Smart Prime FX, which was founded in 2018, is owned by the Smart Prime Group, which is based in Saint Vincent and the Grenadines. Customers may trade FX, indices, and a range of commodities using live accounts. Despite its collaboration with well-known liquidity providers, the organization has yet to be licensed by a recognized body.
Through a third-party MT4 platform, the broker offers real-time trading and rich analytics with customizable charts. Users may choose from 30 built-in indicators, 2000 free custom indicators, and 70 paid indicators. Traders enjoy unlimited charting on nine different timeframes, as well as access to the whole Smart Prime FX product package. Clients can also use the MQL4 programming language to develop their own algorithmic bots. MT4 may be downloaded and utilized on a desktop computer or accessible via a cloud-based online trader. There is also an app available for users of Android and iOS.
The broker’s order Flow software provides Level 2 trading information. It is a strong trading terminal with a rapid exchange rate display and remarkable execution times. Funds may be invested in less than 1 millisecond thanks to ultra-low latency and artificial intelligence. After registering for an account, you may download the simple platform from the broker’s website.
Over 250 forex instruments, stock indexes, and commodities are available through the broker. The FTSE 100, as well as the major US, European, and Asian indexes, are available to clients. There is a wide range of major, minor, and exotic currencies available. Trading in prominent metals such as silver and gold is also available via the firm.
Spreads and commissions
The spreads differ depending on the account type. The Silver account (the lowest level) has a minimum spread of 1.6 pips. For gold and platinum accounts, this is decreased to a minimum of 1.0 pip and 0.0 pip, respectively. There are additional commission costs of $8 per $100,000 (for all account categories), making trading with the broker rather costly overall.
The firm’s standard leverage is 1:100, but on a case-by-case basis, it will provide bets up to 1:200. Thanks to these rates, clients may now take greater positions with their financial outlays. High leverage, on the other hand, might raise losses, so traders should be mindful of the hazards. Please note that, regardless of account settings, leverage on XAUUSD is limited to 1:100.
To make deposits, traders can use credit and debit cards (Mastercard and Visa), as well as Skrill, Neteller, and bank transfers. The majority of payment systems provide instant processing. A Silver account requires a minimum deposit of $25,000, while a Platinum account requires a minimum commitment of $100,000. This is more than 100 times the industry average, as most brokers simply require a few hundred dollars as a minimum deposit. Many entrants are likely to welcome the requirement for a substantial down payment.
Most deposit methods may be utilized to withdraw profits. Payouts can take up to three business days, but Skrill guarantees payments within one business day. Unfortunately, withdrawal fees apply, starting at 0.5 percent with UPayCard and up to 2 percent plus $8 with Visa and Mastercard.
For testing methods and studying the markets, the brokerage provides an unlimited demo account on the MT4 platform. If you haven’t decided whether or not to invest real money, a trial account is a fantastic place to start. The broker’s demo account, on the other hand, is not compatible with macOS.
The extra features are underwhelming. Links to CNN Money items that haven’t been updated since October 2018 may be found in their market news section. Many beginners who will benefit from extra tools and market research once they begin trading in the financial markets may be turned off by this.
Silver, gold, and platinum accounts are the three categories of accounts offered. Leverage of 1:100 is offered, with position sizes starting at 0.01 lots. Silver spreads have shrunk from 1.6 pip to 1 pip for gold and 0 pip for platinum. Users must deposit $50,000 for a silver account and $100,000 for a gold account to benefit from the narrower spreads, as opposed to the $25,000 necessary for a silver account.