- Is it Worth Your Money?
- The pay-out seems unrealistic
- Prolonged withdrawal period
- Does not offer signals
- Quality educational material not available
Trading can become a challenging endeavor when you do not have the assistance of the best broker. This is why we are here to help. The market is flooded with trading brokers, but all of these brokers do not serve the purpose.
One such broker is SmartOption. It came on the forefront way back in 2011 and made use of the Spot Trading platform. It is a Japan-based broker. It offers different trading options that include Ladder, Turbo, Higher/Lower, Pairs and One Touch.
Currently, this broker does not have a license, and this is why your investments may not be safe.
You need to deposit about $100 to activate your account with SmartOption, but if the license is missing, then the investment is not worth it.
We also looked at some other critical aspects about this broker, and we will discuss them here.
SmartOption promises a pay-out of about 80%. Well, the truth is that you can only believe in the promised pay-out provided you get your hands on verified testimonials or you get access to a practice account.
We could not get our hands on any verified testimonials in case of SmartOption so we just cannot go for their word.
Most brokers allow you to get access to your funds within 3 to 5 days. However, the case is different with SmartOption. You have to wait for about 7 days to get access to your funds. The perks are also limited with SmartOption.
For example, it does not offer a No deposit bonus to the traders. The assets offered are also limited. At the moment SmartOption just offers about 109 assets. This figure is quite less in comparison to the assets offered by other brokers.
These days the competition has increased massively. This is why most of the brokers offer additional perks like signals to the traders. However, SmartOption does not offer this facility. When the signals are available, then you get the basic idea of how you should place your next trade.
You do feel a bit handicapped when using SmartOption because it deprives you of this facility.
The educational material is the lifeline for a novice trader, but SmartOption does disappoint the trader in this regard. It does not offer quality educational material to the trader, and this does put you off as a trader.
Now, you must be thinking whether we recommend this broker or not. Well, if you are just starting your trading journey, then it is essential that you should opt for a reliable broker only. Frankly, speaking SmartOption does not meet our reliability standards for the simple fact that it is not regulated.
We are of the opinion that it is not worth the risk so you should think on the lines of opting for another platform that is licensed and has better perks. Do not put your trading career on the line.