmartCapital’s Our Platform page, their inhouse platform, the SmartCapital Platform is an award-winning platform. According to the broker, their platform has won multiple awards: best crypto and forex broker, best platform for margin trading, and best crypto trading platform.
These claims are all lies.
What this broker has on offer is a very poorly constructed web-based trading platform. We are basing our judgement on the images the broker has placed on their platform page, since we could not access their trading platform at all.
Legitimate brokers, on the other hand, will offer their clients the best trading platform – the MetaTrader 5 or MetaTrader 4 software. This is because they know that their main (and only) product offering is their trading software. Therefore, to attract more customers, the broker will not skimp on their trading platform – one that has an excellent interface, and a wide range of trading tools and functions to make trading intuitive and easy, as well as allow traders to customize their trading experience to their own tastes.
Thus, a poor trading platform is another sign of a scam.
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Issues with Trading Conditions
We also need to highly the poor trading conditions that SmartCapital offers – another mark of a scammer.
With this broker, you will need to make a minimum deposit of at least $250. While not too expensive, it is still on the higher side of a deposit requirement. Especially when you consider the fact that there are so many legitimate brokers that will ask for a much lower deposit – some even as low as $10.
As for the spreads, they are definitely not advantageous to traders. A starting spread of 1.8 pips is much too high. And since we do not know what commissions are being charged, we don’t know the real cost of a trade.
The leverage maxed at 1:500 is also dangerously high. We also need to point out that the European Union (which is where this broker seems to be operating) has placed limits on how much leverage brokers can offer. In the EU, the maximum allowed leverage is 1:30. So, the leverage that SmartCapital offers is not only too risky but also illegal.
The lack of information on commissions, fees and other trading conditions tells us that this broker is hiding key information. Another sign of their scam.
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No Legal Documents
We also could not find any legal documents on this broker’s website. Legal documents are the contract between you and the broker, so it is necessary for them to be present – and easily accessible on the broker’s website. These documents also need to be detailed – letting you know all the terms of service.
If these documents are missing you know that you are dealing with a scammer.
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Cannot Register for An Account
Despite searching their website, we could not find out how to register for an account. It seems the only way to open an account with this broker is by contacting them on their Contact Us page. They will be the ones to contact you and let you in! This is a typical scam tactic where scammers target novice traders who don’t know how the forex market works.
Conclusion
SmartCapital is a scammer and cannot be trusted.
Smart Capital
Pros
- MT4 and MT5 Platforms Available
Cons
- Anonymous and Unregulated Broker
- Blacklisted by CNMV
- Poor Trading Platform
- Issues with Trading Conditions
- No Legal Documents
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.