In this review we have a look at SmartX by PT SMI and its NET89 distribution network. We explain why it looks like a scam.
What is SmartX
SmartX is an online platform that provides auto trading programs for cryptocurrency and currency (Forex) markets.
You can buy from SmartX their EA Creator which is a tool for building expert advisors. Which are semi or fully automated trading systems for financial markets.
SmartX will also let you invest with their trading robot that aims to make you 1% daily returns on your investment. This robot allegedly was making about 20% monthly in previous years, while this year’s average is around 10% per month.
The minimum investment is $500 + $100 activation fee and you will share 50% of the profits with the company. The highest plan will let you keep 90% of the profits, but the minimum deposit is $50,000 and you have to pay a $10,000 activation fee.
Smartx is run by a company called PT Simbiotik Multitalenta Indonesia (PT SMI). This company also runs a referral program called NET89 that will let you earn money if you refer other people to SmartX.
Is SmartX legit, should you let their bot trade with your money?
Beware of SmartX
Our research about SmartX showed several red flags that make us believe that this program is not what it pretends. In fact, we believe that it is a scam. Here is why.
Making 10 to 20% per month in Forex or crypto trading might seem to you like perfectly feasible, but in reality it is very close to a miracle.
A very good and regulated investment company that is trading Forex will be very happy with 10 – 20% per year. But SmartX Bot is supposed to make that in one month. While it is not regulated and it provides no proofs about its performance.
A legit investment program will be regulated, it will provide you with proofs about its performance, such as audited results, and it will work with regulated companies only.
On the other hand, SmartX does not provide any proof, is not regulated and works with brokers that are not regulated. In other words, your money is not protected in any way, and you don’t know what the real performance is. This is a big red flag.
SmartX is not an authorized investment service, PT Simbiotik Multitalenta Indonesia (PT SMI) is not a regulated company.
Since PT SMI is supposed to manage your money and trade on your behalf through a PAMM account, we believe that it is an investment service that needs authorizations from financial regulators in order to be legit. But SmartX has no authorization whatsoever.
Therefore SmartX Bot is very likely an illegal product in most countries. We suggest you consult SmartX Bot with your national financial regulator if you are interested in it.
Perhaps the most tangible thing that make us believe that SmartX Bot by PT SMI is a scam is the fake testimonials you can find on their official website.
As you can see, the supposed satisfied customer Samantha M. is fake, they used a stock photo, which makes this user review totally fake.
Using stock photos to portray supposed customers is something that scams do, there is no way around it.
How SmartX works
When you study all the materials that SmartX and PT SMI provide, you have to come to the conclusion that it is a Ponzi scheme.
First thing you will notice is that you can’t register for the program without having a sponsor, a referring person. Should SmartX Bot be a profitable trading robot that really makes money in financial markets, would it need to be promoted and sold through the NET89 referral structure? Certainly not.
Another thing worth noticing is that the alleged monthly profits of SmartX Bot are very even, which is unreal, it is impossible to have results in real financial trading that are that even. Only Ponzi schemes have monthly payouts that are that even.
Last but not least, incentives to buy investment packages in the shape of prizes that you can win, like cars, is really something typical for a Ponzi scheme, not for a legit investment company that makes money in financial trading.
So it looks like Smartx and PT SMI just take money from newer users and give it to older users, like a proper pyramid or Ponzi scheme does. And because all the payments are made in cryptocurrencies, once it collapses, nobody will be able to get their money back.
SmartX Bot review – conclusion
SmartX Box is an investment scam that is not regulated. We believe it is a scam not only because of the fake testimonial on its website. We recommend staying away from it.
Money can be made in financial trading, but it is not easy. You can try it on a free demo with a regulated broker.
If you decide to invest real money, be sure to understand the risks. And use only money that you can afford to lose.