Smart Trade Group Review: All About This Broker

In the Smart Trade Group review, we have outlined all the pieces of evidence we found that indicate that the Smart Trade Group broker is a fraud.

From the missing license, official warnings and an unknown platform, there are strong grounds for our claim. Hope you’re ready for the ugly truth. At the end of the review, we left our contact info so you can call in case you’re a victim.

So, without a further ado let’s start this Smart Trade Group broker review and cover all the things related to this investment scam. 

Regulation and Safety of Funds at Smart Trade Group

Smart Trade Group is unlicensed because it operates from an offshore jurisdiction with no forex regulations.

Let’s take a few steps back. The broker is run by ExPro LLC from Saint Vincent and the Grenadines, a notorious offshore haven for scammers. The local regulator doesn’t issue Forex licenses so the Smart Trade Group regulation doesn’t exist.

Therefore, by offering services onshore, Smart Trade Group violates the rules imposed by the European Securities and Markets Authority (ESMA) such as the leverage cap. ESMA’s cap is 1:30 whereas Smart Trade Group has 1:400.

And to make matters worse, the fraudster doesn’t respect certain rules in each individual country in which it finds clients. For example, Section 54 of the German Banking Act (KWG) states it’s against the law to provide services without a necessary permit.

On top of that we also found official warnings issued against Smart Trade Group by several regulators. Those warnings are from BaFin, CONSOB, AFM, FINMA, FSMA, BCSC and OSC respectively.

Smart Trade Group Trading Software 

The Smart Trade Group trading platform is a mystery to us. Other reviews couldn’t figure it out either. It’s some kind of proprietary platform.

It doesn’t matter, we know for sure it’s not a reliable third-party platform such as MT4, MT5 or cTrader. It could be a web-based platform.

Smart Trade Group Account Types

We weren’t able to find out anything about the Smart Trade Group account types. What we do know is that the minimum deposit is $250.

That’s the usual amount that scam brokers demand. They usually find a couple of victims, persuade them to deposit and then embezzle deposits altogether.

Unsurprisingly, Smart Trade Group doesn’t offer a free demo account. That fits perfectly into the scam framework we mentioned in the previous section.

Without a demo account, you’re forced to invest real money right away. For all we know, your funds could be gone with the wind in the morning.

And without a demo account and access to the platform, we didn’t find out anything about spreads and commissions. All we know is that the leverage cap is 1:400.

Deposit and Withdrawal Options

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 via 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.

And allegedly, the Smart Trade Group has stated that the withdrawal procedure goes through credit/debit cards. Judging by the complaints, the con artist doesn’t allow clients to withdraw funds at all.

There’s a vexing bonus policy there. First, the broker will award clients bonuses and then say they are required to reach a trading volume of a quarter of the bonus in terms of lots to be able to withdraw. Tough luck with that.

Offshore Brokers’ Fraudulent Tricks

Many scam brokers who operate in this manner are not as uncommon as one might think. Many people leave various personal information online and after this or unscrupulous brokers of the same kind get a hold of it, they start harassing people.

They all promise many easy earnings or numerous bonuses if you just go ahead and give them a chance to make you rich overnight. Well-trained agents will call you almost daily to get you to invest at least the minimum amount.

Don’t feel ashamed if you ever got scammed by these persuasive agents, after all, they are professional smooth-talkers who scam people for a living. Always think twice before taking any risks while investing money and never forget to read reviews online to see if there are any withdrawal issues or other complaints people are reporting.

Smart Trade Group Summary

In this Smart Trade Group broker review, we tried to warn you about this online trading scam and the many tactics they use to steal people’s money. This broker is based in SVG, which makes it easy for them to claim to be regulated under FSA, but keep in mind that this regulator does not overlook forex broker firms.

Doing proper research is a must if you are new to the world of trading because many phony brokers pop up overnight. Don’t get played by the fairytales they are going to tell you and be careful with making any investments.

Be sure to read as many reviews as possible because there will always be many complaints about the broker if they are untrustworthy. In case you had any negative experience with this or any other fraudulent broker, we would greatly appreciate it if you could share it with us as we can assist you by reporting your scammer.

FAQs About Smart Trade Group Broker