SMIMarkets review – Is this broker recommended?


In today’s digital world, most of the physical businesses and industries have transitioned to the online world and this also applies to trading.

There was a time when traders had to physically go to the market and deal with brokers for their buying and selling needs. But, as technology has evolved, it has now become possible for people to trade online. As a matter of fact, online trading has become one of the most prominent trends in the last decade or so and people are catching up to the potential this market has to offer. Some of the richest people in the world made their fortunes by trading different financial instruments.

The best thing about online trading is that it offers equal opportunities to everyone. Regardless of your background, experience or your capital, you can enter this market without anyone stopping you. The only requirement you do have to fulfill is to be at least 18. You don’t have to have millions to trade any instrument and can get started even with a small sum. But, you do need a broker to do so. Just like trading has shifted online, so have brokers. You can easily find hundreds of brokers currently operating in the market and each of them will offer you an impressive set of services.

However, this doesn’t mean that you select the first broker that appeals to you. It is important to understand that no two brokers are the same and that not every broker will fulfill their claims. Making big statements is immensely easy for a broker, but you need one who can actually live up to their promises. It can be a huge inconvenience to have to change brokers because you discover that the one you chose was not the right fit. What’s more worrisome is that you could end up with a fake broker.

Indeed, scam and fake brokers have also become a common occurrence in the trading market, primarily due to the thousands of people that can be scammed. You can easily find some of the stories about people who fell for these brokerages and had to suffer from heavy losses consequently. It is imperative that you do not repeat their mistakes and make a better choice to pursue your trading career. To find a good broker, some effort is required on your part as you will need to check every option before making your final choice.

Amongst the various brokers clamoring for your attention, SMIMarkets will stand out as one of the most resourceful, reliable and dependable brokers in the market. This is a forex and CFD broker that aims to provide impeccable and professional trading services to its clients all over the world. You can enjoy a world-class and secure trading experience with SMIMarkets because the broker has invested in cutting-edge technology to facilitate as many traders as possible. Considering the number of transactions that take place on their innovative and advanced trading platform, the broker is able to offer excellent liquidity to its clients.

SMIMarkets was founded by 1Bit OU in 2002 and is registered and licensed in Estonia. The broker provides its clients access to some of the leading trading instruments in the market and is in the process of adding more assets constantly. Their education system, industry-level security and great customer support have helped the broker in earning a solid reputation in the last 18 years. Considering that the broker has been around for this long, they must be doing something right to have earned the trust of their clients. What exactly do they offer? You can find out below:

  • What Assets can be Found in SMIMarkets’ Catalogue?

One of the most essential things that you need to know about a broker is their asset catalogue. If there is a particular instrument you wish to trade, you need to ensure that the broker you select can and does offer it to you. It is recommended that you opt for a broker offering you a variety of trading instruments because this gives you room to diversify your portfolio as much as possible. With diversification, traders are able to control their risks, minimize losses and maximize profits. SMIMarkets offers its traders more than 250 financial instruments to trade, which are spread across different asset classes. This ensures that every trader, no matter what instrument they want to trade, will be able to find options that work for them.

Some of the asset categories that you will find in this broker’s catalogue are:

Forex: First and foremost, since SMIMarkets is a forex broker, it is natural that they would offer you the opportunity of buying and selling foreign currency pairs in the international trading markets. There are hundreds of currency pairs that you can trade via the broker, including major and minor pairs. The broker connects you with some of the top foreign exchanges in the world to help you take advantage of their high liquidity. Traders with varying risk tolerance can find currency pairs that suit their needs and earn solid returns through this form of trading. USD/EUR, GBP/CAD, USD/RUB and EUR/GBP are just some of the pairs you can trade.

Commodities: Everyday goods that are either raw materials or agricultural products fall under the category of commodities. These are a low-risk trading instrument and so SMIMarkets has added them to their asset catalogue for traders looking to earn small yet consistent profits. Some of the commodities that you can trade on the broker’s platform include wheat, corn, cotton, sugar, coal, lumber, coffee and more.

Indices: Stocks are assets of an individual firm in the stock market, but indices are like baskets where shares/stocks of different companies of a certain region are traded. These tend to be a bit more volatile than the stock market, but can offer great returns to investors. Therefore, SMIMarkets has added some of the leading indices to their platform. These options include Nasdaq, Dow Jones, Dax and Nikkei 225 amongst others.

Precious Metals: One of the most profitable and consistent trading instruments in the market are precious metals. SMIMarkets has added them to its asset index to help traders in taking advantage of their fluctuating values. You can trade precious metals like gold and silver and enjoy excellent trading conditions to make the most money.

Cryptocurrency: From 2017 onwards, cryptocurrencies have increased in value by a whopping 1500%, which makes them capable of generating huge returns for traders. Hence, cryptocurrencies like Bitcoin have been added to the asset catalogue at SMIMarkets to allow clients to get a piece of this profitable pie.

Oil: Perhaps, one of the most valuable commodities in the world is oil, which is used in a huge number of industries. Its price is affected by a number of factors, which allows traders to make money. To help its clients take advantage of these movements, both Brent and Crude oil have been added to SMIMarket’s asset index.

How can you Trade on SMIMarkets?

Have you ever thought about how brokers help their clients’ trade? How will you execute your transactions? This is the job of a trading platform, a software that has been designed for executing trades. Brokers offer a trading platform to their clients, but not every platform can be a good fit. There have been a lot of complaints about some trading platforms, as they were either slow or crashed regularly and some even had security gaps that put users at risk. You certainly don’t want a trading platform like that nor do you want one that’s too difficult to use.

Fully-aware of what traders need, SMIMarkets has added a number of trading platforms to their offerings, allowing their clients the freedom to choose one that is capable of meeting their needs. Take a look at the choices:

Desktop Trading Platform: One of the first options that you will find at SMIMarkets is the desktop trading platform, which you can download and install in a couple of minutes. Powered by state-of-the-art technology, the desktop platform provides traders with all the vital trading tools they need for achieving success. Boasting a user-friendly interface, the desktop platform provides access to a wide range of trading indicators, direct prices provided by Central Bank and immediate and automatic response to recommendations and alerts regarding profitable trading opportunities. It provides quick trade execution and multiple order types, along with guidance of experts.

Web Trading Platform: If downloading and installation seems like a hassle to you, there is a web trading platform offered by SMIMarkets. This particular trading platform is very easy to use and can be accessed via a web browser on various devices. It comes with the basic tools required by every trader and enables you to execute trading commands of your choice. You can enjoy one-click trading and the fast and speedy execution allows you to take advantage of the smallest movements. The platform also updates you with the real prices of instruments in the market to help you make decisions.

Mobile Platform: As mobile devices have become common, they are being used for performing different tasks and trading is also one of them. SMIMarkets has added mobile apps for phone and tablet devices for the convenience of their clients. They can be downloaded without much hassle and enable you to trade on the move, regardless of where you are.

Which Account Options are Available at SMIMarkets?

To avail a broker’s services, you will have to open an account with them. Before you start the registration process, it is better to take a look at the account choices and choose one. Like some of the other brokers in the market, SMIMarkets has also added several account options to their platform. Their goal is to make it easier for traders to find an account that meets their needs properly. You will have five account options, each of which has been designed for a different class of traders. The account options you can explore are:

Beginner Account: If you have absolutely no experience in the trading world and are new to it, this account is the perfect choice for you. To open this account with SMIMarkets, you have to make a deposit of 250 (GBP, EUR or USD) and start trading. This account keeps your risks low because the deposit is limited. The micro lot size for this account is 0.01 and you can access maximum leverage of 100. Traders are given variable spreads for this account and they can trade a variety of assets, as per their preference.

Standard Account: Traders who are familiar with the online trading market and are ready to become serious, you can opt for the Standard account offered by SMIMarkets. To open this account, the minimum deposit that you have to make is 500 and you can later increase this investment to as much as 4,999. Opening a Standard account with the broker allows you to trade with 1 lot size and you get a maximum leverage of 200. Along with the features of the beginner account, you are provided with negative balance protection, which means that if you incur losses, it will only eliminate your investment and not put your account in negative. A dedicated account manager is also available with this account for guiding traders.

Gold Account: Those who have considerable experience in the trading world and can be regarded as intermediate traders should go with the Gold account at SMIMarkets. This account might be riskier than the first two, but it also provides a lot more profits. The minimum deposit that you have to make for opening this account is 5,000 and the maximum amount is set at 9,999. A Gold account allows traders to trade 1 lot size and they will be given a maximum leverage of 300. You also get gold spreads and enjoy instant trade execution under this account. It comes with a financial plan, along with a mini saving account.

Diamond Account: If you have begun to consider yourself a seriously skilled and seasoned trader, the Diamond account at SMIMarkets is the perfect fit for you. This account can be opened with a minimum deposit of 10,000 in your chosen currency and you can increase your investment to 49,999, if you wish. The trade lot size is set at 1, but you are provided a higher leverage of 400, which allows for bigger and better trades. In this account, the mini saving account is replaced with a full savings account that offers you a higher return in the form of interest. You can also receive risk management planning, which allows you to keep losses under control.

VIP Account: Do you think you can categorize yourself as a professional trader? If so, then you are ready to try out the VIP account that SMIMarkets has added to their trading platform. To qualify for this account, you need a private invitation and cannot just sign up for it. There are no minimum or maximum deposit requirements for this account and it gives you access to features of every other account of the broker. This is a customized account that comes with private analyst sessions for the traders. Their withdrawals are considered a priority and they are also given trading signals that can help them in making better trading decisions.

Islamic Account: One of the most impressive features that SMIMarkets has to offer to its clients is that it allows everyone, from Beginner to VIP account holders, to trade in accordance with the Sharia regulations. This is for accommodating Muslim traders, who don’t wish to involve interest in their transactions. An Islamic account can be opened by such traders and they can also participate in the financial markets without any worries.

Does SMIMarkets offer any Educational Resources?

You have probably read some amazing success stories of traders who made it big in the market and were able to make massive profits. But, there are also stories about traders who tanked and ended up losing thousands of their hard-earned money. Have you ever wondered what the difference between the two is? If you take a closer look, you will come to know that most brokers who succeed are those that study the trading market, understand how it works and continue learning even while they are trading.

Traders who prefer to rely on luck will not be able to survive in the market for long. But, the problem is that finding learning resources is easier said than done. Sure, the internet is full of information, but not all of it is accurate, reliable and updated. Understanding this dilemma, SMIMarkets have created a complete education section on their website for their clients. They have enriched this section with an array of educational resources that can help every trader, whether they are newcomers or experienced, to expand their knowledge.

Beginners can master the art of trading while seasoned traders can learn new trading strategies for maximizing their profits. You can find a ton of e-books, video tutorials, webinars and online courses in this section, which can be incredibly useful.

How can you deposit and withdraw funds?

Trading requires investment and there are minimum deposit requirements that traders have to meet when they open an account with a broker. But, how will you deposit your money and then withdraw your income later on? You have to take a look at the payment options that a broker provides. SMIMarkets has also done so for facilitating their customers and they allow them to use any one of three currencies i.e. US Dollar, Euro and Great Britain Pound. As far as methods are concerned, the broker allows you to use bank wire transfer for adding funds directly from your bank account. You can also go with credit and debit cards for deposits and withdrawals, such as Visa, MasterCard and Maestro.

Along with these two methods, SMIMarkets has also added some modern online payment options to their platform. These include those like Neteller and Skrill, which can be immensely easy and convenient to use. The broker does not charge any deposit or withdrawal fee from its clients. However, there are minimum withdrawal limits that have been established, which is 100 GBP, EUR or USD, depending on the currency you choose. Withdrawal requests are also processed between 3 to 5 days.

However, you have to provide some verification documents for your withdrawal requests to go through. This is in accordance with KYC and AML policy measures followed by SMIMarkets. Traders are asked to give identity proof by submitting a form of government-issued ID, such as their passport, national ID card or their driver’s license. They also need to give proof of address, which can be done by providing a utility bill like water, electricity or gas, or a bank statement. As long as these documents have been verified, your withdrawals will not be delayed unnecessarily.

Is there any support provided by SMIMarkets?

When you are using a new broker, it is a given that you would have questions about how they work and may encounter some problems as well. In such situations, you would want to have support options available so you can trade without any delays. Therefore, it is best to ensure that your selected broker gives you this opportunity or else you will have a poor experience. SMIMarkets has done a wonderful job when it comes to delivering customer support. They have provided an email address and a phone number on their website that can be used for getting in touch with them. An online contact form can also be filled out or you can go with the live chat option for immediate assistance.

Conclusion

When you weigh these different aspects of SMIMarkets, it is safe to conclude that it is indeed a recommended broker. With nearly 18 years in the market, the broker has a strong and solid reputation that can be trusted to provide you with the best services needed for a smooth and profitable trading journey.





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SMIMarkets review – Is this broker recommended?

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