The Smart Prime Group, which is situated in Saint Vincent and the Grenadines, owns Smart Prime FX, which was created in 2018. Customers may use live accounts to trade FX, indices, and a variety of commodities. Despite working with well-known liquidity providers, the organization has yet to be regulated by a credible authority.
The broker provides real-time trading and extensive analytics with customizable charts through a third-party MT4 platform. There are 30 built-in indicators, 2000 free custom indicators, and 70 premium indicators available to users. Traders have limitless charting on nine periods, as well as access to the whole Smart Prime FX product suite. Clients can also create their algorithmic bots using the MQL4 programming language. MT4 may be downloaded and used on a desktop computer, or it can be accessed through a cloud-based online trader. There is also an app accessible for Android and iOS users.
The broker’s order Flow software provides Level 2 trading information. It is a strong trading terminal with a rapid exchange rate display and remarkable execution times. Funds may be invested in less than 1 millisecond thanks to ultra-low latency and artificial intelligence. After registering for an account, you may download the simple platform from the broker’s website.
Over 250 forex instruments, stock indexes, and commodities are available through the broker. The FTSE 100, as well as the major US, European, and Asian indexes, are available to clients. There is a wide range of major, minor, and exotic currencies available. Trading in prominent metals such as silver and gold is also available via the firm.
The spreads differ depending on the account type. The Silver account (the lowest level) has a minimum spread of 1.6 pips. For gold and platinum accounts, this is decreased to a minimum of 1.0 pip and 0.0 pip, respectively. There are additional commission costs of $8 per $100,000 (for all account categories), making trading with the broker rather costly overall.
The firm’s standard leverage is 1:100, but on a case-by-case basis, it will provide bets up to 1:200. Thanks to these rates, clients may now take greater positions with their financial outlays. High leverage, on the other hand, might raise losses, so traders should be mindful of the hazards. Please note that, regardless of account settings, leverage on XAUUSD is limited to 1:100.
Traders can use credit and debit cards (Mastercard and Visa), as well as Skrill, Neteller, and bank transfers, to make deposits. The majority of payment systems provide immediate processing. The minimum deposit for a Silver account is $25,000, while the minimum deposit for a Platinum account is $100,000. This is more than 100 times the industry norm, with most brokers requiring only a few hundred dollars as a minimum deposit. Many newcomers are likely to welcome the demand for a significant initial payment.
Most deposit methods may be utilized to withdraw profits. Payouts can take up to three business days, but Skrill guarantees payments within one business day. Unfortunately, withdrawal fees apply, starting at 0.5 percent with UPayCard and up to 2 percent plus $8 with Visa and Mastercard.
For testing methods and studying the markets, the brokerage provides an unlimited demo account on the MT4 platform. If you haven’t decided whether or not to invest real money, a trial account is a fantastic place to start. The broker’s demo account, on the other hand, is not compatible with macOS.
The extra features are underwhelming. Links to CNN Money items that haven’t been updated since October 2018 may be found in their market news section. Many beginners who will benefit from extra tools and market research once they begin trading in the financial markets may be turned off by this.
Silver, gold, and platinum accounts are the three categories of accounts offered. Leverage of 1:100 is offered, with position sizes starting at 0.01 lots. Silver spreads have shrunk from 1.6 pip to 1 pip for gold and 0 pip for platinum. Users must deposit $50,000 for a silver account and $100,000 for a gold account to benefit from the narrower spreads, as opposed to the $25,000 necessary for a silver account.