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FSMSmart Review - is it scam or safe?

FSMSMART Review - Is fsmsmart.com scam or good forex broker?

RATING: 1 / 21 REVIEWS FSMSmart
FSMSmart is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


FSMSMART.com is a forex and CFD broker offering four account types with a swap-free option on the MetaTrader4 platform. If you are about to open an account with them be sure to read this review first.   

 

FSMSMART Advantages:

 

Various account types

 

FSMSMART offers four account types – Beginner Account, Silver Account, Gold Account and Platinum Account with a swap-free option for all of the account packages. The minimum trading size with all accounts is 0,01 lots or 1000 base currency units.

 

Swap-free or Islamic accounts are created mainly for Muslim traders, who are not allowed to take or pay interest under the Sharia law. Here you can check our list of brokers, offering swap-free accounts: 

 

>>Islamic Forex Broker<<

 

Various payment methods

 

You can deposit or withdraw funds with FSMSMART with all major credit or debit cards, bank wire and e-wallets, including Webmoney, Skrill and Neteller. Still you may want to check our list of brokers, where you can make a deposit via PayPal:

 

>>PayPal Forex Brokers<<

 

Multiple language support

 

FSMSMART  website is supported in English, Russian, Italian, Portuguese and Spanish. There is also a live chat option available. 

 

Generous maximum leverage

 

The maximum leverage offered by FSMSMART is 1:400, which is enough to accommodate most trading strategies. Still, having in mind that higher leverage means higher risk, you may also check our list of brokers regulated in Australia, the last major regulatory hub where higher leverage is still legal:

 

>>Brokers regulated in Australia<<

 

MetaTrader4 available

 

The MetaTrader4 option is always welcome. The platform is well known to traders and is preferred because it allows automated, algorithmic trading via Expert Advisor bots - programmable via a specially designed scripting language, the MQL4. Besides trading bots you can also write down your own indicators and run simulations, using historical data. Here you can check our list of brokers, also offering MetaTrader4:

 

>>MT4 Brokers<<

 

FSMSMART Disadvantages:

 

Lack of regulation

 

FSMSMART.com is operated by FSM Smart Limited with a contact address in Lucerne, Switzerland. We have revealed however that FSM Smart Limited is registered on the  Marshall Islands on a well known to us address - Ajeltake Road, Trust Company Complex, MH 96960, Ajeltake Island – Majuro, where a number of other brokers, including ProTradeFX, CFX Point, Eone FX, Novatrades, iForex24, Tradex1 and AvaInvestments are also registered.

 

As we understand FSMSMART is not licensed by any of the well respected financial regulators like CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investment Commission (ASIC) and that significantly erodes its credibility. 

 

By definition, unregulated brokers are not bound by any financial or ethical rules and that should  be a red light for all investors.

 

Brokers with proper regulation on the other hand have to abide by strict rules. Apart from being obliged to maintain a certain level of operational capital and to hold all clients money in a segregated account, CySEC and FCA brokers have to participate in clients money protection schemes, under which traders can receive part of their capital back in case  the broker goes insolvent.

 

With CySEC the compensation can reach 20 000 EUR, while with FCA it can be up to 85 000 GBP. Here you can check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Misleading information on the minimum deposit requirement

 

In the account types section of  FSMSMART we 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. 

 

In the FAQ section of the website however we learn that the minimum deposit is just 100 USD and that is confusing. Have in mind that with some brokers like FBS and IG you can open an account with just 5 USD.

 

Demo account not working, spreads on standard accounts too high

 

As advertised on the website of FSMSMART with the Beginner Account floating spreads start at 3 pips, while with the Silver Account they start at 2 pips. With the Gold Account spreads start at 2 pips as well but are fixed and with the Platinum Account spreads start at 1,5 pips. 

 

We were not able to test the spreads for ourselves however as the Demo Account was not working properly. After contacting the live support, we were told that the Demo Account is under maintenance. 

 

FSMSMART also say they do not charge trading commission for most accounts, but we were not able to verify that either. Have in mind that with standard accounts traders are used to have commission free trade with spreads below 1,5 pips. Here you may want to check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

FSMSMART is an unregulated broker and that by definition lowers its credibility. In addition they are offering higher than expected spreads and the information about their minimum deposit requirement is confusing. 

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Traders` reviews for FSMSmart

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Final review hopefully! I had a rude call with FSMSMART

Had a call from FSMSMART, this very rude financial officer started offending me over the phone for no reason on the base of my origins and denied all the previous agreement other people working for the company had taken with me. I was never able to withdraw money from my account easily and often my calls were ignored. They use several switch-numbers which can be useless - instead at times, they called even twenty times in a day for their interest. Now, because I asked to close my account, he has threaten that I will be receiving a police warning and some other problem. Finally, I have still some money left by successful trades on the account, which will be obviously lost. FSMSMART is just a wrong company to be avoided, they are compared to stealers!! Check this video if you do not believe it!! https://www.youtube.com/watch?v=1LrY8Qb0J6Q

Fabio Cristiano 05/28/2019

Edit to previous review

I have to edit my previous review as I was finally able to withdraw some money from my account on FSMSMARTs! However, I had to play a trick to do this meaning that I promised I would invest more money later so that, all in a sudden, after my request for withdrawal was ignored for two weeks in 48hrs I had it processed and got my money back. Finally, my experience with this company is not positive and I feel now these people would not give back any money put to trade with them - also there is no control at all on them (which seems absurd to me!) and by the way they are 'thirsty' for money!

Fabio 05/15/2019

Probably FSMSMARTS is a Scam

Aside of rude and persistent behaviours, I finally got at the point that cannot withdraw my money. I have loaded a few hundreds into my account and hardly made some profit which I am denied to withdraw at this point. Two weeks have passed and none is getting back in touch to tell me why my request is being ignored! I truly believe now this company FSMSMARTS is a scam!!

Fabio Cristiano 05/09/2019

FSM SMART scammed

I have been recently scammed by FSM SMART trading system and lost USD250.

Sandeep Panda 04/15/2019

Is this real or a scam

You took money out my account and I had no one call me back thanks

Sarah 04/13/2019

FSMSmart website - smsmarts.com

Hello Eugene. FSMSmart Website is working properly. Please use this link (www.fsmsmarts.com) to access the website.

If you are having a hard time to access the website, pleases send your concern to [email protected]

FSMSmart representative 03/26/2019

Emails bounce and the website seems to be down!

I received a phone call and promised a revolutional trading robot
I was asked to open an account with $100 to try the autotrading system generating up to %50 a day. Once the account was established, another guy name Julian called me and said the auto trading system would be useless, but he could help me to raise a lot of money by signing up for gap contracts where it would be possible to enter the share market before the trading session opens, and make instant profit on the expected gap. The investment would be perfectly safe, as such contracts come totally insured from any losses

After I brought my account to $5000 (he previously advised to be a minimum balance to participate in gap contracts) he said I would need at least $10,000 in my account balance before we can go into a gap contract

This morning I found the FSMSMAR website down and all my emails to Julian have bounced
Seems like a scam to me!

Eugene Volski 03/25/2019

Scam

Beware of this company, nothing but scammers. I lost a lot of money believing them. Start off with low deposit start winning and then they ask for more to increase profits. All of a sudden they lodge large losing trades and there goes all your money. You ask for withdrawals, you get a couple and then they won't approve.

Helen 03/12/2019

Irish almost victim

Hi guys, I have just ended call from one of their agents. Thanks to this site and thanks to your posts, I knew they are trying to scam me. They have called me 3 times from 3 different phone numbers. +353 1 0631 5974, +353 1 0005 8435 and +353 1 0458 0304.

There is only one thing bothering me. How they got my email and phone? I was contacted on email which I created and used only for forex trading. Only couple FX companies had my contact and all of them should be reliable. (etoro, xtb, fxcm, investopedia and tradingview). I even checked my email on
haveibeenpwned.com and it came clean. So one of them must have either leaked or sold my info. Question is which one?

Vlad 02/01/2019

$51250 Deposited money was pocketed by FSMSmart company

Hi Guys beaware of the fraudulent trading company fsmsmart. I lost $51250. They speak very nicely and cheat systematically. I am going to post in the web sites about the company how I was cheated by the fraud FSMSmart. I got the communication recorded which I am going to float in you tube. Please spread this message across the globe. They call from these numbers +41 79 437 31 09 and +41417809283. This is just begining I will continue posting. They have fabricated trend they call it as MT4. They will show you some profit at the beginning and tempt you first then ask you to invest more money and loot your money at last. Ok guys please this spread this message as mych as possible

Rajaram Subramonian 01/28/2019

Their methods of scam

One day I received a call from some unknown numbers and asked me to invest money for forex trades that their broker would handle. First they asked me to put 100 USD and after making a bit of profit the broker asked me to deposit 1500 USD which was almost all the money that I had in my go account that I just transferred from my saving account for my travel. It was really stupid for me to agree with what they said, but they insisted the deposit would be handled safe and I could withdraw money anytime when I requested. The broker called herself Jane Bayer which seemed to be a fake name, and kept telling me to put more money to make more profits. It started with a small portion of money and then she started pushing me.

After I went oversea to South East Asia they hardly could contact me with their phone numbers, which seem to be located in Switzerland but I could never reach from my side. Instead the broker contacted me on mail and then Skype. About a few weeks ago after my money was gone and she became unresponsive she dared to change her profile to a different person with a child so the profile was also a fake. I suspect everyone calling with these numbers uses fake names.

What happened through our trade was that you would not get any refund more than once even when requesting it many times to the broker who keeps promising she would help withdrawal once we made a certain profit and if you contact some other apparently relevant departments they tell you to talk to the broker first. Your withdrawal is not completed regardless of your effort, but I got 500 USD back and no more.

They kept making a small profit but it would not come back to me, and after the broker made a trade on natural gas it just plunged down and my whole balance went minus, which she explained sometimes happens. But if it happens to many customers they should have lost their trust and nobody should be trusting them.

After the plunge and my balance gone minus the broker told me about a recovery plan but she never contacted me again. In the same week that my balance went minus she told me she was robbed and hospitalized and could not do any trade, which coincidentally took away the chances to talk about the issues. She kept telling me she would talk to the manager when she recovered but it never happened. When I came back to New Zealand where I first received their call, a guy from recovery department contacted me about their recovery plan, which was obviously another excuse to suck poor customers money. He could not provide with any information about the broker or anyone, explaining everything about the company was on the website, and he gave up convincing me after he found out I would not deal this shit with them no matter what.

Following these incidents I started making a dispute with the bank but I am not sure how this goes. It at least takes a couple of months to settle everything, and I believe after reading these experiences nobody wants to trade with them. I want everyone to be aware of what they are doing but it is too late for the uninformed and careless investors like me.

What I can still access is my account on their application FSM and the broker's Skype account and the transaction details of my payments.

Yosuke 01/20/2019

FSMSmart is a fraud an i was lucky to find out thanks to Google

I am residing in Singapore. One afternoon I received a random phone call from them and their number stated was a Singapore number. The unknown man on the phone introduced himself and told me he was from FSMSMART and he is going to help me make more money. I allowed him to explain himself. As I was unfamiliar with trading, he told me he was going to help me but in order for him to do that I need to transfer USD100 in to open up an account. I told him was at home and don't own a PC. He offered to do it on his PC asked for my card details. Which I refused to give. He said will call me at night when I am at work.

When I was at work he called. Started guiding thru his website doing the registration. Whilst trying to open the E-Wallet to deposit the SGD100 my browser stalled. He tried pushing me to try again after refreshing the same thing happened again. Another guy he claimed his Manager took over claimed the Technicians are assisting so should not be a problem. But again my browser stalled. My browser went on fine till the deposit where it stalls. Changed the browser. But it too stalled at the deposit part.

The guy did not want to give up. Asked me to try using my smartphone. Instead of bringing me to their website I found this webpage. I cut off my call with him. He kept calling but I refused to answer and blocked their numbers but they kept calling via different numbers.Guess i was one lucky bloke thanks to Google.

Richard Bala 01/14/2019

Flsm Smart are possible Fraudstars

I have been trading with fm smart for 5 months now. I started with $250 and got a credit of £1000 after I deposited another £500. I have or had an account’s manager who seemed nice but pushy at the start. He taught me nothing about trading but trade for me.

I opened another trading account that taught me everything i know and have used to made this profit.

I have recently requested a withdrawal that has so far taken 2 weeks with no response other than wha seemed like an automated response. It is also impossible to write over 200 letters in a seen a sentence. So basically one cannot express themselves.

But I have now grown my account to £32000 through trading by myself as the so called accounts manager opened 3 forex trades that he left running for over 2 weeks hardly generating profits.

I have sent sent several emails to my account manager but he does not respond.

The last email I received was responding to a request for their registration number.

This is it below
Hi,

Hope this email finds you well.

FSMSmart is an eligible Company that provides online trading services, whereas the Company is operated by FSM Smart Limited incorporated under the registration number of 93905, on Switzerland.

Kindly note that the Finance department is currently checking on the status of your withdrawal request.

Thank you for understanding.

Sincerely,

So I hvave not received any response about my withdrawal request.
I need some advice on what to do. I have started compiling evidrience to expose them.

Shantal 12/15/2018

I hope they go out of business soon

I'm really tired of them calling every week.

Annoying telemarketers 11/23/2018

RESPONSE TO JEAN MARIE TSHILUMBA

Hello Jean. Please provide your MT4 ID below so we will be able to check whose broker your account were assigned to. For the mean time, please check your phone and make sure that it is reachable.

FSM Smart Representative 11/08/2018

hesitant broker

I am just beginner but the broker who was more active IS becoming hesitant to get my calls.

I am forsake like on the middle of the way...

Jean marie Tshilumba 10/30/2018

Pushy telemarketers

438 374 0808 is from fsmsmart.com, a trading company that uses phone company listing and calls them to make investment (100$ to open an account, and basically you win money after a certain time).
They are very pushing, like a lot! The best way to get rid of them is to cut the call yourself (don't insist with them that you are not interested they won't listen to you) or repeat that you are not interested ever 5 seconds.
Best way remains to NOT answer to them.

Alexandre 10/10/2018

FSMSmart is a fraud

I am residing in Singapore. One fine day I received a random phone call from them and their number stated was a Singapore number. The unknown man on the phone introduced himself and told me he was from FSMSMART and he is going to help me make more money. I allowed him to explain himself. As I was unfamiliar with trading, he told me he was going to help me but in order for him to do that I need to transfer USD100 in order to open up an account. I refused to transfer at first but after checking out the website I still transferred USD100. A few minutes later another unknown man called me telling me to download TeamViewer and the Metatrader. After downloading the two applications, a woman named Jane called me. She told me she will help me. She will teach me along the way. She requested me to transfer more money! I do not have enough money in my account and was not ready to lose so much money! SHE ASSURED ME SHE IS THERE TO HELP ME MAKE MORE MONEY THERE IS SOME RISKS INVOLVED AND WE WILL JUST USE A BIT OF MONEY FOR THE TRADES! SHE SAW THROUGH MY SAVINGS ACCOUNT AND KNOWING I HAVE VERY LITTLE MONEY SHE ASSURED ME TO USE MY CREDIT CARD FIRST! She said I will be able to retrieve back everything by the end of the month and the company will be giving me a bonus of USD 2500. There was a bonus but it was seperated from the amount i deposited. In a matter of 4 days we made a profit of USD 500. Then she started to open up more trades and in about a week we made USD 27000 inclusive of the amount i deposited. She closed the trades and open up a new trade then told me she will not be around on Wednesday. She will call me back on Thursday. There was a huge drop over a coarse of 4 days and by Thursday, my trading account became -2300. She was aware of what happened she told me she will see what she can do. She called me back in about 2 days and told me that I will need to deposit some more money to get back all the profits. She told me the last time I open the account we did not have a leverage and now we do. the liquidity company will give bonus of 30% for every deposit I made. And this time there will be NO RISK. I refused. And she told me that is the only way. We cannot do anything with no meny in the account. But I have been requesting for a refund since day 1 and she refused to refund me back and assured me I WILL NOT LOSE MONEY WITH HER HELP! BUT now i have lost all of my savings and she just kept pushing me to deposit more money. She should give me a full refund! I sent an email to the company and they replied me they will direct me to the relevant department to solve the issue. However, it has been 3 days and I have not received any news. PLEASE DO NOT TRUST FSMSMART!

Azfar 10/01/2018

Do not trust them

Agent tell lies just to make you open an account. They are very pushy and won't let you talk. I clearly stated that I want STEX and not FOREX but they pushing their platform and product. Once you open an account, they will get commission that's why they are very aggressive. She even asked me if I can refer someone so that I can get a commission too. Since we are same nationality, I trust her and give it a try. She even told me that after registration, I can contact her for my queries and there will be a 3-day trial demo and money back guarantee. I asked her name but she refused and will just drop her details via email. And now, after registration, she's MIA. Didn't receive any email or call from her. Moving forward, the platform was now installed in my laptop and i didn't find the options to buy equity. An account manager was trying to fool me, I asked him where is the list of equities and how can i buy it but then he's showing the currency exchanges to buy. I'm trying my best to be nice and understand him but he's too much... he won't listen and answer your questions. He's goal only is to do trade without asking what is your need. Ooops, before I forgot, I asked my bank to check which company did my $100 was credited to and I was surprised that the description is Men's clothes merchant. Is FSMSmart categorized as a clothing apparel company? Weird and very suspicious. Do not trust them.

anna 09/25/2018

Losers

This guy kept calling at all hours and wouldn't take the hint that I was just playing with him. All he wanted to do was get his commission. Told him I lived at the Y and only had a flip phone he was undeterred. I must say I had a bit of fun with the old wanker.

mike 08/29/2018

Dishonest

Their brokers hassle you on the phone as if they are begging you to invest your money! They just don't take time to listen or take a hint.

wayne 08/19/2018
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