Smartytrade Review: Legit or Scam? Revealing The Truth

Is Smartytrade Legit or Scam?

The red flag is raised right off the bat. Smartytrade operates as an unregulated broker. This lack of oversight by reputable financial authorities like the FCA (Financial Conduct Authority) or CySEC (Cyprus Securities and Exchange Commission) raises significant concerns about their legitimacy.

Considering venturing into the world of online trading with Smartytrade? Before you dive in, it’s crucial to understand the potential risks involved. This review delves into the murky waters of Smartytrade, analyzing its services, regulations, and user experiences to help you make an informed decision.

Company Overview

Services or Products

Smartytrade offers contracts for difference (CFDs) on various assets, including forex pairs, stock CFDs, and cryptocurrency CFDs. CFDs allow traders to speculate on price movements without directly owning the underlying asset.

If you have lost money to companies like  LexaTrade, or Bitsoft 360; please report it to us on our Report a Scam form.

Trading Platform & Leverages

While information on the specific trading platform is limited, Smartytrade claims to offer a user-friendly platform. A potential red flag is the leverage of up to 1:100 advertised. High leverage can amplify both profits and losses, making it a risky proposition for inexperienced traders.

Spreads and Cost of Trading

Transparency regarding spreads and other trading costs is scarce on Smartytrade’s website. This lack of clarity makes it difficult to assess the true cost of trading with them.

License and Regulations

This is where things get concerning. The absence of any regulatory license is a major red flag.

Legal Warning Against Smartytrade

Financial authorities worldwide often warn against unregulated brokers. Without regulatory oversight, there’s no guarantee of:

• Fairness: Unregulated brokers can manipulate prices or trading conditions to their advantage.
• Account Security: Your funds might not be held securely, increasing the risk of theft or misuse.
• Dispute Resolution: If you encounter problems, there might not be a fair and independent mechanism to resolve them.

Deposit and Withdrawal Methods

Information on deposit and withdrawal methods is also limited. This lack of transparency is another cause for concern.

Smartytrade Pros and Cons (Table)

Why Dealing With An Unlicensed Broker Is Risky?

Trading with an unregulated broker exposes you to significant risks:

• Loss of Funds: There’s no guarantee you’ll get your money back if the broker goes bust or disappears.
• Market Manipulation: Unregulated brokers can manipulate prices to your disadvantage.
• Hidden Fees: Unforeseen charges can eat into your profits.
• No Dispute Resolution: If you have a problem, there’s limited recourse to get it resolved fairly.

Client Feedback

While some positive reviews exist online, be cautious. Unregulated brokers can incentivize fake reviews to create an illusion of legitimacy.

How Can “Reviewsadvice” Help You If You Get Scammed?

While Reviewsadvice can’t directly recover lost funds, they connect you with resources to fight back. If scammed by a broker, Reviewsadvice can help with:

• Filing Complaints: Guidance on filing against brokers who violate terms or withhold money.
• Recovery Specialists: Connecting you with services to potentially get your funds back.
• Withdrawal Issues: Assistance in filing complaints if you’re facing withdrawal problems.
• Disappearing Brokers: Help find experts to track down the broker and guide your next steps or you Can report to us today by the below form.