SmartFX Spreads, leverage, minimum deposit Revealed

SmartFX Information

　　SmartFX, which was created in 1995 and is based in Vanuatu, claims to be a forex and CFD broker, but it is actually a shady clone that makes false claims about its regulatory status. It has more than 2,000 instruments on the MT5 platform and high leverage of up to 1:400. It also has competitive spreads and both live and demo accounts. However, traders should be careful because it is not clear what its regulatory status is.

Pros and Cons

Is SmartFX Legit?

　　SmartFX is a suspicious clone broker using fake licenses. It falsely claims regulation under CySEC and VFSC, but the official CySEC license (No. 316/16) belongs to SSC Smart FX Ltd with a different website and contact details, and the VFSC license (No. 40491) belongs to SMART SECURITIES & COMMODITIES LIMITED, with no matching domain or company details.

What Can I Trade on SmartFX?

　　SmartFX provides an array of tradable products, such as forex, commodities, indices, equities, and futures, but does not offer cryptocurrency or ETFs.

Account Type

　　SmartFX has a single live account type (Smart Account) and a demo account option. It makes no mention of offering Islamic accounts. The Smart Account is designed for both new and experienced traders, with competitive spreads, access to over 2,000 instruments, and leverage of up to 1:400.

Leverage

　　On its Smart Account, SmartFX gives you leverage of up to 1:400. High leverage can make potential returns bigger, but it also makes the chance of big losses much higher, especially in markets that change quickly. Traders should be careful when using it.

SmartFX Spreads

　　SmartFX's rates are generally in line with what other companies in the industry charge. For example, its primary Smart Account has low spreads and no extra commissions.

Trading Platform

Deposit and Withdrawal

　　SmartFX doesn't impose fees for deposits or withdrawals, but international banks might. It's not clear what the minimum deposit is.