Probably the biggest problem concerning SM-Invest is the fact that it uses another company’s license details. How could anyone believe that such a broker could be the official partner of the team West Ham United? Certainly, this is only a smart marketing move meant to attract as many clients as possible.
Opening an account on SM-Invest is easy enough. However, what comes after that might shock you. Not only that this is a clone website, but it’s also a SCAM that wants to steal people’s money and personal data. This SM-Invest review will reveal everything that is wrong with this platform. Also, a large number of reasons why everyone should avoid them at all costs! Here we go!
A quick look at their About Us section on the official website and you will see that they use another company’s details. Scope Markets Ltd is the firm they chose to copy, even going as far as to replicate the website. There is no mention anywhere of affiliation or Scope Markets Ltd being the mother company. This makes us believe that SM-Invest is simply relying on this firm to draw in clients.
The claim that they are partners of the football club West Ham United is clearly fake. That’s because of the disclaimer at the bottom of the page that says that European traders are not accepted. So, how can they be partners of an English football club and NOT accept European investors? It’s because everything on that website is fake!
Their offer and the account managers trick
SM-Invest does not have an amazing trading offer. It only has four available account types that are almost identical, apart from the most expensive one. Plus, the minimum required deposit is $500. This is a lot and even double than most regulated brokers. It only shows that they want to make people deposit a lot of money right from the start.
Besides that, this broker uses an account manager trick that could fool inexperienced people. SM-Invest claims to give each client a dedicated account manager to assist and help them. In fact, these are simply agents with no experience in the trading industry. Instead of helping you, these people will continually call you and urge you to deposit more money. Once you do that, you will never be able to find them again. You won’t see your money back either.
There is a lot of negative feedback all over the internet concerning SM-Invest. Most people have fallen into their trap because of their fake connection to another reputable platform. There is no way on the website to contact any of the staff members. This means that these people prefer to remain anonymous so they cannot be traced.
Moreover, withdrawals are apparently impossible on this platform. Most testimonies from former clients say that they did not hear from the broker again after making a deposit. Some of these people even explained how their account credentials were deleted from the system after doing this. So, this broker only needs people for their money with no intention of giving it back.
As for regulations, they claim to have a license from IFSC. This cannot really be verified so it can also be completely fake. Besides that, IFSC has some of the loosest rules when it comes to trading activities. Also, this broker has apparently been in the game for 15 years. This is either fake or they indeed have horrible services. For a broker with such a great experience, there should be a lot more positive reviews online.
SM-Invest review conclusion
All in all, SM-Invest shows a lot of signs that are specific to scam brokers. There are many other issues with it, like spreads not matching, no way of proving the safety of funds, etc. Hopefully, this SM-Invest review has opened your eyes to the modus operandi of most scam brokers. Make sure that you do your research before making deposits on these websites. You could end up in big trouble otherwise.