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Smartfxcapitals is another forex broker scam, our Smartfxcapitals.com review will reveal it all. Most of the traders on the platform are having a hard time trying to withdraw funds. As it happens, the broker is not responding to email queries.
We have seen this before, Smart FX Capitals is not the first broker to block withdrawals. And as such, we have to warn our readers regarding using this liquidity provider. Here’s our candid SMARTFXCAPITALS REVIEW.
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The story goes that the trading platform was founded by a group of financial specialists. These specialists had a clear sight of the financial world trends. The liquidity provider opened the platform for others to join the growing forex markets.
Based in Malta, the broker claims the platform is fully regulated. After checking the records, it turns out this fact is untrue. We have an anonymous and unregulated broker taking advantage of naïve investors and traders.
One would expect a broker with market insights to offer reliable trading terminals. You would expect to find MT4 and MT5 trading platforms. That’s not the case as the platform fails to offer any of these trading platforms.
Instead, you have a platform that’s far from what any trader would prefer. A custom-built trading terminal lacking consistency and favorable tools. After checking the trading platform, it’s clear you get an unstable platform.
There’s a valid reason why traders prefer using MT4 and MT5 trading terminals. Traders get advanced tools such as technical indicators. These platforms are also compatible with most mobile devices. And the speed of execution is instant.
Members get to choose from five different account types. Each of these accounts seems to offer a different set of features and outcomes. The five include Bronze, Silver, Gold, Diamond, and VIP. Here’s a closer look at each account type;
Bronze
There’s a minimum acceptable deposit of $500. Spreads start from 1.9 pips with the account promising negative balance protection. Traders also get daily signals and a financial plan. There’s also the option of scalping.
Silver
The second tier is for semi-skilled traders with a minimum required balance of $5,000. Spreads also start from 1.9 pips and there’s no mention of acceptable leverage. Traders also get the same features as the bronze account.
Gold
For gold account holders, there’s a minimum deposit of $10,000. Spreads also start from 1.9 pips with members enjoying daily signals and scalping. The account also promises negative balance protection.
Diamond
One of the two top-tier accounts, there’s a minimum deposit of $20,000. The account also offers similar features as the other three accounts. Traders get spreads starting from 1.9 pips with daily signals on offer.
VIP
It’s the most exclusive account of the three. Investors have to deposit a minimum of $50,000 to get started. The spreads are all the same on all accounts including the promise of negative balance protection.
One of the most glaring faults with these accounts has to be the leverage aspect. The broker fails to mention the acceptable leverage on these accounts. After signing up, we noticed leverage usually starts at 1:500.
The acceptable set leverage by regulators in all markets is 1:100. Retail traders in the United States enjoy maximum leverage of 1:50. Any liquidity provider offering leverage above 1:100 is putting your trading position at risk.
There’s also the issue of the inaccuracy of available trading signals. We noticed that these signals are late and nowhere close to offering traders an advantage. Members are at a loss with the spreads as the features are invalid.
To try and get more users to sign up, the platform promises members a hefty commission. You only have to help the broker sign up more members and get to enjoy the commission. The broker promises a commission of over 20 percent.
Woe unto you who partners with a broker that blocks withdrawals. Smartfxcapitals is not releasing commissions and is only taking advantage of affiliates. You and those who you direct to the platform end up paying the price.
There are five classes of trading instruments available on the platform. These include commodities, cryptocurrencies, forex, indices, and stocks. You get to trade commodities such as crude oil and natural gas.
The broker pairs major cryptos against leading forex currencies. Members also get to trade in the global markets thanks to several indices. The stocks found include those of leading companies from all sectors including aviation and manufacturing.
From user experience and the rising complaints, we rate the broker a 1/10. Clearly, the broker has a way of letting investors lose more. Without negative balance protection, the broker violates the rights of investors.
Most independent reviewers also lowly rate the broker. A quick search of the broker or the website reveals a negative aspect or view from the community. Please stay away from the platform or risk losing everything.
Don’t expect much from the broker in terms of communication. The broker fails to avail direct means of communication. You find a broker that’s not available in terms of reliability and satisfaction.
A legit broker will offer live chat or a working phone number members can use to ask for help. That’s not the case as the broker limits communication to written form. It’s clear the broker wants no contact with would-be victims.
The broker promises prompt withdrawals which are far from reality. Funding your account is fast as the broker avails several depository options. These include bank and wire transfers. After depositing funds, the funds appear within 24 hours in your trading account.
When the time comes to withdraw funds, that’s when all hell breaks loose. The broker is in no mood to let anyone withdraw funds. You get an email claiming your account is under review. That’s their way of blocking withdrawals.
As a trader, having negative balance protection is a right. Each broker must provide negative balance protection. That’s far from the case in terms of reality. We have a broker not eager to protect members.
The broker will let your funds dry up and even hit the negative sign. You will now owe the broker which is not in the trading rules. Such brokers are taking advantage of naïve traders. We must stop them!
Please stay away from a broker who fails to offer negative balance protection. The broker fails to segregate accounts as dictated by trading regulations. You won’t get any compensation once the broker goes under.
The broker is also at fault for not depositing the minimum required amount with regulators. It’s this amount regulators use to insure deposits made by the public. That’s a clear statement the broker is not safe.
With several red flags including blocking withdrawals and segregation issues, you need to stay away. The speed of executing trades is wanting as the platform is unstable. These conditions are abysmal to any class of trader.
The broker lacks a valid license from regulators to be a liquidity service provider.
Please stay away from this anonymous and unregulated broker.
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