Smart Trade Group: reviews on cooperation. What about the broker’s legal documents?
About Smart Trade Group
The official website of Smart Trade Group does not provide specific information about:
- the duration of its presence in the market. Despite claims of numerous awards, the smart-trade-group.com platform was only launched on 16.07.2021, similar to Onyx Trade Group;
- the company’s management. It is unclear who is in charge at Smart Trade Group and responsible for the security of clients’ data and funds;
- the actual office address. Only a fake phone number and email are provided, making it useless to send complaints;
- strategic plans and the company’s development roadmap. The absence of these details is not surprising given the short period of operation of this fraudulent entity.
It seems that Smart Trade Group targets beginners who may overlook the mentioned shortcomings. Russian-speaking traders are also at risk.
Legal Information
Smart Trade Group operates under the management of the offshore company Lencher ExPro, registered in Saint Vincent and the Grenadines. This registration is not in favor of the broker:
- The island nation has become a haven for financial fraudsters evading the law;
- Since 2018, licenses for brokers have ceased to be issued in this jurisdiction;
- Consequently, the activities of intermediaries registered there are not regulated.
Russian traders are advised to contact the regulator in their country to address potential issues, but Smart Trade Group lacks a license from the Central Bank of the Russian Federation, leaving traders unprotected from fraud.
What Does Smart Trade Group Offer?
The Smart Trade Group website does not specify details about trading opportunities, minimum deposits, account conditions, etc. Only two types of accounts are offered: real and Islamic.
Account conditions are also undisclosed, and it is recommended to contact the company’s managers for information. Allegedly, trading is conducted on the outdated MT4 platform, which has received negative reviews due to possible manipulation.
Public Opinion: Reviews of Smart Trade Group
Since Smart Trade Group is relatively new, the pool of reviews about the company is not extensive. Nevertheless, considering past experiences with Onyx Trade Group, it is likely that negative reviews will emerge in the future.
Fraud Scheme in Smart Trade Group
The company offers an affiliate program, promising generous rewards for attracting new clients. Personal managers who are supposed to assist may actually expedite the process of deposit loss.
Conclusion
Smart Trade Group is a fraudulent platform without genuine brokerage services. Carefully examine reviews and legal documents before registering.