SmartSTP Review

Introduction

SmartSTP is a CFD broker that operates under MRL Investments (MU) Ltd. The company is registered and licensed in Mauritius. Being an offshore regulated broker, SmartSTP can offer a higher leverage compared to brokers with strict regulations. 

In terms of offerings, SmartSTP covers most bases you expect from a broker. For example, the broker offers a proprietary WebTrader platform powered with TradingView, offers a high leverage of 1:200, generally low spreads with discounts available, multiple account types including an Islamic account, multiple payment options, and 6 CFD classes to choose from. 

On top of the standard offerings, the company also allows hedging and offers customer service (and website content in a total of 8 languages). For those who prefer finding answers themselves, the broker’s website has an extensive number of articles written to answer customer queries. Learn more about this broker in this detailed review.

Supported Countries

Due to local and international regulations, almost no broker accepts clients from all countries. We have reviewed 100+ brokers and we are yet to see one that accepts clients from everywhere. 

Similarly, SmartSTP does not accept clients from all countries. However, the broker only restricts clients from a very few countries. The following are the countries where SmartSTP does not accept clients from: 

1. USA
2. Canada
3. Iran 
4. Myanmar
5. Russia
6. Iraq
7. North Korea

There are two ways you can take to always check the availability of a broker in a country: by checking the website’s footer for information or by filling the account creation form. If your country is restricted, you cannot proceed to complete the registration. It takes less than a couple of minutes to check. 

Average Customer Reviews

Your commitment with a brokerage is usually long term. Therefore, it is important to do your due diligence first. One of the easiest ways to see if a broker is good or not is by looking at their customer reviews. Customer reviews can give you some insight into the experience you can expect with a broker. To help you share your experience, we have a dedicated customer reviews section. 

SmartSTP’s Trustpilot profile is quite new. The company currently has a rating of 2.8 stars based on less than 40 reviews. Some recent customer reviews state that their experience has been good with the exception of a few bumps. 

Trading Platform

Many variables for a trader depend greatly on the trading platform. The features, interface, and access to certain strategies like autotrading depends on the platform. For this reason, many traders stick with their favorite trading platforms. For example, many traders are MT4 or MT5 loyalists, whereas some others may prefer the modern TradingView.

SmartSTP offers a WebTrader trading platform that traders can easily access via phone, PCs, and laptops straight from the browser. The ease of accessing one’s trades can help traders stay on top of the market trends wherever they are with just access to the internet. 

The company’s WebTrader platform is powered by TradingView. So, the traders get access to a toolkit for market analysis, custom charts, indicators, and other advanced charts. To test the platform for yourself, you can use a demo account. Demo account is a great way to test what you will be getting into with a broker without committing funds upfront. 

Customer Service

A good customer service is a feature every trader should seek when looking for a new broker. Because when you have queries, good customer service is your best friend. And bad customer service is your worst enemy. 

SmartSTP’s customer service shines in multiple areas and even outperforms some of the industry leaders. For example, the company offers multilingual support in 8 languages. Usually, brokers offer anywhere from 2 to 5 languages. So, it is a big upgrade from there.  

In addition to the number of languages, the company also shines when it comes to the number of channels. Customer support is available via call, live chat, and emails. You can access live chat directly from their website or you can drop them an email at [email protected]. 

When it comes to phone support, the company offers 15 regional numbers for countries like UAE, Bahrain, Singapore, Qatar, Switzerland, and a few other countries. Traders can call the UAE number at 97145429107. 

Leverage, Spreads, and Other Fees

You can think of leverage as a multiplier that allows you to control bigger positions against your funds. Where trading with a high leverage can make your profitable trades more lucrative, your losses may also get amplified. Therefore, it is important to know both the risks and upside potential beforehand. 

SmartSTP offers a high leverage of 1:200. The leverage is comparatively high compared to most strictly regulated brokers but not extremely high either. 

Spreads are the difference between buy and sell prices of CFD assets. You can think of it as a small fee charged by a broker. The spreads on the most basic account by SmartSTP are at 2.6 pips for EUR/USD pairs. On higher account tiers, traders get discounted spreads from the company. 

In terms of other fees, the broker charges overnight swap fees. Just like spreads, the swap fees are lower when you opt for higher account tiers. For Muslim traders, there is an option to trade with a swap-free Islamic account. 

The company does not charge deposit fees, withdrawal fees, or inactivity fees. 

Payment Methods

Active traders have to fund their accounts quite frequently. Therefore, it is important to always check which payment method a broker accepts before committing funds. In the case of SmartSTP, you have multiple options including bank cards and digital wallets. 

The following are the payment methods that SmartSTP offers: 

1. Visa
2. Mastercard
3. VPay
4. Neteller
5. Skrill

The company does not charge fees on withdrawals and deposits. However, the payment processor may have their own fees. 

Company Details and Regulations

SmartSTP works under MRL Investments (MU) Ltd. The company is registered (under the registration number: 187076GBC) and licensed (under the FSC Mauritius licence number: GB21017168) in Mauritius. The company’s registered office address is 7th Floor Tower 1, NeXTeracom, Cybercity Ebene 72201. 

It is important to note that SmartSTP is an offshore regulated broker. Therefore, the company lacks strict oversight and is not part of investor protection schemes. On the flip side, the broker is able to offer a higher leverage and more tradable assets.

Conclusion

SmartSTP offers many features that traders look for in a broker. Access to a wide range of CFDs, multilingual support, a powerful trading platform, high leverage, decent spreads, and multiple account types. 

On the other hand, there are some compromises too like offshore regulation and lack of investor protection. MetaTrader 4 or 5 are not offered by the company. Lastly, the company does not have an extensive section for trader education unlike many major brokers. 

All things considered, SmartSTP can be a solid choice for many traders. Features like multilingual support, Islamic account, and TradingView powered trading platform can make it a good fit for many traders.