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A glance of Smartpipsfx is all you need to note the glaring red flags. The platform claims to offer crypto and forex trading services with spreads starting from 0.2 pips. Those who have invested and traded with smartpipsfx.com are ruing the decision.
The store has utterly brought them down to their knees in disbelief. But unfortunately, no one gets to withdraw funds from the broker. And this is why we must expose the platform. So here’s our engaging SMARTPIPSFX REVIEW.
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From what we can see, the store decided to shut down withdrawals after a deposit surge. The store would allow the first few members to withdraw funds. Once the platform garnered more investors, it decided to block withdrawals.
We have seen such cases before, and we must insist Smartpipsfx is one of them. Nothing seems right with the platform, from the broker to the trading conditions. Moreover, smart Pips FX offers nothing tangible in terms of results.
After looking through the entire platform, the trading conditions are another trap for traders. The liquidity provider is not following set rules by regulators. And that’s why we must expose them for failing to offer meaningful trading services.
Smart Pips FX claims to be ready for a challenge. The platform praises itself for giving traders the tools to generate financial returns. But, unfortunately, when you think of what these tools are, that’s when you know the store is a scam.
Smartpips FX claims to offer trading signals for leading markets. Once you sign up with their trading platform, there are two services. Getting trading signals or letting the broker trade on your behalf.
Those who took the latter option were the first to go down with the ship. The broker doesn’t even manage to increase the profit points. And that’s from the same liquidity provider claiming to be an expert.
Once you land on the homepage, the website Smartpipsfx.com has a professional appeal. All information needed is available at face value. However, you don’t have to take their word for it. Doing due diligence is what separates members from safe and scam brokers.
Spreads on crypto and forex assets are 0.4 and 0.2 pips, respectively. When you trade with forex, there’s a $3 commission available. The platform is also open for real estate services. For this, $100 per lot is available alongside a crown funding program.
There are four trading plans with the broker using a custom-made trading platform. Our smartpipsfx.com review will uncover some of the advantages and disadvantages. However, it should be known the broker is full of cons.
Instead of offering members a world-class trading platform, the broker insists on a custom-built terminal. As a result, this store has no growth as users are left questioning the decision. In addition, the trading platform is slow at executing trades.
Not only is the platform slow, but the unstable aspect of it is also worrying. You would expect the broker to offer users MT4 and MT5 trading platforms. That’s because these terminals are user-friendly and provide advanced tools.
With their custom-made trading platform, you don’t get advanced tools or technical indicators. The platform is also not compatible with several desktop and mobile devices. It makes it nearly impossible to trade on the go.
There are four account plans to choose from: Basic, Standard, Platinum, and Exclusive. Each of the plans claims to bring something different to the table. So let’s take a closer look at each account’s offer.
Basic
Members must deposit a minimum of $500 to get started. The maximum you can deposit is $4,999. Members earn a compounding interest of 2.4 percent.
Standard
Those who engage with the standard plan must deposit a minimum of $5,000 and a maximum of $9,999. In addition, you get to earn a compounding interest of 3.3 percent.
Platinum
The platinum account holder’s minimum deposit is $10,000 and a maximum of $19,999. In addition, members get a compounding interest of 4.5 percent.
Exclusive
There’s a minimum deposit of $20,000 and a maximum allowed investment of $50,000. The store targets institutional investors. Auto-compounding is the interest available.
Despite these claims, there’s one glaring mistake, and the store fails to quote the vesting terms. We also don’t know the set leverage and spreads available for trading crypto and forex. There’s suspicion broker goes above the 1:100 leverage threshold.
Does the broker offer fixed or variable spreads? The broker also boldly claims to guarantee daily profits with each plan. But, of course, we all know that’s improbably, especially in volatile markets such as crypto.
These are the issues we had with the trading accounts and plans. The broker wants to fool investors into believing everything is perfect on the platform. It’s not, and the auto-compounding interest value is another lie.
Once you sign up with the broker, you must buy the plan. After buying the plan, the broker uses the backend account to increase the deposit amount. It’s one way of selling the plans as successful.
When you decide to withdraw funds, the broker will insist you must sign up with the next plan. And that means having to deposit a large amount. Once you do, the broker claims the previous account is under review.
You won’t ever get to withdraw funds from this liquidity provider. But, unfortunately, that’s what most newbies are facing on the platform. Worse, the broker may decide to shut down your account by deleting login credentials.
The profit margins for a day are too high to be authentic. And that’s another glaring red flag. The broker attempts to lure investors looking for high and quick profit margins. Make sure to sign up with a broker offering realistic profit margins.
Smart Pips FX is lowly rated, as you would expect from such a dummy platform. We rate Smartpipsfx.com 1/10 due to the horrendous trading conditions. As a result, no one should even consider signing up with the broker.
Don’t expect customer support from the broker who doesn’t even employ a bot chat program. At best, the contact details are fuzzy, and no one gets to contact the owner directly. And that also makes the liquidity provider anonymous.
Smart pips FX is not a licensed or regulated trading platform. There are no certificates of registration available for members to confirm with regulators. Without the broker uploading these documents, you have to assume the worst.
You need to invest in a platform that guarantees the safety of funds. Go for platforms regulated by reputable institutions such as ASIC, CySEC, FCA, and the SEC. These regulators work round the clock to ensure legal cover for all parties.
There’s no negative balance protection from Smart PIPS FX. That goes to show unprofessionalism from the liquidity provider.
The safety of funds is out of the question. Smart Pips FX fails to offer insurance cover for deposits made by members.
Please stay away from the broker.
PS: Here’s the expert’s investment option of choice.
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Hi I recently deposited money for smartpipstrade.com
Turns out you have to pay 1800 in tax to claim your withdrawal
Is this correct