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.
But firstly, we want to invite you to read our recently updated Platin Markets, CFreserve and Sapphire Markets scam broker reviews. Your funds are in danger with them!
|Broker Status:||Offshore Scam Broker|
|Broker Regulation:||Unlicensed Forex Provider / No Regulation|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||BaFin, CONSOB, AFM, FINMA, FSMA, BCSC, OSC|
|Broker Owner:||Lencher ExPro LLC|
|Trading Platforms:||Proprietary platform|
|Minimum Deposit:||250 USD|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex, Crypto, Commodities, Indices, Shares|
|Islamic Account:||Not Available|
|Demo Account:||No, only live trading accounts|
|Accepts US Clients:||US traders are no accepted|
|Global Fraud Protection Team:||Don’t Invest in This Scam Broker!|
Is Smart Trade Group a Scam Broker Without License?
Yes. 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.
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) that states it’s against the law to provide services without a necessary permit.
No license here folks, let alone Tier 1 permits issued by the likes of the FCA, BaFin, ASIC, etc. Smart Trade Group isn’t safe at all.
Smart Trade Group is an unlicensed broker based in SVG. The financial swindler has been defrauding traders from the United Kingdom, the Netherlands, Canada, Australia and Latvia since July 2021.
Smart Trade Group Broker Pretending to be Regulated
The Smart Trade Group reputation is fake just like the regulation. The broker doesn’t have an official address in the countries where it provides services.
That’s a sign that something fishy is going on. If you decide to trust Smart Trade Group despite it, be careful, although we’re strongly against it.
Warnings From Financial Authorities
We found official warnings issued against Smart Trade Group by several regulators. That’s what usually happens to unlicensed providers.
The German BaFin, Canadian OSC & BCSC, Swiss FINMA, Belgian FSMA, Italian CONSOB and Dutch AFM all flagged Smart Trade Group as a scam. A terrible one at that.
Where Do Smart Trade Group Victims Live?
From the warnings and trader reviews, we can conclude where this scam took place. Here’s a list of countries where Smart Trade Group left traces:
The website of the financial swindler is currently down. However, we shouldn’t let our guard down as the scammer could easily reemerge.
Reviews of Smart Trade Group – Traders Share Their Experience
Let’s talk more about traders’ experience with Smart Trade Group. Trustpilot says that it doesn’t accept any more reviews of this broker since the website is down.
As for the ones we found, they are mostly negative. Here’s one complaint from an unfortunate victim of this scam:
I tried to take out some money, but for some reason, my requests were denied. All because I refused to invest more, my account manages was ineffective and eventually stopped responding to my messages altogether…
Trustpilot user, September 20, 2022.
What You Need to Know About Smart Trade Group’s Trading Platform
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.
Mobile and Tablet Trading Platform
Smart Trade Group advertised both a desktop and mobile version. So, if the shady broker is to be trusted on this one, there’s your answer.
If the platform is browser-based, it doesn’t require downloading. If not, be careful as scammers infect files with malware sometimes.
But first, read our unbiased Acer Finance, Maddex Capital and Pioneer Markets reviews. Your funds are in danger with them!
Targeting Victims – How This Fraudulent Company Operates
Our guess is that Smart Trade Group has multiple methods of reaching victims. We’re talking about Google ads, Facebook & Instagram posts, YouTube, WhatsApp & Telegram chats, LinkedIn ads, or dating apps such as Tinder. The alternative would be direct phone calls and emails.
What Can You Trade With a Broker?
Here’s an overview of Smart Trade Group’s trading assets:
- Forex pairs;
Fees and Spreads Overview
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.
Super-high leverage is a double-edged sword. You could lock in huge profits under ideal circumstances. However, it most often results in devastating losses.
Trading Accounts Comparison – What’s the Difference?
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.
Smart Trade Group Demo Account – Can I Trade For Free?
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.
Withdrawing Profits From Your Broker Account
Allegedly, the Smart Trade Group 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 in 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.
I Lost Money With Smart Trade Group Scam, What to Do?
Withdrawal issues are inevitable with this broker. Just look at the trader reviews on Trustpilot. If you’ve been scammed, know that you’re not the only victim of Smart Trade Group scam.
It’s no reason to give up. Instead, get in touch with the expert team from Global Fraud Protection and get your money back! Our professionals specialize in bank chargeback procedures and crypto tracing using software such as CipherTrace.
If this broker steals your money, contact us for help. The best way to do it is via Online Chat. It’s both the easiest and fastest way to book your free consultation with us!
All In All, Don’t Let the Scammers Get Away for Free!
Is Smart Trade Group a Legit Broker and Should I Invest In It?
No. The broker has been blacklisted by several regulators. If you’ve already invested, call us to start the chargeback process.
Does Smart Trade Group Offer a Demo Account?
No. Smart Trade Group does not offer a free demo account for training.
Does Smart Trade Group Have a Mobile Trading App?
The scam broker says it does but we aren’t sure. We wouldn’t trust that app anyway.
Are My Funds Safe With Smart Trade Group?
Absolutely not. Smart Trade Group will block you from withdrawing your money as it did with many of its victims.
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To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/01/smart-trade-group-review-beware-of-a-broker-without-a-license/.