Overview of Smart Prime FX 2020

Smart Prime FX is a newcomer among brokers, despite its 2018 registration in the island state of St. Vincent and the Grenadines, the company has absorbed the most important from the finance industry. The software is based on the MT4 platform. The broker’s main areas of focus are Forex and CFDs, offering the MetaTrader 4 platform. The broker is a product of the Smart Prime Group. One of the disadvantages of the company is the absence of regulator and license, because the registration in Saint Vincent and the Grenadines does not oblige the company to get a license for brokerage services.

Trading platforms

Here the company decided not to re-invent the wheel, and use all recognized third-party software from Metatrader. The client gets dozens of built-in indicators and the ability to purchase additional ones. The trader can use a virtually unlimited number of charts on any timeframe and receive all the functionality of the service provider. If you have programming skills in MQL4, you can create bots using your own algorithms.

Order Flow

The broker uses the company’s development Order Flow as a powerful terminal with minimal time of transactions execution, the system uses the artificial intelligence for insights in less than 1 millisecond. This software is available for download immediately after registration.

Assets

In addition to 250 currency pairs, the most popular indices of Europe, Asia and the United States, including SNP500, the company offers to open positions on precious metals.

For traders who prefer to trade on cryptocurrencies, this broker, due to the absence of CFDs on cryptocurrencies, will definitely not suit.

Spreads and Commission

Spreads offered by the company varies depending on the type of account from zero for a Platinum account and 1.0 for a Gold account to 1.6 pips for a minimal Silver account.

Commissions are also present – $8 for every hundred thousand dollars. So, trading conditions don’t look especially good compared to those of our closest competitors.

Leverage

In the base, the leverage of 1:100, known cases where in certain cases, was offered a leverage of 1:200. It is better to clarify all the information with the support service before you start trading.

Mobile trading

Here the broker offers the best solution on the market – a mobile version of the terminal Metatrader – MT4, which has a lot of positive feedback among customers from around the world who appreciate the convenience, functionality and mobility. It can be downloaded through the branded application stores. All order types are allowed to trade, but there is a limitation – trader can use only three types of charts and a reduced set of indicators for market analysis.

Payment methods

Our company is always in step with the times, that’s why, apart from the main methods of depositing by credit card or bank transfer, there is a number of electronic payments such as Skrill and Neteller services. Now the development of additional opportunities of deposit using OK Pay and Perfect Money with the commission level from 0.5 to 1 percent is in progress.

The minimum deposit is quite high, for the silver account it is 25000 dollars, for the platinum account it is 100000 dollars. This is more than a hundred times the average level of deposit at other brokers, which offer, for example, entry from one hundred dollars.

The method of withdrawal does not differ from the method of depositing, but the payment terms exceed the crediting terms and up to three banking days, except for the method of Skrill – crediting within a day. Do not forget about the commission, on average, it varies from 0.5% in the case of UPayCard and up to 2% for crediting to the bank card. Payment services. Usually, they charge $8 for each transaction.

Demo account

Smart Prime FX, offers a demo account with unlimited amounts of virtual money on the account. The test account is based on MT4, an excellent option to get acquainted with the basic set of tools, develop your strategy and find the best market to work with. If you work with a mac, you will not be able to use the demo account.

Bonuses

The company has not developed any bonuses. At the moment of writing this article, there were no promotional bonuses at this broker.

Additional features

The economic news section is not up to date, the information is outdated and has not been updated for several years.

Trading accounts

There are only three types of accounts – Srebro, Gold, Platinum. There are also Islamic accounts.

Customer Service

The company offers only two ways of contacting you, this is the phone and e-mail. The chat feature is not available, which is a big disadvantage of this company.

Security

Of course, the site has information about the privacy policy, although there is no information about how the data is protected. The security protocols used by the company are not known either.  There is also a mention of logging in with a username and password. But there is no two-factor authentication.

Conclusion

Smart Prime FX is an unregulated broker with a scarce set of information resources, meanwhile, with very high starting deposits. The MT4 platform is comfortable and easy to use.