Table of contents
247SmartFX is well presented and creates the illusion it so strives to sell, yet we are used to false promises by know. Read our review to get to know 247SmartFX in its fullest.
247SmartFX, or Game Capital Ads Limited, has indicated only once by what license issuer it is regulated. The footer gives us info that the broker is regulated by the FCA with a registration number 723385.
In the official FCA registry there is no mention of Game Capital Ads Limited nor 247 SmartFX, yet there are result when searching for the reg. Number 723385; the company is yet another broker, SmartfixUK, that is actually fully licensed by the FCA.
For the purposes of this review we have to conclude that the broker we are currently tackling, i.e 247SmartFX is unregulated by the FCA.
Furthermore, the company gives us an address in Frankfurt, Germany. In Germany, the official overseer of companies that offer financial trading services is BaFIN. Needless to say that both 247SmartFX and Game Capital Ads Limited where not present in BaFIN’s database of licensed companies.
Both the FCA and BaFIN have been ruled out as license issuers for this brokerage firm, and since there is no other mentions of a regulator, we are bound to conclude that 247SmartFX is UNREGULATED, and thus a risk to all that invest in it.
We strongly advise traders to trade only with regulated brokers that hold a license from the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
After successfully registering a live account, and opening a fully functioning trading platform, the leverage was capped at 1:200, which excludes the broker from being regulated in Europe since the EU zone’s leverage has been capped at 1:30 by ESMA.
The EUR/USD cost of trading, as seen on the platform, is 1.7 pips, which is pretty standard, but traders will surely find legitimate brokers with much better deals that this, like Forex.com and Trading 212.
The assets that we were able to conduct tradings with are limited to Forex pairs only. This is taken from the platform itself. 247SmartFX, however, multiple times claims that it is a broker that deals in crypto currencies. It’s these types of disagreements between claims that furthers the status of 247SmartFX as untrustworthy.
The languages are English, Italian, Spanish and German.
The one and only MT4 platform makes an appearance.
This ubiquitous terminal is abundant in trading option specifically designed to give traders an edge. Expert Advisors are a staple by now, while one click trading, multiple pending orders, superior chart management and customizable trading indicators (and many more) open so many possibilities for traders.
The leverage is 1:200, which is illicit since the company on multiple occasions claims that it’s based in Europe, where the leverage is limited by ESMA to 1:30.
The EUR/USD spread is 1.7 pips. This is by all means not a bad value, but it’s not really a good one either.
The trader we opened was a desktop software one, while mobile users can access it on their Apple/Android phones. There is no web trader.
247SMARTFX MINIMUM DEPOSIT
The credit card deposit minimum is $250 according to the Terms and Conditions. There was no way to check the validity of this claim in the personal dashboard without making a deposit ourselves. However, with VoguePay we were able to proceed just far enough to see the minimum requirement of $2.
Clients can deposit viа Credit/Debit cards, Bitcoin and VoguePay. There is no Wire Transfer available.
This unregulated broker is not to be trusted, hence we advise against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
247SMARTFX WITHDRAWAL TIME AND FEES
The Disclaimer states that the minimum withdrawal is $100 and that the processing times for requests is within 48 hours.
There are no withdrawal fees indicated anywhere. However, readers should not let their guards down. Illicit brokers are known for launching made-up fees.
ADDITIONAL FEES AND TAXES
We found some clauses that caused perturbation.
The broker gives itself right to close down a trader’s account for no reason. It's not clearly stated if the broker will return the deposit funds plus any winnings in the account.
The next clause is far more confusing that the previous one. It involves a min. lot requirement to complete a bonus in order to withdrawal… and if a withdrawal request is sent out before completing the trading volume, the profit will be taken away from the requested withdrawal amount. We know it sound both confusing with a hint of arrogance, but it’s all there:
Last but not least are the reward packages, and more accurately the trading volume requirement needed to be fulfilled in order for a withdrawal to be processed. The condition is that traders have to fulfill a trading volume of 25 times for every $1 of bonus. This is an extraordinarily great amount, and what's more is that any withdrawals before these conditions are met will be suspended directly from the account of the trader.
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. Any effort to withdrawal your money will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
The most sound advise we could give you is to immediately file for a chargeback with you credit card company.
Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.
Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
247SmartFX is not worth your time and trust. The lack of regulation should be a clear sign. Stay away!
247SmartFX compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines