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Smart FX Trader Review – Scam Alert Against a Renown Signals Vendor

Smart FX Trader Review – Scam Alert Against a Renown Signals Vendor

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We are reviewing a seamingly appealing Forex trading signals service known as Smart FX Trader. They claim that this service is designed for today’s ever changing market conditions. The vendor explains that they are working with many different kinds of trading approaches in order to provide their clients with high accuracy signals. This has allegedly resulted in Smart FX Trader netting 15,000 pips in the last 12 months.

Now, looking at the numbers above, we can see that this is a big number indeed. We should be paying close attention to any data that this signal vendor will provide just to see if they will meet the standards which they’ve already set against this operation.

smartfxtrader

Whereas Smart FX Trader is providing us with information about their service, they are not telling us their experience in the Forex market place. They also also denying us the opportunity to know where they are operating from. You might think this is not important. However, you need to remember that this is a signal service, and one needs to know who they are because it is them who will be standing between your wins and your losers. So it is actually your right to know who is running Smart FX Trader and what kind of experience they have.

Note: Try these robots and see how they can build your account.

Smart FX Trader Review

To contact support, this site has published an email address for that purpose. The site is basically offering Forex signals service and a trade copier as well. The kind of information which they are providing us with about their service is quite shallow. The signal vendor only tells us that their trading system is using harmonic trade setups together with fundamental analysis in order to identify profitable trading opportunities. This might sound like a valid explanation of how the system works. However, if you come to analyze the statement, you realize that there is absolutely nothing at all to understand in that explanation. It really means nothing.

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Since we already don’t know who the people working behind Smart FX Trader are, it is important that the service should treat their audience to full information that can be understood by someone who is seriously looking to take advantage of a Forex signals service or a trade copier for that matter.

When it comes to receiving Smart FX Trader signals, subscribers are required to join their Telegram channel from where signals will be broadcast. According to the signals template which is provided on the Smart FX Trader website, we deduce that they are telling their traders which exact moment to enter trades and exit as well. This means that the vendor is sending out complete details of the trade so that no portion of the process will be delegated to the trader.

On top of this, the signals vendor is also recommending a few brokers on their sales page. This is quite common with many signals vendors that we have reviewed here before. These may include Trends 2 Trade, Bitcoin Pro Signals and many others.

When they recommend brokers, it is often because they want to ensure that they are using the same platform with their clients. But mostly this also has to do with the commissions that they will be earning when they sign you up with their Forex brokers. It is not necessarily a bad thing as long as moving to another broker is something that won’t inconvenience you.

Smart FX Trader signals breakdown

By now, we already know that this is a signals and trade copier service. The cost is quite affordable as Smart FX Trader is charging $39 per month. They are trading all pairs in all time frames. So that means their clients have a variety of assets to trade.

The service is accepting clients in two ways. They can either join the free Telegram channel or go with the paid telegram channel. Both options are providing charting services, published trading results, chart analysis and news release warnings.

The only difference is that the free telegram channel is providing one signals per day while the paid one is providing 5 signals per day in addition to 24/7 support. We have no idea why traders would need 24/7 support when the Forex market is always closed during the weekend.

The best way to approach this service would be to utilize their free signals service first to see if the trading approach is working for you. If you find that the signals service is making money on a consistent basis, then it will be quite easy for you to pay the monthly fee.

Trading results

It’s important for Smart FX Trader to provide their past performance or trading results. On the sales page, they claim to have taken over 19 trades which yielded over 30k pips in the last 12 months. These numbers are quite attractive to the eye. So our next challenge is to actually verify that the numbers are accurate and true.

According to the data that corresponds to the various trading accounts, this trading service has been testing those accounts for weeks and not for 12 months. This means the results which they are showing us are definitely convoluted.

There are two live accounts. But one of them started running at the beginning of March and the stopped. The second one too was traded in June and stopped in 13th July.

On top of that, their myfxbook accounts are not being reliable. They are providing data for a very short length of time. Apart from these results, Smart FX Trader is showing us their Telegram screenshots of their results. These are not reliable results as they cannot be verified.

Our best advice for you

To this end, we can only say that it’s quite hard to tell whether this service will be reliable in the long run. This is because Smart FX Trader is not being transparent enough with information. The best way to do it would be to take advantage of their free signals to see how it goes. Otherwise, we stand by these Forex robots at all times. 

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2 Replies to “Smart FX Trader Review – Scam Alert Against a Renown Signals Vendor”

  1. Subscribed to both the trade copier and the CSEA ea monthly service. Had the trade copier on Forex.com and CSEA on IG. Both brokers contacted me about excessive number of messages created from the EA here is what Forex.com wrote As we continued to receive excessive messages from your account past the previously stated deadline, we took steps to remedy the situation and reduce the number of messages received. Your account has been temporarily restricted pending modification of the Expert Advisor you are using. However, as this may not have completely resolved the issue, further action may be required. Forex.com Terminated my account and IG did a reset. The customer service is really bad it took weeks just to activated the EA I would suggest to stay away

  2. Salve con questo sms ho fato denuncia verso 247smartfx.com a due farabutti certa Paola e Devis che fa fatica a parlare l’italiano invece rubare ai soldi a la gente e bravo. E stato già segnalato e le trecce già mosse. Mondo dei D’efficienti Ladri Truffatori

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