SMTT Markets Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
Business
License
ASIC Revoked 
I love its 500x leverage, for I only have tiny money😏 ... The mobile app, however, could be improved. It's convenient but occasionally slow.
In this comprehensive review of SMTT Markets, we delve into the broker's overall reputation, user experiences, and regulatory standing. While the platform offers enticing features such as high leverage, it raises significant concerns regarding its regulatory status and user safety. Notably, SMTT Markets has been flagged with a low trust score, indicating potential risks for traders.
Note: Its essential to recognize that SMTT Markets operates across different jurisdictions, which may affect its regulatory compliance and overall trustworthiness. For a fair and accurate evaluation, we have analyzed multiple sources and user experiences.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 3.0 |
| Tools and Resources | 4.0 |
| Customer Service and Support | 2.0 |
| Trading Setup (Experience) | 5.0 |
| Trustworthiness | 1.0 |
| User Experience | 3.5 |
How We Score Brokers: Our scoring is based on user feedback, expert reviews, and regulatory information.
Founded relatively recently, SMTT Markets operates with a focus on providing access to a variety of financial instruments, including forex, commodities, and indices. The platform primarily utilizes the popular MetaTrader 4 (MT4) trading platform, which is favored by many traders for its user-friendly interface and robust functionality. However, the broker's regulatory framework remains a significant concern, as it has lost its license from the Australian Securities and Investments Commission (ASIC), which raises alarms about the safety of client funds.
Regulatory Status and Geographical Coverage:
SMTT Markets is currently flagged for operating without a valid regulatory license, as its ASIC license has been revoked. This lack of regulation places it in a precarious position, with a trust score of only 1.22 out of 10, indicating a high level of risk for potential clients. According to WikiBit, the broker operates under suspicious circumstances and is categorized as a “suspicious clone.”
Deposit/Withdrawal Currencies/Cryptocurrencies:
While specific details about supported currencies were not extensively covered in the sources, it is common for brokers like SMTT Markets to support major currencies such as USD, EUR, and GBP. However, the lack of clarity regarding withdrawal processes raises concerns among users.
Minimum Deposit:
Information on the minimum deposit required to open an account with SMTT Markets was not clearly specified in the sources reviewed. However, brokers with similar profiles often require a minimum deposit ranging from $100 to $500.
Bonuses/Promotions:
There is no mention of any promotional offers or bonuses provided by SMTT Markets, which is a common strategy among brokers to attract new clients. The absence of such incentives may reflect the broker's current regulatory challenges and trust issues.
Available Asset Classes:
SMTT Markets offers a range of trading options, including forex pairs, commodities, and indices. However, the offerings may not be as extensive as those provided by more reputable brokers, which could limit trading strategies for users.
Costs (Spreads, Fees, Commissions):
User experiences indicate that SMTT Markets offers high leverage (up to 500x), which may appeal to traders with limited capital. However, the actual trading costs, including spreads and commissions, were not detailed in the sources. It's crucial for potential clients to consider these costs before committing funds.
Leverage:
The broker's leverage of up to 500x is attractive to many traders, especially those with limited capital. However, high leverage also increases the risk of significant losses, particularly for inexperienced traders.
Permitted Trading Platforms:
SMTT Markets primarily offers the MT4 trading platform, which is well-regarded in the trading community for its extensive features and capabilities. However, the performance of the platform during peak trading hours has been criticized for lagging, which can hinder trading efficiency.
Restricted Regions:
There is no specific information regarding restricted regions for SMTT Markets. However, brokers with similar profiles often limit services in countries with strict regulatory frameworks, such as the United States.
Available Customer Service Languages:
Customer service appears to be a significant drawback for SMTT Markets, as user reviews indicate that support is lacking. The absence of 24/7 support and slow response times are common complaints, which can be detrimental for traders needing immediate assistance.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 3.0 |
| Tools and Resources | 4.0 |
| Customer Service and Support | 2.0 |
| Trading Setup (Experience) | 5.0 |
| Trustworthiness | 1.0 |
| User Experience | 3.5 |
Account Conditions: With a score of 3.0, the account conditions at SMTT Markets are concerning due to the lack of clarity on minimum deposits and withdrawal processes, as well as the absence of promotions.
Tools and Resources: Scoring 4.0, the tools available through the MT4 platform are robust, but the broker's overall offering lacks comprehensive educational resources that many traders seek.
Customer Service and Support: At a low score of 2.0, customer support is a major issue, with users reporting slow response times and limited availability.
Trading Setup (Experience): Scoring 5.0, the trading experience is somewhat satisfactory due to the use of the MT4 platform, though issues with lag during peak times have been noted.
Trustworthiness: With a score of 1.0, SMTT Markets raises significant red flags due to its revoked license and the overall negative sentiment surrounding its operations.
User Experience: Scoring 3.5, while some users appreciate the high leverage, the overall experience is marred by concerns over regulatory compliance and customer support.
In conclusion, the SMTT Markets review highlights considerable risks associated with trading through this broker. Potential clients should exercise caution and conduct thorough research before considering any investment.
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