Smart Magnetic Ltd. has been flagged by Commodity Futures Trading Commission for "Other". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I was about to invest with Smart Magnetic Ltd. but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. Commodity Futures Trading Commission has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Cons: Flagged by Commodity Futures Trading Commission|Cannot verify credentials
The onboarding at Smart Magnetic Ltd. was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Demo account available|Multi-currency support|High security standards
Cons: Limited ETF selection|Minimum deposit could be lower
I trusted Smart Magnetic Ltd. with a significant portion of my savings and I deeply regret that decision. Not because of market losses, but because of how poorly the platform performed and how dismissively the support team treated my concerns.
Pros: Wide product range|Fast deposits|Quick verification
Cons: Charting tools need more indicators
I was contacted by Smart Magnetic Ltd. through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
The platform itself is okay, but the customer service at Smart Magnetic Ltd. is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Clean UI|Multiple order types
Cons: Live chat only during business hours|Would like more payment methods
The reporting at Smart Magnetic Ltd. is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Wide product range|Automated trading options|Tax reports included
Cons: Minor UI glitches occasionally|Search feature is basic
KYC with Smart Magnetic Ltd. is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Customizable dashboard|Social trading features
Cons: Cannot customize dashboard fully