Is FSMSmart Scam or Legit Broker?

No, it is not safe to trade with FSMSmart. FSMSmart is owned by FSM Smart Limited. The contact address of FSM Smart Limited is in Switzerland, according to the website. Although, the company is actually registered on the Marshall Islands, the popular offshore destination for forex brokers.

  • The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the low setup cost, it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, ProFxPremium, and more.

About FSMSMART
🗺️ Registered inMarshall Island
🗺️ Type of LicenseOffshore License
🛡️ Is FSMSMART safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is FSMSmart?

FSMSmart claims to be in the market for over 50 years, providing unmatched and reliable services. However, the broker is located in Switzerland but is not regulated by the local authorities. This in itself is a huge red flag, as the services the company offers are not trustworthy and are not overlooked by regulations. 

  • Moreover, FSMSmart has been blacklisted by Swiss FINMA and New Zealand’s FMA, which stated that FSM is making false and misleading claims that they are a registered financial service provider in New Zealand when they are not and also FSM is making unsolicited calls to New Zealand residents and offering to trade in financial products, such activities are prohibited in New Zealand.
    3 August 2018, FMA
  • Besides, we have heard brokers registered in the Marshall Islands deny traders withdrawing funds. We have feedbacks from traders that they cannot withdraw money. You can read the feedback here.

 

Overall FSMSmart Ranking 

Based on our findings about the safety of FSMSmart, we do not rank positively FSMSmart, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

  • FSMSmart Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingFSMSmartXTBFP Markets
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading EnvironmentTrading Platforms

FSMSmart Alternative Brokers

Due to our revelations of issues with the safety of FSMSmart, here are much better Alternatives to FSMSmart with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

  • eToro – Good for CopyTrading and Cryptocurrency Trading
  • Dukascopy – Excellent for Shares, Futures Trading
  • BlackBull Markets – Good for High Leverage Trading

Deposit & Withdrawal

FSMSmart offers multiple deposit methods so that clients can choose the most convenient option for them: Credit/Debit cards, bank wire transfers, or e-wallets.

  • There are no additional transactional fees unless the providers charge their own fees. 

FSMSmart Review Conclusion

We advise all investors and traders to avoid FSMSmart and other brokers from the Marshall Islands. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BDSwiss and BlackBull Markets.

  • Overall ranking and experience for FSMSmart is Negative

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