Menu Review: Is Smartway Options a Scam Broker? Review: Is Smartway Options a Scam Broker?

Share This! is a Binary options brokers offering trading in CFDs. This broker runs a web-based platform that we have seen several times before. In as much as they claim that they also offer regular Forex trading, this is something that we cannot confirm since there is no indication anywhere on their site that Smartway Options provides an MT4 trading platform. Therefore, it would be hard to imagine that this broker is providing regular Forex trading on the usual binary options web platform.

Other than this, Smartway Options does not reveal trading conditions for their Forex trading service. As for binary options, they claim that payouts can be up to 85%. Binary options trading does not require things like leverage or even spreads as its all about predicting the direction that price will move next. But still we need to know the minimum that we can use to place a trade in a binary options settings.

It also appears as if this broker is offering one type of trading account only. Further investigations into this broker’s operations also reveal that the site was launched when it was not ready in its entirety as their FAQ section does not expand to reveal the answers of the questions listed therein. It is basically dysfunctional as the tabs cannot be clicked as well . This may be a glitch but all in all, someone should have discovered the problem and fixed it. To us, this is not ethical.

Also, since Smartway Options claims to offer Forex, Binary Options and Crypto currency trading, there is evidence that the brokerage is only offering binary options trading and not the other two products. To cut the long story short, this site looks attractive but the red flags are so loud that we have to seek answers before we can ever endorse them. For now, we believe that Smartway Options is an unreliable site and should not be trusted. Things like ownership and licensing have not been mentioned.

smartwayoptions online

There is also zero feedback about this operation on the internet, and yet their user statistics claim that they have opened 5400 accounts for their clients. This is a very big number and we are sure that if these accounts were real, these clients would have aired their grievances or opinions about this broker long time ago. So we don’t believe that Smartway Options actually has this number of clients trading on their platform.

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For that reason, we implore you to only trade with regulated and serious brokers. Avoid brokers who are not regulated. You must also avoid brokers who claim to deal in Forex trading when in the actual sense they are only providing trading in Binary options CFDs.

Smartway Options review

In every review that we write here, we always aim to be fair and this means that every write up must have some positive points as well. Unfortunately for this broker, the only positive point is that they are offering a wide range of CFDs for trading. The other supposed advantages listed on this site are not really advantages because these are standard features which you can find with many brokers in this industry. Therefore, if you think that those features can make you choose Smartway Options as opposed to other brokers, you need to ask yourself what qualifying factors you will be considering because we know a lot of well regulated and honest brokers who are supporting a wide range of payment options and are still offering trading in various financial instruments.

A phone number is provided on the website of Smartway Options. Unfortunately, no physical address has been provided and corporate details are also hard to come by. This website is basically presenting their services without the confines of anonymity which is extremely worrying. Besides, there is a great deal of perceived disadvantages of trading with this website. Let’s take a look at them.

No MT4 platform for trading

We’d like to reinforce that MT4 trading platform is a favorite among majority of those who trade the Forex market. If this brokerage claims to offer Forex trading but does not mention whether or not they provide MT4 platform, it means that they are lying about the Forex service which they are allegedly offering.

In our opinion, this is the broker to avoid at all cost because you want a broker that can provide the right trading environment for making sound investment decisions. This environment must provide trading instruments such as indicators, expert advisors and charting features that make it easier and convenient to gauge market sentiments with the aim of increasing the chances of a trader to become successful.

A web based trading platform

This web based platform can also be downloaded on mobile devices if a trader wishes to do so. It is well known for offering 60 seconds trades or rather binary options. If you are familiar with this trading platform, you can attest to the fact that it is basic. It does not have a lot of bells and whistles that come with MT4 platform. So that is the number one problem we have against this platform. We need to have access to all the tools that will help boost our chances of success.

Misleading marketing tactics

This brokerage appears to be capitalizing on the use of fantasy rather than specific details that matter hoping to catch the attention of new traders. For your information, you do not need the face of a beautiful account manager for you to be successful. This kind of casino based approach works elsewhere but not in trading. We feel that the broker was trying to create an atmosphere of fantasy to disillusion the naive trader into believing that Smartway Options is the real deal.

Our best advice for you

Last thing: Smartway Options is not regulated, and does not disclose which jurisdiction they are operating from. This alone proves that the broker must not be trusted. Therefore, if you want to be safe, we recommend trading with regulated brokers only. 

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One Reply to “ Review: Is Smartway Options a Scam Broker?”

  1. Everywhere page I open that has to do with binaryoption or forex investments all have great customer reviews but when I tried investing with binaryoption, from plus option, to binomo to IQoption, I lost a lot. I still have someone helping me with my trades but I keep losing and now they want me to invest more money. I need to speak with people who have invested and had similar situations. Please reach out to me on my username

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