Smart Prime-Overview of Minimum Deposit, Spreads & Leverage

BASIC INFORMATION:

Smart Prime FX is a forex and CFD trading broker offering the MetaTrader 4 platform. The offshore brokerage hosts a suite of online trading tools along with a choice of live accounts. Smart Prime FX was founded in 2018 and is owned by Smart Prime Group which is based in St. Vincent and the Grenadines. Clients can trade on forex, indices and a selection of commodities, via live accounts and MAM / PAMM solutions.

REGULATORY INFROMATION: LICENSE

No valid regulatory information

Please be aware of the risk!

MARKETS

Smart Prime FX offers 250+ instruments across forex, stock indices and commodities. Clients can invest in major US, European and Asian indices, along with the FTSE 100. A selection of major, minor and exotic currencies is offered, including EURUSD and GBPUSD. The company also offers trading on metals, such as silver and gold.

ACCOUNT TYPES

There are three account types available; Silver, Gold and Platinum. 1:100 leverage and position sizes from 0.01 lots are available across each account. Users need to deposit $50,000 for the silver account and $100,000 for the gold account versus the $25,000 needed for the silver account. Swap-free account conditions are also available.

SPREADS & COMMISSION

The spreads offered by Smart Prime FX differ depending on the type of account held. The minimum spreads offered for a silver account (lowest tier) are 1.6 pips. This reduces to a minimum of 1.0 pips and 0.0 pips for Gold and Platinum accounts respectively.

There are also commission charges of $8 per $100,000 traded (for all account types), meaning overall the broker is fairly expensive to trade with.

LEVERAGE

The standard leverage offered is 1:100 however Smart Prime FX does offer rates up to 1:200 on a case-by-case basis.

PAYMENT METHODS

Deposits

Traders can deposit funds via credit and debit card (Mastercard and Visa) in addition to Skrill, Neteller and wire transfer. Most payment solutions offer instant processing, though Perfect Money and OK Pay, both coming soon, come with a 0.5% and 1% transaction fee respectively.

Minimum deposits are high, starting at $25,000 for a silver account and increasing to $100,000 for a Platinum account.

Withdrawals

Profits can be withdrawn by most of the methods used to deposit funds. Payment times can stretch to three business days, with Skrill offering fast payments within one working day. There are also withdrawal fees to factor in, starting at 0.5% with UPayCard and climbing to 2% plus 8 USD with Visa and Mastercard

TRADING PLATFORMS

· Level 2 Platform

· Meta Trader 4

TRADING HOURS

Traditional forex markets are open 24/5, though Smart Prime FXs trading platform is available 24/7.

CUSTOMER SUPPORT

The Smart Prime FX customer support team can be contacted via telephone or email. Unfortunately, the broker doesnt provide live chat support, which is a real downside, especially for beginners who may need additional assistance as they get started.

· Telephone – +1 (877) 870 0092

· Email – info@smartprimefx.com

ACCEPTED COUNTRIES

Smart Prime FX accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.