Caution! 247SmartFX is an offshore company! Your funds may be at risk.
247SmartFX Key Features
🔴 247SmartFX is an officially exposed scam. Avoid!
🔴 247SmartFX has negative customers reviews. A red flag!
🔴 247SmartFX is not transparent. A red flag!
🔴 247SmartFX creates unrealistic expectations. A red flag!
247SmartFX Products and Services
247SmartFX is a Forex brokerage offering decent spreads- 0.2-0.3 pips on average, which is a highly competitive spread. However, there are certain issues with the leverage provided and controversy that downright proves there is something wrong going on. Namely, 247SmartFX claims to offer 1:200 leverage, and at the same time, it states to be CySEC regulated. In reality, CySEC long ago capped leverage at 1:30, so 247SmartFX is either breaching financial regulations, or it's not licensed by the Cypriot regulator. A spoiler- it's not regulated, and it's, in fact, blacklisted, but we'll discuss this in the following section.
And one more thing, 247SmartFX creates a false sense of security by suggesting that clients can feel safe while trading with them. Well, the Forex market is never secure, and it's especially risky for clients if they trade with unregulated brokers like the one under review. Beware!
Scams involve investments with ultra-high ROIs, get-rich-quick schemes, or guaranteed profits. Always be wary of investment possibilities that offer a large return with little or no risk — if it seems too good to be true, it most likely is, so that's potentially a scam. Also, note that during volatile times, any investment that regularly increases month after month—or that produces astonishingly stable returns independent of market conditions—should raise questions. Even low-risk investments are not entirely secure. Therefore, every time you see promises for risk-free guaranteed profits, you should remain sceptical because these people aim to create a false sense of security. Beware!
247SmartFX Company and Regulation
247SmartFX claims to be regulated by the Cypriot regulator, but it's not. On the contrary, precisely CySEC issued a warning against 247SmartFX, proving it's an illegal and fraudulent entity customers should avoid. Beware!
Almost all regulators frequently update their warning lists with shady business entities selling financial products and services without authorization. In other words, all these companies are breaching financial rules and regulations; therefore, they are unsafe and, most usually, scams. Needless to say, you should avoid any company with a warning on its name.
The US regulators are no exception. For example, SEC has its PAUSE list, including business entities falsely claiming to be registered, licensed, or located in the States. The PAUSE Program also lists impersonators, fictitious regulators, governmental agencies, or international organizations- scams, in other words. Additionally, CFTC maintains a RED list (Registration Deficient List) containing names of unauthorized foreign entities that appear to be acting in a way that requires registration with the CFTC. However, the RED list inclusion doesn't necessarily mean that the particular entity has been caught in violation, but you'd better remain cautious.
The bottom line is that you should avoid any investment scheme with a warning on its name, and generally, any firm that's not regulated but offers financial services.
247SmartFX Address and Contacts
247SmartFX's contact information is currently not available, so we can't really discuss anything about it. However, third-party resources already revealed that 247SmartFX's addresses and contact numbers are fraudulent, so the fake brokerage apparently wants to mislead customers, thus way remaining anonymous and harder to catch. In any case, 247SmartFX isn't transparent, which is more than enough for you to avoid it.
For investments, transparency is essential since you should know who is managing your money and where it actually is. Legitimate businesses always operate in a transparent manner, and they are required by law to disclose their headquarter address, phone numbers, and all legal documents that detail the provisions of the service. And our experience tells that if you can't reach these people over the phone number provided, can't verify the locations, or can't confirm in any other way that the investment provider is authorized to sell financial goods, then that's most likely a fraud. So, regardless of the warning issued, we can guess there is something wrong with the investment scheme in question.
Is 247SmartFX Safe?
247SmartFX is not safe. It's unregulated, and on top of all that, the fake brokerage was blacklisted by the Cypriot regulator CySEC. That being so, we can affirm that you'll waste money on fraud if you deposit, so make sure to avoid it at every cost.
For various reasons, dealing with unregulated investment platforms is always a terrible idea. Above all, the lack of regulation strongly signals that something fishy is going on there, as only licensed companies can provide investment services. As you might expect, scams can't thrive in a robust regulatory environment, so consider twice before depositing with unlicensed investment providers.
A scam or a fraud is any crooked scheme devised to defraud you out of money or steal your personal information, and every scam setting is practically unregulated. Scammers work with hackers, too, and often buy bulky packages of information, including phone numbers, e-mails, social media profiles and other personal details of customers, which greatly facilitate scams. So, if someone contacts you out of a sudden, you'd better always consider the possibility that it could be a scam.
Scammers target many people and constantly evolve their approach making scams harder to recognise. In particular, the crypto scam is now booming for two particular reasons- lack of knowledge and popularity. There is a third one, too- scammers take advantage of the less regulated environment to lure people into crooked scam settings that have nothing to do with crypto at all. In any case, it's getting harder to spot potential fraud, but warnings issued by regulators help to raise awareness, and you'd be much better off if you always research thoroughly before any investments have occurred. Markets are plagued by scammers, and it's for real.