Read our SMI Markets review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is a smimarkets.com review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So SMI Markets is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about SMI Markets in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section.
SMI Markets Review Conclusions
Making the SMI Markets review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our SMI Markets review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
S M I have done to me exactly as you have shown in your rviews **** STEER CLEAR OF THIS COMPANT OF THEIVES WHO BANK IN TURKEY AND ARE FROM ESTONIA.
I AM GOING TO VISIT THEIR OFFICES IN CAANARY WHRF IF ANYONE WOULD LIKE TO JOIN ME – I WILL BE ASKING T V & PRESS TO BE PRESENT – LOOK OUT MAX HERE I COME..
I would be willing to join you too, that is if they are actually there. My guess is that they just rent an address.
I was conned into letting them manage some funds I deposited on another site. Not sure how they got hold of me. But they are scammers!! I’ve had several account managers, use different telephone numbers/codes to confuse you. I don’t think the registered office is in Estonia, but Bulgaria!!
DO NOT TO ANY BUSINESS WITH THEM.
Agree to this article
As someone who recently fell to their scam, Credit card Charge back was also not helpful. MasterCard does not cover accounts that are to do with trading stocks or cryptocurrency. They clearly are misusing this point.
I received a call person sounded great signed up with a basic account, uploaded all documents asked. Account manager was to call, repeatedly kept promising never kept the timings. Assigned to a different account manger same story. I asked for a refund. They then asked me to reverify. After confirming my account was verified on email. Stated a statement was dated July when it was October. Clearly people who cannot read. Staff is from some Asian country not UK based so do not know when they are looking at valid documents. Refused to accept a letter by the council too. Just not refunding the amount going around in circles. Highly unprofessional company. Avoid like the plague !!!
I presently have 22,000 euro in my account. I started with 250 euro then I put in 5,500 and I traded and got up Yeo 11,000 . I wanted to withdraw 5,000 and no joy. They gave me bonus to my account of 1,500 and I accepted it. Now they say I have to trade a large volum before I vacant get my withdrawl.. what crap. They are holding onto my money and will not give it back…. I am going to blow the lot I have no choice…… scammers softly spoken lies…. Jonathan and Niki shame on you. You will have no luck for your downright dishonesty and evil carry on…… don’t have anything to do with these people…..
This company is a scam artist.. I also try to withdrawal my money but nothing happend.. They promised me that i can take my money out whenever i want, but it is a lie.. I am very happy that i saved every document’s and emails so i can take those to the police…
please don’t trust this company
Wow where do I start. I have been using this company from September 2020. There are both good and bad point for this company. In my case the bad over weights the good, they take your money and give you good tips on how to trade also at the start you are treated like royalty.
The Bad points
I have lost all my money as this company overtraded on my account and I was a diamond customer, I have lost in excess of €110k. If I could have attached a photo of my account with the balance for everyone to see I would. In order to get out of a mess which they put my account in the normally solution was to put more money in, I did on 2 occasions and a particular trader deliberately overtraded on my account.
All promises made are not true. I was promised bitcoins options, you can get your money same day, its been weeks now I cannot get anything. I have invested heavily with this firm and cannot get a penny out, due to this trader telling me don’t worry I will get your account profitable when he messed up my account in the first place. My account was overtraded and capital tired up therefore no funds could have been released. This was done deliberately and when question are being asked about what actions they are doing to correct the situation, you are ignored. This company is not worth It as I am more in debt due to reckless trading activity on my account. This person/Trader (will not mention names) should never trade again. I am very pissed off as they don’t pick up the phone to call, don’t replay to emails, they use different line numbers . People I have been fully scammed.
I deposited min amount of £250 in Sep 2020 and had quite some professional chat with ‘Niki’. Then after reading negative reviews I submitted a withdrawal request and after 6 weeks got my money back – so I was a lucky one. However from mid-Jan this year I’ve been bombarded with calls from them (none of which I answered as any number I don’t recognise I ignore and google the number.) from an assortment of 020 numbers.
Just a note – they started off as smimarkets but when taken down they re-emerged as smi-markets. Either way they are not regulated by FCA so be wary.