Trade Smart Securities Review – Know What you are Getting Into

Trade Smart Securities Review

Who hasn’t heard of online scams? Anyone who uses the internet is aware that there are a ton of fake money-making schemes that are aimed at stealing your funds. It is a given that the financial markets would comprise of a huge number of them, given the hefty sums of money involved.

Thus, when you decide to dip your toes in online trading, you need to be careful, or else you could become the next victim. How do you do that? One way of going about it is by going through this Trade Smart Securities review.

You will be required to sign up with an online broker to start trading and when you start looking for one, it becomes apparent that there are a horde of them offering their services. The next big challenge is figuring out how to sort through the options to find the perfect fit for your trading needs.

It may sound easy, but there are a lot of complications because, as aforementioned, scams also exist in this market. They often portray themselves as legitimate companies to convince people into opening an account with them and depositing their money.

Many people have made the mistake of opting for such companies and then had to deal with the regret. You certainly do not want to go through that particular experience, so it is best to play it smart from the beginning. When you come across a brokerage, you should always take everything they say with a grain of salt.

Do not believe everything you read because making big claims is extremely easy. Your job is to figure out if the broker you are considering can actually live up to them. If its offerings turn out to be different than what it promises, then you will know it is not a trustworthy option.

It is how you should go about Trade Smart Securities as well that boasts about being a reliable broker, offering a competitive trading platform. But, this is far from reality because it does not deliver what it promises. What are its shortcomings? Let’s take a look:

No licensing

Checking the licensing of an online brokerage is the first move you should make because this tells you whether you are dealing with an authentic brokerage or not. A genuine company would always be willing to make the effort to get a license in the region it is based, no matter how tough it might be.

Dealing with a licensed company also offers you peace of mind because you are promised safety of funds, accountability, transparency and quality in services.

When you scour through the Trade Smart Securities website, you will not find any mention of licensing anywhere and this is the first indication that things are not what they seem to be.

Furthermore, when you look into its details, you will find that it claims to have its headquarters in New York. The United States is recognized as one of the strictest markets globally and brokerages setting up offices there have to have a license.

They need this from the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). These are the regulatory bodies responsible for overseeing brokers in the US, but when you check their online registers, you will not find Trade Smart Securities listed.

This means that the company is clearly not licensed to operate in the US and is lying about its offices. If it truly has an office there, then it is operating illegally. Either way, it does not sound like a trustworthy brokerage at all.

Bonus offer

The second concerning fact that you will come across at Trade Smart Securities is that it is offering a credit bonus to its clients. Shouldn’t this be good news? If you are new to the trading space, you may certainly regard this as a good thing because who doesn’t want free money?

However, you should note that trading bonuses have been banned in various jurisdictions around the world. This is because they usually come with string attached, which are aimed at preventing withdrawals.

A look at the bonus policy of Trade Smart Securities shows that it does not prevent you from making withdrawals after giving you a bonus. But, it should also be noted that it does not clarify if you would have to meet minimum trading volume requirements, which could result in canceled withdrawal requests.

Poor trading platform

You require a trading platform to execute your trades in the financial markets and it is the responsibility of an online broker to provide it to you. Every company will offer a trading platform of their own choosing, so you need to take a look at it to ensure it is up to your requirements.

The trading platform that you will find at Trade Smart Securities is downright terrible because it barely classifies as a platform. It does not have any charts at all, or any other tools for technical analysis.

You can hardly call it a trading platform, yet Trade Smart Securities expects you to use it for trading. This is obviously not something any trustworthy company would ever do, as those tend to offer powerful trading solutions like the MT5, which is the leading platform in the market boasting cutting-edge tools.

Only crypto payments

The only payment methods that are accepted at Trade Smart Securities is crypto assets and this is another major aspect of the broker that should worry you. This is because crypto assets like Bitcoin and others are not eligible for a chargeback.

Hence, the deposits you make are final and cannot be reversed in case of any issues. It is the top reason why fraudulent brokerages prefer crypto payments. Plus, they can also benefit from anonymity via these payments, which means they cannot be tracked, allowing them to steal your funds easily.

Ending Thoughts

The things that you discover about Trade Smart Securities show that you will be getting into a trap if you decide to open an account with this brokerage.