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Canada’s MSC blacklists forex broker FSM Smart

 

Canada's provincial regulator, the Manitoba Securities Commission (MSC) has issued a warning against forex broker FSM Smart.

 

According to the regulatory statement, the broker offers unauthorized forex and binary options services, as well as managed accounts. It appears that local investors complained to the Manitoban watchdog that FSM Smart promised up to 20% weekly return on investment to those who open managed accounts.

 

Jason Roy, senior investigator at the MSC, commented: “They’re not registered anywhere in Canada; they’re offering to trade in binary options, which are illegal in Canada; and they’re suggesting unrealistically high investment returns—not to mention questions surrounding their actual location.”

 

Actually, FSM Smart claims to be based in Switzerland. That being said, Switzerland's FINMA has also warned against it. The broker is also blacklisted by Quebec's Autorité des Marchés Financiers and New Zealand's Financial Markets Authority (FMA).

 

Forex and CFD brokers in the Canada must be registered with the Investment Industry Regulatory Organization of Canada (IIROC) and have to be members of the Canadian Investor Protection Fund (CIPF), which insures every trader's account up to $1 million, in case a licensed broker becomes insolvent. Besides, brokers in the country may need to comply with different regulations, depending on the province of their registration.  

 

TAGS: MSC  warning  FSM Smart  Canada  scam 

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