McKenzie Smith has been flagged by ASIC (Australia) for "Unlicensed (Legacy)". Phones: 1 416 352 0036
Addresses: 161 Bay St. Toronto Ontario Canada This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.mckenzie-smith.com.
I had a dispute with McKenzie Smith and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Stable platform|Segregated accounts
Cons: Slow to add new assets
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. McKenzie Smith said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Low minimum deposit|No hidden fees|Customizable dashboard|Transparent fees
Cons: Slow to add new assets
I lost a significant amount because McKenzie Smith did not execute my stop loss during a flash crash. They said the market was illiquid. Other brokers managed to execute. I have no proof they did not trade against me. Avoid.
Pros: Wide product range|Educational resources
Cons: Cannot customize dashboard fully|Account statements could be more detailed
Opened my account with McKenzie Smith through a forum discussion and regretted it within the first month. The platform crashed during a critical moment, I lost potential gains, and support basically told me it was not their problem. Absolutely unacceptable behavior.
Pros: Clear documentation|Full transparency
Cons: Charting tools need more indicators|Nothing significant
The platform at McKenzie Smith is riddled with bugs. Charts display incorrect data, order confirmations sometimes fail silently, and the portfolio tracker disagrees with actual positions. After since the beginning of the year of dealing with this, I have had enough.
Pros: Helpful community forum|Fast deposits|Clean UI|Comprehensive tools
Cons: Currency conversion fee exists|Account statements could be more detailed
The so-called education at McKenzie Smith is just marketing. Every webinar ends with a push to deposit more. The market analysis is generic and often wrong. If you want real education go elsewhere. I wasted for a few weeks now thinking they would help me learn.
Pros: Clean UI|Full transparency
Cons: Cannot customize dashboard fully|Alert system is basic
I had high hopes for McKenzie Smith from a review site like this one, but my experience has been disappointing. Customer support is slow, the platform has frequent issues, and their fee structure is not as transparent as advertised. I am actively looking for alternatives now.
Pros: Professional team|Market news feed|Transparent fees|Good mobile app
Cons: No live chat on mobile
Do not use McKenzie Smith for anything serious. I used them for about ten months for small trades and it was okay. When I deposited a larger amount and traded more, my account was flagged, my withdrawals were delayed, and I was asked to explain my trading. They treat active traders like criminals.
Pros: Competitive fees|Real-time alerts|Easy withdrawals
Cons: Account statements could be more detailed|Would like more payment methods
McKenzie Smith had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Wide product range|Regular platform improvements|Full transparency
Cons: Limited ETF selection|Could offer more webinars