SMT Capital Review: An Exceptionally Intuitive Trading Platform or SCAM?

SMT Capital - logo
Rating:
1.3

SMT Capital boasts of an exceptionally intuitive trading platform, tempting traders with promises of a journey akin to a treasure hunt. Let’s examine how well these promises hold up, as they currently sound like typical maneuvers and self-promotion often associated with potential scams. Welcome to our review, where we embark on a quest for the truth.

SMT Capital General Information

Website https://smtcap.com/
Phone Number
  • +44 2045 782207
  • +1 613 416 7912
  • +61 2 8529 3015
Email support@smtcap.com
Address Nüschelerstrasse 45, 8001 Zürich, Switzerland
License
Minimum Deposit $1,500
Assets CFDs
Leverage Up to 1:200
Trading Platform WebTrader

Registration and Client Portal Review

SMT Capital presents a rather straightforward website, following a template that has become somewhat ubiquitous in the industry. On the homepage, the broker enthusiastically highlights its advantages, leaning heavily towards self-promotion, even if it comes at the expense of substantial content. The menu is quite basic, offering insights into account types, company contact details, an FAQ section, and other standard segments. Interestingly, the website is solely available in English, raising doubts about its status as a truly global broker. Nevertheless, it does feature a risk disclosure and some legal information, providing a semblance of transparency.

SMT Capital - website

The registration process on the SMT Capital portal appears deceptively simple at first glance. It seems like all you need to do is fill out a small form, providing your contact details and a few other minor particulars. However, a surprise awaits you in the form of a required promotional code. Without this code, you won’t be able to open an account with SMT Capital, as the broker has instituted a closed registration system. This approach can be detrimental.

Closed registrations can give an impression of exclusivity, but they often serve as a tool to create an artificial sense of scarcity or urgency, potentially manipulating users.

Registration

SMT Capital Trading Conditions

Unable to register, we’ll take a closer look at the trading conditions offered by SMT Capital.

Account Types Review

So, here are the details of the five account types:

  • Basic – minimum deposit: $1,500.
  • Silver – minimum deposit: $25,000.
  • Gold – $50,000.
  • Platinum – 150,000.
  • VIP account – minimum deposit is undisclosed.

You might wonder why there’s such a significant gap between the Basic account with $1,500 and the Silver account with $25,000. Unfortunately, the platform doesn’t provide a clear explanation. The Silver account introduces bonuses and enhanced services, including access to multiple markets and sessions with an analyst. The credit leverage on the platform ranges from 1:25 to 1:200. Notably, specific details such as spreads remain undisclosed, raising concerns about transparency in presenting key trading characteristics.

Considering the substantial entry requirements and the lack of clarity regarding some trading features, potential clients should approach SMT Capital’s account offerings with a cautious eye.

Trading Platform

SMT Capital maintains a veil of secrecy around its trading platform, leaving potential users in the dark about crucial aspects. The closed registration further compounds the challenge, as firsthand exploration becomes impossible. However, it appears that the broker offers a web-based trading platform.

Notably, the company fails to provide any information about the developers of the platform. The absence of a demo account further exacerbates the lack of transparency.

Without platform details, users are unable to assess the robustness, features, and security of the trading system. The absence of a demo account denies potential clients the opportunity to practice trading in a risk-free environment.

While the trading platform icon takes center stage in the downloads section, it’s important to note that SMT Capital is not officially registered as a broker with MetaQuotes. This raises significant uncertainties about the software they encourage users to download, especially considering its proximity to somewhat dubious software.

SMT Capital — Deposit and Withdrawal of Funds

Moving on to funding options, SMT Capital allows account deposits via credit and debit cards, as well as bank transfers. The inclusion of cryptocurrencies seems plausible, given the attention they receive on the website. Unfortunately, precise details about withdrawal processing times and associated fees are conspicuously absent.

Verification

For those looking to engage with SMT Capital, the platform has implemented a mandatory verification process. This serves as a standard procedure in the realm of brokerage.

Once initial registration is complete, the next phase involves submitting essential identification documents. These typically include a government-issued ID, proof of address (such as a utility bill or bank statement), and in some cases, the card used for funding.

The submitted documents will undergo thorough scrutiny by the SMT Capital verification team. Upon successful document verification, the broker will confirm your account. At this stage, you gain access to the platform’s features, allowing you to commence trading and utilizing other services offered.

Additional Options

SMT Capital boasts a range of additional services, some of which we’ve touched upon earlier. It’s crucial to note that these services, often referred to as ancillary market offerings, come with a caveat. They are exclusively tailored for clients with substantial capital. As a novice trader, one should not anticipate the assistance of analysts and other platform personnel. However, this limitation isn’t necessarily a drawback, as the legitimacy and effectiveness of these services raise serious doubts.

What adds to the skepticism is the anonymity surrounding the entire SMT Capital team. The lack of transparency regarding their professional qualifications and backgrounds leaves users in the dark. Consequently, potential clients may find it challenging to place trust in services offered by an entity whose team remains undisclosed.

Is SMT Capital a Scam?

SMT Capital presents trading conditions that may raise eyebrows, as they seem unlikely to be feasible for the majority of retail traders. Let’s delve into some more critical parameters offered by this company.

Heading into legal aspects, it’s evident that SMT Capital falls short in transparency. Not only is there scant information about the company itself on the website, but the situation is even more disconcerting. Notably, the managing company’s name is entirely absent from the site, leaving only an address. The listed address is in Switzerland, which raises eyebrows for several reasons. Swiss regulators, for instance, restrict brokers from setting leverage higher than 1:50. Furthermore, the closed registration system through promo codes appears dubious at best.

Despite the limited information, verifying this broker’s legitimacy is not a formidable task. A quick check in the Swiss registry reveals no trace of a company named SMT Capital. In other words, this broker operates without the necessary legal authorization and lacks a license. Well, then again, what else could one expect?

Legal data check

Smtcap.com Domain Info

SMT Capital fails to present any noteworthy achievements. This sentiment extends to its operational tenure. Upon inspecting the website domain, it becomes apparent that it was created as recently as September 2023. Consider this – what reputable broker boasts a mere three months of operation while vigorously trying to convince everyone of its exclusivity?

Domain info

Contacts Review

Turning attention to the provided contact information, SMT Capital lists a phone number, email, and even an address. However, our investigation reveals that the address is likely inaccurate, as the company is not officially registered in Switzerland. Consequently, any notions of visiting their offices for face-to-face discussions with managers should be swiftly dispelled.

More Details

SMT Capital leaves much to be desired when it comes to its software offering. Notably, the trading terminal shares space with a peculiar software, AnyDesk. We strongly advise against downloading such software, including TeamViewer. The rationale behind this caution is rooted in the security risks associated with remote desktop applications. Downloading these programs poses a considerable threat, as they could potentially grant unauthorized access to sensitive information, leading to severe financial and personal repercussions.

Pros and Cons

  • Simple and straightforward website design.
  • Presence of some legal and contact information (although questionable).
  • Recent domain creation.
  • Lack of clarity regarding the managing company’s name.
  • Dubious association with AnyDesk software alongside the trading terminal, posing security risks.
  • Unverifiable address and contact details.
  • Closed registration requiring a promotional code.

 

2.7 TOTAL SCORE

SMT Capital Summary

SMT Capital - favi

SMT Capital appears to be a fraudulent broker. Its failure to register as a legitimate company and the absence of a license raise significant concerns about its legitimacy. Given these red flags, it is strongly advised to exercise extreme caution and reconsider engaging with this platform.


Website information content 3
Client Portal 2
Trading conditions 3
Trading platform 3
Deposit and withdrawal 4
Verification 4
Extra options 3
Licenses and guarantees 1
Work duration 1
Feedback 3

Frequently Asked Questions (FAQ)

What Does SMT Capital Offer?

SMT Capital offers typical CFD trading. However, some useful information is conspicuously absent, making it challenging to assess the broker’s services accurately.

How Much Money Should I Invest With SMT Capital?

According to the trading conditions, the minimum deposit required is $1,500. This amount may seem high and should be approached with caution.

Is SMT Capital Safe?

No, SMT Capital cannot be considered safe. The broker’s questionable practices, such as a recent domain creation, lack of proper registration, and association with potentially risky software, cast serious doubts on its legitimacy and safety.

Subhash Mishra
Forex & CFD Trader

Subhash is a Bengali who has been trading for 16 years. You will find the most objective reviews of Forex and CFD brokers in his articles.

Subhash is a Bengali who has been trading for 16 years. You will find the most objective reviews of Forex and CFD brokers in his articles.

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Client Reviews

  1. Bobby

    Seeking escape

    After a month of working with SMT Capital, I’m actively searching for an escape route. It’s only fair that this company ranks so low. There’s no justification for a higher position. The service quality is abysmal, withdrawals are delayed, and ‌customer support responds sporadically. It’s time to find a more reputable brokerage.

    Reply
  2. Hec Finn

    Not a Forex broker, but a swindler

    SMT Capital isn’t a Forex broker. It’s a full-fledged scam! I strongly advise steering clear of them. I lost $13,000 in this ordeal, and if it weren’t for my family’s intervention, they might have taken even more. I trusted them, and they betrayed that trust.

    Reply
  3. Robert Freeman

    Lost funds

    From personal experience, I can attest that this company is a sham. They stop processing withdrawals at a certain point, cut off communication, and vanish with your hard-earned money.

    Reply
  4. Duc Nguyen

    Biggest Scam

    I followed an advertise on FB about a dream investment with a platform called Qantum AI with just 250USD and you will earn 30k per month, so I filled an application then straightaway SMT Capital call me, then I deposit 250USD with them to open an trading account. The first 2 weeks I can saw my equity went up over 2000USD but every day a Manager call Michael Smith and another man call Jake keep pushing me to deposit more monies in to my account but I said that I want to make a test withdrawal first before I invest more monies and from there on my account balance went down and down every day until the balance is Zero.
    So I loss all my monies and now they are not answer my sms or my calls at all. I advise people to avoid any business with SMT Capital.

    Reply