SMFX | Review | CFD Trading Platform Review

Our Review

SMFX Review

 

Our overview: 

What is SMFX?

10 points summary

How Protected are you with SMFX?

Awards

Is SMFX a Scam or Safe?

Account

Trading Instruments

Trading Platforms

Trading Fees

Deposit and Withdrawal Options

Education

Customer Support

Conclusion

 

WHAT IS SMFX?

Trading is the hot new thing that has entered the money-making market nowadays. It is no secret that trading can be a brilliant way of making extra money to notch up your lifestyle. Here, we are about to give insight into a trading company, SMFX. 

A company currently operating from two different locations, Belize, where it operates as a separate entity by the name of Scope Market Ltd and in Cyprus, as SM Markets Ltd as an authorized brokerage, uses SMFX as its trading name. It provides its traders with excellent customer service, updates about the market, and a trading environment that is considered as competitive. Similarly, the trading platforms offered by SMFX have a simple user interface that helps beginners understand it better.

 

Pros	Cons
Regulated by CySec.	Offshore entity in Belize.
24/7 customer support service.
MetaTrader platform provided.

 

10 Points Summary

Headquarters	Cyprus
Regulation	CySEC, IFSC
Platforms	MT4, MT5
Instruments	CFDs, Cryptocurrency etc.
EUR/USD Spread	1.8 pips
Demo Account	Yes
Minimum deposit	$100
Base currencies	USD, EUR, GBP
Education	Provided.
Customer Support	24/7

HOW PROTECTED ARE YOU WITH SMFX? 

One cannot compromise on the security that the broker provides. It should be the foremost priority to give protection to gain trust from the users. 

 

SMFX operates as two different bodies; the one operated from Belize does not have strict security measures. Still, the lack of security is compensated by the body operating from Cyprus, regulated by CySec, ensuring maximum safety. Additionally, it is in accordance with the ESMA. 

 

How can CySec provide security to your money?

CySec can deliver complete protection to your money by keeping it in segregated accounts separate from the company's funds. 

 

Pros	Cons
Offers Forex and CFDs	Low educational support
Hassle-free account opening
Demo account is available.

 

AWARDS:

 

Awards and achievements help build a company's reputation. A review can be biased, but an award can never be. So far, SMFX has not received but nominated for the following awards: 

Most Transparent Broker- iFx Expo

Best Retail FX Broker- iFx Expo

 

IS SMFX SAFE OR SCAM? 

 

If it's your first time, trusting a broker can be challenging. Doubts consume your thoughts, and you are not sure if you should go ahead with it or not. The best way to develop trust for your broker is to research and look into the body regulating it.

As mentioned before, SMFX is operated from two different locations; Belize and Cyprus. People that registered at Belize are still not sure about the credibility of it. However, CySec is a reliable regulating body and removes the benefit of the doubt that SMFX may be a scam.

 

Account: 

Three types of accounts are offered by Classic, Pro and Platinum. The account opening process is straightforward and hassle-free. A demo account is also provided. 

DEMO ACCOUNT: A demo account is offered by all the brokers to allow beginners to enter the trading world and try their luck. It gives them the space to learn and polish their skills in a risk-free environment. 

CLASSIC ACCOUNT: The classic account has no commission fee and offers fixed spreads. The maximum leverage is 1:500 along with deep liquidity. The broker also provides free educational trainings in the basic account type. Additionally, each classic account is given a personal manager. This account type is perfect for beginners, and withdrawals are also free-of-cost. 

PRO ACCOUNT: It is similar to the basic account except that the spreads are variable, and access is given to weekly webinars along with one on one support. Personal manager and access to weekly webinars is also provided.  It is recommended for advanced trainers.

PLATINUM ACCOUNT: As you upgrade, you will find that the spreads decrease and the commissions increase. In the Platinum account type, *3 commission is provided per lot along with almost zero spreads. It provides all the basic as well as advanced features such as weekly webinars, educational trainings, pro signal packages etc. It is recommended for professional traders.

 

Pros	Cons
The minimum deposit account is low	Known as an offshore broker
Different account types are available

 

Trading Instruments

SMFX offers its clients good trading conditions by offering numerous assets. It has approximately 70 different currencies along with several crypto currencies such as Bitcoin, Litecoin, etc. Different CFDs are also present along with other commodities. 

 

Pros	Cons
Wide variety of currencies	None
15 different CFDs

 

 

Trading Platforms

Previously, SMFX was providing its users the MT4 platform. However, it has shifted to MT5; which is more powerful as compared to the MT4. It is easy to use and beginner-friendly. 

Pros	Cons
More than 50 different technical indicators.	None
Latest market news and alerts.

 

Trading Fees

The trading fee depends upon several factors, i.e., spreads, commissions, and margins. 

Now, you must be wondering; what is a spread? Well, when talking about a currency pair, a spread is defined as the difference between the bid and ask rates. SMFX spreads depend upon the account type you use.

Commissions are the fee that is charged by a broker for conducting rates on his/her behalf. Therefore, the amount of commission varies significantly. The amount of money needed in your account to open a position is known as margin. The base currency's current price against the US dollar, the size (volume) of the position, and the leverage added to your trading account are used to measure margin.

 

Pros	Cons
No withdrawal fee is charged.	None.
The commission and spread varies depending upon the account type.
The forex trading fee is low

 

 

Deposit & Withdrawal Options:

SMFX adopts a reasonably simple method to make the process smooth for its users. A standard minimum amount of $100 is set, which can be deposited in several ways: 

Bank Transfer

Skrill. 

Credit/Debit Card

Alternate options may be available depending upon your location and the entity with which you have registered. 

For Withdrawals, the methods are the same as that of depositing. SMFX does not charge any withdrawal fee. However, it authorizes only two requests per month. If more than two claims are requested, $35 will be charged. At least 3-5 working days are required for the money to be transferred into the account. 

 

Education:

To kick-start your career in the world of trading, basic knowledge about the field is necessary to protect yourself from frauds and any mishaps. 

Therefore, to help the users increase their knowledge and become better at trading, SMFC offers different video tutorials, research material, daily updates, and access to numerous educational resources. But, the material provided by SMFX is still not enough, and you cannot rely on it entirely. In collaboration with an external party, SMFX now offers a free-of-cost course on Forex. 

 

Customer Support:

When choosing a broker company as a potential trader, you must look into its customer support service. If a company is unable to offer you its support, it's not worth it.

At SMFX, customer support service is deemed vital to provide a smooth experience. It offers a 24/7 live chat option, where traders can come with their problems and get them resolved immediately at any time of the day. The response time is usually within minutes. Other options are also available to contact the team such as email and phone. Furthermore, SMFX customer support service is available in multiple languages. 

Pros	Cons
24/7 live chat option	None
Supports multiple languages

 

 

Conclusion:

Trading can often be risky. Therefore, SMFX always informs its traders about the risks involved. 

SMFX has managed to build a reputation that allows potential traders to put their trust in them. It provides traders with safe and flexible trading conditions. Different account types have been developed for the ease of all the potential traders. 

Even though, it is known as an offshore broker and can result in doubts, it is regulated by CySec in compliance with the European standards which speaks volumes about its credibility

 

Frequently Asked Questions (FAQs)

By whom is SMFX regulated?

SMFX is regulated by CySec in Cyprus and IFSC in Belize. 

What is the minimum deposit amount set by SMFX?

The minimum deposit amount set by SMFX is $100. 

Is a demo account offered by SMFX?

Yes, SMFX offers a demo account. 

Is SMFX recommended for beginners for forex trading? 

SMFX is recommend for both experts and beginners. It offers a safe trading environment. 

Does SMFX offer leverage? 

Yes, maximum leverage of 1:200 is offered by SMFX.