Watch Out! SMGI Global Is a Dangerous Forex Broker!

Broker: SMGI Global

Regulatory status: unregulated

Complained by: anonymous investor

Cause of complaint: investor couldnt withdraw and suffered heavy losses

Recently, investor in Thailand exposed the illegal forex broker SMGI Global through WikiFX and social media like Facebook, accusing the broker for blocking investors withdrawal channel and inflicting heavy losses on investor.

According to the victim, every rule made by SMGI Global aims to make money from investors‘ losses. These include the so called minimum profit guarantee, a time-limited asset guarantee and an irregular contact. The investor lost over 200,000 Bahts during the investment at SMGI Global, and the remaining balance also became unavailable. In the event recap, the victim also warned others about the many irregularities of SMGI Global’s regulation.

SMGI Global‘s Facebook page has around 2,315 followers, and when browsing the page, WikiFX team noticed that the broker is still advertising for itself by releasing misleading information. For example, the following screenshot shows the historical trading data published by the broker in order to attract more investors, but the seemingly appealing data is in fact very unreliable - it could be generated by the broker from computer programs, as there’s no sufficient evidence to support its validity and authenticity.

SMGI Globals Facebook page

SMGI Globals chart on Facebook showing “historical data”

We tried to visit SMGI Globals official site(smgiacademy.com) and found the website unavailable, which further confirms this broker is non-compliant. WikiFX reminds investors to stay away from SMGI Global, as it bears substantial risks.