Smart Profit FX Forex Broker

Basic Information Registered Countries N/A Regulation No License Minimum Deposit $100 Maximum Leverage 1:500 Minimum Spread From 0.0 pips Trading Platform EightCap Trading Assets Forex, Shares CFDs, Crypto CFDs, Commodities & Metals, Indices Payment Methods VISA, MasterCard, Bank/Wire Transfer, Skrill, POLI, China Union Pay, FasaPay Customer Support Email General Information Smart Profit FX presents itself as a broker in partnership with Eightcap, which means when you sign up for an account with Smart Profit FX, you will be join the Eightcap platform to perform all trading. Smart Profit FX says it provides a series of trading instruments, including Forex, Shares CFDs, Crypto CFDs, Commodities & Metals, Indices. Smart Profit FX is not subject to any regulation to operate illegally. And thats why WikiFX has given this broker a very low score of 1.09/10. Please be aware of the risk. Market Instruments Investors are provided access to a series of trading instruments, including Forex, Shares CFDs, Crypto CFDs, Commodities & Metals, Indices, all available through this brokerage platform. Account Types Two types of trading accounts are provided by Smart Profit FX, namely Raw Account and Standard account. Raw accounts and Standard accounts both asks for a minimum deposit of $100, with the minimum trade size of 0.01 lot. Deposited currencies are available in AUD, USD, CAD, GBP, NZD, EUR, SGD. Demo Account Available Demo accounts are provided you with the opportunity to become familiar with the trading environment and test its trading platform before you apply for a live account. Its demo account normally lasts for 30 days, but clients may opt to apply for non-expiry demo account by contacting them. Spreads & Commissions Trading accounts set spreads and commissions. The spreads offered by the Raw accounts starting from 0.0 pips, with a commission of $3 and Standard accounts offers spreads from 1.0 pips, with no commissions charged. Leverage When it comes to leverage, Smart Profit FX provides its customers with access to 1:500, which is greater than the levels regarded appropriate by many regulators, with the maximum leverage for major currencies up to 1:30 in Europe and Australia, and 1:50 in the United States and Canada. Since leverage can amplify both gains and losses, it can result in devastating losses for investors who lack experience. If you're just starting out in the trading world, it's best to stick with the lower size, no more than a 1:10. Trading Platform When it comes to trading platform, Smart Profit FX says its partner EightCap provides the most popular trading platform to trade with long with its mobile platform counterpart so you can trade on-the-go. Payment Methods The minimum deposit is not disclosed, and clients are allowed to make a deposit and withdrawal through the following contact channels: VISA, MasterCard Bank/Wire Transfer Skrill Fasapay China Union Pay POLI Deposits through Skrill incur a fee of 3-4% and deposits through Fasapay are subject to a fee of 0.5%. Concerning withdrawal, this broker says it charges no fees for withdrawals. Customer Support Contacting with Smart Profit FX is not that convenient, as only an email address is provided customerservice@eightcap.com. Clients cannot reach this broker through phone call or online chat. Risk Warning Trading leveraged products such as forex, cryptocurrencies and derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that your fully understand the risks involved, taking into account your investments objectives and level of experience. The information presented in this article is intended solely for reference purposes. Pros & Cons Pros Cons Flexible trading account options No regulation Competitive trading costs Unfriendly minimum deposit for basic accounts Generous leverage up to 1:100 No MT4 or MT5 trading platform Trading tools provided No demo accounts available Frequently Asked Questions What are the fees for withdrawals？ There are no fees for withdrawals. How long does it take to withdraw？ Withdrawals are processed within 24 hours (1 business day or less). However, due to unforeseen circumstances, withdrawals may take longer. What trading instruments does Smart Profit FX offer？ Smart Profit FX offers access to Forex, Commodity, Indices, Shares CFDs, and Cryptos. Does Smart Profit FX offer demo accounts？ Yes, demo accounts are provided by Smart Profit FX.