SmartFxBot is a forex auto-trading solution that claims to help people with any sort of experience make big money in the market. There is a video that talks about the benefits of the platform on their homepage. While they promise the world in their sales pitch.
Things are not straightforward when it comes to their narratives or evidence provided. Associated brokers with this platform is also questionable. Stick with us till the end to find out whether they are even worth your time to move forward with them.
SmartFxBot Overview
This platform is a forex based auto-trading platform. Apparently clients have to deposit with the affiliated brokers and run the bot on the MT4 platform. The whole setup itself is too tricky for the newbies and the pro’s wouldn’t trust them owing to the lack of data.
Moving on to the pricing aspect, depending upon the service you opt for, it might cost anywhere between $2,000 to $4,000. Obviously, the cost involved is high and given the lack of transparency, no rational investor would take chances with them. Just in case you are wondering, there is no clear explanation about the win rate or the max drawdowns.
Cost and Returns
As we mentioned above, this platform costs a minimum of $2,000 to get started. Compared to the vast majority of trading solutions available, this pricing is too steep.
Their FAQ section also is not comprehensive and ironically enough, there is no contact information. No fixed returns are promised, but few of the claims they make are beyond bold or can be categorised as too optimistic.
Is SmartFxBot a Scam?
It is too early to call them a blatant scam. Nonetheless, the evidence points South. For starters, the testimonials are scarce. They don’t have many mentions on trading related forums or social media platforms.
Plus, Australian authorities have issued a warning against this entity. Till the time more evidence surfaces on the world wide web, we suggest you to avoid them.
Conclusion
Trading is an extremely risky venture. If anyone promises you shortcuts, you should always question it and understand the things happening behind the scenes. At any point of time, if you find yourself hitting a dead end, then it is better to abandon the underlying platform.
