SMGBroker is a platform without negative balance protection. Customers can lose more money than what they initially deposited. There is also no guarantee the scheme is involved in investment services.
SMGBroker promises quick riches to investors. Those that want a new car, house, vacation of their dream, repayment of their college loan, and an ideal retirement plan are encouraged to register. Sounds like a fantastic plan, only that this is a proven scam. Stick with us as we expose them in this unbiased review.
SMGBroker does not care to provide past performance reports. Therefore, it is impossible to verify if the scheme is indeed reliable. We cannot find existing customer reviews endorsing the broker. The platform was registered in January 2022. It plans to be in the market for only one year. This is another affirmation you cannot rely on the company for long-term services.
There is also no guarantee the company is working with experts. The entity is anonymous. Fund safety is essential, but this broker does not value clients’ security. Refrain from verifying your account by using government-issued documents.
In the meantime, you can try out these legitimate forex trading companies. They have survived volatility and proven to be reliable. Check out their trading conditions and client experience. The safety of your money is also guaranteed.
SMGBroker Trading Conditions
SMGBroker provides a web trader platform. Apart from the interface being easy to use, we cannot find any other advantage. Scammers mainly use the platform as it is easier to control prices. Considering the financial bodies don’t oversee the offshore companies’ activities.
Additionally, when a shady scheme presents a trading software, it doesn’t necessarily mean the company is trading. Some only feature the platform to deceive customers their funds are being invested. The best software in the market is the MetaTrader. It allows customers to customize scripts and use advanced indicators and EAs.
Traders who use the interface have an added advantage. SMGBroker is doomed to fail. It will eventually exit the market. Those who will have ventured with them shall be left high and dry. Their trading conditions are also ambiguous.
SMGBroker offers fixed leverage of 1:200. Novice traders should not accept such high limits. If you are starting, stick to lower limits until you upgrade your trading skills. The regulatory bodies also prohibit high caps. In the UK, Australia, and EU, brokers can only provide leverage of 1:30. In the USA and Canada, companies can offer 1:50 leverage. The limitation is to protect traders from severe losses.
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To trade in the high cap, investors must have worked in a financial institution for many years. They should also prove their prowess in the market. There is a possibility for higher earnings, but if you lack a high-risk appetite, stay away from a large margin.
SMGBroker has a spread of 3 pips for the EURUSD currency pair. The average market standard is 1:5 for major currencies. Therefore, the scheme requires investors to spend more money when opening trade. It is pointless to waste your cash with untrustworthy brokers.
Withdrawal and Deposit
SMGBroker accepts a minimum deposit of 250 EUR. The amount is on the upper hand. Many genuine companies in the market take lower amounts ranging from $10 to $200. SMGBroker fails to provide payment methods. The deposit button was not operating as per the time of this review. It could be the venture is only accepting specific people.
However, based on the terms and conditions, the firm mentions wire transfer, e-wallet, and credit and debit cards which could be the payment methods. Nonetheless, the withdrawal charges shall leave a dent in customers’ pockets. There is a processing fee of $25 for payments and $10 for card methods. For the wire transfers, the customer must pay $25 charges.
SMGBroker also charges an inactivity fee for accounts that have not been traded for 6 months. Users must pay 10%, which is a hefty amount. Generally, legitimate platforms will not take anything above $15. We also learn the platform offers bonuses on withdrawal. Clients should reach a turnover of 25 times the bonus plus the amount deposited.
Regulatory bodies prohibited brokers from offering bonuses and promotions. This is because the money legally belongs to the platform. Therefore, the broker could impose unfavorable terms to retain the funds in the account. Offshore schemes change their legal documentation. Requiring clients to execute unrealistic trade volume.
Contact Details and Customer Support
SMGBroker is a company that has chosen to remain anonymous. The venture fails to provide contact details. Therefore, we are not aware of its country of origin. A broker needs to provide the essential information. It helps to know to which rules it confers.
How can you entrust your money to anonymous people? Which assurance do you have the platform working with professionals? These are some of the questions traders should ask themselves. How can investors reach SMGBroker? The entity provides an email address. Unfortunately, this is not a convenient mode of communication. Atleast not for investment platforms.
A legitimate broker will have a phone number. In the case of a suspicious scheme, they urge clients to request a phone call. The entity is trying to minimize the chaos after they exit the market. It is easier for them to ignore the emails. They disconnect the lines once they are done with scamming.
Ensure you trade with ventures that value their customers. Every form of business understands the importance of world-class support services. Your issue should be resolved in time without hindering your trading activity.
SMGBroker Regulatory Status
SMGBroker does not have a license. Genuine platforms have to prove their financial capability before acquiring a regulatory form. Therefore, a hefty capital must be deposed. The amount varies depending on the broker’s area of operation. In the USA the amount is $20 million, in Australia, it is one million Australian dollars, while in the UK it is 730K EUR. Many financial bodies are ensuring the trading environment is ideal.
Traders’ funds should also be kept in a separate account from the broker’s. Hence, platforms must work with top tier 1 banks. The funds are secure, and companies cannot misuse the cash. If there is insolvency, traders are entitled to receive compensation. Fund safety is essential; unfortunately, when you trade with offshore schemes, you won’t get any assurance.
SMGBroker is a platform without negative balance protection. Customers can lose more money than what they initially deposited. There is also no guarantee the scheme is involved in investment services. There is no one overseeing their operations. Additionally, the broker does not report its daily transactional report.
There is a tendency for unregulated entities to change their terms and conditions without notice. The habit is to retain the funds in their system. The company will ask for taxation charges and other hidden fees upon withdrawal request.
The risks of trading with an offshore firm are numerous. Refusing to engage with such a platform for your sanity is essential. They also exit the market prematurely. You need a company that can help you earn passive income.
SMGBroker is a proven scam. The broker is operating in a discreet location. They also violate the regulatory bodies’ requirements. Nothing good can come out of the platform. However, one thing is inevitable, which is people will lose funds. Do not fall victim, when the red flags are incredibly vivid.
Here is a list of some of the best forex trading platforms. These companies are legally in business. They value their clients and yield real-time returns. The brokers are also working with professionals. You can go through their customer experience to determine if they are worth trying.