Smart Trader-Overview of Minimum Deposit, Leverage, Spreads
Abstract：Smart Trader is an unregulated financial brokerage firm founded in 2018 and registered in Iraq. It offers various market instruments, including Forex, gold, silver, and oil. The firm provides a demo account for practice, and supports the MetaTrader 5 (MT5) platform. Moreover, Smart Trader offers seven types of accounts, including Islamic accounts, with a minimum deposit requirement of $100. The maximum leverage available is up to 1:300.
| Smart Trader Review Summary | |
| Founded | 2018 |
| Registered Country/Region | Iraq |
| Regulation | No Regulation |
| Market Instruments | Forex, gold, silver, oil |
| Demo Account | ✅ |
| Islamic Account | ✅ |
| Leverage | Up to 1:300 |
| Spread | From 1.2 pips |
| Trading Platform | MT5 |
| Minimum Deposit | $100 |
| Customer Support | Phone: +964 07709128787 |
| Email: info@smarttraderiraq.com | |
| Facebook, Instagram, Telegram, YouTube | |
Smart Trader is an unregulated financial brokerage firm founded in 2018 and registered in Iraq. It offers various market instruments, including Forex, gold, silver, and oil. The firm provides a demo account for practice, and supports the MetaTrader 5 (MT5) platform. Moreover, Smart Trader offers seven types of accounts, including Islamic accounts, with a minimum deposit requirement of $100. The maximum leverage available is up to 1:300.
Pros and Cons
| Pros | Cons |
| Demo accounts available | No regulation |
| Diverse account types | Limited info on deposit and withdrawal |
| MT5 platform |
Is Smart Trader Legit?
At present, Smart Trader lacks valid regulation. Its domain was registered on Dec 31, 2020, and the current status is “client transfer prohibited”. Please pay high attention to the safety of your funds if you choose this broker.
What Can I Trade on Smart Trader?
On Smart Trader, you can trade with currencies, gold, silver, and oil.
| Tradable Instruments | Supported |
| Currencies | ✔ |
| Gold & Silver | ✔ |
| Oil | ✔ |
| Indices | ❌ |
| Stocks | ❌ |
| Cryptocurrencies | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
| Mutual Funds | ❌ |
Account Type
Smart Trader provides seven types of accounts as well as Islamic accounts. The minimum deposit is $100.
| Account Type | Islamic Account (No Swap) | Minimum Deposit |
| Titanium | ✔️ | $1,000 |
| Iron | ✔️ | $1,000 |
| Cobalt | ✔️ | $50,000 |
| Rhodium | ✔️ | $50,000 |
| Super Low | ✔️ | $100 |
| Platinum | ✔️ | $100 |
| Platinum Plus | ✔️ | $10,000 |
Leverage
The maximum leverage is up to 1:300.Note that high leverage can amplify not only profits but also losses.
| Account Type | Maximum Leverage |
| Titanium | 1:300 |
| Iron | 1:300 |
| Cobalt | 1:300 |
| Rhodium | 1:300 |
| Super Low | 1:300 |
| Platinum | 1:200 |
| Platinum Plus | 1:200 |
Spreads and Commissions
| Account Type | Spread | Commission |
| Titanium | from 2.5 pips | No commission |
| Iron | from 1.5 pips | $10 for each standard lot |
| Cobalt | from 1.2 pips | $10 for each standard lot |
| Rhodium | from 2.2 pips | No commission |
| Super Low | from 1.2 pips | $20 |
| Platinum | from 1.9 pips | $10 |
| Platinum Plus | from 1.9 pips | $5 |
Trading Platform
| Trading Platform | Supported | Available Devices | Suitable for |
| MT5 | ✔ | Windows, MacOS, iPhone/iPad, Android | Experienced traders |
| MT4 | ❌ | / | Beginners |
Deposit and Withdrawal
Smart Trader supports payments through FastPay, FIB, Remittance Offices, and Smart Trader Head Offices.
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