247SmartFX Review Is 247SmartFX.com A Scam Or Legit

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247SmartFx Review

247SmartFx

Reason to avoid: No license

Listed Date: August 21, 2020

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Beware 247SmartFx is a Non-Regulated broker. It is NOT SAFE to trade.

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Is 247SmartFx a scam or legit broker?

No, it is not safe to trade with 247SmartFx. 247SmartFx is owned and operated by Game Capital Ads Limited and claims to be located in Frankfurt am Main, Germany.

According to the website, 247SmartFx is an emerging global market leader in financial trading. Game Capital Ads Limited provides premium-quality trading services, which have fulfilled the trading needs of clients since the creation of the company in 2020.

As we have already mentioned, 247SmartFx claims to be located in Frankfurt, and the contact phone number provided on the website has a British country code. The broker also claims to be licensed by the British regulator Financial Conduct Authority (reference number 723385). However, the FCA reference number 723385 is registered for www.smartfixuk.com, not 247smartfx.com. It seems like the broker is just another clone firm.

Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them.

In addition, 247SmartFx has been blacklisted by the Cyprus Securities and Exchange Commission:

“The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites (including 247smartfx.com) do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.”

We advise all investors and traders to avoid 247SmartFx and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Alpari.

247SmartFX Review – is it scam or safe?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Standard $250 1:200 1.6 pips
Classic $2 500 1:200 N/A
Gold $20 000 1:200 N/A
Premium $50 000 1:200 N/A

247SmartFX offers its clients a choice of four accounts for trading in forex and various CFDs on the MetaTrader 4 platform. Although the its trading conditions don’t seem bad, we would not recommend this broker – it is not regulated, and appears to be involved in a serial scam scheme. You can find all details in the present detailed review.

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Although we have major concerns regarding 247SmartFX, we will start off with a few possible benefits of using this broker.

247SmartFX Advantages

MT4 supported, solid leverage

MetaTrader4 is a popular user-friendly platform with rich and versatile functionalities, including the option to run automated trading sessions with the help of customizable trading bots (Expert Advisors). Besides, the MT4 also has a great package of advanced charting tools and over 50 technical analysis indicators.

Another possible benefit of 247SmartFX, provided that it is not a scam, is that the broker offers solid leverage levels, up to 1:200. Leverage that high will suffice even the needs of the most aggressive traders, and are not dangerously high.

Huge selection of assets

247SmartFX’s offer is also very broad in terms of assets available for trade. It includes a many currency pairs, and a huge selection of CFDs – on indices, commodities, stocks, and the most popular cryptocurrencies. In case you are a crypto enthusiast, however, we would advise you to trade Bitcoin or other digital assets on a regulated exchange or with a licensed forex broker in the form of CFDs.

247SmartFX Disadvantages

False claims of regulation

The broker brand is allegedly operated by Game Capital Ads Limited, and claims to be licensed by the UK’s Financial Conduct Authority (FCA).

However, when we checked the FCA registration number, we discovered that they belong to SMARTFIX U.K. LIMITED, a company designing innovative equipment and systems for various industries that doesn’t seem related to online trading.

So, 247SmartFX illegally uses the details of a regulated company with which it is not associated in any way – a popular scam tactic a.k.a. a “clone firm”. Overall, companies that present such purposefully misleading information should be avoided at all costs.

Blacklisted by CySEC

Although the broker is not authorized to provide financial services on any regulated market, it seems to offer its “services” in Europe, as the Cypriot financial watchdog CySEC has blacklisted it as a potential scammer. According to the regulator, www.247smartfx.com doesn’t belong to a licensed entity, nor the other websites blacklisted by CySEC.

A brand of a shady company likely involved in a serial scam

As we already highlighted, 247smartfx is a trademark of Game Capital Ads Limited, which has become quite notorious in the online trading world. It operates a number of websites, most of which have similar lay-outs and support a MT4 provided by West Media Group. Here are some of the brands associated with Game Capital Ads Limited: CapitalFXclub, ProCapitalFX, FirstFXClub, SmartBTCfx, FirstBTCfx, SmartProFX, and more.

Most of these websites, as well as West Media Group and its brokerage brand 24BTCmarkets have been blacklisted by both Italy’s CONSOB and Italy’s CNMV as potential scammers. Furthermore, as we have reviewed the abovementioned brokers, we spotted that the websites of some of them are almost identical in terms of both lay-out and trading conditions, which inclines us to suspect that they are involved in a seral scam scheme.

High spreads announced, demo ones don’t match

According to the information on its website, the spreads 247SmartFX offers on EUR/USD are 1.6 pips, which slightly higher than the average in the industry. When we tested the broker’s MT4, we found the benchmark EUR/USD spread floating around 0.2 – 0.3 pips, and no commission applied.

Click on the image to view larger.

If trading costs are the same in live trading environment, there is no way for 247SmartFX to be profitable. We suppose that the lack of commission fees and the tight spreads on demo accounts are just a trick to attract customers.

Conclusion

247SmartFX appears like a clone firm involved in a serial scam. It was blacklisted by CySEC and this should be enough to prevent anyone from opening an account with it.

As always, we advise traders to avoid all unregulated brokers and especially those which have been blacklisted by some financial regulator, and provide purposefully misleading information. It is best to deal with brokers licensed by prestigious regulatory agencies, such as the FCA and CySEC, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

Below, you can find a list of brokers, authorized by one of the most trustworthy financial agencies worldwide, UK’s Financial Conduct Authority (FCA).

Huge selection of assets

Pros Cons
MT4 available, solid leverage False claims of regulation
Blacklisted by CySEC
A brand of a shady company likely involved in a serial scam
High spreads announced, demo ones don’t match
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

247SmartFx Review

In this review, we will describe why 247SmartFx is a scam that you should avoid at all cost !

Scammed By 247SmartFx ? Start the process to get your funds back TODAY !

Is 247SmartFx Legit?

Looking at 247SmartFx website, it shows that they are owned by Game Capital Ads Limited. 247SmartFx is an unregulated broker. Problem with unregulated brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.

To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why 247SmartFx is a dangerous broker to deal with.

Are Funds Safe with 247SmartFx ?

With such lack of information and 247SmartFx being unregulated, funds are not safe. Security of funds is a huge problem with unregulated brokers. A red flag that we noticed is 247SmartFx is withholding vital information to users.

247SmartFx could go bankrupt from one day to another since there are no banking information about this broker.

High Success Rate – Transparency & Integrity –

247SmartFx Review: our Conclusion!

247SmartFx is an unregulated broker to avoid at all cost. If you have been scammed, check out our ChargeBack process here or get a Free Consultation by a team of expert by clicking here.

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