Accurate Smart Trader is misleadingly named, as it is far from the “trusted, regulated, and award-winning forex broker” it purports to be. In reality, Accurate Smart Trader is just another online scam preying on individuals lacking experience and knowledge in financial trading. Let’s examine in detail why you should avoid entrusting your money to Accurate Smart Trader and explore more reliable alternatives for choosing a broker.
Accurate Smart Trader Regulation
Accurate Smart Trader claims to be based in the USA, one of the jurisdictions with the highest regulatory requirements for forex brokers.
But neither the website nor the Terms and Conditions mention a company name. Furthermore, the document lists an offshore jurisdiction – Seychelles – as the applicable jurisdiction.
Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.
A check of the databases of the relevant financial regulators shows that there is no registered broker in either the US or the Seychelles using the Accurate Smart Trader trade name and domain.
Before investing your money in financial instruments, it’s crucial to ensure you’re using a licensed intermediary rather than falling for one of the many online scams.
Depending on your location, it’s wise to choose a company regulated by institutions like the Commodity Futures Trading Commission (CFTC) in the US, the Australian Securities and Investments Commission (ASIC), the UK’s Financial Conduct Authority (FCA), or an EU regulator such as the Cyprus Securities and Exchange Commission (CySEC).
Clients of these brokers benefit from protections like negative balance protection and the segregation of client funds from broker funds. In the EU and the UK, brokers are also required to participate in guarantee schemes that cover a portion of the trader’s investment if the broker becomes insolvent.
Accurate Smart Trader Trading Platform
A forex and CFD broker, as Accurate Smart Trader claims to be, should provide robust trading software. However, after registering an account, users are given access to a web platform that lacks even basic functionality and appears to be a blend of binary options and forex trading software. This is not a genuine trading platform but rather a poor imitation. Additionally, this platform only offers links to cryptocurrencies, stocks, and indices, despite the website’s claims of providing trading options for currencies and commodities.
Even if it had a more convincing platform, it would not make the website credible. Fake brokers often use rigged trading software to deceive their victims into thinking their money is being invested, but these trades are entirely fictitious.
By using the services of a licensed broker, you gain access to established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have become industry standards due to their extensive features, including a variety of customization options, support for multiple accounts, and the ability to design and implement custom scripts for automated trading and backtesting trade strategies.
Minimum Deposit
On the Accurate Smart Trader website, there are several different versions of the minimum deposit, starting at 500 USD. However, you should know that you can open an account with some of the leading brands in the industry for as little as 5 USD. There’s no good reason to take risks with suspicious websites like Accurate Smart Trader.
Payment Methods
Accurate Smart Trader only allows the deposit of funds with cryptocurrencies. This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.
While some legitimate brokers do accept digital currencies like Bitcoin, they also offer other transparent payment methods such as credit/debit cards, bank transfers, or popular e-wallets like PayPal, Neteller, or Skrill.
Trading Instruments
Accurate Smart Trader lacks both legal authorization and appropriate trading software. Therefore, despite its claims and promises, this website cannot facilitate trading in financial instruments.
Spread
On their website, descriptions of trading account types advertise a spread of 3.3 pips, which is double the industry average and very disadvantageous to customers. Moreover, Accurate Smart Trader does not actually have functioning forex trading software, so the claimed spread is irrelevant. Additionally, after registering an account, users only gain access to investment plans that have nothing to do with forex trading.
A genuine broker will not and cannot promise you guaranteed profits. In fact, licensed companies are obliged by regulators to warn their clients about the high risk of losses when trading financial instruments.
Leverage
Accurate Smart Trader advertises leverage up to 1:5000, which far exceeds the limits allowed in regulated jurisdictions. While high leverage can lead to higher profits, it also proportionally increases the risk of sudden and excessive losses. All leading regulators impose leverage limits for retail traders: in the EU, UK, and Australia, the maximum permitted leverage is 1:30, and in the US, it is 1:50. These maximum levels only apply to major currency pairs, with even stricter limits for more volatile assets. This discrepancy is further proof that Accurate Smart Trader is not a regulated broker.
Another piece of evidence is the claim that it offers bonuses. Scammers often use the lure of generous bonuses to bind their victims to unfavorable terms, so regulatory authorities prohibit regulated brokers from offering bonuses and promotions. Accurate Smart Trader does not provide clear information about the conditions attached to these bonuses, reinforcing the suspicion that it is not a legitimate broker.
Withdrawal Requirements
The Terms and Conditions specify a high minimum amount of 5000 USD for bank transfers, along with a higher than usual bank transaction fee of 50 USD. However, as observed, Accurate Smart Trader only permits cryptocurrency transactions. This discrepancy raises doubts about the actual terms for depositing and withdrawing funds from Accurate Smart Trader. Given the lack of transparency and the contradictory information, it’s reasonable to assume that the terms are dubious and potentially part of a scam.
Pros and Cons
| Pros | Cons |
| Notning to mention | Anonimous |
| False claims of regulation | |
| Fake legal details | |
| Fake trading software | |
| Only crypto payments |