Smart-Trade-Group.com review – 5 things you should know about Smart Trade

Smart-Trade-Group.com review – 5 things you should know about Smart Trade

Rating: 1

Beware! Smart Trade is an offshore broker! Your investment may be at risk.

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Smart Trade starts off by claiming to be a world leader in Forex and the online trading industry as a whole. Bold claims nonetheless, but fraudulent actually- the broker is an exposed scam we’ll discuss in the following review. Just a spoiler, we already reviewed another deceitful FX creature run by the same scammers. So, let’s get in.

Smart-Trade-Group.com REGULATION AND SAFETY OF FUNDS

Smart Trade is a brand of Lencher ExPro LLC– a company registered in St. Vincent and the Grenadines, which we already know for another broker we recently reviewed- Onyx Trade Group. If you follow the link provided, you’ll see striking similarities between both, but let’s focus on Smart Trade now. It was recently exposed as a scam by the German regulator BaFin, and the authority informed the public that it’s a part of a larger scheme. By far, we know three scam brokers of Lencher ExPro LLC, but the number may as well be greater. In any way, avoid Smart Trade because it’s an exposed scam. Now, let us explain what happens when you deposit.

Smart Trade comes from St. Vincent and the Grenadines, which ultimately means that we would still strongly advise against trading with it if it weren’t already proven to be fraudulent. We do so because the financial authority in SVG doesn’t license or monitor Forex brokers, so the people operating Smart Trade are unaccountable, meaning that they can put your money at risk or straight away misappropriate it. On top of all that, the companies registered in St. Vincent and the Grenadines are anonymous, so when things go wrong, there will be no one to hold responsible for what happened. Worse, though, whenever you deposit with Smart Trade, your money actually goes offshore where no one can track it down, let alone reclaim it. You know that many wealthy individuals move funds offshore to protect themselves because the money literally disappears when transferred there. Well, the same happens with your deposit: it’s just gone for good.

That’s why we advocate for authentic companies regulated by trustworthy financial authorities like CySEC (Cyprus) and FCA (Britain). Both maintain the highest supervision standards and require brokers to keep deposits segregated in local banks, thus ensuring clients won’t lose their capital if something wrong happens. The segregation improves transparency, speeds withdrawals up, makes chargebacks easier and generally helps prevent fraud. What’s more, the European FX companies are covered by deposit insurance funds laid down to compensate unfortunate people in case of unforeseen events- CySEC brokers’ clients can claim up to €20 000 per person, while the British guarantees are even up to £85 000.

The bottom line is that you’ll lose money to scam if you deposit with Smart Trade.

Smart-Trade-Group.com TRADING SOFTWARE

We could access no platform whatsoever. In fact, the same thing happened while we were reviewing Onyx Trade Group- the Client Area remained locked indefinitely, so we couldn’t see what the actual platform looks like. In any case, though, Smart Trade is a scam, so even if it had decent software, the availability wouldn’t change anything whatsoever.

As a result, we can’t talk through real-time spreads and trading costs, but the leverage can reach 1:400, so Smart Trade’s services are too risky for most of the retail clients. Worse though, Smart Trade claims to be a brand intended for the EEA, but all EU countries do not allow more than 1:30 leverage, which yet again shows that the broker under review is not legit. Avoid!

Smart-Trade-Group.com DEPOSIT/WITHDRAW METHODS AND FEES

Smart Trade discloses no information about deposit requirements, and we can’t discuss anything at all as our account is not approved yet. Supposedly, the single funding method is Credit/Debit cards, but we can’t validate that’s actually true. In any case, Smart Trade is a scam, so you shouldn’t deposit even a cent there.

The minimum withdrawal is said to be $50, but we know that’s a lie because Smart Trade is a proven scam. Nevertheless, we’ll discuss the fraudulent bonus policy, which generally worsens the withdrawal conditions significantly. Also, we truly believe that the fraudsters probably rely on these clauses to reject withdrawal requests. Namely, customers are forced to trade a quarter of the bonus in terms of lots for 60 days if they want to become eligible for withdrawal. In particular, for a $200 bonus, customers should execute 50 lots (5 million USD) to withdraw any money whatsoever. That’s a scam!

Below, you can see the malicious bonus policy, which happens to be word-by-word identical to the one we encountered while reviewing Onyx Trade Group.

HOW DOES THE SCAM WORK

Smart Trade is an exposed scam; therefore, we’ll now describe how fraudsters usually work while taking people for a ride.

So, when fraudsters get hold of your contact numbers, you’ll get a call, promised the moon and the stars if you deposit immediately. And to gain trust, those criminals will usually pretend to work for governments, financial authorities, banks, other reputable companies and so on. Scammers will be confident in what they say, so if you don’t see the warning signs, you may end up depositing fascinated by their fake commitment. However, the fraudulent game actually begins after you send the money. Once they have the desired deposit, the cons will distort prices and forge fake reports to make you believe you are on the winning side, manipulating you to start thinking big and consider more deposits.

Then, the fraudsters will continuously ask you to increase the size of the investment and invent stories to make you deposits over and over again. Sooner or later, though, you’ll get determined to withdraw some money, and then the scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise something wrong is going on, and when the scam becomes too apparent, the cons will simply stop answering your calls and e-mails.

WHAT TO DO WHEN SCAMMED

It would be best if you first call your bank to inform them and then deactivate your card to avoid any additional risks, as the scammers may have obtained your details.

Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the particular scam, too. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.

Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!

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1 Comment

  1. I have been scammed, They ask me to send money in order to get my investment money
    They are theives.

    They told me in order to withdraw, you have to pay the fee of their service,they never ask for fee until you ask for the withdrawl, how about you did not have this amount of money because it is already paid for the investmet, I asked them to deduct the fee from my investment fund,they refused , meening you goin to loos extra money and will never get them back, they already have mone money in their hand, but this why they are trying to find an execuse at samtime attemping to steal extra money from your pocket

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