Contributor, Benzinga
September 15, 2022
Overall Rating:
securely through SmartFX's website

Founded in 2018 by Arun Kumar and managed by CEO Asha Rathor, SmartFX is an offshore forex and contracts for difference (CFD) broker based in the South Pacific island nation of Vanuatu. The company is owned and operated by Smart Securities and Commodities Limited, which is registered with the Vanuatu Financial Services Commission (VFSC) under registration number 40491 and domiciled in Vanuatu. The broker offers 24/5 access to forex trading and CFD markets using the popular MetaTrader 5 (MT5) trading platform by MetaQuotes. In this SmartFX review, Benzinga evaluates this forex/CFD broker so you can decide whether to open an account with them. 

Best For
  • Forex traders
  • CFD traders
  • High leverage position traders
  • Up to 400:1 leverage
  • Over 2,000 trading instruments
  • ECN model
  • MT5 trading platform
  • Does not accept U.S. clients

SmartFX Ratings at a Glance

Product Offerings
Customer Service
Mobile App
User Benefits
User Experience

SmartFX Product Offerings

SmartFX offers a trading service in forex currency pairs, futures and CFDs on stock indices, commodities and equities. In all, SmartFX offers an execution service for over 2,000 tradable assets. Details of SmartFX’s offering are listed below:

  • Forex: SmartFX lets you trade in 41 major, minor and exotic currency pairs, as well as spot gold and silver.
  • Indices: CFDs on 12 world stock indices are available to trade through SmartFX, including the US30 and US500 Indices, the Japan 225, the UK 100 Cash Index, the Australian 200 Index, the Germany 30, the France 40, the Hong Kong 50 Index, and the EU 50. 
  • Equities: SmartFX supports CFD trading on around 1,600 of the biggest U.S. and European stocks. SmartFX offers direct liquidity pricing with real-time quotes straight from the world’s leading stock exchanges. 
  • Futures: You can trade several futures contracts via SmartFX on certain metals (gold, silver and copper), energy products (crude oil, brent oil and natural gas), German stock indices and the U.S. Dollar Index. 

SmartFX Customer Service

SmartFX has its home office in Vanuatu and lists its Vanuatu address and phone number on its website’s Contact Us page. Its customer service representative office is located in Dubai within the United Arab Emirates (UAE), however.

SmartFX offers 24/5 support and can also be reached via email, telephone, and its social media accounts on Facebook, Instagram, LinkedIn, Twitter and YouTube.   

SmartFX Pricing

SmartFX does not list its fee or commission on its website, which could be problematic for those potential clients who are concerned about pricing. They do provide a list of spreads on major pairs below:

smartfx platform

SmartFX Mobile App

SmartFX supports the MT5 trading platform which provides an excellent mobile version free of charge that can be accessed as soon as you open a SmartFX trading account.  The MT5 mobile application closely resembles the desktop trading platform and offers many of the same advanced features. 

The MT5 mobile application can be downloaded from the App Store for iOS and directly from MT5 for Android.  When doing so, be careful to avoid an app offered via the Apple Store called SmartFx that does not pertain to the SmartFX broker reviewed here but was instead designed specifically for premium clients of Forex Capital Services Pvt. Ltd.

SmartFX User Benefits

The best benefit to using SmartFX to trade forex and CFDs through is the broker’s support for the MT5 trading platform. MT5 remains one of the most popular forex trading platforms available and provides social trading features and automated trading software access. 

MT5 also gives you detailed market depth analysis, a news feed, and high-quality charts and technical analysis tools directly on your desktop, tablet and mobile phone.   

The MT5 platform lets you use a comprehensive set of trading orders for forex, stocks and other tradable assets. Other features you can access with the MT5 platform include: 

  • Over 80 built-in technical indicators and analytic tools
  • Two position accounting systems for netting and hedging
  • Fundamental analysis features based on current news and the economic calendar
  • The largest source of ready-to-use trading applications from the MetaTrader market
  • A built-in forex virtual private server (VPS)
  • Trading signals that allow you to automatically copy trades from experienced traders
  • Algorithmic trading with the built-in MetaQuotes5 development environment
  • 21 different timeframes with unlimited charts and 1-minute history of recent quotes

In addition to the excellent MT5 trading platform, SmartFX provides daily market analysis and insight into global markets. You can also access daily technical and fundamental analysis on the most heavily traded forex pairs and other assets such as commodities, indices and stocks. 

SmartFX User Experience

Traders who have previously used the MetaTrader4 (MT4) or MT5 trading platforms will most likely have a positive user experience with SmartFX. For traders without experience using these popular trading platforms, the good news is that they are very intuitive and easy to operate. 

Most novice traders can quickly learn how to use the trading software despite having little or no experience trading in the financial markets. If you’ve never used the MT platforms before, you can open a free demo trading account at SmartFX and learn how to trade using the MT5 platform without risking any actual money. 

For those who prefer to let others make their trading decisions, expert advisor (EAs) programs for MT5 that operate as trading robots can be accessed, as well as a copy trading feature that lets you duplicate the transactions of traders with an established track record in your own trading account. 

For simplicity's sake, SmartFX only has one account option, which can be opened in just three easy steps as follows:

  1. Fill out a registration form. You only need to fill out the fields necessary to onboard you.
  2. Attach images of your pertinent documents to the registration form.
  3. Make a deposit using an approved deposit method.  

You can then begin trading as soon as your application has been accepted, which the broker claims is usually within about 30 minutes.  

While SmartFX may give you access to trade forex and other markets, the lack of transparency with regard to their fees and commissions could be a concern for some. 

SmartFX vs Competitors 

SmartFX has a decent range of trading instruments available, including 43 currency pairs and precious metals. The broker also features zero deposit fees since it does not charge any commissions or fees on deposits to and withdrawals from your trading account.  In addition, the broker claims its clients can access 24/5 support from anywhere from their own personal Relationship Manager, which sounds impressive. 

To assist you in making a decision about whether or not to trade via SmartFX, Benzinga has included the table below where you can compare SmartFX’s features to other top forex brokers.    

  • SmartFX
    Best For:
    Non US Users
    securely through SmartFX's website
  • NON US
    Best For:
    Fast, Reliable Execution and High-Volume Traders
    securely through NON US's website

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% to 77.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

    The products and services available to you at will depend on your location and on which of its regulated entities holds your account

  • IG Markets
    Best For:
    Fast Execution for U.S. Traders
    securely through IG Markets's website

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

  • Pepperstone FX
    Best For:
    Trading Experience
    securely through Pepperstone FX's website

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

  • CedarFX
    Best For:
    Investors interested in 0% commission or eco conscious trading
    securely through CedarFX's website

    CedarFX is not regulated by any major financial agency. The brokerage is owned by Cedar LLC and based in St. Vincent and the Grenadines.

SmartFX Overall

SmartFX received 4 stars mainly due to its customer service not being 24/7 and lack of transparency in fees. 

The broker’s customer service score was offset by better scores for its user experience and mobile app, largely due to the high marks given for the broker’s support of the popular MT5 trading platform. 

Video Tutorial

SmartFX’s rather inactive YouTube channel has only one video with 159 views uploaded 2 years ago. You can learn how to open a demo account with the broker’s 56-second tutorial video that you can access at this link

Frequently Asked Questions


Is SmartFX a regulated broker?


Yes. SmartFX is regulated by the Vanuatu Financial Services Commission (VFSC) under registration number 40491. The VFSC has the world’s lowest requirements to register as a forex broker, however, and it provides very little recourse in the event of a dispute. SmartFX does not have oversight from a major international regulator like the UK’s Financial Conduct Authority (FCA), and the broker is not required to follow the EU Markets in Financial Instruments Directive II (MiFID II).  


Does SmartFX have MT4?


No. SmartFX exclusively supports the MT5 trading platform.

User Reviews


How do you use this product to boost your finances?

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About Jay and Julie Hawk

Jay and Julie Hawk are the married co-founders of TheFXperts, a provider of financial writing services particularly renowned for its coverage of forex-related topics. With over 40 years of collective trading expertise and more than 15 years of collaborative writing experience, the Hawks specialize in crafting insightful financial content on trading strategies, market analysis and online trading for a broad audience. While their prolific writing career includes seven books and contributions to numerous financial websites and newswires, much of their recent work was published at Benzinga.