TradeSmart Forex broker review — Everything you need to know

Minimum deposit

50 USD

Bonus

100% deposit & 120% cash bonuses

Maximum leverage

1:2000

Year founded

2021

Regulation

None

Trading platform

MetaTrader 5 (MT5)

TradeSmart is the company’s trade name and the website is owned and operated by TradeSmart Capital Limited, which is a brokerage company based in Saint Lucia. The broker was launched in 2021 and it offers access to FX and CFDs.

In this review, we will assess the broker’s critical features like safety, accounts, spreads, fees, leverage, support, platforms, and much more.

TradeSmart Overview of the website

The TradeSmart website is very basic in design and informative as it provides all crucial information about the broker’s services and trading conditions. This is critical as many scam brokers often try to hide critical information such as fees, spreads, and withdrawal conditions. Information can be found easily as the website is user-friendly and easy to navigate.

Overall, the website of TradeSmart is simple but professional with all crucial information disclosed.

TradeSmart Accounts Reviewed

TradeSmart offers several trading accounts such as Micro, Standard, Raw, and VIP. Each account has slightly different conditions. Let’s overview them briefly to define whether the broker is competitive.

TradeSmart Micro Account

The micro account is an entry-level trading account that has the following trading conditions:

Minimum deposit – 50 USD
Maximum leverage – 1:2000
Spreads from – 0.7 pips
Commissions – 0 USD
Negative balance protection – No

These conditions with ultra-low spreads with 0-dollar commissions are very competitive and attractive. This account offers no negative balance protection, which is a big drawback.

TradeSmart Standard Account

Minimum deposit – 300 USD
Maximum leverage – 1:500
Spreads from – 0.7 pips
Commissions – 0 USD
Negative balance protection – No

This account is almost identical to the Micro trading account and if we observe spreads and fees, there is literally zero difference between the two. However, the max lot size is 50 on the standard and 5 on the Micro account. The lack of negative balance protection is a major issue here.

TradeSmart Raw Account

The raw account is an ECN-type account where spreads are super low and commissions are applied:

Minimum deposit – 300 USD
Maximum leverage – 1:500
Spreads from – 0 pips
Commissions – $2 ($4 round turn)
Negative balance protection – No

This account is designed with scalpers in mind but there is a bit high minimum deposit required and a negative balance is also not provided.

TradeSmart VIP Account

Minimum deposit – 10,000 USD
Maximum leverage – 1:400
Spreads from – 0.0 pips
Commissions – $1 ($2 round turn)
Negative balance protection – Yes

There is a negative balance protection available for this account and commissions are even lower. However, the minimum deposit requirements make this account inaccessible for beginners.

Deposit and withdrawal options at TradeSmart

When it comes to deposits and withdrawals, the broker accepts a limited number of payment options. There is one option accepted, which is Confirmo. There are no limits for deposit amounts while traders have to withdraw at least 15 dollars or euros. Deposits are instant and withdrawals require 1-2 business days for processing.

Overall, the broker lacks diverse payment options, which is a downside.

TradeSmart Assets — What can you trade?

TradeSmart broker provides access to diverse markets such as FX pairs, commodities, indices, cryptos, and stocks. Most of these assets are CFDs enabling fast order execution speeds. With low spreads and high leverage, traders can control serious trading power. However, the lack of negative balance protection is a limited factor, making TradeSmart a risky broker.

Trading platforms of TradeSmart

The broker allows access to the advanced trading platform, MetaTrader 5 (MT5). The platform allows custom indicators and Expert Advisors or EAs, which is flexible as the broker also allows traders to use these tools. Mobile trading is available using the MT5 mobile app, accessible on both iOS and Android.

Education at TradeSmart

TradeSmart lacks comprehensive trading educational resources. There are no webinars, trading courses, or video guides offered. However, there is a blog that offers educational posts about financial trading. There is also a free economic calendar available and VPS services are also offered.

TradeSmart Customer Support

When it comes to customer services, TradeSmart offers live chat, email, and phone options. This is important because the availability of a live chat enables customers to contact the broker faster while the phone support disclosure is a green flag for the broker’s legitimacy.

TradeSmart bonuses and promotions

The broker offers three promotions, a 120% cash bonus, a SmartBoost bonus, and elite competition.

The 120% cash bonus allows traders to get up to 10,000 dollars in bonus and the minimum bonus amount is 200 dollars. This bonus is a Welcome Bonus and is accessible for three accounts per client, which is really attractive. Positions held for less than three minutes do not count toward the volume requirement. The volume requirement is a 100,000 unit round turn in FX and metals, in other words, traders need to at least open and close 1 lot size in total.

The SmartBoost Bonus is a 100% deposit bonus and is offered to new clients during account registration. The competition is a trading contest for cash prizes. It is a monthly trading competition with $5,000 in cash prizes.

Is TradeSmart your broker? Final verdict

TradeSmart offers competitive trading conditions like tight spreads, high leverage, and access to advanced trading software (MT5). However, the broker isn’t regulated and only accepts one payment option, which makes it very risky. Additionally, the negative balance protection is only available for VIP accounts that have very high minimum deposit requirements. Overall, this broker is not recommended.