Search
Close this search box.

FSMSmart

FSMSmart is a Switzerland-based forex broker that believes in fairness and security. With this in mind, the Company continues to nurture and create a community of congeniality and gregariousness for Clients to maximize their overall activity and experience. FSMSmart is operated by FSM Smart Limited and they do not accept clients from the USA, North Korea, and Iran.

They are offering the most popular forex trading platform, MetaTrader 4. Also, the web trader option is available. I can say that their website, www.fsmsmarts.com, isn’t informative and the design is very amateur.

The website supports English, Italian, Russian, Spanish, Portuguese, German and French.

FSMSmart is cold-calling from the Philippines but is supposedly based in Lucerne, Switzerland.

So, is FSMSmart a scam or a good broker? In my FSM Smart review, you can find FSMSmart account typesspreads, minimum deposit, maximum leverage, deposit and withdrawal methods and regulation.

Don’t open an account before reading this detailed FSMSmart review.

It has never been stressed enough how regulation is the maker or breaker of any broker in the forex market speciality where liquidity is massive the medium for scammers and fraudsters is quite suitable. With such a vast market they decentralized from any physical location and that also contributed to the great liquidity.

When I checked FSM Smart Limited’s website, I recognized that they are registered in Majuro, Marshall Island, not in Switzerland. That’s why I think they are not a reliable broker.

Also, FSMSmart is not regulated by any watchdogs and clearly, they are an unlicensed broker.

The importance of regulation to brokers is that not only do they provide security to the traders but also to the broker. The regulatory organizations force rules and regulations in addition to keeping an auditory committee to keep track of the activities of the broker, however, in this case, and in the case of FSMSmart, non of that is guaranteed since a lack of regulation takes place.

Some of the regulators require a certain amount of funds in the capital of the broker to make sure they are trustworthy in handling the transactions and their great masses that happen daily in the forex market. Besides, the segregation of accounts to the traders is a must-do for any broker with a license from a financial regulatory organization. In which, in case of FSMSmart its not certain under any circumstances.

However, FSMSmart is not one of them. I don’t recommend you work with unregulated brokers but in the end, it is your choice to decide. If you’ve looked at any other FSMSmart reviews, they can say that the broker has been regulated. Do not respect them.

I searched for FSMSmart and I found this New Zealand FMA warns against the broker. You can see the news here.

FSM Smart offers 5 different account types where each is having different trading conditions, so let me break those account types as follows:

The Beginner account: the minimum deposit in this account is $250 and the spreads are the floating type.

The Silver account: the minimum deposit in this account type is $5000 with also floating spreads applied.

The Gold account: a minimum deposit of $20000 is offered where a fixed type of spreads are available.

The Gold+ account: with a minimum deposit of $50000 and fixed spreads applied when trading with this account.

The Platinum account: a high minimum deposit of $10000 is applied with fixed type of spreads.

Daily analysis, Account manager, Mobile trading and 24 hours support are all features that are common among all account types. Maximum leverage of 1:400 is offered.

All account types, except for the Beginner and silver account, have the option to make bank wire transfer deposits. In addition, all account types, with no exceptions are having a micro lot as the minimum lot size to be trading with.

The Islamic account: that’s another type of account that is more suitable for Islamic believers and traders from Islamic countries where they require a swap-free trade and with this account type they can trade without being charged during overnight positions of swaps or rollover interests. You can trade forex, commodities and indices with the Islamic account.

FSMSmart offers a variety of trading instruments as follows:

Forex Trading: over 50 pairs of currencies are available where you can trade with majors minors and exotic forex pairs. Besides, the presence of a maximum offered leverage of 1:400 is making it better for traders to benefit from the trading opportunities that are offered.

Metal Trading: spot gold and spot silver are available on all the platforms offered by FSMSmart. As metals provide the best chance to limit your risk from hedging chances, plus its a vast liquid market that provides the best alternative to fore trading also gives an opportunity to diversify your trading account.

Derivative Trading: where you get to open positions in products like commodities, indices and shares. The available commodities are represented in old, Silver, Corn, Sugar, Cocoa, Oil or even Coffee. The stocks you can trade in are NASDAQ, DOW, Dax, Nikkei, FTSE and NYSE. Additionally, the presented shares are the ones of the big companies in the industry like Apple, Amazon, Alibaba, and Facebook.

FSMSmart if offering different channels to deposit your real account which includes

Credit and debit cards: include Visa, MasterCard, Maestro card, and Visa electron

Vload Voucher: where you can use both USD and EUR by entering your pin and redeeming your Vload Voucher.

Cryptocurrencies: using Bitcoin, Bitcoin cash, Litecoin, and Ethereum are all allowed for depositing

Bank wire transfer: that can be done by contacting customer service in order to process the funding transaction.

Secure deposit: these types of deposits are made essentially via credit cards. what you need to do to use it is to fill in the card form, and then complete the transaction on the same form.

MPWP: where you can use visa and MasterCard, you fill in the deposit form and that’s all.

To withdraw funds, you need to follow the following steps

  • Log in to your Client Area and enter the Make a Withdrawal.
  • Enter your desired withdrawal amount
  • Fill in the withdrawal form accordingly
  • Click Submit

Even if FSMSmart is providing different trading conditions that much help any client, the lack of regulation makes it quite different to trust the broker. Via all the FSMSmart reviews that are found all over the internet and adding to them this fsmsmart review, it all agree that trusting this broker would be a mistake.

Despite the different account types that are offered by FSMSmart and that I have broken down in this fsmsmart review, I believe such a high deposit offered with a non-regulated broker is even higher risk and a suspicious amounts that you won’t be able to take back your funds if even opened an account. There is no option to even try a demo account to test out the broker which is a major concern.

No clear information is mentioned on the FSMSmart website about their trading platforms which is another red flag to be raised in this fsmsmart review that it’s not even known which platform you’ll be trading on.

The trading instruments shown throughout this fsm smart review are not as vast as other brokers in the market, where all sorts of trading tools are offered for clients. FSMSmart is lacking even cryptocurrency trading which is a great breakthrough in the financial market these days.

I would like to say good things about FSMSmart but I can’t. Because the broker is not regulated, you should be away from this broker. Also, spreads and minimum deposit limits are very high, and trading instruments are limited.

I cannot say FSMSmart scam or not but if you want to open an account despite these, be prepared to risk losing money.

If you couldn’t find what you wanted on this broker, you can browse my top forex brokers list.

Facebook
WhatsApp
LinkedIn
Reddit
Telegram