3.44 33 Reviews
3.44

SMFX Review Summary

The broker has 2 main branches: Scope Markets Ltd based in Belize and SM Capital Markets Ltd in Cyprus. The latter one has domains such as scopemarkets.com/eu and sminvest.com/eu which have similar conditions for trading. SMFX's story started in 1997 and the broker has established itself as a good service provider that offers decent trading terms and knows what traders seek. SMFX is an NDD broker (No dealing desk) and offers STP execution.

SMFX Review Highlights

Trading Platform: MT5
Cryptocurrencies Yes
Regulator CySec
Minimum Initial Deposit 100 $
Leverage 1:30 | 1:500

Pros & Cons

Pros
  • CySEC regulated
  • STP execution
  • Accounts are easy to create
  • Demo account available
  • None to minimal deposit and withdrawal fees
Cons
  • No 24-hour customer support via phone
  • Only MT5 available
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Is this a secure broker?

We already mentioned that the broker has 2 entities. The one from Belize doesn’t have strict regulatory guidelines that warrant complete security, since it is an offshore operation, but Cyprus’ authority makes up for that.

This makes the broker much more trustworthy, especially if you take into account the MiFID measures.

Client Fund Protection

The broker is thus in line with ESMA and further assures you of following rules and applying steps on handling your funds in the right way.

Their client care further provides great reassurance. Being overseen by CySEC also means that your money is kept in segregated accounts which means its separate from company funds.

Leverage

ESMA caps leverage at 1:30 for majors and even less for other instruments, which means retail clients do not have access to higher leverage. However, since SMFX also is also authorized by other regulators, international clients may have access to higher leverage. It’s important to remember that the higher the leverage, the bigger the risks.

Accounts

There are three accounts to choose from which come with varying assets and competitive costs.

The accounts offered are Standard, VIP, and ECN. Account terms vary, especially the costs. The cost gets less with a higher level of accountability. The ECN account has a different cost model – the prices are part of the commission. That translates to a client having interbank raw spreads on their order and they will have to pay commission per order.

You can open an account in the following base currencies: USD, EUR, and GBP

Fees

The Standard account spreads begin at 1.8 pips.

The VIP account has spreads from 1.3 pips.

The ECN account has spreads as low as zero and fees are part of the commission of 3.5 USD per side.

Financial Instruments

SMFX offers good trading conditions and access to various assets like forex, metal, energies, and indexes. The broker offers multiple currency pairs: majors minors, and exotics. SMFX also offers stocks, commodities, and in some jurisdictions binary options.

Bear in mind that the highest-grade account doesn’t have index trading.

Deposits and Withdrawals

SMFX offers various methods for depositing and withdrawing funds, such as

  • Debit/Credit cards
  • Bank transfers
  • E-wallets like Skrill

Minimum Deposit

The minimum amount you will need to deposit will depend on what account you pick. For example, the minimum deposit for the ECN account is $100 and the broker’s fee is integrated into the spread.

Withdrawals

There are mostly no or very low withdrawal fees from the side of the broker although some payment providers can charge transfer fees when withdrawing funds but this will depend on your area of residency. When it comes to withdrawing money, the SMFX allows two free withdrawals per month and every other withdrawal is $35.

How to withdraw funds:

  1. Log in to your account and select Withdraw Funds
  2. Add the necessary details such as the amount you wish to withdraw
  3. Select the withdrawal option of your choice
  4. Confirm the terms
  5. Submit

The broker will confirm your withdrawal request in one or two business days, however, the payment provider may take longer.

Trading Platforms

SMFX used to offer the popular MT4 (MetaTrader 4) platform that was released by MetaQuotes.  The platform is great for both beginner and experienced traders alike, as it’s easy to use and offers plenty of add-ons and charting options. However, at the moment SMFX only offers MT5 (MetaTrader 5) which is a more powerful platform with more features like technical indicators, for example.

The MT5 offers the following features:

  • Real-time symbol quotes
  • Built on the MQL5
  • Over 50 technical indicators
  • Automated trading using EAs
  • Advanced charting tools (traders can have 100 charts open at the same time)
  • Alerts on market news
  • 21 different time-frames
  • Stop Limit Orders

Customer Support

SMFX can be easily reached via phone, live chat and email. The customer support team provided fast, relevant answers.

Education

SMFX does not offer much in terms of trader’s education.

Conclusion

SMFX offers low spreads and a good range of accounts to choose from. The fact that the broker only offers MT5 and no education means it might be better suited to seasoned traders.

The broker is regulated by CySEC, which allows clients to feel more confident when trading with the broker.

Official SMFX Registration

Founded: 1997
Broker Type: NDD (No Dealing Desk)
Languages Supported: EN
Trading Instruments: CFDs on Commodities, FX, Metals, Indices,and Energ
Account Types: Three account types: Standard, VIP, and ECN
Expert Advisors: Yes
Social Trading: N\A
Hedging: N\A
Scalping: N\A
Commission: Varies
Inactivity Fee: Yes, minimum
Swap-Free Account: N\A
Mobile Apps: Yes
Demo Account: Yes
Prohibited Countries: N\A
Trading Fees: N\A
Withdrawal Fees: N\A
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SMFX Reviews

33 Reviews for SMFX

  • Omer Lonit says:

    I first started trading with SMFX in August 2019. Back then we didnt have too much traders on SMFX because Crypoto have not grown to what it is today. And let me set this straight, i’m purely a forex trader.

  • Soron Milt says:

    Still sitting on the fence. Like the UI, etc. not sure about fee system.

  • Steve Nagle says:

    I can not contact support service, ticket open for 3 days. Any phone number working?

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