FSMSmart is an unlicensed Forex & Bitcoin broker, that opened in November 2017. You may have received an unsolicited phone call from one of their sales agents.
On August 3rd 2018, FMA warned the public not to deal with this company!
The broker FSM Smart offers investors and speculators CFD and Forex trading on assets like Forex, Bitcoin, Stocks, Oil, Gold, and Market Indexes. They have available more than 650 underlying assets to trade. Spreads on the Forex pair Euro US Dollar, is 3 pips for beginners. Leverage and margin available is an extremely high 400:1 going up to 1000:1. These levels of margin are appealing to uneducated new investors, but not at all smart to utilize.
FSMSmart is a classic MT4 broker. They offer the web-based trading platform, along with the classic MT4 desktop software. Investors can also download the MT4 mobile trading apps for Android and iOS from the app stores.
Robo-advisors and automated trading software is a popular concept with new investors. However, you must be very careful, and make sure you don’t fall for one of the scams that are promoted via email marketing and cold calling.
You can see the popular Forex trading robots today, listed here.
Is FSMSmarts a Licensed Broker?
No, FSMSmart is not a licensed broker and they are not regulated! You can find the most popular licensed brokers listed here.
When day traders and investors compare an online investing company, they always look for a broker that is licensed and regulated in their home country. The most widely respected regulator of Forex broker in the world, is ASIC Australia.
Using an unlicensed broker is the cause of many complaints from investors in the forum.
Where is FSMSmart Located?
Officially, they are owned by FSM Smart Ltd, and located at: Hertensteinstrasse 51 Lucerne, Luzern 6004, Switzerland. (At least that is what their website says).
Phone Number: +41 43 508 4931 | Email: [email protected] | Old Website: https://www.FSMSmart.com, New Website: https://www.FSMSmarts.com
Compare Forex Brokers
You have hundreds of licensed Forex brokers to choose from online. You can see an updated list of the popular brokers on the best brokers page.
ForTrade is a very popular broker, since they are licensed and regulated both in Australia and in the United Kingdom.
When you have a complaint about your broker, and you cannot resolve it directly at the broker, you may want to elevate the complaint to the regulator.
Here are links to the popular regulatory agencies: Cyprus CySEC , United Kingdom FCA, Australia ASIC, South Africa FSCA. Another option is to hire an outside company to attempt to recover your deposits. Learn more about Trader Protection Recovery Services.
Investors that use a legitimate broker that is licensed and regulated have less problems. Check out the list of Top Rated Brokers.