SmartyTrade

Overview

SmartyTrade is an online trading platform registered in Canada, operating as an unregulated broker. It offers traders the flexibility to choose from three account types: Gold, Silver, and Bronze, each tailored to different trading needs. With a maximum leverage of up to 1:100, traders can access various tradable assets, including Forex, CFD stocks, and Crypto CFDs. The platform is accessible through web, Android, and iPhone devices, making it versatile for traders on the go. While a demo account is available for practice, educational resources are limited to a basic FAQ section in the Education Center. Customer support is provided through phone numbers for different regions and a contact form. Additionally, SmartyTrade accepts Visa, Bitcoin, and Ethereum as payment methods for deposits and withdrawals.

Regulation

Smarty Trade, operating as an unregulated broker, has raised concerns in the online trading community due to its lack of regulatory oversight. Unregulated brokers, such as Smarty Trade, may not adhere to the stringent standards and transparency requirements enforced upon their regulated counterparts, potentially putting investors at risk. These concerns revolve around issues of accountability, transparency, and investor protection. Traders and investors should exercise caution when dealing with unregulated brokers, conducting thorough research and considering the risks involved before engaging in any financial transactions. Opting for regulated brokers, which are subject to oversight by recognized financial authorities, can provide a higher level of security and protection for those involved in the trading process.

Pros and Cons

SmartyTrade presents traders with a mix of advantages and disadvantages. On the positive side, it offers a diverse range of CFDs, three tiered trading accounts, and flexibility in pricing. Leverage of up to 1:100 is also available. The platform is accessible on various devices, and customer support is comprehensive. However, there are notable drawbacks, including the absence of regulatory oversight as an unregulated broker, limited educational resources in the Education Center, and potential concerns regarding investor protection. Traders should carefully consider these factors when choosing to engage with SmartyTrade.

Market Instruments

The company offers a range of CFDs (Contracts for Difference) on its platform, including:

1. Forex (FX):

1. Description: Forex CFDs are contracts that allow traders to speculate on the price movements of currency pairs without actually owning the physical currencies. These pairs consist of two currencies, with one being the base currency and the other the quote currency. Traders can profit from both upward (going long) and downward (going short) price movements in these pairs.

2. Examples: Common forex pairs include EUR/USD (Euro/US Dollar), GBP/JPY (British Pound/Japanese Yen), and USD/JPY (US Dollar/Japanese Yen), among others.

2. CFD Stocks:

1. Description: CFDs on stocks allow traders to speculate on the price movements of individual company shares without owning the underlying stocks. This means traders can potentially profit from both rising and falling stock prices.

2. Examples: You can find CFDs on a wide range of individual stocks from various stock exchanges around the world. Examples may include Apple Inc. (AAPL), Google parent company Alphabet Inc. (GOOGL), or Amazon.com Inc. (AMZN).

3. Crypto CFDs:

1. Description: Crypto CFDs are contracts that enable traders to speculate on the price movements of cryptocurrencies like Bitcoin, Ethereum, Ripple, and many others without owning the actual digital assets. These CFDs offer a way to trade cryptocurrencies within the framework of traditional financial markets.

2. Examples: Common cryptocurrency CFDs include BTC/USD (Bitcoin/US Dollar), ETH/USD (Ethereum/US Dollar), and XRP/USD (Ripple/US Dollar), among others.

Account Types

The broker offers three tiered trading accounts: Gold, Silver, and Bronze, each tailored to meet the distinct needs of traders.

Gold Account:

• Benefits: 24/7 live chat support, 1-hour withdrawals, +50% bonus, demo account, Copy Trading tool, Master class sessions, first 3 risk-free trades, personal success manager.

Silver Account:

• Benefits: All Gold account features, +100% bonus.

Bronze Account:

• Benefits: All Silver account features, +150% bonus, ideal for experienced traders.

Here's a concise table summarizing the key features:

These account types offer traders flexibility and varying levels of support to match their trading goals and experience.

Leverage

This broker offers a maximum trading leverage of up to 1:100, allowing traders to control a position size up to 100 times their initial capital. High leverage can amplify both profits and losses, so it's essential for traders to use it cautiously and employ effective risk management strategies to protect their investments. Understanding the implications of leverage and trading according to one's risk tolerance and experience is crucial when utilizing this level of leverage.

Spreads & Commissions

The company employs a flexible pricing structure that involves spreads and commissions, which can vary depending on the specific financial instruments and trading accounts used.

Spreads: Spreads are commonly applied as trading costs and are dynamic, taking into account factors like market liquidity and competitiveness. The company reserves the right to adjust spreads, particularly during periods of increased volatility or market illiquidity.

Commissions: Commissions are charged for specific trading scenarios:

• For unleveraged Cryptocurrency CFD positions, a commission ranging from 1% to 2.5% may apply.

• Leveraged Cryptocurrency CFD positions may incur a commission of up to 5% of the transaction.

Swap Fee: Clients may also be subject to a swap fee for holding positions overnight, currently set at 0.07% of the position's face value. This fee calculation involves a fixed percentage and the Libor rate.

The company maintains the flexibility to modify pricing to adapt to market conditions. Clients can find details about these costs on the company's website under “General Fees,” and the company may provide prior notice of any changes in costs. Importantly, the absence of certain charges at one time does not preclude their application in the future. This pricing structure ensures transparency and allows clients to understand the potential costs associated with their trading activities.

Deposit & Withdrawal

• Visa: Clients can use Visa cards to deposit funds instantly into their accounts. This widely accepted payment method offers a seamless way to fund trading activities.

• Bitcoin: Cryptocurrency enthusiasts can utilize Bitcoin for both deposits and withdrawals. This decentralized digital currency provides clients with a secure and efficient means of managing their funds.

• Ethereum: Ethereum, another popular cryptocurrency, is also available for deposits and withdrawals. It offers fast and secure transactions, catering to clients who prefer using Ether.

• All Regions Covered: Regardless of their location, clients from around the world can take advantage of these deposit and withdrawal options. The company's services are accessible globally, ensuring inclusivity.

• Instant Funding: Clients benefit from instant funding, allowing them to quickly access their deposited funds. This ensures they can initiate trades or investments promptly.

• Up to 1 Hour for Withdrawal: Withdrawals are processed efficiently, with funds typically becoming available within 1 hour. This quick turnaround time provides clients with timely access to their withdrawn assets.

In summary, the company offers a range of deposit and withdrawal options, including Visa, Bitcoin, and Ethereum, with a focus on speed and accessibility. Clients can choose the method that suits their preferences and geographic location, ensuring a seamless financial experience.

Trading Platforms

SmartyTrade offers a versatile trading platform for Options and CFD trading, accessible in three versions: web, Android, and iPhone. Key features include:

• Asset Selection: Traders can choose from a variety of assets via a dropdown menu.

• Live Charts: Real-time charts are available for all CFDs, aiding in technical analysis.

• Instant Execution: Traders can swiftly execute trades to seize market opportunities.

• Trade History: Users can access their entire trade history for review.

• Mobile Access: Android and iPhone platforms allow trading on the go.

• User-Friendly: The platform is intuitive, suitable for traders of all levels.

• Trading Options: It supports regular options and CFD trading.

• Funds Management: Traders can withdraw funds conveniently.

• Live Video Chat: Live video chat support is available for immediate assistance.

SmartyTrade's platform ensures a seamless trading experience with accessibility, usability, and essential tools for traders.

Customer Support

SmartyTrade offers comprehensive customer support to assist users with their inquiries, issues, and trading needs. Here's how you can get in touch with their customer support:

Phone Numbers:

• +1 829 947 63 93 (Canada, Montreal)

• +44 208 068 53 35 (United Kingdom, London)

• +3 395 03 96 (China, Hong Kong)

• 081 855 70 55 (Thailand, Bangkok)

• +7 499 703 37 74 (Russia, Moscow)

These phone numbers cater to clients in various regions, ensuring that they have access to direct support when needed.

Contact Form:

Users can also reach out to SmartyTrade by filling out a contact form, providing essential details like their name, email, phone number, and a message. The support team will respond to inquiries submitted through this form.

Educational Resources

The Education Center on SmartyTrade's platform, accessible via the link provided, appears to offer a disappointingly limited resource for traders seeking comprehensive information. With only a basic FAQ section, it falls short of providing in-depth educational content that would empower traders to make informed decisions and improve their trading skills. The absence of more extensive educational resources leaves users with unanswered questions and a lack of essential guidance, ultimately diminishing the overall value of the platform's support for its clients.

Summary

SmartyTrade, an unregulated broker, raises concerns due to its lack of regulatory oversight, potentially exposing investors to risks related to accountability, transparency, and investor protection. It offers a range of CFDs on its platform, including Forex, CFD stocks, and Crypto CFDs, allowing traders to speculate on various financial instruments. The broker provides three tiered trading accounts - Gold, Silver, and Bronze - catering to different trading needs. Leverage of up to 1:100 is available for traders but should be used cautiously. The company's pricing structure includes spreads and commissions, with flexibility based on the financial instruments and accounts used. Deposit and withdrawal options include Visa, Bitcoin, and Ethereum, with a focus on speed and accessibility. The versatile trading platform is available on the web, Android, and iPhone devices. While customer support is comprehensive with phone numbers for various regions, the education center's limited content may leave traders seeking more in-depth knowledge disappointed.

FAQs

Q1: Is SmartyTrade a regulated broker？

A1: No, SmartyTrade operates as an unregulated broker, which means it lacks oversight from recognized financial authorities. Traders should exercise caution when dealing with unregulated brokers.

Q2: What assets can I trade on SmartyTrade's platform？

A2: SmartyTrade offers a range of CFDs, including Forex (currency pairs), CFD stocks (individual company shares), and Crypto CFDs (cryptocurrencies like Bitcoin and Ethereum).

Q3: What are the advantages of the Gold trading account？

A3: The Gold account offers benefits such as 24/7 live chat support, 1-hour withdrawals, a +50% bonus, a demo account, Copy Trading tools, Master class sessions, the first 3 risk-free trades, and a personal success manager.

Q4: Does SmartyTrade offer educational resources？

A4: SmartyTrade provides an Education Center, but it currently offers a limited FAQ section. While it may help with basic queries, it may not provide in-depth educational content.

Q5: How can I contact SmartyTrade's customer support？

A5: You can reach SmartyTrade's customer support through phone numbers provided for various regions, including Canada, the UK, China, Thailand, and Russia. Additionally, you can use a contact form on their platform for inquiries.