SmartProfit FX Review – Why SmartProfitFX.com Is Not A Safe Broker

We’re dealing with an extremely risky provider here. It’d be smart to think through this twice but also unlikely that profits will come. In the SmartProfit FX Review, you’ll read about the potential dangers associated with this suspicious broker. 

Allegedly in partnership with Eightcap, Smart Profit FX’s unexpected honesty made us raise our eyebrows and scrutinize this entity. Without further ado, let’s start.

As well, stay away from the trading scams Bitcoin Convert, Admiral Trades, and Vestapros! Furthermore, before investing, always investigate the history of internet trading firms!

SmartProfit FX Is a Licensed Broker?

When we mentioned SmartProfit FX’s honesty, this is what we meant. The broker openly admits to not being regulated. Instead, all the legal business and conditions go through its partner, Eightcap Global Limited.

After visiting Eightcap’s website, we found out that the entity operates in the Bahamas and Australia. The former doesn’t interest us much as it’s a common offshore playground but the latter is important. Namely, we needed to check this company on the website of Australia’s financial market regulator – the Securities & Investments Commission (ASIC).

Turns out, there is one such entity registered with ASIC. However, it’s labeled as an “overseas company,” meaning that its licenses come from offshore regulators. That’s not very credible on its own, plus we’ve found discrepancies in the addresses provided on the website and in the Bahamas regulator’s register.

Moreover, the correlation between this company and SmartProfit FX could not be confirmed. Add to that the anonymous website of the broker and you’ve got a whole lot to worry about. By the way, the alleged owner company – Smart Profit FX LLC, is fictional. All in all, this is one fine mess we advise you to avoid getting caught up in.

Why Is Trading On a Licensed Broker’s Platform Preferable?

If the company is registered with the ASIC, it means that they have to adhere to strict requirements such as storing clients’ funds in a segregated account and using it only for approved operations. Furthermore, the broker must maintain AUD 1,000,000 minimum capital available at all times.

Keep in mind that SmartProfit FX is operated by an offshore entity, i. e. branch of the Eightcap umbrella, implying that none of those conditions have to be fulfilled. Thus, your funds aren’t secure at all.

How Reliable Is SmartProfit FX Broker?

SmartProfit FX is an ambiguous broker allegedly engaged in Forex, CFDs and crypto trading. It has a partnership with Eightcap and mainly targets traders from the UK, US and Canada.

Details About The SmartProfit FX Trading Platform

The platform that this unauthorized broker uses is actually provided by Eightcap. In fact, clients can choose between Meta Trader 4 and 5. Perfect, if not for all the shady aspects of this business. MT4 and MT5 are the two best software in the game as they come with exclusive advanced tools and features.

However, Eightcap refuses to provide the download files until a client has successfully registered and verified his/her account. Only the web-based version is available for preview on the website.

Can I Download the App for iOS and Android?

Yes. The software has been adapted for multiple devices. However, that doesn’t change the fact that you have to verify your account first. Nonetheless, mobile versions of popular trading apps aren’t up to par with their PC counterparts. This is true for MT4 and MT5.

Platforms for Windows and macOS

These platforms are available for Windows and macOS as well. The dubious broker made sure of that. These are standard versions and they should provide everything necessary for trading. Yet again, we were unable to confirm that.

What Сan Be Traded?

From what we’ve gathered, SmartProfit FX offers the following instruments:

• Forex pairs – EUR/USD, USD/JPY…
• Commodities – gold, silver, brent oil…
• Shares – BHP Group, Rio Tinto, Royal Mail…
• Crypto – Bitcoin, Ripple, Ethereum…
• Indices – US30, GER30, UK100…

Pretty much the standard offer. Choosing trading instruments is a champagne problem if your broker is fully transparent. If not, as is the case here, then that’s the least of your worries.

Refer A Friend Process – Bonus Credit

SmartProfit FX devoted an entire section to the referral program. This clever setup serves to pull in more unsuspecting victims. You’re enticed to invite friends and they’re encouraged to invest. What neither of you knows is that the money goes directly into the scammer’s pocket. That’s what happens when dealing with shady brokerage entities.

SmartProfit FX – Countries Of Service

It seems that this offshore provider mainly targets Anglo-Saxon traders, i. e. those from the UK, US and Canada. French speakers aren’t excluded either. Given the ties with Australia, we wouldn’t be surprised if they got calls as well. Therefore, if you’ve been contacted by SmartProfit FX, we recommended that you politely decline anything you’re offered.

What Do We Know About SmartProfit FX Account Types?

SmartProfit FX offers two different account types. Apparently, the only difference between the two is the spreads and commissions. Not your typical scammer division but it does raise doubts. The leverage is problematic, for starters.

Can a Trader Use a Demo Account?

Allegedly, you can. There’s talk about a demo account on both websites. Regardless, some scammers do include a demo account to appear legitimate. Therefore, don’t automatically assume that you’re at the right place.

Furthermore, we strongly advise you not to invest in the bogus brokers TIQ FX, Winnex Consulting, and Cryptocycle. If you want to save money, don’t trade with these unlicensed brokers!

About Leverage, Spreads, and Fees

Since this is an offshore provider, the leverage limit is off the charts. Bear in mind that high leverage carries enormous risks, especially in volatile markets. In this case, maximum leverage caps at 1:500. If you’re wondering how high is that, know that regulators set the limit at 1:30-1:50.

As for spreads, SmartProfit FX claims to offer 1 pip for the standard account and 0 pips for the raw account. However, we weren’t able to confirm that. Commissions for the raw account are $3.

Minimum Deposit and Withdrawal Terms

The minimum deposit is $100. Nah, you can find better brokers for that amount. As for the payment methods, there’s an abundance of them. Below, you’ll see the entire table. 

What we have to point out is that you’re required to fully verify your account before anything. If you do so, the broker will have in its possession copies of your personal documents, making an eventual chargeback impossible.

Scammed by SmartProfit FX Broker? – Let Us Hear Your Story

This is a sophisticated scam. Thus, we wouldn’t be surprised to find out that many have fallen victim to it. If you’re among them, don’t feel bad. Instead, consider the ways of requesting a refund, i. g. a chargeback. Also, we can assist you in reporting the scammer and start the chargeback process.

But What Is A Chargeback?

• A chargeback is used to reverse credit/debit card transactions.
• It can be requested at the issuing bank within 540 days.
• The same process for wire transfers is known as a recall.
• Crypto transactions have to be traced to a wallet in an exchange for a refund to be possible.
• The chances are slim but it’s worth giving it a shot.