The latest broker we decided to write review about is 247SmartFX. This broker claims to offer you a way to make money, and to be the best cryptocurrency broker. However, we kept the right to be a bit reserved towards such promises (as we heard them all before). Still, we did a review to check what 247SmartFX is all about and what it brings to South African Traders.
247SmartFX is an online trading broker that supports CFDs, forex and cryptocurrencies. Traders who decide to make a deposit can get a 30% bonus, as well as up to 1:400 leverage. EURUSD spread is 1.6 and if all this seems familiar, it is because it looks like this broker is offering basically the same thing as TQRtrade broker. Read our review to find out more about it!
247SmartFX offers four different accounts with prices ranging from moderate to very expensive. The accounts are basically the same as with TQRtrade, so it can be presumed that these two are connected in some way.
The Standard account costs $250 in a deposit. Traders don’t get anything special, only limited access to the trading interface. Live chat support is not included.
The Classic account costs $2,500 which is a lot. Traders get a live chat and access to all features on the trading interface. Considering that $2,500 is a fair amount of money, we hope they will upgrade this account with additional features.
The Premium account can be yours if you deposit $20,000. For this price, you get all the perks and benefits of the Classic account as well as SMS signals, the VIP manager and direct phone line for customer support.
The gold account costs $50,000 but it is pretty much the same as the Premium account. The only additional features you get are personal reports and some special promotions.
247SmartFX review showed how this broker tends to be a bit pricey. Traders with smaller budgets could even consider it hostile towards beginners, as there aren’t many features available for those who deposit the bare minimum.
247SmartFX Demo Account
247SmartFX doesn’t have a free demo for traders from South Africa or anywhere else in the world. This means that traders don’t have access to virtual money they can use to get accustomed to the trading software and to test their strategies. A demo account is definitely one of the most useful tools any broker could offer to its traders. It is appreciated by newcomers and experienced traders alike. Beginners like to see what trading feels like and to research all the tools available, while more advanced traders use it to test strategies and advanced analysis. Having a demo is one of the most positive characteristics of any broker. We can only hope 247SmartFX will include one in the future.
Tip: Consider IQ Option instead – the best regulated broker for South African traders with a minimum deposit of only $10!
247SmartFX Trading Software
247SmartFX keeps a lot of information about its interface a secret. It was impossible for us to find out more about the platform they are using, or the technology behind it. The only thing we managed to find out is that there are two different platforms: one for web trading and one for windows trading. However, no features, tools, strategies or additional services have been explained or advertised on the website.
We can only presume how web-based platform means that there are no downloads and installations involved, while Windows-based platform requires installation and trading on a single computer. Traders who want to see the platform must first register and then make a deposit, which is rather inconvenient and puts the trader in an unfavorable position.
247SmartFX Mobile Trading
247SmartFX review noticed how this broker advertises mobile apps. The link on the website took us to Metatrader 4 app in the GooglePlay store. We are not able to confirm how this platform is the Windows-based platform the broker was talking about. However, trading on a mobile phone is increasingly popular among traders. It allows them to follow market movements and their trades whenever and wherever, without any limitations. No wonder so many traders love it!
The only thing this broker says is that there is a web-based platform and a Windows-based platform. However, there aren’t any information on any of them, which we find rather confusing. We can conclude that there is a web-trading interface that requires no downloads, and another platform, that needs to be downloaded and installed. These are our assumptions as we couldn’t find a way to really see the trading platform, and not to mention test it.
247SmartFX Customer Support
247SmartFX can be reached by using several methods:
- Live chat
- Email [email protected]
- Phone number (+44 208 089 3931
- Skype 247smartfx.com
Still, traders who only have a Standard account don’t have access to the live chat customer support but can use other means of communication. Also, if you are not a customer yet, but have a couple of questions, you can only make a phone call, skype them or send an email. Live chat support is reserved for those who are ready to deposit $2,500. Considering how live chat support is something that is so common in all industries today, and how $2,500 is a lot of money, it makes no sense not to offer live chat for everyone. This would definitely attract more traders.
247SmartFX has very unusual customer support for a broker that claims to be the best. Traders who deposit a bare minimum (or anything under $2,500) don’t get access to live chat support. Also, if you are only interested in their product and want to ask a simple question, you won’t be able to do that via live chat either. Considering how live chat is a form of customer support that can be found on all types of websites from clothing stores to public services, it doesn’t make sense that this broker decided to limit it.
However, you can still use the phone number (+44 208 089 3931) that is not free and will cost money or send an email ([email protected]) which will cost time. There is also a Skype profile you can talk to: 247smartfx.com.
247SmartFX Deposit and Withdrawal
247SmartFX doesn’t offer a lot of information on the entire procedure related to deposits and withdrawals. We managed to find out how this broker has a $250 minimum deposit, but that is not enough information for a South African trader to make an educated decision regarding this broker. Payment methods, as well as commissions and fees, are not listed on the website.
All traders who decide to deposit can get a 30% bonus. While this may seem like a great opportunity, bear in mind how a bonus is not free money, but comes with terms and conditions attached to it. Before you make a withdrawal, you will have to trade 3.33 lots for every $10 bonus. A lot is a 100,000 currency units. Also, in case you accept leverage – that might affect your withdrawal possibilities as well. However, there are no clear terms and conditions that may convince the trader to accept any additional promotions or leverage.
247SmartFX – A Scam or Not?
We cannot say that 247SmartFX is a scam, but we can say there are better brokers out there, for example, those who offer a free demo account. We always suggest trading with a regulated broker that offers transparent trading conditions and superior customer support.Conclusion: We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10! Between 74-89 % of retail investor accounts lose money when trading CFDs
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