Read our Smartpipsfx review to see if this broker is a scam or legit. Just to clear doubts, this is a smartpipsfx.com review.
It is not a good idea for you to invest your money with the first forex brokerage you come across online. Why? This is because there is a possibility that you could stumble across the wrong one. The brokerage you choose may not have the services, or assets you are looking for, or it is also possible that it might not be a brokerage at all.
You can go through this Smartpipsfx review to understand how that may be the case. It can be very tempting for people to opt for the first platform that appears to be decent and meets their requirements.
However, you have to bear in mind that when it comes to setting up websites and making claims, anyone can do it. With technological advancement, it is extremely easy to create websites these days and this is also one of the reasons why these frauds and scams have become so rampant.
But, this does not mean that you let yourself be fooled by them, especially when you know they exist. Just a little caution can save you from a great deal of losses down the road.
Yes, no website is going to come with warning signs that it is trying to con you, but taking a closer look at it can show you the troublesome facts about it that can help you avoid a poor decision.
The key is to remember that you should never fall for appearances and always look at the story underneath the surface to find out the truth. This way, you will be able to save your funds from being stolen and also start your trading journey the right way.
One of the names you will come across is that of Smartpipsfx that claims to be a CFD broker offering you its services to trade in the financial markets. But, there are a lot of troubling things about this company that indicate it is one of the worst options to even consider. What are they? You can check them out below.
Lying about licensing
The one thing you should know about online brokers is that every legitimate company would have a license and be regulated in the jurisdiction it operates. If the platform does not have a license, you should immediately be warned and be suspicious about it because a genuine one would never hesitate in getting regulated.
The purpose of regulation and licensing is to protect the companies and their clients alike, so they should be willing to make the effort.
What is the problem with Smartpipsfx’s licensing and regulation? It is not just that Smartpipsfx is not licensed and regulated; it is that it downright lies about it and actually tries to fool people by forging licenses. Thus, those who do not have a lot of knowledge, are beginners, or do not verify the claims are likely to suffer at the hands of this brokerage.
The Smartpipsfx website shows off two certificates; one from the Financial Services Authority (FSA) in the United Kingdom that boasts a license number and the second from the Securities and Exchange Commission (SEC) in the United States and that also has a license number. The problem is not just that the licenses are faked or photo shopped; it is that the company has completely misfired. How?
This is because the regulatory authority for the United Kingdom is called the Financial Conduct Authority (FCA) and not FSAs. As far as the US is concerned, the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) are responsible for the license and not the SEC.
Hence, the takeaway is that Smartpipsfx is only trying to fool and mislead people and this is definitely troublesome because no authentic company would ever do so.
Not offering a trading software
The trading software that online brokers offers is the key to doing the actual trading, which means that it is a vital tool and there can be no trading without it. There is no other way for you to connect to the financial market, or execute your trades. The problem with Smartpipsfx is that it does not appear to be offering a trading software at all.
When you try to find their trading software, you will just come across a chart that Smartpipsfx has given. The problem with the chart is that it can only offer you some basic technical analysis and is nothing close to a reliable and professional trading software like MT4, or the MT5. Why would you sign up when there is no software available at all and there can be no trading?
No possibility of a refund
When you are trading online, there is a chance that there may be a dispute with the broker, or any other issue and you may decide that you want your money back. Likewise, if you feel you are dealing with a shady brokerage, you want to get your deposit back from the company.
How can you do that? This will all depend on the payment method you have used, so it is a must for you to opt for a brokerage that not only offers you quick and convenient payment methods, but also safe ones.
Does Smartpipsfx do that? Unfortunately, when you check out what payment options it supports for your deposits and withdrawals, you will discover that it only has one; crypto assets. This should not come as a surprise, given that it shows no sign of being a genuine and professional brokers. After all, such companies would usually offer you a variety of payment options to choose from as per your convenience.
But, you have been restricted to just crypto assets at Smartpipsfx because these payments are final and there can be no refunds. For instance, if credit cards are used, you could file for a chargeback, but with crypto, the payments are irreversible and permanent. Plus, they are also anonymous and this is something else that appeals to scammers.
Wrapping Up
With the troublesome details you find about Smartpipsfx, you need to be smart and skip this broker altogether.
