SMFX Broker Reviews and Full Information

WHAT IS SMFX?

Trading is the latest trend that is making its way into the market for money-making. It's not a secret that trading is an amazing way to earn more money to improve your life. This article is going to provide a brief overview of the trading firm, SMFX.

A business that operates in two locations: Belize in Belize, in which it is an independent entity under using the name Scope Market Ltd and in Cyprus in Cyprus, which is known as SM Markets Ltd as an authorized broker. It uses the name the name SMFX for its trader. SMFX offers its clients exceptional customer service, frequent information about market trends, and an environment for trading that's seen as being competitive. The trading platforms provided by SMFX come with a user-friendly interface that makes it easier for beginners to understand it more easily.

Pros

Cons

Regulated by CySec.

Offshore entity located in Belize.

24/7 customer support service.

 

MetaTrader platform offered.

 


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10 Points Summary

Headquarters

Cyprus

Regulation

CySEC, IFSC

Platforms

MT4, MT5

Instruments

CFDs, Cryptocurrency etc.

EUR/USD Spread

1.8 Pips

Demo Account

Yes

Minimum deposit

$100

Base currencies

USD, EUR, GBP

Education

Provided.

Customer Support

24/7

HOW PROTECTED ARE YOU WITH SMFX?

It is impossible to compromise the security the broker offers. It is the first goal to provide security to earn trust from clients.

 

SMFX operates as two distinct organizations. The one that operates from Belize is not backed by rigorous security procedures. But, the lack protection is compensated for by the entity that is based in Cyprus which is governed by CySec which ensures the highest level of security. In addition, it's conforming to the ESMA.

 

How does CySec ensure the security of your cash?

CySec will provide complete protection for your funds through the use of separate accounts that are separate from company funds.


 

Pros

Cons

Offers Forex and CFDs

Support for education is often not sufficient.

Account opening is hassle-free and hassle-free

 

Demo account is accessible.

 


 

AWARDS:

The recognition and awards help to establish a company's image. An evaluation may be biased, however the award itself cannot be. As of now, SMFX has not received however, but has been nominated for these awards:

Most Transparent Broker- iFx Expo

Best Retail FX Broker- iFx Expo

 

IS SMFX SAFE OR SCAM?

 

If it's your first experience dealing with a broker, it can be difficult. There are doubts in your mind and you're uncertain whether you should proceed or not. The best method to build trust in brokers is to do some research and study the organization responsible for it.

As previously mentioned, SMFX is operated from two different locations, Belize in Belize and Cyprus. The people who have registered at Belize aren't sure about the validity of the company. Yet, CySec is a reliable regulator and eliminates the possibility that SMFX could be a fraud.

 

Account:

Three kinds of accounts are provided with Classic, Pro and Platinum. The process of opening a new account is easy and painless. A demo account is available.

Demo Account Demo accounts is provided by all brokers, allowing beginners to join the market and try their hand at. It allows them to develop and improve their abilities in a risk-free environment.

CLASSIC ACCOUNT The traditional account does not charge commission fees and provides fixed spreads. Its maximum leverage can be as high as 1:500, along with a large liquidity. The broker offers free education classes for simple account types. Furthermore, every classic account comes with an individual manager. This kind of account is great for those who are new to the game and withdrawals are cost-free.

PRO ACCOUNT The account is identical to the basic account , with the exception that spreads vary and it also gives access to weekly webinars as well as one-on-one support. Access to a personal manager as well as the ability to access weekly webinars are included. It is highly recommended for trainers who are advanced.

Platinum Account When you upgrade your account the account type, you'll find that spreads are reduced and commissions rise. For the Platinum account, 3 commissions are paid per lot, with nearly none spreads. It comes with all the basics and advanced features like regular webinars, education trainings and professional signal programs, among others. It is highly recommended for traders who are professionals.

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Pros

Cons

The minimum deposit requirement for accounts is not high.

Also known as an offshore broker

Different types of accounts are accessible

 


 

Trading Instruments

SMFX provides its customers with excellent trading conditions through offering a variety of assets. There are around 70 currencies, along with a variety of crypto currencies , such as Bitcoin, Litecoin, etc. There are various CFDs available alongside other commodities.

 

Pros

Cons

A wide range of currencies

None

15 different CFDs in 15 different

 

 

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Trading Platforms

In the past, SMFX was providing its clients with its users with the MT4 platform. However, it has now switched to MT5 that is more efficient when compared to the earlier MT4. It is user-friendly and for novices.

Pros

Cons

More than 50 technical indicators.

None

Market news and alerts of the latest.

 


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Trading Fees

The fee for trading is based on many elements, i.e., spreads commissions, margins, and spreads.

You are probably thinking: what exactly is the term spread? In the context of the currency pair the term "spread" is described as the amount in rates of bid and ask. SMFX spreads are based on the type of account you choose to use.

Commissions are the amount paid by a broker to conduct rates on behalf of the broker. This is why the amount of commissions varies considerably. The amount of cash you have to deposit on your accounts to fund an account is known as margin. The current rate of the base currency relative to US dollar as well as the volume (volume) that you have in the account and the leverage that you add in your account for trading are utilized to calculate margin.

 

Pros

Cons

No fee for withdrawal is charged.

None.

The spread and commissions vary according to the type of account.

 

The cost of trading in forex is not high.

 
   



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Deposit & Withdrawal Options:

SMFX uses a fairly simple process to ensure a smooth experience for users. A minimum of $100 is established and can be transferred using a variety of methods:

  • Bank Transfer
  • Skrill.
  • Credit/Debit Card

Other options could be available based on the location you are in and the organization that you registered with.

For withdrawals, the procedures are similar to those for depositing. SMFX does not charge a fee for withdrawals. It does however allow only two claims each month. In the event that more than one claim is sought then a fee of $35 will be imposed. A minimum of three working days are needed in order for the money to be transferred to the account.

 

Education:

For you to get started in the realm of trading, you must have a solid understanding of the subject is essential to safeguard yourself from scams as well as any incidents.

To help customers increase their knowledge and get better at trading, SMFC offers different video tutorials, research materials as well as daily updates and access to many educational tools. However, the content offered by SMFX isn't enough and you shouldn't rely on it completely. Through a partnership with an outside organization, SMFX now offers a cost-free course on Forex.

 

Customer Support:

When deciding on a broker firm to be a possible trader, you should look at its customer service. If the company isn't able to support you then it's not worth the money.

At SMFX Customer support is considered vital for an enjoyable experience. The company offers 24/7 live chat service, so traders can discuss issues and have the issue resolved quickly anytime during the working day. The typical response time is within minutes. There are other options to reach the team, like email or phone. Additionally, SMFX customer support service is available in several languages.

Pros

Cons

Live chat available 24/7

None

Supports multiple languages

 


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Conclusion:

The trading industry is often extremely risky. So, SMFX constantly informs its traders about the risk that are involved.

SMFX has built a an image that allows potential traders to faith in SMFX. It offers traders secure with flexible and flexible terms for trading. Different types of accounts are designed for the convenience of all prospective traders.

Although, it is referred to for its offshore brokerage and may cause doubts the broker is controlled by CySec and is in line with European standards, which is a testimony to its reliability

 

Frequently Asked Questions (FAQs)

Who is SMFX controlled?

SMFX is controlled through CySec within Cyprus as well as IFSC and IFSC in Belize.

The minimum amount of deposit established by SMFX?

The minimum deposit limit set by SMFX is $100.

Do you have an account demo offered through SMFX?

Yes, SMFX offers a demo account.

Is SMFX recommended to newcomers to the forex market?

SMFX is recommended for experienced traders and novices. It provides a secure trading environment.

Does SMFX offer leverage?

Yes, the maximum leverage of 1:200 is available from SMFX.

Summary
Properties Values
Name
SMFX
Minimum Diposit
$ $100
Leverage
1:500
Regulation
IFSC (Belize),CySEC (Cyprus),,,,
Headquarters
Cyprus
Established
1997
Address
Cyprus
Platform
MT4,MT5,MT4 WebTerminal,MT5 WebTerminal,,,,
Payment Method
Wire,Skrill,Neteller,,,,
Overview
Properties Values
Spreads
1.3 pips
Min Position size
0.01
Broker Type
DD (Dealing Desk),Instant Execution,Market Execution,,,
Account Type
Mini account,Scalping,High Leverage,Standard,,,,
Brokers by Country
Cyprus Forex Brokers,,,,
Techniques
Scalping Forex Brokers,Hedging Forex Brokers,Automated Trading Brokers,Mobile Trading Brokers,,,,
Instruments
Forex Trading Brokers,Gold Trading Brokers,Oil Trading Brokers,Commodity Forex Brokers,Metal Trading Brokers,Indexes Trading Brokers,,,,
Account currency
USD,EUR,GBP,JPY,XAU,,USD,,USD,,USD,
Tools
Charting Software,,,,
Website Languages
en,,,,
Support languages
en,,,,
Bonus
Yes
Reviews Rating
4.5
Withdrawal Fee
No
Trading Signals
Yes
Free Education
Yes
Daily News
Yes
Demo account
Yes
Swapsr
Yes
Pors
1. Low , Average Forex fees	
2. Options between spread only or commission fee basis	
3. 0$ Withdrawal fee	
4. Micro Lot trading available
Cors
1. Inactivity fee
Display Analysis
Yes
Serving country
CY,,,,
Not Serving country
,,,,
Contests
Yes
Market analysis
Yes
Copy Trading Brokers
No
Bitcoin Forex Brokers
No
Social trading
No
Web trading
Yes
Forex pairs
No
CFDs
Yes
Crypto
No
Hedging
Yes
PAMM
Myfxbook Auto trade,Mql5 signals,,,,
Mobile Trading
Yes
Scalping
Yes
Automated Trading
Yes
Partnership Programs
Yes
Free Phone
+442037692943
Customer Support
24/7
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