Is SmartFX regulated, and how does it ensure the safety of its users' funds?

Broker Discussion
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Please share your review if you worked with this broker

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I haven’t.

It’s one I wouldn’t touch (and neither would anyone else I know - they’d avoid it like the plague). It has an awful reputation, and has chosen to be “regulated” only in Mauritius (that’s a fake regulator unable and unwilling to protect customers).

Their Wikifx review (click the green text) is also enough to put anyone off! :open_mouth:

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In general, you can be pretty sure that forex brokers who use the terms “ECN” or “STP” in their business name aren’t properly regulated and are trying - often successfully - to fool customers, so you won’t go wrong if you just avoid them all.

“SolidECN” is another, similar one (probably even worse than the one you‘re asking about!).

This very recent little thread and its links might help you : -

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Absolutely. To anyone knowing the industry, their names alone scream “stay away”! (Of course, they’re trying to attract specifically people who don’t know the industry.)

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It’s interesting wording!

When recently-joined members ask this question, in trading forums, what often happens is that another brand new member pops up the next day and says “They’re great: client funds are all segregated etc. etc. etc.”

That’s not the main thing, though.

The main thing is that the proper regulation of any brokerage where you deposit funds ought to make the second part of your question completely irrelevant, because how customers’ funds are protected and/or segregated is regularly inspected by a proper regulator with the power and ability to do that. UNLIKE the pretend “regulator” that SmartSTP has chosen to use!

So whatever they might claim about how client funds are protected, all you’d ever have to show for that is a claim made by a “broker” that’s chosen not to be regulated by someone who can actually enforce and verify whatever they claim!

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Got your point, thanx. It doesn’t close my question fully cause I wanted to hear someone who was really using it. I’m not sure about review sites cause they can be fake due to the fact that there is a high level of competitors on the Market. That’s why asking on forums is more strusted source for me as its moderated and there is a higher level to meet real person review and check the account activity to be sure person is real.

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It’s really pretty difficult to understand how someone could still want that, after reading the very helpful posts above. :sweat_smile:

If you got that here, it would only be a paid forum comment anyway. Babypips is unfortunately full of those.

Brokers like the one you’re asking about very commonly buy forum accounts of former/inactive/semi-active trading forum members to do exactly that. (I’ve been approached that way, myself, in another forum). It’s impossible for moderators to prevent it. Which is exactly why these appalling, crooked firms do it, of course.

It’s terribly difficult for them to get new customers any other way, because anyone other than a total noob who does absolutely no due diligence at all is naturally going to run away very quickly indeed!

Anyway, your main question (“Is it regulated”) was well and clearly and repeatedly answered: (“Not by any real regulator with the ability to help defrauded customers”). There are hundreds and hundreds of proper, decent, well regulated brokers to choose from. Nobody needs these people! :open_mouth:

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