SmartChoices Review

In this SmartChoices review we will show you why you shouldn’t trade with this broker. is not regulated and cannot be trusted. So, let’s expand on the obvious question.

Is SmartChoices Legit?

The short answer in no! SmartChoices doesn’t have a broker license and therefore can’t operate as one.
Forex brokers are required by law to have an operating license if they want to provide investment services in the developed countries like Europe, United Kingdom, USA etc. In order to do so, they must be licensed by strict regulators like FCA (UK), Cysec (Cyprus), Bafin (Germany) and so on. SmartChoices doesn’t have any of the above licenses so it doesn’t have the right to conduct business in Europe.

So, if SmartChoices is an unregulated forex broker, what protection do its customers get?
None! SmartChoices can do as they please with your money, your account and your data. Customers are not protected by any regulatory agency and the only place where you can complain is the authorities in your country. This can include the police or the financial supervision authority in your country. However, the latter doesn’t have much power except to issue a warning about SmartChoices. But in any case, is better to issue a public warning so other people don’t fall victims.

How does the scam work?

This answer might vary from case to case but there are some common methods that almost any unregulated forex broker uses. The first step is to collect the numbers. This can be done by a variety of methods. One way is to buy them online from leaked sources. There are plenty of websites out there that sell phone numbers, emails and other information.

The second way is to partner with affiliates. By affiliates we mean websites created specifically to collect visitors’ information, in this case full name, email and phone number. These websites can display a variety of information, but one common method is to impersonate celebrities talking about some brilliant invention that can make you money while sleeping. Below is a screenshot that perfectly illustrates this method.

Forex Brokers Scamming Methods
Forex Brokers Scamming Methods – Personal Reviews

After they collect the numbers, the sales people make the first contact with the potential “client”. These sales people operate from call centers usually located in countries where the work force is cheap. Their only purpose is to get the client to make the first deposit, usually $250. They will use every trick in the book to make this happen. Some common methods include promising unrealistic returns, double up the deposit, or making money with some kind of AI robot while you sleep.

After you made the first deposit you will get transferred to smarter employees called retention agents. Their job is to gain your trust so you deposit more money. They will try the personal angel and try to become your friend but remember, their sole purpose is to extort money from you.

Trading platform

One might ask, if SmartChoices is scam, what about all the trading activity that I did, is that real?
Short answer is no! Although unregulated forex brokers use the same trading platforms that regulated brokers use, the trading is not real. Even if it looks like everything is according to the market including assets, opening and closing hours, price movements, margins and balances, there is one big problem. The trading is only virtual and can be controlled by the scam broker. These trading platforms like MT4 or MT5 for example, can be totally manipulated, including opening and closing price, balance and profits. So, any profit you might think you made by trading, is all fake.

How to withdraw the funds from SmartChoices?

Normally the first thing you should do is submit a withdrawal request. Most likely they will not honor this, but you need to keep it as proof. You should also save their email reply as proof that they are not honoring your withdrawal request. You will these proofs to show it to the authorities, to the bank and possibly to the financial supervision authority in your country.

After they receive your withdrawal request, they will give you the runaround. They will delay the withdrawing process for months, wasting your time until you get tired. It doesn’t matter what you say or how much you insist, they will not give back your money back willingly. If they delay it long enough, you can kiss your money goodbye, so what you need to do is act quickly and accordingly to the instructions below.

How to get your money back from SmartChoices?

If they are refusing to give your money back, which is very likely to happen, don’t be discouraged and follow carefully these instructions.

First of all, gather all the proof that you can. This may include phone calls, texts, emails and the withdrawal request and date. You will need them for every step that comes after this. You first attempt should be contacting the bank and requesting a chargeback. This usually works the best when the payment is done by credit card. But still, you need to convince the bank that the SmartChoices is a fraudulent entity and they are refusing to honor your withdrawal request. Remember, the quicker you perform this step from your deposit date, the higher the chance of getting your money back is.

If you’ve never done this before and don’t know where to begin or how to present your case to your bank or credit card provider, we can help you prepare your chargeback case. Simply contact [email protected]

What if I made a wire-transfer or cash payment?

If you’ve sent a wire transfer or cash payment like western union for example, it’s not possible to make a chargeback. In this situation, you’ll need to escalate your actions. Inform them that you’re considering reporting them to the authorities and filing an official complaint. This might prompt them to reconsider issuing a refund. Additionally, you can create a letter or email to your country’s regulatory agency responsible for overseeing forex brokers. You can easily find this agency with a google search. Explain in detail how you were misled by them and how they are not returning your money. Show this letter or email to the broker and let them know you’ll forward it to the regulatory agency if your money isn’t refunded. If you’re unsure about how to proceed, you can contact us at [email protected], and we’ll assist you with this process.

The vanishing act

After they made some money from unsuspecting clients or if they get a serious warning from the authorities or financial supervision agencies, they will go Houdini and just disappear into thin air. That is another reason why you should keep proof of everything when you deal with a scam entity. They just may disappear tomorrow and you will get left with nothing. However, even though they close their website and disappear, they will come back with a new website and continue scamming people again.
So, you might get a call from the new brand and most likely they are the same people that scammed you before. Also, one more thing to keep an eye out for is getting a call from a money recovery agency that you didn’t register with. They have different scamming methods but the whole idea is that somehow they are in possession of the money that you deposited with SmartChoices and you need to pay an advance fee and they will send it to you.

Make sure to leave a SmartChoices review

Another way to give your contribution and save other people from falling to this scam is to leave bad SmartChoices reviews where you can. Check out reviews on other sites about SmartChoices, and briefly share your experience. If you’ve been affected, please leave a review and comment in the section below. Additionally, when these individuals change their website, they often reach out to previous clients. If you receive a call from them via a new website, mention it in the comments or inform us directly at [email protected] or by using this contact form. If you receive calls from other companies, include their domain names in the comments or send them to us, and we’ll also investigate and expose them.

SmartChoices Review Conclusions

We think that making a SmartChoices review is a necessity to help save as many people from losing their hard-earned money as possible. It’s always wise to carefully investigate forex brokers or any other company before engaging in transactions with them. We trust our SmartChoices review has provided some helpful information for you. Should you have any questions or require guidance on the withdrawal procedure, please feel free to contact us at [email protected] or by using this contact form. Below are the recap points of every paragraph, contact listing for the authorities in European countries, some Questions and answers and a helpful video on how to protect yourself from scam going forward.

Recap points with and actions to take

  • Don’t give them more money no matter what they say.
  • Gather proof for the bank and the authorities.
  • Contact your bank or credit card provider to perform a chargeback.
  • Contact the authorities and report them.
  • Leave reviews
  • Contact [email protected] if you need extra help.
  • Questions and Answers

    [sp_easyaccordion id=”105813″]

    Authorities Contact

    Please use the links below to contact the authorities in your residing country.

    Country Contact
    Austria [email protected]
    Send email to [email protected]
    Send email to [email protected]
    Czech Republic
    Send email to [email protected]
    Latvia Send email to [email protected] and [email protected]
    Or send email to [email protected]
    Malta Send email to [email protected]
    Send email to [email protected]
    Send email to [email protected]
    Send email to [email protected]
    United Kingdom
    United States

    Protect yourself from scam

    This short video covers some key points on how to protect yourself from scam and what to do if you have fallen victim to an online scam.

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    SmartChoices Review


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