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

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Smart Coin Fx presents itself as a “better way to trade and invest”. But even a basic inspection reveals that this is not a legitimate forex broker at all. In this review, we will present the evidence that under no circumstances should you trust your money to this shady website. We will also offer you more credible alternatives for investing in financial instruments.

Smart Coin Fx Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
Smart Coin Fx
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

Smart Coin Fx does not disclose the name of the company behind this website. Agreement to the Terms and Conditions and Privacy Policy is required upon account registration, but access to such documents is not provided. If you don’t know exactly who you are dealing with and what the terms of the deal are it would be a big mistake to put your money on the line.

Smart Coin Fx claims to be based in the United States, one of the jurisdictions with the most stringent financial services provider regulations.

But there is no licensed broker in the US using the Smart Coin Fx brand and domain. Authorities in another financial centre, the United Kingdom, have issued a warning to investors that Smart Coin Fx is not authorised.

If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

Smart Coin Fx Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
Smart Coin Fx platform
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

After registering an account, we are definitely convinced that Smart Coin Fx is a scam because we find out that this supposed broker does not actually have any trading software.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Smart Coin Fx Trading instruments

CurrencyStocksIndicesCryptoCommodities
Smart Coin Fx
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

Smart Coin Fx advertises that it offers trading in forex, stocks, commodities and cryptocurrencies. But as we have seen this fishy website has neither the licence nor the software necessary for this to be true.

Smart Coin Fx Spreads and cost of trading

Smart Coin FxXMFBSFXTM
Spread EURUSD0.611.1
Spread GBPUSD1.31.21.4
Spread USDJPY1.31.21.4

When you visit the website of a legitimate broker you will find proposals for different types of trading accounts suitable for investors with different preferences, as well as detailed descriptions of trading parameters – minimum deposit, order execution method, tradable financial instruments, leverage, spread, swap, commissions, etc.

There is a complete lack of such information on the Smart Coin Fx website. Instead, we see promises of secure and guaranteed profits. A genuine broker will not and cannot promise you guaranteed profits. In fact, licensed companies are obliged by regulators to warn their clients about the high risk of losses when trading financial instruments.

Smart Coin Fx Maximum leverage

ForexStocksCryptoGoldIndices
Smart Coin Fx
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

Smart Coin Fx Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Crypto24 hours24 hoursFee depends on crypto

We weren’t at all surprised that the only payment method accepted by Smart Coin Fx is Bitcoin. Cryptocurrencies are the payment method of choice for most financial scammers. The reason for this is that on the one hand cryptocurrencies provide a degree of anonymity and on the other hand they do not allow the defrauded person to ask for a refund.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Smart Coin Fx Minimum deposit

Smart Coin FxXMFBSFXTM
Minimum deposit$500$5$10$5

Smart Coin Fx requires a minimum deposit of 500 USD. For ten or even a hundred times less you could open a trading account with an established and regulated broker.

Smart Coin Fx Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
Smart Coin FxNot specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet  withdrawal terms.

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