247SmartFX Review Is 247SmartFX.com A Scam Or Legit

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247SmartFx Review

247SmartFx

Reason to avoid: No license

Listed Date: August 21, 2020

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Beware 247SmartFx is a Non-Regulated broker. It is NOT SAFE to trade.

  • Our Review
  • 247SmartFx User Reviews
  • 247SmartFx News

Is 247SmartFx a scam or legit broker?

No, it is not safe to trade with 247SmartFx. 247SmartFx is owned and operated by Game Capital Ads Limited and claims to be located in Frankfurt am Main, Germany.

According to the website, 247SmartFx is an emerging global market leader in financial trading. Game Capital Ads Limited provides premium-quality trading services, which have fulfilled the trading needs of clients since the creation of the company in 2020.

As we have already mentioned, 247SmartFx claims to be located in Frankfurt, and the contact phone number provided on the website has a British country code. The broker also claims to be licensed by the British regulator Financial Conduct Authority (reference number 723385). However, the FCA reference number 723385 is registered for www.smartfixuk.com, not 247smartfx.com. It seems like the broker is just another clone firm.

Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them.

In addition, 247SmartFx has been blacklisted by the Cyprus Securities and Exchange Commission:

“The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites (including 247smartfx.com) do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.”

We advise all investors and traders to avoid 247SmartFx and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Alpari.

247SmartFX Review: Is 247SmartFX.com A Scam Or Legit?

247SmartFX Review: this is a broker that is allegedly based in the German city of Frankfurt. Are your funds secure with 247SmartFX.com?

The broker opens boldly claiming that trading with it is the best way to earn. They name numerous advantages that range from innovative trades, profitable terms, and variety of tools. We found an address on the page:

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Game Capital Ads Limited, Bӧrsenpl. 4, 60313 Frankfurt am Main.

But we also discovered that the broker claims to be registered under the FCA, which is the authority governing brokers in the United Kingdom.

Some segments of the page are dedicated to keeping clients updated on news in the financial atmosphere. It touts a supportive customer care system that works 24/7.

247SmartFX Trading Platform

The broker promises that clients get to use the MetaTrader 4 trading platform when they start trading with it.

Regulated brokers usually mention trading platforms such as MetaTrader 4 and MetaTrader 5.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments available on 247SmartFX includes lots of currency pairs and CFDs on indices, commodities, stocks, and cryptocurrencies.

Again, Forex traders with licenses who are serious about the business provides impressive trading portfolios that includes more than 300 Forex currencies, 5+ cryptocurrencies, and CFDs on numerous commodities like silver, gold, indices, stocks, oil.

Leverages can reach a maximum of 1:200 and the spreads are averaged at 1.6 pips.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal Methods on 247SmartFX

The broker supports the following methods of payments for deposit and withdrawals: Visa, MasterCard, Neteller and AstroPay.

Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is so for 247SmartFX and this is a good sign.

Minimum deposit required for this broker is $250 which is within the average obtainable among brokers. A 30% deposit bonus is promised as well. Withdrawal fees and charges are not stated.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is 247SmartFX Licensed?

247SmartFX claims to be licensed by FCA despite being located in Germany from its address. Like was expected, checking the registry of this regulatory body turns out that the license number the broker used belong to another company named: SMARTFIX UK LIMITED.

247SmartFX Blacklisted by CySEC

We also came upon a report where the CySEC had previously reported the broker as a scam and among fake brokers stealing the identity of other companies.

Support

To contact the customer care agent of this broker, clients can call: +44 208 089 3931 or email: [email protected]

Conclusion

Like we have seen, 247SmartFX is a clone firm and it means the information it has provided on the website could all be false as well. Traders will be wise to stay away from this brokerage.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

247SmartFX Review: Is 247SmartFX.com A Scam Or Legit?

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