SMIMarkets Review - Is this Broker a Scam?

Finding a reliable and good broker to trade in the financial markets is of the utmost importance. These days, thousands of people are rushing into these markets with the sole purpose of earning high returns. Even though experience and knowledge are not requirements, it is a fact that having these in your corner can make a massive difference. You will be able to make better and more profitable trades when you have knowledge and experience of how the trading market works. However, there is one more thing that determines your success in the market and that’s the broker you choose to work with. 

Brokers provide you with the trading platform you use and give you trading conditions. If their platform is not up to the mark, you will not be able to trade proficiently. Likewise, if they have difficult trading conditions, it can eat into your profits. Either way, you are on the losing side and that’s not what you want when you are entering the trading world solely for the purpose of making high returns. Therefore, you need to tread carefully when you begin weighing different brokers and consider numerous factors and features before you arrive at your final decision. 

It is not something you can do within minutes because your choice can have long-term consequences for you. One of the brokers that you will find in the market is SMIMarkets. Established in Estonia by a company named 1Bit OU, the brokerage is licensed to offer forex and CFD trading services to its clients. The broker has been operating in the market for several years and have spread their operations to different parts of the world. Consequently, they have offices in Stockholm, Sweden, London, United Kingdom and in Sydney, Australia. While all of this can certainly be impressive, it is not the only thing that matters. 

A deeper and more detailed insight into SMIMarkets is required before you arrive at a decision. Is it a scam? Take a look at its offerings to find out: 

Security of Information and Funds 

Using a broker’s services means you share your personal and confidential information with them and also deposit your hard-earned money. You don’t want to put either of these risks by sharing them with an unreliable broker. Thus, checking what security is in place is crucial before you make your move. SMIMarkets has taken the security of your information quite seriously, which is evident with their use of high-end encryption. It keeps your data safe and prevents anyone from misusing it. 

They also recommend strong account passwords for added security. As far as funds’ security is concerned, SMIMarkets follow account segregation protocols that keep customers’ money in with the leading banks in the world for security reasons. There can be no discrepancies or misappropriation in this way. 

Trading Products for Investment 

It is necessary that you know what trading products are offered by a broker in order to confirm they have what you are after. You will not be disappointed with SMIMarkets because they have more than 250 trading products in their asset index, with each belonging to different markets. You can start with the forex market, a volatile and lucrative option and can move onto other options if you wish. These include commodities like wheat and coffee, precious metals like gold, oil, indices like FTSE 100, and even crypto like Bitcoin have also been added. Hence, you can diversify your portfolio easily, if that’s your goal. 

Registration Process for Account Opening 

Before you are allowed to open an account with a broker, you will be asked to register with them and this is also true for SMIMarkets. They have a registration form on their website that you need to fill out and it only takes a couple of minutes to complete. Sharing your full name, phone number, country and your email and password is enough. You also need to select an account currency from GBP, USD and EUR and you should also agree to the Terms and Conditions that the broker has outlined on their website. There is no approval process required here and you will be registered right away. 

Account Options for Trading 

As is the practice of most brokers, you will find multiple account options offered by SMIMarkets for catering to traders of different backgrounds. There are five account options, with the last one called VIP being accessible only through private invitation. The rest of them are open to everyone and you can choose an account, depending on the features you want and your experience. The remaining account choices are Beginner, Standard, Gold and Diamond. 

The minimum deposit is 250, which is for the first account, but it goes up as you move to the other accounts. Likewise, the features of the accounts also differ, some of which include personal account manager, instant execution, negative balance protection, risk management planning and financial plan. The leverage offered under every account option also varies and it goes higher with every option. SMIMarkets have also added Islamic accounts for catering to Muslim traders, which are in accordance with Sharia. 

Customer Support for Assistance 

At some point, every trader will need assistance with something while they are using a broker’s services. Hence, it is important for brokers to provide customer support to ensure their clients can get help when required. When it comes to SMIMarkets, they have a full-fledged customer support department and have incorporated several channels to assist their clients. You can find individual phone numbers for all their three offices in UK, Australia and Sweden. There is also an online contact form that can be filled out with your query and sent to their agents. Their representatives are available 24/7 and will get back to you with a solution as quickly as possible. 

What is the Decision? 

You will also discover that SMIMarkets provides its clients with educational resources and has facilitated deposits and withdrawals, keeping their convenience in mind. This broker is certainly not a scam and can provide you with a smooth trading experience.