2022 SmartFX Review • Forex and CFD Trading – Benzinga | Jewelry Dukan

SmartFX ratings at a glance

SmartFX Product Offerings

SmartFX offers a trading service for forex currency pairs, futures and CFDs on stock indices, commodities and stocks. In total, SmartFX offers an execution service for over 2,000 tradable assets. Details of SmartFX’s offering are listed below:

  • Currency: With SmartFX you can trade 41 major, minor and exotic currency pairs as well as gold and silver.
  • indices: CFDs on 12 world stock indices can be traded through SmartFX including the US30 and US500 indices, the Japan 225, the UK 100 Cash Index, the Australian 200 Index, the Germany 30, the France 40, the Hong Kong 50 Index and the EU50 .
  • Shares: SmartFX supports CFD trading on around 1,600 of the largest US and European stocks. SmartFX offers direct liquidity pricing with real-time quotes direct from the world’s leading exchanges.
  • Futures: You can trade multiple futures contracts on specific metals (gold, silver and copper), energy products (crude oil, Brent oil and natural gas), German stock indices and the US dollar index via SmartFX.

SmartFX is headquartered in Vanuatu and lists their Vanuatu address and phone number on the contact page of their website. However, the customer service representation is located in Dubai in the United Arab Emirates (UAE).

SmartFX offers 24/5 support and is also available via email, phone and its social media accounts on Facebook, Instagram, LinkedIn, Twitter and YouTube.

SmartFX does not list its fees or commissions on its website, which could be problematic for potential clients worried about pricing. They provide a list of spreads on major pairs below:

SmartFX supports the MT5 trading platform, which offers an excellent free mobile version that you can access once you open a SmartFX trading account. The MT5 mobile application is very similar to the desktop trading platform and offers many of the same advanced features.

The MT5 mobile application can be downloaded from the App Store for iOS and directly from MT5 for Android. While doing this, be careful to avoid an app offered through the Apple Store called SmartFx which is not related to the SmartFX broker discussed here but is specifically for premium clients of Forex Capital Services Pvt. GmbH.

The best benefit of using SmartFX to trade Forex and CFDs is the broker’s support for the MT5 trading platform. MT5 remains one of the most popular forex trading platforms available, offering social trading features and automated access to trading software.

MT5 also gives you detailed market depth analysis, news feed and high quality charts and technical analysis tools right on your desktop, tablet and mobile.

With the MT5 platform, you can use a comprehensive set of trading orders for forex, stocks and other tradable assets. Other features you can access with the MT5 platform include:

  • 80+ built-in technical indicators and analysis tools
  • Two position calculation systems for netting and hedging
  • Fundamental analysis capabilities based on breaking news and the economic calendar
  • The largest source of ready-to-use trading applications from the MetaTrader market
  • An integrated Virtual Private Forex Server (VPS)
  • Trading signals that allow you to automatically copy trades from experienced traders
  • Algorithmic trading using the integrated development environment MetaQuotes5
  • 21 different timeframes with unlimited charts and 1 minute history of recent prices

In addition to the excellent MT5 trading platform, SmartFX offers daily market analysis and insights into the global markets. You can also access daily technical and fundamental analysis on the most heavily traded forex pairs and other assets such as commodities, indices and stocks.

Traders who have previously used the MetaTrader4 (MT4) or MT5 trading platforms will most likely have a positive user experience with SmartFX. For traders with no experience with these popular trading platforms, the good news is that they are very intuitive and easy to use.

Most beginners can quickly learn how to use the trading software despite having little or no experience trading the financial markets. If you have never used the MT platforms before, you can open a free demo trading account with SmartFX and learn how to trade with the MT5 platform without risking any real money.

For those who prefer to let others make their trading decisions, Expert Advisor (EAs) programs for MT5 can be accessed that act as trading robots, as well as a copy trading feature that allows you to duplicate the transactions of traders with an established track record can have your own trading account.

For the sake of simplicity, SmartFX has only one account option that can be opened in just three simple steps as follows:

  1. Fill out a registration form. You only need to fill out the fields required for onboarding.
  2. Attach images of your relevant documents to the registration form.
  3. Make a deposit using an approved deposit method.

You can then start trading once your application has been accepted, which the broker says usually happens within about 30 minutes.

While SmartFX can give you access to trade Forex and other markets, the lack of transparency regarding their fees and commissions could pose an issue for some.

SmartFX vs Competitors

SmartFX has a decent selection of trading instruments, including 43 currency pairs and precious metals. The broker also offers no deposit fees as they do not charge any commissions or fees for deposits and withdrawals from your trading account. Furthermore, the broker claims that its clients can access 24/5 support from their own personal relationship manager from anywhere, which sounds impressive.

To help you decide whether or not to trade through SmartFX, Benzinga has included the table below to compare SmartFX’s features to other top forex brokers.

  • account minimum

    $200 AUD or equivalent

  • CedarFX is not regulated by any major financial agency. The brokerage firm is owned by Cedar LLC and is based in St. Vincent and the Grenadines.

SmartFX received 4 stars mainly because their customer service is not available 24/7 and fees are not transparent.

The broker’s customer service rating was offset by better user experience and mobile app ratings, largely due to high marks for the broker’s support for the popular MT5 trading platform.

video guide

SmartFX’s rather inactive YouTube channel only has one video with 159 views uploaded 2 years ago. To learn how to open a demo account, see the broker’s 56-second tutorial video, which you can access at this link.

frequently asked Questions

Answer questions

Q

Is SmartFX a regulated broker?

A

Yes. SmartFX is regulated by the Vanuatu Financial Services Commission (VFSC) under registration number 40491. However, the VFSC has the lowest requirements in the world to register as a forex broker and offers very few legal remedies in the event of a dispute. SmartFX is not regulated by a major international regulator like the UK Financial Conduct Authority (FCA) and the broker is not required to comply with the EU Markets in Financial Instruments Directive II (MiFID II).

A

no SmartFX only supports the MT5 trading platform.

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