SmartOptionFX (Smartoptionfx.com) is a brute Binary Options, CFDs, Crypto Currency and Forex scam broker out to harm investors. Smart Option FX is claiming to be based in Miami Florida which is a lie. SmartOption FX is fraudulently stealing from users who deposit funds with them. After receiving hundreds of complaints from traders who were conned, we decided to investigate. Read this detailed and honest SmartOptionFX review and get the truth.
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A broker claiming to be based in the states must be recognized by the SEC. Problem with this broker is not being recognized by this official regulatory body. This is not the only red flag we spotted with this broker. There are other red flags which must be pointed out to investors lest they fall and lose money.
It’s easy to see why most newbie traders have fallen for this platform. Homepage looks real and is easily appealing to the eye. And this is what these scam artists are after, to grab visitor’s attention with visuals and sales messages. With claims and promises of offering 92% bonus, it’s clear why these scam artists are changing minds. These welcome bonus claim will eventually lead users to deposit money expecting a huge bonus. Broker will take your deposit and hide.
Landing on their about us page, it’s clear this platform is being ran by a fake company. According to what’s on the page, B.O Trade Financials LTD owns SMARTOPTIONFX. Scammers will do or say anything to ensure their products and services appear legit. Knowing too well investors don’t usually check on broker’s eligibility, scammers take advantage of this.
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When it comes to who actually runs this platform, there’s no credible information. This means we are dealing with an anonymous broker which is extremely dangerous. Anonymity is a risky character to have as a broker. How can we trust funds with an unknown third party? This is what most newbie traders don’t know in regards to Smart Option FX. There’s no information to verify claims of founding members.
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A search conducted on CySEC official website reveals damning facts regarding this broker. B.O Trade Financials is not regulated by CySEC. SmartOptionFX is not licensed to conduct any Forex transactions on behalf of third parties. Make sure to stay away from any unauthorized broker who conducts Forex business illegally. In case of any tussles, this broker will close shop immediately and without warning. Stay clear of this platform and ignore pleas to sign up.
Where are their registration certificates or documents to prove their authenticity? Lack of these vital documents is proof we are dealing with lame brokers. Ensure to stay away from any broker who fails to post their registration certificates. In most cases, such a broker is a fraud and can close down shop at any given time. Make sure your money is in safe hands and not a scam artist.
SmartOptionFX is using various methods users can choose from to deposit funds. Depositing funds with this broker is easy and fast. And this is what the scammer’s want, anyone depositing to have channels available to do so. They don’t want anyone to give excuses as to why they can’t make deposits. Some of the depository channels include MasterCard, Visa, and Bitcoin Money. This is not a valid reason for anyone to sign up with this shameful broker.
Problem with their funding is when traders decide they want to make withdrawals. And this is probably one of the biggest red flags Smart Option FX has. No member has been able to withdraw funds using this platform. According to reports, this broker is giving users a variety of excuses as to why withdrawals are not possible. Some of these excuses include lack of trading volume required to warrant withdrawal. This is simply unacceptable from any broker.
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SmartOptionFX is offering five different account types to choose from. Accounts are named Basic, Premium, Gold, VIP, and Corp. Each account comes with a different minimum required deposit price. Deposit starts from $500, $1,000, $3500, $10,000, and $15,000. These accounts come with a welcome bonus. When asking for withdrawals, bonus will be charged back.
Problem with these accounts is how similar they are to each other. There’s no notable difference with any of the accounts. Why would an investor deposit $15,000 and get the same advantage as one who deposits $1,000? It’s clear this broker did not think it through when creating these accounts. Stay away from any broker who offers trading accounts which have same features and different asking price. These scammers thought no one would notice their trickery, we did.
Funds are never safe with a broker who is anonymous and uses fake credentials. How can security of funds be guaranteed by a broker whose intention is not known? Another disturbing feature with this broker is lack of proper documentation regarding banking. Where does Smart Option FX bank money which has been deposited by investors? It’s also possible users are depositing money straight to owner’s personal account. Stay away from this platform.
When it comes to segregation of accounts, this is not possible with this platform. What this means is, SmartOptionFX is pooling funds in one account which is against trading rules. In case broker faces bankruptcy or insolvency, all funds will be lost. No one should expect any compensation from this broker. This broker does not participate in any compensatory scheme as it should be. This is clearly a fraudulent broker out to steal funds from hard working investors.
SmartOptionFX is riddled with fake claims which is what these scammers want newbies to believe. Claims of having over 24,258 platforms, 61,185 users, 30 active assets, and 543.980 completed trades are lies. If this was factual, this would be one of the leading Forex broker platforms we have. Sadly, this is a fraud as no professional Forex broker has ever heard of it. This makes SmartOptionFX a certified scam.
Without a shadow of doubt, this is a fraudulent platform out to cause havoc. Evidence clearly shows we are dealing with a rogue Forex broker. Make sure to warn your family and friends form signing up with this broker. Mark all their emails as Spam and never click on any links sent by these scammers. Stay away from any platform with such characters portrayed by this platform.
What we recommend is shutting down of this platform by relevant authorities. This will clearly protect newbie traders from falling into this trap. Adding this platform to our scam blacklist will help protect our readers from signing up with a fake broker. Stay away from this platform and start making money with real Forex brokers.
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We wish you all the best in your Forex trading experience.
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