Smart Trade Group Review: Fraud Behind This Broker

Smart Trade Group Review, It’s understandable how some traders might find the Smart Trade Group professional and serious. Their web presence is a quality mask of confidence that covers what is actually beneath it. When you dig a little deeper, one layer of lies after another starts slowly unfolding. You’re faced with a complex scam, set up by skilled fraudsters aiming to get rich fast and easy. And what more efficient way to do that than illegally? 

Although it’s been a while since the site went dark, we have to warn our audience before the swindler reemerges. That’s why we bring you this Smart Trade Group review. Explore the deviousness of this typical, textbook scam and all the levels of their operation. 

For a start, feel free to read the warnings published by several respectable financial authorities that have led to the broker’s final demise:

FINMA Warning:

OSC Warning:

BaFin Warning:

Also, we recommend you not to invest in the fraudulent brokers Opendealbroker and Futurebotstrade.

Is Smart Trade Group a Reliable Broker? Regulation and Security

Seeing an SVG firm offering online financial services means taking utmost caution when dealing with it. Lencher ExPro LLC stepped into the digital trading world back in 2021 and relatively fast managed to get on more than a few blacklists. The reason for that is, of course, a lack of a proper regulatory framework. 

SVGFSA does not supervise brokerage activities in the country. Smart Trade Group should have acquired another license to offer their services to UK, EU, and Canadian traders. However, all the warnings witness their illegitimate business conducted in all these areas. 

The broker was most active in Canada. If we look back at all the criteria that Smart Trade Group should have met to get an IIROC certificate, we can list several major conditions:

• Clients’ fund segregation
• Compensation fund of up to CA$1 000 000
• Maximum leverage ratio of 1:50
• Transactions Reporting

Given the anonymity and all the security discrepancies, our little dubious broker here would never be eligible for an IIROC license. 

Also blacklisted in Germany, where the strictest regulatory authority oversees all brokerage houses, Smart Trade Group was also disrespecting the financial regime in this country, too. EEA authorities require slightly different conditions than Canadian ones. 

The initial deposit the broker makes has to be at least 730 000 EUR and the leverage ratio is set at 1:30 at most. EEA and UK brokering companies also can’t offer bonuses and also have to implement negative balance protection. 

By now it is evident that the Broker was not conducting a transparent and legal business in any way.  

Broker’s Trading Platform Overview

As far as we recall, what the Broker calls the MT4 platform, displays no resemblance of the real thing. The broker supposedly offers this prestigious software available across all devices, including the web trading terminal. However, the basic tool of a web platform has no practical use and can hardly be called a valuable asset. 

Smart Trade Group only promises something they could not deliver. It’s not strange to see offshore disreputable brokers offering simplistic technological solutions. After all, they’re the easiest to manipulate. 

Account Types Available

Until you make a real cash deposit with the Broker, your registered account is treated as a Demo. Besides the single live trading account and a Demo one, the site promises an Islamic option as well. How true this is, we couldn’t verify. 

Since no separate site section discusses account types and features, we can’t elaborate on the quality of the service. Another manifestation of anonymity and everything that is illegal and wrong with Smart Trade Group. 

Funding Methods Available

It wasn’t a particular shock to see crypto as the only available funding method at this Broker. There was an attempt to give off an impression of safety and security by promising instant and automated cashouts via Credit and Debit cards. Unfortunately, the user area is clearly showing what Smart Trade Group otherwise isn’t proud of. 

The bonuses aren’t fully described, but apparently, they do appear upon account registration. God forbid you to accept them, as they bring a hailstorm of difficulties and conditions you have to meet before withdrawing. 

This Smart Trade Group review discusses that in detail in the next part. Just be prepared to be obstructed and denied your profit and initial deposit, as withdrawals don’t match this scammer’s original intentions. Not to scare away potential victims, Smart Trade Group stays fully secretive about the deposit and withdrawal policies and procedures. 

How Does the Scam Implement?

As legal docs at Smart Trade Group explain, the broker is free to charge their customers all the incurring fees by deducting the sum directly from the trader’s account. Without even notifying them of it first! If that’s so, the entire story about fee-free deposits and withdrawals is a brazen lie. 

The most recurring method for making withdrawals impossible is the trading volume requirements. Smart Trade Group uses these to impose unreachable standards that traders can’t achieve. So, they give themselves the right to deny the payout requests without prior notice. 

Yet another paper is needed and another condition to meet until you’re slowly ridden of your entire capital. The investors are left disheartened, as not only they can’t withdraw the profit they made, but their original deposit is eaten up by the machine as well. 

Smart Trade Group Summary

Not once, not twice, but five times blacklisted and now gone from the online trading world with the clients’ money. All the warning signs and red flags for Smart Trade Group are there if you look closer. The broker’s location is SVG and the company was already detected as a threat by German BaFin. 

The Broker is not a good choice whether you’re a beginner or an advanced trader. Simply because trading is impossible, and the payouts are not an option, as a number of negative customer experiences witness it.  

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