SM Capital Markets (Smcapitalmarkets.com) is another Cypriot Forex broker with a valid trading license. SMCapitalMarkets is formerly known as ABC 123 (CY) Limited which was a valid broker. Although this appears to be a legit broker, we have some serious concerns regarding their services. Members have complained regarding gross misuse of trading services. Withdrawing funds is a major issue. Read this detailed and honest SM Capital Markets Review for more.
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Most members are happy with the trading services while a few have thrown in some disturbing claims. One member had deposited over $12,000 with this broker with the hopes of making profit. After a few trades, Jackson lost his entire deposit which is odd. Did SM Capital Markets play a role in aggravating the situation? A broker should make sure there is negative balance protection. We had to dig deeper.
Philippe is not the only member having problems with this broker. Martin has been making profits the last couple of weeks and decided to withdraw his funds. After sending a request to withdraw his funds, his account has been blocked indefinetly. Reaching out to help desk has not borne fruits. What is happening with a broker who had such a good reputation before? It seems SM Capital Markets is going under and should be investigated. These are brokers who will close shop and go home with your funds.
Being a Cypriot brokerage firm, you would expect a fair trading platform. Reviews from other traders are not in any way helping their cause. SMCapitalMarkets is diminishing by the day thanks to their illicit trading activities. Why do investors sign up with these unstable brokers to begin with? Enticing claims and promises are what drive investors into signing up with brokers who don’t have a strong reputation. Claims of making high and quick returns should be blamed for signing up with unproven brokers.
One issue we have with SM Capital Markets is their level of anonymity when it comes to who owns it. Sure, they are duly licensed by CySEC, but who owns this platform? Who are the founding members of this brokerage firm? Do the people running this platform have actual names? It would be helpful to know the names of people trusted with funds, right? Their level of anonymity raises more questions than answers. These are crude brokers who have nothing else to do but scam newbie investors.
We did a search using CySEC register and can confirm the license and registration details match. Having a valid license does not mean you are offering fair trading conditions as is the case with SMCapitalMarkets. They maybe dully registered but they are far from being legitimate and transparent brokers. Due to the number of alarming complaints from members, we are sure SM Capital Markets is scamming newbie traders. Traders who have been dealing with this broker for a long time are not complaining.
It seems SM Capital Markets is stealing from newbie traders to compensate old members. What they are doing is proof SMCapitalMarkets is going through a rough patch. These are scam artists who are trying to keep old clients by stealing from new ones. Authorities should take a bold step and investigate this broker. Such brokers are a disgrace to the trading community and give Forex trading a bad name.
In order to conduct due diligence, it is better to go through terms and conditions and terms set. Looking at potential commissions and fees which may be hidden is helpful. Hidden fees should be taken seriously as they are known to drive the cost if trading upwards. SMCapitalMarkets does not have such surprises which is why old traders have stuck to this broker. It should be noted having such advantages is not important. And this is the only advantage we could get with this broker.
Why would a broker fail to issue users with a demo account? A demo account gives users a feel of what to expect with a certain platform. Lack of a demo account means users are opening accounts blindly. Traders don’t know what to expect with this broker’s trading conditions. And this is a red flag we must raise concerning SMCapitalMarkets. Having no demo account is proof we are dealing with an unknown platform. What are the trading features to expect? A demo account is imperative to newbie traders. SM Capital Markets is a worthless broker with no demo account.
And this is where we have trouble with this broker. Account funding information is not posted on their website. How can this be the case? It seems users are called and given various depository methods. Why SM Capital Markets is failing to issue users with depository channels is mind blowing. You would expect a licensed broker to openly post their depository channels. And this is why withdrawing funds is a huge problem to newbie traders. Stay away from such brokers with no known account funding options.
Another perturbing issue with SMCapitalMarkets is in regards to information. They website is literally empty and does not contain helpful information. We are sure this could be scammers who are taking advantage of their licensing credentials. What are the account types being offered? What is the leverage or minimum required deposit to start trading?
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As most newbie traders are facing rough times, we are sure funds are not safe with SM Capital Markets. Dealing with a broker who is blocking new accounts without issuing proper reasons is a cause for alarm. Do they handle funds transparently? Lack of proper security features is also another reason to stay away from SMCapitalMarkets.
After reviewing most online comments and emails from newbie members, we have a verdict. SM Capital Markets maybe duly registered but they are offering below par services. Stay away and sign up with recommended brokers with a known and proven track record.
Stay away from this broker and sign up with brokers with proper information.
Adding this broker to our watch list will help newbies to stay away from this broker.
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I also searched for the real owners of SM Capital Markets but was unsuccessful. Looks like they don’t want to reveal this info.
Nonetheless, I couldn’t help wondering whether the initials “SM” stood for S(K) Macharia, the alcohol guy who has a beef with KEBS regarding counterfeit stamps worth billions.
This Macharia is a citizen of Cyprus, moreover some years ago (during Moi times), the same guy received Ksh. 2bn wired from Liechtenstein (a tiny European country), where SM Capital also seems to have offices.
Now, I could be wrong, but my hunch tells me to stay away from SM Capital and the locally incorporated entity SCFM. Oh, and I think the “S” and “M” in SCFM are initials of the same guy.