SMFX is a trading name used by the broker which operates at two locations, one of which is an offshore company, Scope Markets Ltd, located in Belize, and the other is SM Capital Markets Ltd, a registered brokerage in Cyprus.
The Cyprus company also runs a range of websites, including scopemarkets.com/eu and sminvest.com/eu, providing similar trading services more or less. We will take a closer look at the general SMFX package, but, of course, the terms of the rating differ depending on the company offering, and depending on your location.
SMFX has maintained the operation as a trading dealer since 1997 so since then it has acquired favorable trading conditions while fully knowing the required criteria for traders. SMFX operates a No Dealing Desk or STP execution model that is a basic, but sophisticated enough trading environment suitable either for beginners or professional traders.
List of 10 Points
- SMFX is a multinational broker based in Belize and Cyprus that may offer slightly different terms and conditions under the Regulation that it imposes.
- Reputable broker with long years of operations and regulatory obligations levied by the CySEC and the ESMA
- The number of instruments available for trade, including CFDs on Commodities, Forex, Metals, Indices and Energies
- Offered demo account
- Min. deposit – $100
- Trading costs are low
- MT4 trading platform
- Trading tools and research materials built into the platform
- Education is not offered
- Customer support available during business hours
Is SMFX secure or is it a scam?
As we described in our SMFX Review, SMFX is a brand that operates in two locations, including Belize and Cyprus. While the registration at Belize does not really provide clear conditions that are necessary to ensure a safe trading environment, CySEC, being a European authority, sets numerous standards.
All in all, it will bring you a clear state of mind as SMFX is constantly overseen by brokers, as well as by those who set their business model together with the safety measures verified by MiFID.
How are you being protected?
Thus, being in accordance with the EU ESMA Regulations, SMFX gives you confidence about its security conditions and the measures applied to the manner in which your orders are handled, as well as the money used.
In addition to professional support, SMFX Customer Support also ensures the highest level of safety security for you. In addition, a CySEC controlled broker guarantees that assets are segregated at all times as well as protected by insurance funds in the case of business insolvency.
Thus, being in accordance with the EU Authority Regulations, SMFX gives you confidence as to its security conditions and the measures applied to the manner in which your orders are handled, as well as the money used. In addition to professional service, SMFX customer support also ensures the highest level of safety assurance for you. In addition, CySEC controlled broker guarantees that assets are segregated at all times as well as protected by insurance funds in the event of business insolvency.
When trading with SMFX, you will also be allowed to use leverage, a great tool that allows you to increase your trading size a given number of times. As a European broker, you will also automatically comply with the ESMA leverage restrictions, so you will not be able to access high leverage as regulators lower leverage ratios to a maximum of 1:30 for major currency pairs and lower for other instruments.
However, since SMFX also operates an entity in the offshore zone that is available to international clients, higher leverage will also be available to you if you open an account under this jurisdiction. But always be careful about the use of leverage, as with its magnifying potential risks are also increased.
SMFX also blends trading features with a wide range of products and quite competitive pricing, along with options of three account types.
Types of Account
SMFX offered accounts are Standard, VIP and ECN one where the conditions vary as feature better cost wise as long as the account is of higher rank. Also, the ECN account is a different price model where the prices are included in the fee, which means that you will see the interbank raw spread on your order and will pay the commission per transaction.
Our find on CFD fees
SMFX spreads are clearly defined by the type of account you use, therefore the Standard account spreads start from 1.8 pips, VIP already lowers it to 1.3 pips and ECN spreads start from 0 pips, thus charges are combined to a commission of $3.5 per side.
Some more examples of typical spread you can see below, while we generally found low and average fees compared to the competition.
Trading Fees of SMFX vs Similar Brokers
|Asset/ Pair||SMFX Fees||AvaTrade Fees||eToro Fees|
|EUR USD||1.8 pips||1.3 pips||3 pips|
|Crude Oil WTI||4 pips||3 pips||5 pips|
Here is snapshot of SMFX fees
Through a low-latency approach, SMFX provides the existing market with tight spreads and access to assets such as FX, Metals, Energy and Indices. The selection of sponsored Currency Pairs is a strong one, where you will find major, minor and exotic pairs, as well as Leading Shares and Commodities and binary options available on an international offering. However, remember that the ECN trading account does not support trading indices, so always check info with the support center.
Deposits and Withdrawals
Finally, you may use proven methods to deposit or withdraw funds so that the transfer is convenient and safe as well.
Tools for Deposit
- Credit/debit card
- Transfers via banks
Available for the Cyprus entity, you also need to consult with customer service in case of alternative options available according to your area or home, as long as the foreign branch provides far more deposit methods. Terms and payment options may also vary depending on the SMFX agency with which you open an account.
What’s the minimum deposit for SMFX?
The minimum amount of the deposit defined by the type of account you will use, while the very minimum amount for the first grade account is set at $100 where the costs are included in the spread.
Usually, SMFX does not charge funding fees, however, but payment providers can re-add those fees according to jurisdiction or international rules, so you should search for them as well. In the case of withdrawals, SMFX allows 2 requests per month free of charge, while additional requests will be charged $35 or equivalent.
How do I withdraw money from SMFX?
- Login to your account and pick Withdraw Funds
- Fill in the withdrawal form and enter the withdrawal amount
- Choose the method of payment
- Complete the needed form requirements and confirm the terms of the form.
- Submit details of withdrawal
Usually, SMFX confirms withdrawals within 1-2 business days, so it’s not a very long process to withdraw money from SMFX. Nonetheless, please allow additional days to be taken by your payment provider to process the transaction.
SMFX withdrawal fee
Usually, SMFX does not charge funding fees, however, payment providers can re-add those fees according to jurisdiction or international rules, so you should search for them as well. In the case of withdrawals, SMFX allows 2 requests a month free of charge, while additional requests would charge $35 or equivalent.
As a majority of brokers, SMFX is a mainstay at market leader MetaTrader4. MT4 is the most common platform used by both beginners and professionals due to its user-friendly yet powerful features, various add-ons and great charting packages.
Web Trading Platform
MetaTrader Web Trading will offer you all the advantages and powerful capabilities without any download or hustle, just go to any internet browser and sign in to your account. Its flexibility is one of the main points why MT4 Webtrader is widely regarded and used by different traders, where you’ll find basic tools and capabilities that are essential for everyday trading.
However, advanced traders would prefer to use the desktop version as it features much more configuration capabilities and tools that are appropriate for any iOS or Windows operating system.
Moreover, MT4 provides EAs – expert advisors in the form of the best automatic trading system. This gives you more control over your stratefgy.
Mobile Trading Platform
The mobile app is also provided with its easy-to-use and still a strong range of tools that allow you to analyze and trade on the go. Moreover, MT4 mobile is flexible with its charting apps and good support that you’ll definitely enjoy.
Finally, you should always bear in mind the support provided by the broker, and as we noticed in our SMFX Analysis, the broker is also trying hard to be on your side. You can contact SMFX help at your convenience and get a relevant and appropriate response to your concerns. Even if the broker does not provide support 24/7, you will find it within working days and hours.
Training and Education
In addition to favorable trading conditions, SMFX also provides market intelligence traders with an economic calendar and other resources available for free use.
However, forex education, videos or courses are not given. You will certainly enjoy a wide range of research tools and other market necessities, along with ideas, but not education itself, so if you’re really a novice, you’d better sign up for a third-party learning course.
Overall, the SMFX Review shows us a broker with versatility in terms of trading environments, options between account types and execution models, all of which offer you comfort with its overall trading experience.
A relatively low spread is another great option for SMFX, even despite the fact that its offshore broker is compliant with European standards of forex trading due to its CySEC license. Overall, we would suggest trading with SMFX as a safe choice for either beginners or experienced traders.