April 24. 2016: The FPA has recived a report that SmartTradeFx is going out of business. We are currently unable to get SmartTradeFx's homepage to load.
This is the email received today:
---------- Forwarded message ----------
Date: Sun, Apr 24, 2016 at 2:54 PM
Many of our clients have been aware of a series of negative developments that plagued SmartTradeFX over the last year. Due to external circumstances beyond our control as well as some erroneous executive decisions the company is practically bankrupt. Although SmartTradeFX platform was still connected to interbank liquidity, the company no longer received any benefits from clients’ trading. We have also lost access to our Prime Broker and have no control over client accounts and funds.
Therefore, as of today, April 24, 2016 SmartTradeFX ceases its operativity. We would like to thank our trader community for understanding.
My comments: Thank them for what? They strung us along with fabricated stories of this and that. My suspicion is that they mismanaged their funds either with co-mingling clients funds and took trades with client's money which is illegal. The CEO Uri Taledis promised that there were safeguards against this happening. The other option was embezzlement which I have no proof of. These guys did nothing but fabricate stories of questionable content such as the CHF disaster which was just an excuse since they were not honoring withdrawals previous to that. Meanwhile people who need this money for important things (like basic needs) are thrown out with the trash. I am sure the officers of the company are enjoying the benefits of the common folk. It is a sorry world we live in, the criminals win.
SmartTradeFX, aka DMAClearing, owners are pure criminals.
A year ago they denied to withdraw funds to all traders. Then they silently withdrew all my funds from my trading account (I assume not only from mine), and after several emails they "corrected a mistake" and funded back. In a short while they did the trick once more - they disabled all trading accounts. After another mail exchange they replied with "as we announced we moved you to a new platform" (i.e. DMA Clearing). Ok, I was lucky, they replied, many others got ignored. Then I happily traded my new account in a demo-trading style, as I could not withdraw a penny. But it was not the end of scam, even this new account got disabled soon. After several days of silence I got answer that they investigate my trading. They investigated silently for six weeks, and when I asked them again, they replied with - your trades are not valid, they actually never got through to the bank. Then they give me a new account, with initial balance as the previous account (i.e. the second one in this story), scamming my entire profit (of about 35k$).
They will never give a single penny to any one any more. They are just trying to keep scammed traders quiet and move their scam business to some other company.
Two weeks ago also other company with the same single owner, registered in Switzerland (Secure Investments, siswiss.com) officially bankrupted with nothing left behind.
I have had an account with Smarttradefx for 5 years or longer.It use to be that a call to customer service would answer with a person. A recording is all I get and complete silence when I email messages to two different email addresses.My platform says , account diabled, no connection. this started Sept. the 7th traders should be very concerned that have accounts with this company.Stock and security agencies should be contacted.
My Forex trading account with Smarttradefx was disabled a few weeks ago without notice. Their website is down today. My emails to email@example.com are not answered. Anybody knows their state of affairs? Of course I want my money back. Please investigate urgently.
These people are scammers of the worse order. They lie or they simply dont communictae. They widen spreads just to take out your stops. I have seen spreads as much as 90 pips.Overall a poorly run companyand not upfront at all.. The owner is a fast talker and you always have to be aware of that.Stay away from them..please
I have previously expressed about a situation, where I was liquidation my account. There were some poblems and then once they were sure that I was serious, I received a call from the Chief of Operation in the Americas personally. He insured that my wire was sent. Most broker would not have worried. This shows that this company does care about it's customers and will try and resolve matters. I am grateful to them for the attention that I received and may use them in the future.
2015-01-02 2Star I have been trying since December 16, 2014 and now we are January 2, 2015 to get money from a withdrawl. I want to liquidate my account. I told them today that I would blog on their terrible performace. There have been holidays and I understand but they have had many days to send this money and they failed to respond only after I wrote them through a chat line did they answer and say they have people on vacation. Well if you organization will be down for two or three weeks you should let the customer know. I am still waiting and if they do not sed this money to liquidate my account as I had a MAM from Forex Helpers and they were terible lost allot of money and then had rovot on the account at the end when I fired them. I tried to trade when I had time and I was not allowed, so I wanted the money they suggested I use their robot. Robots are mostly technical analysis driven so that is good, they have some good, But I Wanted My Money Under MY Control. So I shall say they are bad and do not want to pay with a bunch of suggentions and excuses. If I do not receive by the 7 of January and shall go to authorities to get them shut down as I did to another bad broker. If they can not pay and they do business on margin then they will lose the ability to make trades on margin .
I would highly recommend staying away from SmartTradeFX and choose another Forex broker. This company refused my withdrawal request because they claimed our Managed Account (MAM) took a loan from SmartTradeFX based on a large loss. The reality is SmartTradeFX did not have enough liquidity at the time the MAM account wanted to place a full hedge on the account. SmartTradeFX originally took responsibility for this technical problem and said they would return funds but later decided to call it a loan against our accounts causing us a large loss and the inability to withdrawal funds. I’ve spoken with Catriel Ceballos and another employee named William.. William told me that he has "never" heard of his company offering a loan to a client and agreed with me that something did not sound right. He said he would help me get to the bottom of the error, we conversed a couple of times then he disappeared and has not returned my emails or phone calls. I have not spoken to Uri Tadelis the owner but have left several messages asking to speak with him and he refuses to contact me or the others in our MAM account to resolve our problem. This company cannot be trusted. Stay away from them!
I have the same problem as Dusan below. My withdrawal has not been actioned and no one responds to my emails including the CEO. I will esculate to Traders Court
SmartTradeFX is a big SCAM!
I sent Funds Withdrawal Request on August 12, 2014 and till now I still haven't received anything. 20 days later and after few mails they finally answered that »management cannot honor my withdrawal request due to the unacceptable nature of your trading«. They said that I abused the system by placing of very large numbers of orders in a short time, such as multiple orders in a second which is NOT TRUE! I always enter the market with one order and then I close it part by part to collect the profit/loss and to reduce the risk. So it could seem like I am entering multiple orders, but I am not, but they don't even listen to me, when I want to proof them.
I sent many emails to firstname.lastname@example.org, email@example.com and firstname.lastname@example.org but I haven't received any detailed responses.
They know I haven't done anything wrong, but they just don't want to pay me.
SmartTradeFX is a BIG FRAUD!
wow I am happily surprised! I've been trading with smart tradefx for a few months now and I gotta admit I'm always very cautious but there an amazing company! forex is smart tradefx! lightning execution, never had a problem with SL or TP, outsatnding customer serves william olga... and my favorite part is that two days ago I made a large withdrawal and in it's already in my private account back home :-) I don't have enough words to explain my pleasure to have finally found a straight clean and quick company!!!!
Review Moderation Team Note: 5 Star rating removed.
This review was submitted from the offices of SmartTradeFX in Israel.
Per FPA policy, the rating on this review has been changed to Zero stars.
The FPA does not appreciate review spammers.