Smart Coin Fx – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Smart Coin Fx - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$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.updated 2023
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://smartcoinfx.link
Founded: 2023
Regulations: Not Licensed
Languages: English
Deposit Methods: Digital Currencies – Bitcoin
Minimum Deposit: $200
Free Demo Account: Unavailable
Number of Assets: Unknown
Types of Assets: CFDs on Forex, Cryptocurrency, Indices, Gold, US Shares, etc.
Trading Accounts and Conditions
Smart Coin Fx does not offer their clients trading accounts; you are offered Investment Packages.
- Standard: The investment range is from $200 to $20,000. The minimum return promised is $100 and the maximum return is $300. You are also offered a $5 gift bonus.
- Premium: The investment range is from $500 to $200,000. The minimum return is $200 and the maximum return is $450. You are offered a $50 Gift Bonus.
There are no trading conditions specified anywhere on their website.
Smart Coin Fx – Advantages
There are no advantages to trading with Smart Coin Fx.
Smart Coin Fx – Disadvantages
Listed below are all the issues that clearly tell us that Smart Coin Fx is a scammer:
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Lack of Regulation
The first sign that we are dealing with a scammer is Smart Coin Fx’s lack of regulation.
This broker does not give us much information about themselves. We do not really know the name of the company that operates this brokerage. All we are told is that their Head Office is in New York in the US. There is a generic email and no contact number.
The broker – in their Terms and Conditions – claims to be regulated by all regulatory laws and EU data laws. The broker does not state whether they are regulated in the US or not.
These claims all tells us that this broker is lying. First of all. If a broker is based in the US, then they cannot operate in that country without the consent of the National Futures Association and the Commodity Futures Trading Commission. In fact, the US is more of the most strongly regulated nations in the world, so most forex brokers simply avoid doing business there. It is just too expensive and too difficult to get a license to operate in the US.
Next, the broker’s claims of being regulated under all regulatory laws in the EU are all lies. To operate in the European Union, a broker simply has to be regulated by one regulator of an EU member nation. So, for example, you are regulated by the CNMV, the regulator in Spain, then you are free to offer your forex services across the European Union. The vague claim that this broker simply means that they are lying about being regulated in the EU.
All of our research has shown that Smart Coin Fx is lying about their regulation status. This broker is actually operating illegally and is a scammer.
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 FCA
We know that this broker is a scammer because one of the top regulators in the world, the Financial Conduct Authority of the United Kingdom, has blacklisted Smart Coin Fx.
The FCA has issued a warning to all their citizens that they should not trust Smart Coin Fx because they are operating illegally in the UK. The authority also warns traders in their country that brokers like them are scammers.
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Issues with Registration
The first thing we do when we are reviewing a new broker is register for an account with them. The account opening process is important as it gives us insight into a number of factors: how easily we can register for an account with them, what their live trading platform looks like and also what their trading conditions actually are. We also get a chance to check their payments section.
None of this turned out to be possible with Smart Coin Fx as we kept encountering an error every time we tried to register for an account with this broker.
Our inability to even register with this broker is another sign that we cannot trust them.
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Unknown Trading Platform
Regulated brokers loudly advertise their trading platform. After all, this is their prime offering. So, you will find them telling all who visit their website which trading platform they offer. You will also find them offering their visitor free demo accounts where prospective clients can test out the trading platform and the trading conditions that broker offers.
With Smart Coin Fx, we are not even told what kind of a trading platform they have on offer. We do not have a demo account to check out their trading platform for ourselves. And since we could not register, there was no way to verify what kind of live trading platform they actually have.
All of these issues tell us that Smart Coin Fx must not be trusted at all.
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No Trading Conditions
Along with their trading platform, brokers that are real ensure they talk about their trading conditions in detail so that all traders know what they are getting.
With Smart Coin Fx, we get no such information. In fact, we do not even know what this broker’s trading conditions are. All we are told are their investment amounts, which are much too high.
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Profits Promised
Smart Coin Fx also promises their clients profits. No broker can promise their clients profits. The markets are so volatile that losses are much more frequent than gains. So, when a broker promises that they will get you profits, they are basically scamming you.
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Single Payment Method
The only way to make payments with this broker is through cryptos, which is a clear sign of a scam. Crypto payments are all permanent and untraceable. So, once your money is gone, there will be no way to get it back.
Therefore, if you see a broker offering only cryptos as a payment method, then you know that you are dealing with a scammer.
Conclusion
Smart Coin Fx is a scammer and they cannot be trusted. It would be best to stay away from this broker.
Smart Coin Fx
Pros
- None
Cons
- Lack of Regulation
- Blacklisted by FCA
- Issues with Registration
- Unknown Trading Platform
- No Trading Conditions
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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