Beware! Smart-CryptoFXTrade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Smart-CryptoFXTrade does posses an interesting look, and its main home page is a stylish welcome. The choice of colour is smart, and one can sense opportunity. However, how many times must we fixate on the simple fact that forex brokers should never be judged by their looks. In previous reviewes, we have stumbled upon hundreds of professional looking brokerages which turned out to be nothing but scams! The case with Smart-CryptoFXTrade is not so far from that, and so we urge you to read this review before you do anything that you might regret later.
Signing up was a process made impossible by the fact that Smart-CryptoFXTrade selects its own users. This thing alone can probably save you the reading time, but we advice you to read on to find out how far it all goes.
Anyway, we had no way to register, and so all the trading information that is usually taken from a users dashboard or a trading platform will instead be collected from the website.
The website would have been helpful, were it not from the sheer lack of trading information. There is no mention of a spread, no leverage value, no trading instruments, no nothing.
The website is made available exclusively in English.
SMART-CRYPTOFXTRADE REGULATION AND SAFETY OF FUNDS
Smart-CryptoFXTrade is a broker that picks its own users. One must be qualified enough in order to be chosen by Smart-CryptoFXTrade.
What this tells us is quite simple. Smart-CryptoFXTrade is probably a scam, one that relies on unsolicited phone calls, charming company representatives, and constant appeals to deposit more and more. We have covered this scheme in more detail in the Scam section of the review.
For now the crucial thing to note is that Smart-CryptoFXTrade is UNREGULATED, and all funds deposited here may be at risk!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
Just as a side note, Smart-CryptoFXTrade is allegedly registered in Peru, but not licensed there as the country has no FX and CFD regulator. We want to make things clear, and say that this registration, even if true, does not change the fact that this broker is fraudulent!
Another clear example of Smart-CryptoFXTrade’s lack of interest in providing legitimate trading conditions is the short and uninformative Terms and Conditions. What’s more is that aside from these, there are no other legal docs to speak of.
SMART-CRYPTOFXTRADE TRADING SOFTWARE
It’s clear now that Smart-CryptoFXTrade does not have a trading platform of any kind. At least, this is what the broekr has made us think. And the evidence to support this is not small: the website holds no trading platform information, the broker is unregulated, and there are no trading provisions anywhere. It was of no help either our inability to register, or rather Smart-CryptoFXTrade unwillingness to let us do so.
Without a semblance of a trading terminal, we have to ask what kind of a broker is this? The building block of the online forex broker is missing, so by definition Smart-CryptoFXTrade cannot be qualified as a broker.
SMART-CRYPTOFXTRADE DEPOSIT/WITHDRAW METHODS AND FEES
According to the FAQ, the minimum deposit amount is $1, while the minimum withdrawals is $0.1. However, the minimum deposit amount according to the Home Page of the website is $300. We have no way of deciding which one of these to trust.
Withdrawals are received instantly. There is no info on fees or processing times.
We believe that Smart-CryptoFXTrade uses only crypto based payment methods, which is not a surprise seeing as these methods are the number one choice for scammer brokers for the reason that cryptocurrency payments are untraceable.
Just to mention the payment details are very ambiguous and contradictory. This is further proof that Smart-CryptoFXTrade is illegal.
Once the user sign in, he immediately agrees to hold no grudges against the broker. This is achieved through the classic indemnification clause, that in the case of Smart-CryptoFXTrade is shallow, but it does convey the message well.
The firm also has the right to change the “rules”(we assume the Terms and Conditions), and any commissions at its sole discretion. Basically, Smart-CryptoFXTrade can add fees without notice, and change the legal bond that ties itself with the user, which can lead to further scams and financial charges.
Not only are the Terms and Conditions the only legal document to be included, but they are also criminally short and uninformative. It seems that the document attempt to shed some light on the type of firm that Smart-CryptoFXTrade is, while also working out its own agenda without considering the needs of its users. A common scammer broker approach this is, for sure.
All the gathered evidence points to only one logical conclusion, and that is that Smart-CryptoFXTrade is not worth your time and, especially, money. Scammers brokerages have done so much damage to the FX community, and yet they continue to pop up. Smart-CryptoFXTrade is one of these damaging entities, and you should not fund it with your capital!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.