Smart Stock Options

Smart Stock Options is operated by Algobit Ltd that is operating from the country of Seychelles. In Seychelles the body that regulates the financial market is the Financial Services Authority (SFSA). Their mission is to conduct national and international financial services arm in arm with other regulatory bodies. They demand a minimum capital of $120k from brokers in order to authorize them.

However, both the broker and the parent company were not present in the list of regulated entities, and thus we must conclude that the brokerage firm is unregulated and thus a RISK.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

The broker gives out the impression that it is a binary options trader, as advertised on the Home Page,

yet there is nothing on the personal dashboard to suggest that it actually is.

The leverage goes up to 1:500. This can be both very beneficial and very risky. So tread carefully! However, the lingering possibility that this is a binary options broker renders the  inclusion of a leverage pointless.

There is no spread to talk about because we could not access the trading platform without a proper registration that includes the verification of personal identification documents. And anyway, the broker does not make it clear if it’s a binary options trader of a regular broker (binary brokers don't have spreads).

The dashboard is a complete mess, and so a list of actual trading assets is hard to come by. Nevertheless, what we saw are some forex pairs and some cryptocurrencies. However, the broker claims to offer, on its website, the following assets: Stocks. Currencies and Commodities.

Again, inconsistencies are a clear sign of an unprofessional and scammer brokerage firm.

The website is offered in English.

SMART STOCK OPTIONS LOGIN

As aforementioned, we are unsure if this is a regular broker or a binary options trader. Nevertheless, whichever one it is, a platform is a necessity. Here we are presented with several options. One in the dashboard,

…another in the Home Page (first snap), and a third option that we could not access for we had not verified our documents, something that we don’t recommend anyone doing. Furthermore, these supposed platforms are actually widgets taken from different sources.

And so we are, again, left with a frame of reference, save for the 1:500 leverage (if it's a regular broker).

SMART STOCK OPTIONS MINIMUM DEPOSIT

The minimum deposit is $5000. If you ever needed more proof of how unregulated this broker is, look no further than this.

Methods for depositing are quite varied to our surprise, yet we could not confirm them since, as already mentioned, we did not provide any ID (out of caution) and so our account remained closed to deposits.

Anyway, here are the methods as seen on the website: VISA, MasterCard, bitcoin, Altcoins, Ethereum, Neteller, Skrill, Perfect Money, VLOAD.

All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

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.

SMART STOCK OPTIONS WITHDRAWAL TIME AND FEES

According to the FAQs the minimum withdrawal amount is $50.

The broker claims to process all withdrawal request within an hour. We certainly do not hold them to their words. As an unregulated and offshore broker it can come up with all sorts of false information jst to paint a pretty picture for potential depositors.

The withdrawal fees for Visa and MasterCard withdrawals are charged with 5% of the entire sum. Wire Transfers are charged with $50

There is also a very odd fee, one that insists on being confusing for the sake of draining money without the client’s notice. It has something to do with having inactive funds, that is if a client has not made a single turnover with said funds, he/she will be charged with a monthly maintenance fee of 20%. We leave it for you to see:

ADDITIONAL FEES AND TAXES

If there is no trade detected for a month, the client will be charged with $10 per month.

Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing 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.

ACCOUNT VERIFICATION

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.

The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.

HOW TO RECOVER

The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

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!

BOTTOM LINE

Smart Stock Options is as illegitimate as brokers go. There is no regulation, no proper trading platform, and the whole thing smell of a scam. There only one thing left to say: Stay away from this one!