Overall, SmartFX is considered low-risk, with an overall Trust Score of 90 out of 100. SmartFX can be summarised as a credible and worthwhile broker that is very competitive in terms of its trading fees (against major currency pairs).
SmartFX at a glance
| Broker’s Name | SmartFX |
| 📍 Headquartered | Port Vila, Vanuatu |
| 📅 Year Founded | 2018 |
| ⚖️ Regulating Authorities | VFSC |
| 🌐 Countries not accepted for trade | US |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:400 |
| 💰 Minimum Deposit | R8500 ZAR / $500 |
| ➕ Deposit Options | Visa, MasterCard, American Express, Skrill, Neteller, STICPAY, Bank Wire Transfers through the National Bank of Vanuatu and Local bank in Dubai. |
| ➖ Withdrawal Options | Visa, MasterCard, American Express, Skrill, Neteller, STICPAY, Bank Wire Transfers through the National Bank of Vanuatu and Local bank in Dubai. |
| 💻 Platform Types | MT5 |
| 📱 OS Compatibility | Web browsers, Windows, Android, iOS |
| 📈 Tradable assets offered | Forex, CFD indices, CFD equities, Futures, Commodities, and Stocks |
| 👨💼 Languages supported on Website | English |
| 👥 Customer Support Languages | English, Japanese and Chinese |
| 📆 Customer Service Hours | 24/5 |
SmartFX Review – 18 Key Point Quick Overview
- ☑️ SmartFX at a glance
- ☑️ Who is SmartFX?
- ☑️ Safe or scam
- ☑️ SmartFX Pros and Cons
- ☑️ Leverage
- ☑️ SmartFX account types
- ☑️ Market instruments
- ☑️ Fees
- ☑️ SmartFX deposit and withdrawal
- ☑️ Trading platforms
- How to open a Smart FX account?
- Customer support
- Education
- Research
- Awards
- Conclusion
- Disclaimer
- Frequently asked questions
Who is SmartFX?
According to research in South Africa, SmartFX is an online regulated Forex and CFD broker that is based in Port Vila, Vanuatu and has been in operation since 2018.
SmartFX is owned and operated by Smart Securities and Commodities Limited and is regulated by Vanuatu Financial Services Commission (VFSC) with registration number 40491. It also has offices in Dubai, UAE.
The broker upholds strict standards to make trading environments safe and provide each client with the finest, individually tailored trading circumstances. With the help of its Daily Market Analysis, the broker provides its clients with the most up-to-date market insights each day, assisting Forex traders in acquiring the knowledge and skills necessary to trade effectively and responsibly.
SmartFX offers various trading options that include currency pairs, commodities, CFD indices, CFD equities, futures, and stocks. SmartFX offers a simple trading solution with one Smart Account and MetaTrader5 as the only trading platform.
Traders from the United States are not accepted but it allows traders from various other countries, such as the United Kingdom, Canada, Australia, Thailand, South Africa, India, Singapore, Hong Kong, France, Norway, Germany, Italy, Sweden, Denmark, United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Luxembourg, and most other countries.
Safe or scam
When traders evaluate brokers, regulation is one of the most crucial components that must be considered. Regulated brokers are required to comply with stringent rules and regulations set by regulatory entities and through this, client fund security can be ensured.
The activities of regulated brokers are also overseen by such entities to ensure that there is no fraud or foul play, and to ensure that traders are always protected against such activities.
In the Republic of Vanuatu, SmartFX is governed by the Vanuatu Financial Services Commission (VFSC). Its main offices are in Vanuatu as well as Dubai.
Being a regulated business, it is required to follow by a number of laws and standards, the most significant of which is that client funds must be maintained in separate accounts. The broker is not permitted to use these funds for any of its financial activities.
SmartFX Pros and Cons
| ✔️ Pros | ❌ Cons |
| Regulated by VFSC | Does not accept clients from the United States |
| MetaTrader5 | Only one live account type |
| No commissions charged | Not many payment methods offered |
| Offers a demo account | Limited account currencies accepted |
| No deposit or withdrawal fee charges | No transparent account fees |
| Offers competitive trading conditions |
Leverage
SmartFX provides traders with leverage of up to 1: 400.
Leverage is a tool that is offered by numerous brokers to traders. With leverage, traders can open larger positions, allowing traders more exposure to the market in which they are trading despite their initial deposit.
However, as beneficial as leverage may be, it can also be detrimental when used incorrectly or abused. Leverage increases a trader’s chance of gains and thus, it also increases the risk of losses.
Traders are at risk of incurring losses that may exceed their initial deposit, leading to a negative balance on their trading account if the trader does not have the benefit of negative balance protection.
Leverage is expressed as a ratio, for instance, 1:1, 1:50, 1:100, 1:500, and even up to 1:3000. Leverage and margin go together, with the margin being the amount required from the trader at the start of the trade. This amount serves as collateral for any credit risks which may arise.
When traders apply leverage, the margin requirement is reduced, and the trader can open larger positions.
SmartFX account types
A Forex account is a trading account that traders hold with a specific broker for the purpose of trading financial instruments. Brokers may offer traders either a variety of accounts, with each catering to varying levels of skill, knowledge, and experience, or a single account that can be used.
SmartFX offers traders with only one live account type on the MetaTrader5 platform.
Smart Account
| 🔍 Account Features | 📈 Smart Account |
| 💵 Minimum Deposit | R8500 ZAR / $500 |
| 📊 Platforms offered | MetaTrader 5 |
| 📈 Spreads | Competitive |
| 📊 Instruments available | 130+ |
| 💹 Maximum leverage | 1:400 |
| ⚖️ Minimum order size (Forex), Lots | 0.01 |
| ⚖️ Maximum Open and Pending Orders |
Unlimited |
Choosing a trading account is never simple, whether you’re a beginner or professional. You must familiarize yourself with each account type and make a decision among them.
SmartFX has streamlined the process by providing only one live trading account, the MT5 Smart Account, which will meet all of your demands.
Demo Account
In addition to the account types offered, SmartFX also offers traders the option of registering a demo account through the MetaTrader5 platform for an unlimited time.
Islamic Account Option
It is not clearly stated on the SmartFX website that it makes provision for Muslim traders with the option of converting their live trading account into an Islamic Account or a Swap Free account.
It does, however, state that all transactions are not charged or credited with swaps or overnight fees when trading positions are kept open for longer after the trading day has concluded.
This is usually offered to clients who want to open an Islamic Account.
Market instruments
| 🔍 Trading platforms | ✅ Availability |
| 📊 Forex | Yes |
| 📊 Indices | Yes |
| 📊 Commodities | Yes |
| 📊 Stocks | Yes |
With SmartFX traders have the choice to trade in over 2000 trading instruments that include Forex, CFD indices, CFD equities, Futures, Commodities, and Stocks.
Fees
Another crucial factor that traders must consider when evaluating a broker is the fees that they will incur. These fees relate to both trading and non-trading activities and actions.
Trading Fees
SmartFX is not clear and transparent on spreads or any account fees for that matter, although it seems to have floating spreads that start at 2.4 pips. There are zero-commission charges on the trading account.
One of the first fees that traders will encounter concerns a minimum deposit fee which is paid after the trader has completed account registration. It is not indicated on SmartFX’s website what the minimum deposit requirement is, but according to some reviews, it is $ 500.
Next, traders must consider the spreads, commissions, and margin requirements.
Non-trading fees
There is no indication on the broker’s website regarding any fees, including inactivity fees, account maintenance fees, or any other fees.
Where non-trading fees are concerned, traders must consider fees relating to account inactivity, deposit and withdrawal fees, account management and maintenance fees, currency conversion fees, and others.
SmartFX deposit and withdrawal
| ➕ Deposit options | 💱 Base currency | 💰 Fees | ⏲️ Processing time |
| 💳 Visa | USD, EUR, GBP, JPY, RUB | Free | Instant |
| 💳 Skrill | USD, EUR, GBP | Free | Instant |
| 💳 Neteller | USD, EUR, GBP | Free | Instant |
| 💳 Wire Transfer | USD, EUR | Free | 2-5 working days |
| ➖ Withdrawal options | 💱 Base currency | 💰 Fees | ⏲️ Processing time |
| 💳 Visa | USD, EUR, GBP | Free | 1-3 hours to approve the withdrawal and transfer the funds |
| 💳 Skrill | USD, EUR, GBP | Free | 1-3 hours to approve the withdrawal and transfer the funds |
| 💳 Neteller | USD, EUR, GBP | Free | 1-3 hours to approve the withdrawal and transfer the funds |
| 💳 Wire Transfer | USD, EUR | Free | 1-3 hours to approve the withdrawal and 2-3 business days for funds to arrive |
When evaluating brokers, the ease with which deposits and withdrawals can be made is another imperative factor to consider.
SmartFX offers the following deposit and withdrawal methods:
- Visa
- MasterCard
- American Express
- Skrill
- Neteller
- STICPAY
- Bank Wire Transfers through the National Bank of Vanuatu and Local bank in Dubai
Currencies are accepted in USD, EUR, GBP, JPY, and RUB, but this does not apply to all the payment methods.
SmartFX does not accept payments from third parties. There are no fees for deposits or withdrawals. You should however be aware that you may incur fees on payments to some international banking institutions.
All deposits and withdrawals take between 1 to 3 hours to reflect into your account with the exception of wire transfers that take between 2 to 5 working days
Trading platforms
| 🔎 Features | 🥇 MT5 |
| ⌛ Timeframes | 21 |
| ⚙️ Technical Indicators | 38 |
| 📊 Analytical Objects | 44 |
| ✅ Economic Calendar | ☑️ Yes |
| 🚀 Platform Speed | 64 bit |
| 💻 Order Execution | Market Execution |
| 📈 Pending Order Types | 6 |
| 📌 Hedging | ☑️ Yes |
| ☑️ Strategy Tester | Multi Thread |
SmartFX offers MetaTrader5 as the only trading platform. The platform is available for use with desktop PCs and mobile devices that run on either iOS or Android.
How to open a Smart FX account?
To open a live account with SmartFX, traders can select the option to ‘Open live account’ from the broker’s homepage. This will redirect you to a new page containing a digital registration form. Traders can complete the form by filling in all the required fields.
Next clients will need to submit documents to verify their identity. For customers from the UAE, SmartFX request a passport, visa, Emirates ID and utility bill, electricity bill, credit card statement, or bank Statement. These documents need to be scanned in high resolution.
Customers from other countries need to provide a copy of their passport or valid ID and proof of residence.
It usually takes a maximum of 24 business hours for us to verify and approve an account. Usually, your documents will be reviewed on the same day you uploaded them to the Client Portal.
Customer support
SmartFX can be contacted either by making use of the Live Chat function, which is present throughout the website, by telephone, or by email.
Education
For beginner traders, education is crucial, hence SmartFX only provides a free live webinar once a week if you’re interested in learning how the financial markets operate.
Industry professionals will teach you about the most recent financial trends and offer guidance on which charts are worth considering for your investing plan during the session. It also offers a limited FAQ section.
Research
Research tools help traders in their activities in addition to helping them hone their skills in making informed trading decisions.
SmartFX’s traders and experts explain daily worldwide market price changes. This helps traders plan their next move.
Daily Technical Analysis on the most traded instruments and marketplaces helps you remain current and spot market opportunities. An economic calendar is included and the broker also provides an educational blog.
Awards
SmartFX does not have any awards or recognition listed on the broker website. Reviews do, however, indicate that it received one industry award from Global Brands Magazine in 2021, honoring it as the Fastest Growing Broker in the UAE.
Conclusion
SmartFX offers one live account type and the industry-leading MT5 platform for forex and CFD investing. Traders can try out the broker’s services with a demo account.
SmartFX is a legitimate broker, although it’s not severely regulated and lacks negative balance protection.
Comparatively, the trading circumstances are favorable and competitive. However, the broker isn’t upfront about spreads and costs.
SmartFX offers reliable deposit and withdrawal methods and fast transaction times. There are research and education tools. The trading platform should compensate for the broker’s lack of research tools, resources, and materials.
Disclaimer
SmartFX reminds potential clients that Forex and CFD trading is risky and not for everyone. CFDs are sophisticated instruments that can lose money quickly owing to leverage. Consider whether you understand CFDs and can afford to lose money.
Past performance doesn’t predict future results. The client must determine whether he/she can utilize SmartFX services depending on local law. Before trading with SmartFX, potential traders should assess their investment goals, financial status, needs, and level of experience.
SmartFX advises margin trading has profit and loss potential. SmartFX cannot guarantee a trader’s maximum loss because currency and commodity prices are unpredictable, according to research in South Africa.
Frequently asked questions
Trading environment
How many instruments can I trade with SmartFX?
You can trade any of the following instruments, namely Forex, CFD indices, CFD equities, Futures, Commodities, and Stocks.
Which platforms are supported by SmartFX?
MetaTrader5.
Does SmartFX offer leverage?
Yes. SmartFX offers leverage of up to 1: 400.
What spreads can I expect with SmartFX?
The broker’s website doesn’t list spreads, but reviews say it starts at 2.4 pips.
Does SmartFX charge a commission?
No. SmartFX does not charge any commission.
Is SmartFX regulated?
Yes. SmartFX is regulated by the VFSC.
Is SmartFX a recommended forex trading broker for experts and beginners?
Yes. SmartFX caters to beginners and specialists, but only offers MT5 as a trading platform.
What is the overall rating out of 10 for SmartFX?
5/10.
Accounts
What is the difference between a demo and a live trading account?
A demo account is an account funded with virtual money that allows for risk-free trading while a live trading account requires actual capital.
With a demo account, traders can safely explore the broker’s offer, practice trading, or test out the trading strategies that they wish to use in a live trading environment.
Does SmartFX offer a demo account?
Yes.
How long is the demo account valid?
Demo accounts are offered for an unlimited period of time.
Which live trading accounts does SmartFX offer?
SmartFX offers traders only one live trading account, namely MT5 Smart Account.
What are the available deposit currencies for a live trading account?
USD, EUR, GBP, JPY, and RUB, but this depends on the payment method you use.
Deposits and withdrawals
What is the minimum deposit for SmartFX?
It appears to be R8500 ZAR / $500.
How do you make a deposit and withdrawal with SmartFX?
You can use any of the following:
- Visa
- MasterCard
- American Express
- Skrill
- Neteller
- STICPAY
- Bank Wire Transfers through the National Bank of Vanuatu and Local bank in Dubai
Does SmartFX charge withdrawal fees?
No. SmartFX does not charge any withdrawal fees but there may be fees waived by the trader’s bank.
How long does it take to make a withdrawal?
It is usually instant and will reflect into your account within 1 to 3 hours, with the exception of wire transfers which will only reflect into your account within 2 to 5 working days.
Featured SA Shares Writer and Forex Analyst.
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