SmartFX Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of SmartFX trading signals. You will learn what kinds of trading signals SmartFX offers and what the conditions for using them are.
Short introduction of SmartFX
SmartFX is an STP broker that was established in 2018. The company holds the brokerage license of the Vanuatu Financial Services Commission (VFSC). The broker offers a single Standard account for trading currency pairs, stock indices, precious metals and energies. Smart FX allows all trading strategies, including hedging, algorithmic trading, Expert Advisors and copy trading.
| 💰 Account currency: | USD, EUR, GBP, JPY |
| 🚀 Minimum deposit: | USD 500 |
| ⚖️ Leverage: | Up to 1:400 |
| 💱 Spread: | from 1.2 pips |
| 🔧 Instruments: | 130 currency pairs, futures, CFDs on stocks, indices, commodities, metals, energies |
| 💹 Margin Call / Stop Out: | 100%/50% |
SmartFX Pros and Cons
👍 Advantages of trading with SmartFX:
•Regulated by an international financial commission.
•Wide selection of trading assets of various classes.
•Spreads at the same level as competitors and not only for majors.
•The broker does not charge non-trading fees for deposit and withdrawal of funds.
•Universal MT5 trading platform (desktop and mobile versions).
•Possibility of trading with leverage.
•Access to passive income options available on MetaTrader: copy trading, script trading and EAs.
👎 Disadvantages of SmartFX:
•The minimum deposit amount is too high for a novice trader.
•No referral program for retail traders.
•No bonuses, cent accounts and quality education.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
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Copy trading.
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Email alerts.
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Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
SmartFX Trading Signals
Analysis of SmartFX commission showed that the broker does not charge non-trading fees. Therefore, the clients can deposit and withdraw funds without paying a fee to the company. SmartFX offers STP accounts, and therefore spread is the only type of Forex trading fees. Its size depends on the type of the currency pair and the market situation. The minimum spread is 1.2 pips on EURUSD.
| Account type | Spread (minimum value) | Withdrawal commission |
| Smart Account | from 12$ | Yes, charged by banks and payment systems |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that SmartFX does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
Are there fees charged for trading signals?
Yes. As a rule, the fee is charged as a markup to the spread, or it could be a subscription fee, or a percentage of the profit, etc.
Can I reject a trading signal?
Yes, you can. However, if the signals are provided as a part of copy trading with automatic closing of positions, you need to monitor the platform.
Can I test signals on a demo account?
If you mean copy trading, it depends on the broker. If the signals are provided as a newsletter or notification, you can decide where and how to test them yourself.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.