SMFX Review
Broker: SMFX
Leverage: 1:30 | 1:500
Regulation: CySEC
Min. Deposit: 100 US$
HQ: Cyprus
Platforms: MT4
Found In: 1997
Website: smfx.com
SMFX Licences
SM CAPITAL MARKETS LTD - Authorized by CySEC, (Cyprus).registration number. 339/17- SMFX trading name not active
Scope Markets Ltd. is authorized by IFSC, Belize (registration IFSC/60/373/TS/19).
What is SMFX?
SMFX is a trading term used by the company. It operates from two locations. One is Scope Markets Ltd, based in Belize and another is SM Capital Markets Ltd authorized brokerage based in Cyprus.
The Cyprus entity also operates domains similar to scopemarkets.com/eu, sminvest.com/eu, and all offer the same trading services. We will take a closer look at the general SMFX offering to help us understand it better. However, conditions can vary depending on your location and company offering.
Overview
SMFX eventually maintains its trading broker's service since 1997, so since then gains and delivers valuable trading conditions while fully understanding the requirements of traders. SMFX has a No Dealing Desk and STP execution model that is simple but still provides a trading environment that is suitable for both professional and beginning traders.
Pros
Forex and CFDs available
Execution of STP
MT4 Trading Platform
Free account opening, fast
Demo account
There are no commission deposits or withdrawals
Cons
Telephone support is not available 24/7
Rating of the company overall
Reliability ⭐⭐⭐⭐
Platform ⭐⭐⭐⭐
Commissions ⭐⭐⭐⭐
Support ⭐⭐⭐⭐
Financial instruments ⭐⭐⭐⭐
RATING: 4.1
Is SMFX a scam or safe?
SMFX, as we have already mentioned in our SMFX Review is a brand that operates from two locations: offshore Belize and Cyprus. Although Belize registration doesn't provide the exact conditions necessary for a safe trading environment; CySEC, a European authority, sets many standards.
This, in turn, will give you a calm state of mind as SMFX is a constantly monitored broker. It also sets its business model and safety measures that are verified by MiFID.
What can you do to be protected?
SMFX is compliant with EU ESMA regulations. This gives you assurance about SMFX's security conditions and the applied measures to how orders are managed as well as how money is operated.
SMFX customer service ensures that you receive professional service. A CySEC-regulated broker ensures that funds are kept separate at all times and covered by compensation funds in the event of company insolvency.
SMFX is compliant with EU ESMA regulations. This gives you assurance about the security conditions and how money operations are handled. SMFX customer service ensures that you receive the best possible service. CySEC-regulated broker ensures that funds are kept separate at all times and covered by compensation funds in the event of company insolvency.
Leverage
SMFX will allow you to leverage your trades, which is a powerful tool that allows you to increase your trading volume over a set period of time. You will be required to comply with ESMA regulations regarding leverage as a European broker. This means that you won't have access to high leverage since the regulator has lowered leverage ratios to a maximum.
1:30 major currency pairs and even lower for all other instruments
SMFX has an offshore entity that is available to international clients. This means that if you open an account in this jurisdiction, you will have access to higher leverage. However, leverage usage is a risky business decision.
Accounts
SMFX offers trading functionality, a large selection of products, and competitive pricing. There are also options to choose between three accounts types.
Types of accounts
SMFX accounts are available in Standard, VIP, and ECNone. The conditions can vary depending on whether the account is higher-grade or not. ECN accounts have a different pricing model. You will see the interbank spread on your order, and you will be charged commission per order.
Fees
CFD fees: Our findings
SMFX spreads are determined by account type. Standard accounts have spreads of 1.8 pips. VIP has spreads of 1.3 pips. ECN spreads start at 0 pips. Charges are combined into the commission of $3.5 per side.
Below are some examples of typical spreads. While we generally found fees to be low and average compared with the competition, you might also see FBS, another well-known broker.
Here's a snapshot of OctaFX Fees
Market Instruments
SMFX offers a developed service with tight spreads and easy access to FX, Metals, Energy and Indices assets. There are many supported Currency Pairs. You will find both major and minor pairs as well as leading shares and commodities. Binary options can also be found at international offerings. ECN trading accounts do not support Indices trading. Please check with the support center for more information.
Withdrawals and deposits
You can also use proven methods to deposit and withdraw funds. This will make it easy and secure.
Options for deposit
Optionalities include
Credit/debit card
Bank Transfers
You can open an account for Cyprus entities. However, you should also check with customer service to see if there are any other options that may be available depending on your location or residency. As long as the international branch offers more deposit options, it is possible. You may also find that the conditions and payment options can vary depending on which entity of SMFX is opening an account.
What is the minimum deposit required to invest in SMFX?
SMFX Minimum deposit amount is 100$. This is the minimum required for accounts of the first grade where cots can be built into a spread.
SMFX Minimum Deposit vs Other Brokers
Withdrawals
SMFX doesn't charge funding fees.However, SMFX withdrawal payment provider like Banks or Credit Cards might add fees based on jurisdictions or international rules. So make sure you check. SMFX allows two withdrawal requests per month for free, and charges 35$ or more for additional requests.
How can I withdraw money from SMFX
Log in to your account, and click on Withdraw Funds.
Complete the withdrawal form and input your withdraw amount
Select the payment method
Completion of the required forms and confirmation of its terms
Send withdrawal details
SMFX usually confirms withdrawals within 1-2 days. This means that it is not a long process to withdraw money. However, you should allow for additional time for your payment provider to process the transaction.
SMFX withdrawal fees
SMFX generally does not charge funding fees.but, payment providers might add additional fees based on jurisdiction or international rules. So make sure you check. SMFX allows withdrawal requests up to 2 per month for free, and additional requests can be charged 35$ or the equivalent.
Trade Platforms
The majority of brokers SMFX are industry leaders HTMLTrader4. MT4 is a popular platform for both professionals and beginners due to its ease-of-use, powerful capabilities and many add-ons.
Web Trading Platform
MetaTrader Web Trading offers all the powerful capabilities and benefits without downloading any software. Simply log in to your account using any web browser. You will find the basic tools and capabilities you need for daily trading on MT4 Webtrader's flexibility.
Desktop Platform
Advanced traders will prefer the desktop version, as it offers more customization options and tools, which are compatible with any operating system, iOS or Windows.
MT4 also offers an automated trading system known as EAs. This allows for greater control over the strategy. The platform is available in desktop and web versions as well as mobile apps.
Mobile Trading Platform
You can also use the mobile app with its easy-to-use and still extensive tools to analyze and trade while on the move. You will also love MT4 Mobile's charting capabilities and excellent support.
Support for Customers
Last but not least, consider the support that the broker offers. As we discovered in our SMFX Review, the broker is also trying to help you. SMFX support can be reached at any time and will respond to your concerns. Although support is not available 24/7, it will be accessible within the working day and hours.
Education
SMFX offers competitive trading conditions and supports traders with market updates, as well as an economic calendar.
There is not a specific Forex education, courses or videos. While you can certainly benefit from a wealth of trading tools and ideas, you won't be able to learn anything. If you are a beginner, you should sign up for a learning course.
Conclusion
SMFX Review reveals a broker that offers flexibility in trading conditions, account types, and execution models. This all adds up to a trading experience that is comfortable. SMFX offers a very low spread, despite the fact that it is an offshore broker. This license complies with European standards for running forex businesses.
SMFX News
SMFX's trading name and website are no longer active. However, the Cyprus registered company operates two other trading brands ScopeMarkets, and SMcapitalmarkets.
We recommend that you do your research and check out trading reviews.