Smartlite Exchange Review
Smartlite Exchange does not contribute to the compensation scheme. Worse still, you will not obtain legal redress as offshore brokers are hard to prosecute in the international court.
SmartLite Exchange claims to be among the fastest-growing online trading brands in the world. According to this broker, investors can trade forex, commodities, stocks, cryptocurrencies, ETFs, and digital and binary options. Also, the broker claims to partner with the Bitcoin Foundation, which supposedly makes it the best in cryptocurrency trade. On this broker’s website, we have seen that Smartline Exchange is not a genuine crypto company.
The mainstream investment market is gradually embracing forex trading. Forex trading’s widespread acceptance results from its assurance that investors will receive substantial returns. While there are reliable brokers, it is important to remember that scammers are also on the rampage. So how can you be sure you avoid falling victim to scammers’ tricks?
One of the foolproof methods is to scrutinize brokers who claim to deliver investment returns in folds. This helps in verifying whether they offer what they advertise. In addition, conducting background research enables you to establish the regulation status, trading conditions, and the general reputation of a broker. Scammers have perfected the imposter art; trust me, you don’t want any oversight that might play you right into their hands. We share some diligence tips to avoid such mistakes in this review. Follow through:
According to its website, Smartline Exchange has been in the market since 2018. However, whois’s database indicates the broker registered on 17th October 2022 and is barely a month in the market. Thus, we swiftly dispel that claim. The broker also brags about a global presence in 35 countries and a customer base of 5 million investors. Since this is a newbie broker with no solid track record, these statistics are inaccurate and only meant to create an impression of credibility. We also noticed a discrepancy on its “about” page, whereby the broker refers to a different broker-Fcs Market. All these misrepresentations are red flags indicating this broker is as shady as they get.
Regarding its services, Smartline Exchange purports to offer an optimal trading platform and user-oriented interface. Additionally, the broker allegedly protects investors’ accounts from DDoS attacks. Moreover, the broker claims to charge reasonable commissions and provide high liquidity. The broker has proven capable of falsifying information, and we suspect its services are not as appealing as they would make you believe.
Deposit and Withdrawal Policy
Despite cryptocurrencies being valid and cutting-edge technology payment mechanisms, dubious brokers frequently insist on clients depositing via them. SmartLite Exchange exclusively accepts cryptocurrency deposits in Bitcoin, Ethereum, Tether, or Litecoin. This is not surprising, given how fraudulent this broker is. Such transactions are irreversible and anonymous; you cannot track down your money to a particular person or request a chargeback after depositing. This implies you cannot get your money back once the broker lays hands on it.
The broker also levies a $35 withdrawal fee plus additional fees for debit and credit card withdrawals. International wire transfers also attract a fee of up to $50. However, since the charges are so high, withdrawing money from your account with the broker is next to impossible. Remember that most trustworthy brokers wouldn’t demand more than a few bucks. Since this broker does not serve your interests, you should avoid it.
SmartLite Exchange Trading Conditions
There were no descriptions of the five account types that the broker supposedly offers. Also, information on available trading tools and trade parameters like spreads, leverage, or commissions is missing. Avoid using a platform that does not provide spread levels because they are a key component in determining how much you can earn. Even though the broker accepts small deposits, you should resist the temptation. Remember that many trustworthy brokers can also provide affordable Micro accounts. Therefore, investing with this con based on affordability alone is not worthwhile.
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This broker provides bonuses, but conditions are usually attached when fraud offers such incentives. In this broker’s case, you must reach an enormous turnover of 50 times the bonus amount to withdraw the bonus or any related earnings. To withdraw proceeds from deposit trading, an investor has to meet a trading volume of 20 times the deposit amount. These are outrageous conditions; even the trustworthy brokers providing bonuses would never use such coditions to prevent you from accessing your profits. How do you distinguish earnings from the bonus from those from your deposits? You cannot differentiate, so you won’t be able to withdraw.
Although Smartlite Exchange claims to provide an ideal web-based trading platform and mentions the industry standard MetaTrarder4, in practice, there is no trading platform at all. After registering, we discovered that this broker does not provide any trading software. Instead, the only thing resembling a platform was a “crypto exchange,” where one would allegedly purchase or sell various cryptocurrencies. Opening an account with the broker would be pointless since you cannot trade. You have no business with this broker if you cannot do the one thing you registered to do.
Pick a reputable broker who can provide MT 4 or MT5 software. The software has gained a position as one of the most widely used platforms in the market; for a good reason. It provides more tools and capabilities than any other trading program. Also, you can create custom scripts from the start or with the platform’s building blocks. Furthermore, you can employ iconic Expert Advisors, establish trading signals, or pay a small price to subscribe to successful traders’ signals. Even so, you must ensure that the broker you deal with is licensed.
SmartLite Exchange Licensure and Regulation
According to its website, Smartline Exchange is based in the United States and adheres to American law. If this were true, the broker would be registered with the U.S. Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). The NFA and CFTC should duly recognize the broker as Futures Commission Merchants (FCMs) and Forex Dealer Members (FDMs) per American law. But as it is, the broker is missing in the two agencies’ databases. Whether the broker is registered elsewhere remains largely inconclusive, but most likely, the broker has no operating license.
We can confidently dismiss this broker as an unregulated offshore account. Offshore brokers are under no obligation to handle your money responsibly. Consequently, they are free to do whatever they want, even steal. With the unregulated broker, you do not have a zero balance protection-meaning you can lose more than your account balance. Also, in the unfortunate event that the broker becomes insolvent or steals your money, you will not be compensated. This is because the broker does not contribute to the compensation scheme. Worse still, you will not obtain legal redress as offshore brokers are hard to prosecute in the international court.
You can never be too cautious regarding the security of your investment. Therefore, it is advisable to thoroughly analyze your options, especially factoring in your preferred broker’s regulatory standing. Nothing a broker says should be taken as absolute truth. Such a mistake will cause you to fall prey to brokers such as Smartlite Exchange.
Thus, your entire obligation is to research your potential brokers keenly. That is the only method to locate a dependable crypto companies that can ensure security, safety, and, most importantly, the rewards on your investment.