Minimum Deposit: $250
Maximum Leverage: 1:400
My Score: 1.0
FSMSmart is a Switzerland based forex broker that founded in 2017. So, they are another newly established broker that I’m going to review. FSMSmart is operated by FSM Smart Limited and they do not accept clients from 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.fsmsmart.com, looks fine and well-designed.
The website supports in English, Italian, Russian, Spanish and French. FSMSmart cold-calling from the Philippines, but is supposedly based in Lucerne, Switzerland.
So, is FSMSmart scam or good broker? In my FSM Smart review, you can find FSMSmart account types, spreads, minimum deposit, maximum leverage, deposit and withdrawal methods and regulation.
Don’t open an account before reading this detailed FSMSmart review.
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.
Some of the new forex brokers are regulated by VFSC (Vanuatu Financial Services Commission).
Because it is hard to obtain licenses from FCA (Financial Conduct Authority) in the UK, CySEC (Cyprus Securities and Exchange Commision) in Cyprus or ASIC (Australian Securities and Investment Commission) in Australia.
However, FSMSmart is not one of them. I don’t recommend you to 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.
Account Types and Spreads
FSM Smart offers 4 different account types. Beginner ($250 min. deposit), Silver($5.000 min. deposit), Gold($20.000 min. deposit) and Platinum($100.000 min. deposit).
Minimum deposit limit is $250 and I think this is a relatively high minimum deposit limit if you consider other brokers. Also, the minimum lot size is 0.01 and the maximum leverage that they offer is 1:400.
On beginner and silver account, they offer floating, on Gold and Platinum account, they offer fixed spreads.
According to their spreads & conditions page, minimum spread for beginner account is 3 pips(floating). This may be acceptable for Beginner account but even on the Platinum account, 1.5 fixed spread is still too high.
FSMSmart also offers Islamic account without any swap or interest charges for Muslim traders. If you are wondering more about swap-free forex trading you can check out the article.
Spreads are high, minimum deposit limit is high, cryptocurrencies not available on the platform and demo account is not working. These are the biggest disadvantages of FSM Smart for me.
FSMSmart offers MT4 platform which is most used among traders. This platform is well-known to traders and preferred because it allows automated, algorithmic trading with EA bots. FSMSmart broker has an advantage of offering this platform.
The broker has also Webtrader. You can trade with it without downloading any program to your device.
FSM Smart provides 50 forex pairs, commodities, indices, metals such as gold, silver. However, the broker doesn’t offer cryptos. I can say that there is insufficient diversity.
FSMSmart Funding and Withdraw Methods
Various payment methods are available at FSMSmart. Credit/Debit card, wire transfer, bitcoin, litecoin, ethereum, qiwi wallet, yandex money and vload voucher, but I couldn’t find payment methods like Skrill, Neteller and Webmoney.”
Additional transaction fees are not included throughout funding.” according to their website but I am not sure about withdrawal fees.
According to the website, myfsmsmart.com, FAQ section, the broker says that the minimum deposit is 100 USD.
However, in the account types section of FSMSmart I see that a Beginner Account can be opened with 250 USD, a Silver Account with 5000 USD, a Gold Account with 20 000 USD and a Platinum Account with 100 000 USD. We can see it’s a complicated situation.
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 limit is very high, and trading instruments are limited.
I cannot say FSM Smart 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.