Brokers like SmartFX Capitals are scam Forex and CFD brokers. If you want to know why these kinds of brokers are scam, then you can find the details within our SmartFX Capitals review below.
Contents
About SmartFX Capitals
SmartFX Capitals claims to be a globally licensed and regulated Forex and CFD broker offering unparalled trading conditions.
There are 5 trading accounts to start trading. Minimum deposit required is $500. Spreads are fixed across all account type.
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SmartFX Capitals boasts of funds protection up to the tune of €5,000,000.
Should you trust SmartFX Capitals?
Why brokers like SmartFX Capitals are scam?
- SmartFX Capitals is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like SmartFX Capitals do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
- To confirm that SmartFX Capitals is a scam, it has been blacklisted by the UK Financial Conduct Authority as a scam, see below.
Obviously, SmartFX Capitals is a scam. It not licenced anywhere in the world and they are virtually anonymous. It has been blacklisted by the British financial regulator.
Is SmartFX Capitals Safe?
SmartFX Capitals is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC, FSC in South Africa and the US CFTC.
The easiest way to check if a broker is licensed is by looking it up in the registry of the respective financial regulator – be it the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority (FSCA). All of them keep such registers and they are publicly available.
SmartFX Capitals is an unauthorized and illegal broker. Deposits with this broker are not protected, the company can’t legally offer its services in almost any country. It is a total scam.
How SmartFX Capitals works?
It is risky trading with an unregulated broker like SmartFX Capitals, as most of them turn out to be scams. Problem starts immediately you make a deposit to a scam platform. They will use many tactics to make you deposit more.
Scammers will take deposits from you but never let you withdraw anything, because these brokers often present silly legal documents and conditions that is out of the question as far as legit brokers are concerned. But it will just be a lie to get more money from you.
SmartFX Capitals will request that you send them more money while declining all your efforts to withdraw your deposits.
At this point, most people will realize that they have fallen victim to a classical Forex trading scam.
Conclusion
SmartFX Capitals is a scam broker that masquerades as a legitimate Forex and CFD platform.
The broker has no license whatsoever to conduct Forex activities. What worse, it has been flagged by the British regulator for illegally soliciting funds without proper licensing.
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SmartFX Capitals Broker
$500
Pros
- Website
Cons
- Unlicensed
- Blacklisted
- Fake claims
- Bonus traps
