In our SmartSTP review, we discuss a broker that attracts traders with its license, excellent trading conditions, and professional support. However, potential clients of the company still wonder whether this platform is yet another scam project, and whether its creators can be trusted to handle their funds. You will find answers to these questions below.
Key Features
- Company Name: SmartSTP, MRL Investments (MU) Ltd
- Website: https://www.smartstp.com/
- Available Contacts: Email [email protected]; Phones +97145429107 (UAE), etc.
- Foundation: 2022
- Services: Forex/CFD trading
- License: GB21027168 by Mauritius FSC
- Initial Deposit: 250 USD
From Sign-Up to Payout
At first glance, the official SmartSTP website appears to meet the factual standards used by licensed Forex brokers for their web resources. However, upon closer inspection, it becomes clear that this is not entirely the case. For example:
- On the Support Hub page, where the FAQ is located, in the General Questions section, at least 30% of the questions remain unanswered (instead of an answer, the user receives a “Page not found” message).
- During registration, potential clients undergo a comprehensive survey. However, its purpose is unclear, as all traders are assigned retail status (there is no provision for granting professional status) and there are only minor differences in trading conditions.
- The broker does not provide complete information about trading conditions. Even to find the minimum deposit amount, you literally have to browse through all the pages of the company’s website. And, for example, information about swap rates is missing entirely.
Overall, SmartSTP avoids publishing comprehensive data on almost anything. This includes the safety of client funds, payment methods, available trading instruments, etc. Such an approach can hardly be called transparent and certainly does not build trust.
Our Trading Experience With SmartSTP
The trading platform offered by SmartSTP is built on a functional and well-known widget from TradingView. The company’s developers were required to implement a fully functional terminal using API functions.
However, it seems this proved to be an overwhelming task:
- The platform does not support multiple simultaneously open windows with price charts. Consequently, when opening and closing positions, traders waste time selecting the trading asset. In volatile markets or when using dynamic strategies (such as scalping), this leads to additional losses for the trader.
- Users cannot customize the list of trading instruments. Experienced traders know how inconvenient it is to work with a list of 300+ assets, even when divided by instrument type. Adding to Favorites and the search system is of little help, especially since the latter is poorly designed.
- The description of some trading instruments contradicts the data stated by the broker. For example, the EURUSD card shows leverage of 1:30, while the official website indicates leverage of 1:200 for all types of Forex Majors accounts. Which one is correct? You won’t know until you try to open a trade.
- The market overview shows only one price, and you can only see both (Bid and Ask) when the order form is activated. How should those who are ready to open short positions navigate the prices?
In short, using the SmartSTP web terminal is highly inconvenient. There are other complaints against the broker as well. For example, access to a demo account is only available after completing registration and filling out a questionnaire. This raises the question: on what basis should a trader provide the company with their personal data if the trading platform disappoints them and they decide to look for another platform?
The Reality Check
SmartSTP constantly reminds traders that it is licensed and operates in compliance with legal requirements and regulatory documents. But how accurate is this information?
The official place of registration for MRL Investments (MU) Ltd, which owns the broker, is the Republic of Mauritius. A check in the business registry of this country confirms these details. The company was registered on April 19, 2022, and is currently active. The local financial regulator, the Financial Services Commission (FSC), also has a record of an investment dealer license belonging to this firm (the license number matches the one published).
So, SmartSTP provides accurate information about its operations as a regulated broker. However, things are not so straightforward.
The company has an offshore license and registration in Mauritius as a Global Business Company. However, it accepts clients from various countries, including the EU and the UK. As a result, servicing users from these countries differs significantly from the rules established by the MiFID II directive and European regulators or the British FCA. The broker understands this well, as do its clients from these countries, who trade at their own risk with their rights not being protected.
At the same time, it is apparent that SmartSTP tries to cover this activity with the presence of a Cypriot company, MRL Investments (CY) Ltd. However, it does not hold a license from the local regulator, CySEC, so there are questions regarding the legality of its operations if it is providing brokerage services.
How Long Has SmartSTP Been in the Game?
We already mentioned that the company was added to the Republic of Mauritius registry only in 2022. However, according to the Whois service, the domain smartstp.com was registered back in 2018. The broker did not acquire it immediately, though. Judging by web archive snapshots, it was still being sold by the registrar hugedomains.com as of December 2021.
It is most likely that MRL Investments (MU) Ltd purchased it after its registration. Then, the broker with the name SmartSTP was created under the domain smartstp.com.
Extra Fraud Indicators
There are many aspects of SmartSTP’s operations that raise doubts about the company’s trustworthiness. We’ve already mentioned the lack of detailed trading conditions provided by the platform’s owners. Even the conditions that are published are far from impressive.
For example, the minimum spread for currency pairs (such as EUR/USD) on the official website is listed as 1.4 pips. However, for the Silver account, it is set at 2.6 pips, which is 4-5 times higher than most licensed brokers. The 1.4 pips spread applies to the Platinum account with a 50% discount, and it is still at least double what is offered by the best companies in the industry.
The broker does not disclose swap rates on the official website at all. However, on the SmartSTP trading platform, their values are visible. What is particularly surprising is that for both long and short positions, they are the same and negative (e.g., for EUR/USD, it’s -26.95 dollars per standard lot).
All of this suggests that the broker spares no effort in increasing its revenues. Additionally, there are also all non-trading fees charged to the trader.
It is also worth mentioning the complete absence of the following on the official website and in the personal account:
- Any mention of clients’ money being held in segregated accounts.
- Information about the broker’s participation in compensation funds.
- The company’s payment details.
- Financial statements.
- Even statistics of performance over the past few years.
It appears that the platform’s creators have something to hide. At the very least, this approach contradicts the requirements of most regulators for transparency and client fund safety, as well as SmartSTP’s own claims of operational transparency.
Is SmartSTP the Right Fit?
Our SmartSTP review showed that the broker does have official registration and a license from the financial regulator in Mauritius. However, that’s where its merits end. On its official website, the company almost does not publish any critically important information for traders. The trading conditions that the creators of the project decided to disclose are much worse than those of the vast majority of brokers licensed by reputable regulators. Moreover, most clients (such as British and European ones) are accustomed to a completely different level of service and protection of their rights. All this raises legitimate doubts about whether users should open accounts on this platform and fund them.
Friends, I definitely won’t recommend this broker. You won’t make any money here, especially if your account isn’t Platinum. And when you try to withdraw the remaining funds, they will wear out your nerves while processing the request. For instance, I had to resend copies of my documents three times, despite my account being verified. This process, with all the checks, took almost 2.5 months. Think about whether working with SmartSTP (certainly not the best broker) is worth such a sacrifice.
There are quite mixed reviews about SmartSTP on the internet. The company seems reliable, and there is no doubt about its registration and license. However, some people consistently experience problems with the platform and trading in general, as well as complaints about withdrawals. What do you think, is it worth working with them? I am currently looking for options focused on long-term cooperation that won’t be interrupted due to financial misconduct by the platform.
smartstp which was equiity before are scammers once the account manager convince you to deposit money he / she will never allow you to withdraw your money again and their customer server will not assist although they pick up some times , smartstp manager will call you from random numbers ..they are registered at Mauritius , their bank is at Greece , this is to make sure you can never get them , some people manage to get their money others don’t like me I lost 15 k with them as I wasn’t educated enough and there was not enough review about them.their website looks great so be aware