Beware! SmartContractLimited is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
SmartContractLimited takes a rather non-conformist approach to its website structure, but in the end, this proves futile because there are many things that are wrong with this here brokerage. Is SmartContractLimited “more than trading” as it suggests, or is this broker yet another one headed for the unlicensed pile? You probably already know the answer, but still, we urge you to read on.
For some reason, the registration page wouldn’t load at all for us! We don’t know if this is because of our connection, or just because the broker is broken. There is also the possibility that SmartContractLimited picks its users based on how susceptible they are to a scam. In the latter view, the broker has not judged us worthy and has thus blocked access to a user area.
What matters most here is that we have to take all the trading and payment information from the website. Keep in mind that the broker is not legit, and thus the information on the website might not be accurate, on purpose!
With that out of the way, we learn that the average spread is 1.4 pips, while the leverage cap is 1:500. The supposed tradeable assets are forex currency pairs, commodities, shares, indices, and cryptocurrencies.
The website is available in English, Malay, Spanish, German, Hindi, Chinese, Portuguese, Italian, Indonesian, French, Arabic, Thai, Japanese, Korean, Russian, and Vietnamese.
SMARTCONTRACTLIMITED REGULATION AND SAFETY OF FUNDS
The footer is usually where we get most of our regulatory information. Here, we get the following:
What this tells us is that the broker is not regulated anywhere, but it is arrogant and smart enough to make users believe that it is their job to be licensed. This approach is very popular among the scammer broker types.
Meanwhile, the contact address is in the UK. This suggests that the broker’s offices are located in the UK, but in order to operate a legit FX business there a company must be licensed by the FCA. Otherwise, it’s operating on the island illegally.
All the more reason to get rounded up are the legal documents, all of which belong to a completely different broker: Pacific Union. Thus, SmartContractLimited has no legal documents, meaning that there is no legal bond between the broker and the user, making this broker even more of a scam.
In conclusion, there is no doubt that SmartContractLimited is UNREGULATED, and a scam! All deposits here are at a full risk of being stolen!
There is no reason whatsoever to invest in an unregulated broker. You will be faced with a ton of issues and will waste your time, not to mention money. Best rely on FCA or CySEC regulated entities, although any broker regulated by a legit agency will do. The crucial thing is to always make sure if the current broker you are willing to invest in has a license. Investing in a regulated broker will not only bring you safety and security, but it may also give you an advantage. For example, both the FCA and CySEC have a financial compensation scheme, each, meaning that they will pay back users who cannot get their money back from their broker, due to the latter’s insolvency or any other monetary issue. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
SMARTCONTRACTLIMITED TRADING SOFTWARE
As we suspected, without being able to access a user area, we had no way to try out the trading platform that, we think, is offered by the broker. In fact, the more time we spend with the broker, the more we think that there really is no platform available. The website, for instance, holds no downloadable link.
The way we see it, there are two options: either there is no trading software, or there is one but it is completely useless and bland. The latter of these is the usual deal with illegitimate brokers.
SMARTCONTRACTLIMITED DEPOSIT/WITHDRAW METHODS AND FEES
We remind our readers that all the payment information they are about to read is taken from the website, so take it with a grain of salt!
The broker showcases the most common payment methods: credit/debit cards, wire transfer, and a couple of alternative methods. The minimum deposit is claimed to be $100.
We find no withdrawal fees and no processing times.
We took the info from the website, without considering the legal documents, because as we already mentioned, they do not belong to the broker being reviewed.
In the end, SmartContractLimited is simply unregulated, a risk to all deposits, and most probably a scam! Do not invest here!
How does the scam work?
The scam is simple, and it can be sub-divided into a couple of steps.
The first one is actually falling for the scam. This happens when a user clicks on an ad that promises any of the following: an unrealistic profit gain; luxurious items and houses; a carefree lifestyle; and anything and everything in-between these. It’s easy to see why so many still fall for investment scams.
Next, the client will be asked to provide an email, or a phone number, or both. These are essential for the scam, as they will be used by the fraudsters to contact you in the next step.
Which is actually to convince users to deposit. Some might throw themselves in, while others might be more skeptical. It is the job of the scammers to make up the minds of the skeptical bunch. Once a first deposit is made, the user has lost her first deposit!
The final step is simple. The pers have solicited an initial deposit; now they want as many investments as possible until the client realizes the true nature of it all. Once this happens, the broker will block all withdrawals.
What to do if scammed?
File for a chargeback if you have used a credit or debit card to pay the scammers! MasterCard and VISA have a chargeback period of 540 days.
Call your bank if the transaction happened through a wire transfer. And make sure to change your bank account user name and password ASAP!
Unfortunately, crypto deposits are lost and cannot be retrieved. That is why we urge readers to never deposit through any crypto method!
And let us not forget NOT to trust the recovery agencies or agents who are also just as fraudulent as the investment scammers, sometimes even more!
Rich Snippet Data