SmartFX Forex Broker

SmartFX Review SummaryFounded1995Registered RegionVanuatuRegulationCySEC/VFSC (Suspicious clone)Market InstrumentsForex, Commodities, Indices, Stocks, FuturesDemo Account✅LeverageUp to 1:400EUR/USD Spread 1.2 pipsTrading PlatformMetaTrader 5 (MT5)Minimum Deposit/Customer SupportLive ChatPhone: +971 4431 9003Email: support@smartfx.comSmartFX 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 ConsProsConsWide range of tradable instrumentsSuspicious clone liscencesMT5 platform availableMinimum deposit unclearDemo accounts availableNo deposit/withdrawal feesIs 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.Regulated byLicensed InstitutionLicense TypeLicense NumberRegulatory StatusCyprus Securities and Exchange Commission (CySEC)SSC Smart FX LtdStraight Through Processing (STP)316/16Suspicious cloneVanuatu Financial Services Commission (VFSC)SMART SECURITIES & COMMODITIES LIMITEDRetail Forex License40491Suspicious cloneWhat 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.Tradable InstrumentSupportedForex✔CFDs✔Commodities✔Indices✔Equities✔Futures✔Cryptos❌Bonds❌Options❌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.Currency PairSpread EUR/USD1.2 pipsGBP/USD2.2 pipsUSD/CHF2 pipsEUR/GBP2.2 pipsTrading PlatformTrading PlatformSupportedAvailable DevicesSuitable forMetaTrader 5 (MT5)✔Windows, macOS, iOS, AndroidExperienced tradersMetaTrader 4 (MT4)❌/BeginnersDeposit and Withdrawal SmartFX doesn't impose fees for deposits or withdrawals, but international banks might. It's not clear what the minimum deposit is.Payment MethodAccpted CurrenciesFeesDeposit Processing TimeWithdrawal Processing TimeCredit CardUSD, EUR, GBP, JPY, RUB0Instant1–3 hours approval, transfer after approvalSkrillUSD, EUR, GBPNetellerWire TransferUSD, EUR2–5 business days1–3 hours approval, 2–3 business days for transfer